Trading is considered a shining beacon of hope for many investors. Nowadays, trading is mainly done online, and traders rely on various trading platforms to execute their orders and know whether their strategies are in their favour or not.
Since many users trust these trading platforms, owners are aware that use experience (UX) is vital to avoid problems and helps traders become successful. In this article, we’ll discuss more about UX and its importance in trading platforms.
1. Ease of Use
Whether a trader is a beginner or a professional, they should be able to navigate a trading platform easily. For instance, since MetaTrader 4 has been the go-to trading platform for many, some refused to upgrade to MetaTrader 5. As the MetaTrader5 became more popular, users found out the MetaTrader 4 was better for forex trading, while Metatrader 5 is best used for stock trading.
A trader can easily tell whether that trading platform is easy to navigate or not. First, the layout should be simplified. Next, there should be clear instructions for beginners, and there should be no errors.
2. Speed and Efficiency
Since financial markets often change, the loading time of a reliable trading platform should be fast and smooth. There should be no glitches, and placing orders and executing trades should be done in real time.
Imagine the things you go through whenever you trade. If everything you’ve planned for resulted in a huge loss just because the trading platform isn’t in good condition, it’ll be just frustrating. In addition, since there’s nothing you can do about it, you might end up being traumatised by this experience.
3. Enhanced Decision Making
Another good thing about a trading platform that is based on user experience (UX) is its enhanced features. These features include helpful tools, customisable dashboards, organised graphs and charts, real-time updates on market conditions, and other resources.
If your trading platforms have these features, making informed decisions about your trading strategies will be easier.
4. Reduced Errors
Usually, trading platforms that consider UX decreases the risks of errors so that traders can easily place their orders, stay updated with the current market conditions, and execute trades at the right time.
As mentioned, a single error in a trading platform can cost a user significant money, and nobody wants that to happen. So, whether you’re using popular trading platforms like MetaTrader 4, cTrader, or Fidelity, review the comments before starting your trading journey with them.
5. Accessibility
Trading platforms should be accessible to all traders, beginners or professionals. In addition, you should be able to access your account whether you’re using a desktop, laptop, tablet, or mobile. Since these devices are often used by traders, trading platforms should be aware of this, and they should enhance their usability to align with the needs of the users.
So, regardless of the level of expertise and type of devices used, traders should be given the right to trade whenever and wherever they want to.
6. Trust and Reliability
Trading platforms that are easy to navigate and perform well most of the time can build the trust of users. If traders feel confident enough that they can execute their trades without any problems, especially when the market is too volatile, it’s most likely that they won’t look for another trading platform.
Meanwhile, suspicious platforms with low-quality UX designs are mostly ignored by traders. Besides, who would want to risk their capital and successful portfolio for a trading platform that isn’t reliable?
7. Customer Retention
Retaining customers is one of the most complicated parts of being in the trading platform business. As the trading platform industry becomes more competitive, more options are given to traders and investors. Fortunately, user experience can significantly help in attracting more users.
Specifically, having reliable customer support, customisable tools, and updated software can help gather positive feedback from current users. This will help retain more users in the long run, as long as you maintain providing exceptional services.
8. Emotional Engagement
Trading itself can be stressful, so users are looking into user-friendly trading platforms that can provide engaging and smooth trading experiences. For instance, if you’re a trader and your trading strategy just failed you, you might feel stressed enough to face other problems such as a lagging trading platform. Meanwhile, having high-quality UX design improves the overall performance of a trading platform and can lessen the stress of users.
9. Compliance and Security
One of the most essential features of a well-designed UX is the security. Users should feel at ease the moment they create a trading account. In addition, there should be clear security terms and easy-access settings.
So, if you want to provide the best possible trading experience, securing the data and privacy of traders shouldn’t be just a part of compliance, but a way to make sure that everyone is safe.
Final Thoughts
User experience is one of the most vital factors in maintaining a reliable trading platform. By prioritising the aforementioned factors, you can gain more users and stay in the competitive world of trading for a long time.
If you want to share your thoughts about this, don’t hesitate to comment below!
