EMPOWERING TRADERS WITH CUSTOMISATION
Binance is one of the world’s largest crypto exchanges by volume, offering hundreds of cryptocurrencies and crypto pairs and some of the lowest trading fees in the market.
With competitors like Coinbase, CoinSpot and CoinJar whose trading apps are easy to use and have delightful interfaces, Binance needs to rethink its UI and functionality to extend its reach to a wide spectrum of investors and retain its market position.
THE CHALLENGE
Although Binance has Pro and Lite app versions, they best serve the respective needs of only the most seasoned and rookiest of crypto traders.
Binance Pro has comprehensive trading and charting features that can feel very complicated to novice traders. On the other hand, Binance Lite is very basic, availing only the most rudimentary features to make simple trades.
I redesigned the app to introduce a drag-and-drop customisation feature to cater for a wider spectrum of investor trading levels and experience.
KEY TAKEAWAYS FROM A COMPETITOR ANALYSIS
Pro trading apps
Binance and Coinbase have pro versions where users can access more sophisticated trading capabilities. Binance Pro is offered within the same app using the same user account while Coinbase Pro is a separate app.
A simple and intuitive interface
All platforms offer clean interfaces with intuitive navigation. Binance Pro, however, is crowded with features and complex to navigate.
Profit and loss views
Among the platforms, only Binance Pro offers P&L data within a max 6-month window. However, not even Binance Pro provides overall coin or portfolio investment P&L, nor a record of each investment’s cost price.
Crypto educational materials
Binance Academy, a standalone website, is a crypto education platform for traders of all levels, but Coinbase provides much easier access by including short and engaging how-to videos inside its app.
Flexible funding methods
Payment or funding methods can vary depending on the platform. Binance supports deposit funding and credit cards to pay for crypto purchases.
NFT marketplace
With the exception of CoinJar, all reviewed platforms have an NFT marketplace, enabling investors to explore and trade NFTs directly within the app.
INSIGHTS FROM THE GROUND
Insights from 10 user interviews and 27 survey responses revealed that people who trade crypto have varying depths of experience and thus, have different wants and needs from their trading app.
Most trading apps have a single interface, except Binance and CoinBase which offer Pro versions of their apps.
This means that while most trading apps are beginner-friendly, very few cater to advanced traders and none are designed to evolve alongside the investor’s trading experience.
“This was an opportunity for Binance to introduce customisation to support their users as they grow from beginner to intermediate to advanced level investing.”
USER PERSONAS
Alannah
Novice Trader
“I want to make easy money and would avoid losses if possible.”
Goals
Profit from trading to save for bigger investments (e.g. home property)
Will hold assets to avoid losses
Venture in other blockchain areas e.g. NFTs
Frustrations
Wants more from their trading app e.g. P&L, trading plans
Aware of their shallow knowledge of investments
Ben
Intermediate Trader
“I invest in crypto to diversify my portfolio.”
Goals
Build wealth and diversify investments
Reduce risks by investing in more mainstream crypto assets
Learn more advanced trading strategies
Frustrations
Loved their trading app but now thinks it is too basic
Finds crypto and blockchain topics difficult to master
Isaac
Seasoned Trader
“I educate myself and have strict risk management strategies”
Goals
Apply investment experience in crypto
Master advanced trading features on their platform
Be updated on latest crypto news
Frustrations
Uses pro trading app but wishes they can customise features to suit their needs
Current downturn of crypto markets
IDEATION AND PROTOTYPING
While brainstorming solutions, these were the questions that guided me:
What is Binance already great at?
What is Binance currently lacking?
It was clear that Binance was a market leader with its sophisticated trading tools in Binance Pro, while Binance Lite was simple and intuitive enough to make onboarding easy for any new trader. But the difference in functions and usability between Binance Lite and Binance Pro is huge, leaving an entire class of intermediate traders who find neither version to quite meet their needs.
The problem was clear: Investors need a way to use their trading app so that it suits their level of crypto trading knowledge.
I came to a solution that gave the user control to decide for themselves what they want out of their Binance app. This was an opportunity for Binance to introduce customisation on their app so that they can support their users as they grow from beginner to intermediate to advanced level investing, thus capturing a much wider spectrum of users and securing Binance’s position as one of the leading choices for a crypto trader.
DRAG-AND-DROP CUSTOMISATION AT YOUR FINGERTIPS
Inspired by the empowerment that comes from customising smartphone screens with widgets, I designed a drag-and-drop customisation feature in Binance’s app.
By default, new users will view Binance Lite on the app. They can then choose to customise the interface with widgets from Binance’s deep inventory of trading and charting features, data displays and Binance Academy tutorials. This gives users complete control over how they use Binance, ensuring traders of all levels are able to access Binance’s trading tools that match their needs at every phase of their growth and journey in crypto investing.
