I was using the Metal Pay application and was confused and dissatified with the user experience of buying, selling, and trading cryptocurrencies. If a veteran crypto trader like myself had difficulties navigating the application, I could only imagine what the experience is like for a new user interested in getting into crypto.
I had an idea on how a crypto payment application like metal can improve their cryptocurrency trading experience to accommodate the needs of novice traders and enhance user engagement retention of those traders.
The following is a write up of my user flow to to improve cryptocurrency trading. Feel free to leave comments on my work and integrate it into your own application.
What does it mean to improve cryptocurrency trading?
- Provide value to the users to make trades
- Provide easy and intuitive flows for users to achieve desired outcomes
The goal of this new user experience is to improve cryptocurrency trading for the user.
In order to achieve the goal it’s important to define what success looks like and how it can be measured to track if we are reaching out goals. If I were in charge of cryptocurrency trading, these are the success metrics as I would measure against:
- A monthly increase in the number of trades per user
- The size in dollar amounts of trades
- Monthly increase in the purchase of the MTL crytptocurrency. This metric is important as MetalPay generates revenue off the sale of this token. Users who buy and hold MTL tokens can reduce up to 100% of trading fees.
- Fees generated
There are two types of potential user groups of the cryptocurrency trading functions that the Metal Pay application provides:
Experienced traders make 5 or more trades a year. They represent 20% of the metal user base and 50% of the trade volume with the average trade size being between $100-$10k. They are familiar with multiple cryptocurrencies and as the price goes up, these users may switch to a HODL mindset as they may not sell as much. They trades mainly through browser and desktop apps as they offer a more robust experience compared to mobile apps.
Novice Traders/No coiners
Novice traders and no coiners 5 or less trades a year. They make up 80% of the metal userbase and 50% of trade volume with the average trade size being between $10-$1k. They are familar only with Bitcoin as it is the most mainstream cryptocurrency but open to learning and exploring new cryptocurrencies. They trades exclusively through the mobile app and buy crypto because they read about it in the news or heard about it from a friend or influencer.
I decided to focus around the novice trader or no coiner as the majority of the Metal Pay app userbase are represented in this group. It is also important to note that Metal offers a robust trading product for the experienced trader to use.
I created a user persona and named him Omar. Omar represents the target audience of the application enhancements. Omar has several wants that need to be addressed in our proposed solution:
- Wants to buy, sell, and trade with ease because he is an amateur trader
2. Wants to stay informed on the price and news around tokens so he can made more informed decisions
3. Wants to know how much he is making or losing because he is trading as an investment
Proposed User Experience Flow
My proposed user experience flow can be divided into two parts
The Primary flow is the path a user will take to access their portfolio, discover and get information on cryptocurrencies, and take the actions of trading or adding a token to their watchlist. It will also act as the top of the funnel for users to buy, sell, or convert cryptocurrencies
The Secondary flow is the funnel which is the path a user will take to take actions to Buy, Sell, or Convert tokens, which is displayed on the right side of the diagram. Users in this funnel will take the actions of selecting the amount they want to buy, sell, or trade and confirm their transactions.
This UX flow is very intuitive for novice users to navigate and access the features that matter to them. In the next section, I explain how this flow and new features improve upon the problems users currently face in the application.
Updates to the current Metal Pay application
- I added a new tab called “Crypto” to the menu; users will access the their current holdings and discover new cryptocurrencies.
- I added a portfolio perfection chart to the top marketplace to display the users portfolio value
3. I added a watchlist for users to follow tokens they may be interested in.
4. I added an about section to the token detail screen for novice users to learn more about a token they are interested in. By providing users with information on tokens, we can provide them with more insight and confidence into making trades and making purchases.
5. I changed and reduced the number of actions a user could do when they tap the trade button. The current application lets users buy, sell, deposit, and withdraw. I changed it to Buy, Sell, Trade.
Because the main user is a novice, they most likely will not be depositing or withdrawing crypto. Further more, the Metal Pay app lets users send and recieve crypto in another part of the app.
By presenting users with less options, we can more easily get them to take action whether that be to buy, sell, or trade
New Features and how they’ll achieve Omar’s needs and KPIs
The watchlist lets use solve Omar’s need to stay informed on the price and news around tokens so he can made more informed decisions.
For our KPIs:
The watchlist lets us achieve our KPI of retention as we have a way to guage user interest in tokens which can be leveraged to send notifications to users based on price changes for tokens they followed. Once a user opens a notification, we take them into the buy funnel which will allow us to achieve the frequency of purchase KPI.
Portfolio Performance Graph
Adding a portfolio chart will address Omar’s need of being able to quickly check the value of his investments.
Secondary Flow ( Buy, Sell, Convert Funnel)
Updates to the current application
- I added recurring buying for users to invest on autopilot
- I added suggested purchase amounts for users to alleviate the confusion around how much they should invest
- I added a buy MTL call to action at the end of the buy funnel
New Features and how they’ll achieve Omar’s needs and KPIs
Recurring buying addresses the need of investing in cryptocurrency with ease. He can select the amount and interval that he wants to purchase cryptocurrencies then automatically purchase them without thinking about it.
By allowing users to purchase on a recurring basis, we are able to achieve our KPI of increasing the number of trades
Suggested purchase amounts
We recommend to users how much they should purchase
We address Omar’s need of investing with ease as one of the problems that a Novice Trader/No coiner faces is how much they should invest. We solve this problem by providing him with suggestions on how much to buy.
We will be able to achieve our goal of increasing the dollar size of trades with this feature.
We will be able to change the suggested amounts based on past purchasing history and for users who sign up with Plaid, we can supercharge this as we will know their exact account balances.
Buy Metal CTA
At the end of each purchase, we present the users with the ability to reduce fees by purchasing MTL.
We achieve the KPI of selling MTL by presenting a user with the opportunity when they are purchasing crypto. We are upselling when they are already in the mindset of buying crypto.
- I would like to know what are the most popular coins purchased in app
- I would love to monitor the on chain activity of our competitors to see what tokens are selling the best for retail investors
Wireframes and Flow Files ( Please Use!)
Here are the figma files for the wireframing. Feel free to use them and get inspiration for your cryptocurrency application!
All screens :https://www.figma.com/file/Ti49huhFezEjl54pRJn2Ht/Metal-Pay?node- id=0%3A1
These are the user stories I created to guide me through the creation of features and wireframes
As a novice trader/no coiner, I want to trade bitcoin and other cryptocurrencies
As a novice trader/no coiner, I want to see my balance, so I can know how much I’m worth
As a novice trader/no coiner, I want to know how much the price of btc is, so I can see if I have made any money
As a novice trader/no coiner, I want to buy bitcoin, so I can grow my money
As a novice trader/no coiner, I want to buy more bitcoin, because I want to increase my holdings
As a novice trader/no coiner, I want to decrease transaction fees, so I don’t have to pay a premium when buying cryptocurrencies
As a novice trader/no coiner, I want to buy bitcoin with a debit or credit card, because its convenient for me to use them
As a novice trader/no coiner, I want to sell my bitcoin, so I access my investment profits
As a novice trader/no coiner, I want to sell my bitcoin, so I can stop loosing money
As a novice trader/no coiner, I want to trade crypto, because I want to switch from one currency to another
As a novice trader/no coiner, I want to trade crypto, because I think the value of one coin will grow it value
As a novice trader/no coiner, I want to trade crypto, because I want to make money
As a novice trader/no coiner, I want to trade crypto, because I want exposure to the asset class