Grid Trading
Overview
The Crypto exchange wants to launch a new “Grid trading” feature. Grid trading is a trading strategy that involves placing orders above and below a set price using a “price grid” of orders.
Challenge
Grid trading is a great trading strategy for newbie traders, however many users are intimidated by the idea of automated bot trading therefore hesitant to try this trading strategy.
Role
As the solo designer working on this feature, my role includes user research, interaction design, UI design, prototype and usability test.
Duration
4 months
Skills
Research, Strategy, Wireframe, Prototyping, Testing, UI Design
Process
A grid trading strategy is easily automated, and valuable for crypto trading. We started the project wanting to learn about people’s experience with grid trading. We interviewed 6 users with grid trading experience and tried to understand their journey from when they first discover grid trading, their experience doing grid trading and whether it's still a part of their trading strategy.
After the interviews, we discovered that most users share similar experience with grid trade and we mapped out how this journey looks like.
Through the journey map, we learned that getting users to try grid trading is the most difficult part, once users have the experience they’ll understand that it’s relatively easy and safe to do grid trading compared to other strategies.
We also audited 4 most popular platforms for grid trading. We noticed that all of them take users directly to settings, and this can be quite intimidating to users that’s not familiar with the strategy.
Design Approach
Wireframe
After our initial research, I started to sketch out ideas which can solve our users pain points. we produced a lot of ideas and drafts, which effectively help me form feasible design solution.
Usability test
For the purpose of the usability test, we wanted to understand the usability of grid trade and user’s willingness to use the feature.
We recruited 4 participants under 2 categories:
1. People who have investment experience and are familiar with crypto but not yet tried grid.
2. People who have investment experience and are familiar with crypto and used grid before.
Most part of the usability test went smoothly except for the parameter setting page. Both category of users felt confused by the graph and wording, and made them more hesitant to put in the investment. The users also don’t feel that the estimated profit helps, they actually felt that the number is speculative and unrealistic. This wasn’t what we expected and we have to rethink the design.
We made a new design where we explain how grid trading works in 3 simple steps for newbie users and with experienced users they can just skip the tutorial and go directly to settings. We organized a second round of user test with 4 new participant, and this time the test results were successful.
Outcome
Guide
Display Orders
Switch between simple and detail mode allow users to choose from viewing all the trading details or just the profit and loss.
While grid trading may seem complex at first, users often find it much easier than other trading strategies once they got past the initial learning curve. To reduce hesitation and encourage first-time use, we introduced trial funds so users can try the feature without risk.
Key Results
-
35%
Users tried out trading with trial fund
-
62%
Users started an actual bot after trial
-
25%
Users kept their bot running > 2 weeks
-
10%
Total trading volume increased