Guides and Tutorials
August 25, 2023

Navigating User Experience: Lessons from Coinbase and Single Broker

Single Broker Academy

In the vast digital landscape, whether in cryptocurrency trading or beyond, the role of the user experience is paramount. Recent events surrounding Coinbase, a prominent player in the cryptocurrency exchange sphere, underscore the role that UX plays in shaping success. It also shows that even industry giants face challenges in ensuring seamless experiences. But while platforms like Coinbase grapple with UX issues, Single Broker remains a shining example of how a well-designed interface can ensure a top-notch trading experience.

An Unfortunate Break in the User Experience

On August 13, Coinbase CEO Brian Armstrong openly admitted that the Coinbase app was dealing with serious user experience problems. He shared this revelation during Onchain Summer, a multi-week event showcasing new features and NFT displays on Coinbase’s layer 2 network, Base. This event began on August 9 and lasted until August 31, introducing exciting innovations. Although the goal of the event was to spotlight blockchain potential, it unexpectedly exposed the app’s weaknesses.

In a related context, Coinbase’s layer 2 network, Base, gained attention for drawing in 136,000 active daily users, which is a sign of a dynamic expansion into the crypto space. But the persistent issue of UX in the crypto industry is more evident than ever. An interview with Cointelegraph featured insights from a Web3 UI/UX professional called 0xDesigner, who pointed to the challenge blockchain apps face due to their owner-centric and unchangeable designs.

But things need to change. Even though blockchain technology can be complex, Kirthana Devaser, content manager at XGo, suggests that focusing on user-friendly interfaces and making blockchain interactions seamless in daily life will drive wider adoption. That will ultimately benefit everyone in the digital landscape.

Critical UX Challenges Exposed: NFTs, Decentralized Apps, and Layer 2 Tech 

The issues raised during this event reinforced the importance of refining the UX in cryptocurrency platforms. Among the problems brought to light were challenges related to NFTs, decentralized applications, and layer 2 technologies. These elements, which are central to the advancement of blockchain technology, were found wanting in the Coinbase app. 

Armstrong acknowledged these hiccups and called upon users to share feedback, seeking to prioritize and resolve issues with the app. Interestingly, the most-liked response at that time came from Friendtech’s Racer, requesting a fast settlement credit card on-ramp to Coinbase that didn’t mandate a separate account creation.

Following this, a request emerged to fix an ongoing bug causing problems when linking Coinbase’s mobile wallet to Google Chrome. Armstrong noted that the bug’s resilience had been unexpected and assured swift updates within the next two weeks to tackle these challenges.

Single Broker’s User-Centric Approach

Unlike the Coinbase situation, Single Broker shows how focusing on the user experience can change cryptocurrency trading. Single Broker brings together various tools into a single platform, so users don’t have to deal with different interfaces or sign up multiple times. This saves time and makes the navigation on the app better.

Single Broker’s approach understands what users need and aims for a smooth experience. The design and access to different crypto tools help experienced traders and beginners alike, making trading more welcoming for everyone.

Key Takeaways

When working with exchanges and brokers, users have the right to expect top-notch experiences. Settling for subpar user experiences, with bugs and broken interfaces, should never be considered the standard. Instead, there should be a commitment to maintaining a high level of quality that everyone who aspires to participate must uphold.

One note, though: new technologies might have issues, so don’t quickly dismiss businesses facing challenges. Instead, consider their efforts in adopting and improving these technologies. Platforms that don’t face these issues are, of course, the golden standard. However, with others, users may need to be patient yet vigilant — they should check if issues are resolved fully and swiftly.