Why do Crypto Startups Need Good UX Design?

The global cryptocurrency market will reach a total value of USD 32,420 billion by 2027. However, research shows that users are dissatisfied with their crypto exchange because of the inconvenient user interface, security, and lack of customer support. Only 9% of users found their crypto trading platform has “no issues”. 

In the world of Web3, good UX speaks louder than words. It helps crypto platforms establish a trustworthy image and improve user adoption. The poor UX in crypto products simply doesn’t serve the market’s needs.

Common UX Issues of Crypto Apps

MetaMask is one of the most popular crypto wallets that allow users to store and swap cryptocurrencies and has enabled millions of people to access the Web 3 ecosystem. However, its user experience is still far from perfect.   UXBoost, a prominent Web 3.0 and blockchain UX design agency, has recently conducted a  UX audit of MetaMask and found numerous usability issues. Here are some examples:

  • No educational onboarding: The onboarding journey stopped after asking users to set up the wallet and back up the seed phrase. For novice crypto investors, more educational components are necessary to ensure a smooth onboarding experience. 
  • Lack of instructions to Connect to Web3:Many users use Metamask to connect to Web3 sites, but they may have to leave the Metamask app to look for online guidelines because of the lack of instruction in the app.
  • Unclear gas fee requirement: Metamask requires ETH as gas fees, but this requirement is vague for many new users. It may confuse and discourage users from completing a transaction.

Some crypto apps even fail to inform users about critical security and privacy issues, which may cause potential risks to users, discouraging them from being converted into active and loyal users of a crypto platform. 

Use User Research to Find UX Solutions

Although cryptocurrency has been increasingly popular over the past decade, it is still alien to many traditional bank customers. People need a sense of security to realize that their asset is safe when stored in a crypto platform. 

Many potential consumer needs can be flawlessly fulfilled by deploying good UX design in crypto apps. But should crypto startups start with? 

UX Designers should assume that users spend most of their time on other traditional banking websites and apps, and that’s how they are familiar with standard design patterns. Learning users’ behaviors and mental models is essential for you to design a crypto product they love. Otherwise, it’s unlikely that you can attract additional customers beyond the early adopters.

Through in-depth user research, you will understand the user behaviors, persona, and mental models. What are the goals of using a crypto app? And what are the challenges when trading on the platform? In addition, you will have to conduct market and competitive research to understand better a product’s demand and its strength and weakness. 

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