Make Trading Decisions Based on Data, Not Your Gut

The Problem

You shouldn’t have to be an expert to be able to participate in the cryptocurrencies market. Coin Follower addresses this need by providing a platform for algorithm-backed strategies that send signals to subscribers when there’s a move.

Our users

Our users are people who have some insight and experience with the stock market and investing. However, they feel they lack the knowledge to know when to trade cryptocurrencies. They want trustworthy, reliable information that will help them catch the next trend.

“I am looking for automated technical analysis and algorithmic conclusions. I don’t’ want to give my whole life and attention span over to buying and selling crypto. That said, I probably wouldn’t act on a strategy unless my confidence was through the roof. I would want to learn from it first. If I made some money, and I was confident in the strategy, I would double my investment.”

(Quote from interview respondent.)

Key question

How can we remove some of the complexities with trading, and let beginners find a strategy they can trust?

Scope

To solve this problem, we’ll need a testable prototype. We want to make the entry into cryptocurrency trading easier for beginners by clearly and effectively explaining the basics of cryptocurrencies in jargon-free language, and solve the need to check the price of Bitcoin ten times per day.

Success metric

Sign-ups for more information at coinfollower.io to survey potential user-base and launch the beta version of Follower.

Brand and Messaging

The first thought that comes to mind when you think of cryptocurrency might be 💰 🤑 💸. While many people may be curious about investing money in digital currency, the market’s reputation is not that great. It’s full of get-rich-quick schemes, to-the-moon promises, and little regulatory oversight.

Coin Follower needed to put the user at ease with messaging and information to prove to the user that we are a trustworthy source of information. Before starting the design and writing process, I created the three guiding principles below.

  1. Clear. Simple, no trickery or hidden agenda.
  2. Concise. For the average user, not for the experts. The language and design should help users understand what the product is in a short span of time.
  3. Useful. Straightforward and easy to understand, explains jargon in simple terms.

Here is what those principles look like distilled into a Job Story:

When I am looking to try a strategy for buying and selling cryptocurrencies
I want to see historical and statistical data from a trusted source
So I can make the best decision based on my risk tolerance

Value Propositions

We want Coin Follower to provide value to the user right from the start of the onboarding experience until they register. After going over the first four value propositioning statements, the user can navigate the , dig into strategies, and learn more about what trading signals are, before signing up. The most recent signals are hidden, but the user can test the strategy and determine if it’s right for them.

Each value proposition had to answer one unmet user need. We determined these needs based on a survey and user interviews.

  • Finding trustworthy information is hard.
  • Information overload from forums and chats lead to decision-fatigue and is time-consuming.
  • Verifying data or claims provided from services is difficult.
  • It takes time to win users’ trust. They want an easy way to cancel if it’s not for them.

We user-tested five versions of each value proposition with in-person interviews and online preference tests and declared the winners. See table below for the contenders:

The versions of value propositions for Coin Follower app. (Left) User preference test snapshot. (Right)

The results of the preferences test yielded these messages in the final design:

The winners from the online preference test for the value propositions. Each value propositions answers an unmet need.
The user experience before registering for an account. The user can dig into the strategies and are onboarded with their preferences before they decide to create an account.

Empty States

Why are empty states important? Only a small percentage of users end up seeing them anyway, and when they do, it’s only for a brief moment.

Where in the journey are users when they encounter the empty state?

  • They’re a new user.
  • They are exploring the product, maybe they didn’t pay that much attention to the value propositions, and now they are deciding if they should stay.
  • They’re getting frustrated because they don’t know what to do next.
  • They don’t understand what a feature is, why it’s there, or how to use it.
The versions of empty states for Coin Follower app.
Empty states winners from online preference test.

Design

Some rationales behind our decisions —

  1. We want to make it simple for new users to understand complex data like charts and performance statistics for a strategy. Since users won’t use Coin Follower to trade, the signals they receive should be as simple as Buy, Hold, and Sell.
  2. We want to prioritize the most popular cryptocurrencies so the user has the lowest effort to set up their trading signals instead of listing every coin available at the same time.
  3. We want the users’ priority to be checking the signals they subscribe to and notifications they have received and before they start searching for new strategies to follow.
  4. We want to make the design very simple, easy to understand and actionable with call-outs and explanations for terminology.
Interactive prototype for Coin Follower.

Results

It’s hard to evaluate how well the app will be received before we can get some real users in front of it.

Coin Follower will only send users signals about moves in the market, but we have no way of tracking how users act on that information. This makes it difficult to spot if a user is frustrated because the strategy isn’t working for them, or because they were too late when acting on the .

Future iterations may include a connected wallet and a scoreboard where users can track the progress and manage their investments.



Source link https://uxplanet.org/coin-follower-a-cryptocurrency-signal-app-cbed8540232b?source=rss—-819cc2aaeee0—4

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