The increase in the number of application users over the last few years has been driven not only by the global transition to mobile devices but also due to the development of Internet infrastructure. Improved networks extended access to mobile internet in rural areas, and urbanized regions got vast 4G or 5G coverage. According to The State of Mobile Internet Connectivity 2021 report, 51% of the world population is now using mobile internet daily. In the case of mobile Internet access, the falling average price of 1 GB of data also plays an important role, especially in developing regions of the world. These stats undoubtedly show the clear growth potential of the app users segment. However, accessing mobile internet can still be expensive, which is why it's so crucial that app developers work to reduce the data usage of apps.
X Open Hub's development team understands such requirements, which is why we are constantly introducing new updates that limit application data demand and battery consumption.
There is no doubt that mobile app trading is one of the most significant trends in the online trading sector. Increased volumes of trades from the mobile platforms only prove that point. As is stated in the 2021 Q3 FM Intelligence Report, the volume share of mobile users amongst the brokers has reached 54,7%, which means that mobile trading has become an essential form of trading amongst retail investors.
Additionally, as our business intelligence team points out, the mobile trading application is no longer just a place to check the current account balance but has become the first and only place for users to interact with the market. Nowadays, traders examine real-time pricing, place orders, and monitor their positions from various locations, even on their way to the office or during holidays.
The user experience of trading applications
As is noted in The Importance of UX in Financial Applications article: “The ugliest truth of UX is that if users could have everything they want, applications would appear overly complex and difficult to use.” I couldn't agree more. Due to the nature of the industry, the variety of financial information a platform could present is nearly limitless.
To preserve platform clarity certain amount of essential data has to be neatly packed into one mobile screen incl: instruments information, fundamentals info, commissions, spreads, pip values, daily price changes, dividends, open market hours, and that is only the tip of the iceberg. Proper design of such a layout is a demanding business process. Accordingly to Encrybit - The Future of Exchange report, for21% of traders, the biggest problem with cryptocurrency exchanges is the inconvenient user interface.
In this case, user behavioral research plays a crucial role. Designers must find the balance between the required information and simplicity.
From the beginning of the XOH Trader platform's existence, our development team paid a lot of attention to usability and user-friendliness. Currently, all minor, and significant changes we introduce, are based on UX research data and feedback coming from users worldwide.
In the past, traders associated the "superiority" of software with a plethora of tools and indicators at their disposal. However, trading apps have become very popular amongst less experienced users who also want to invest, and their number is still growing. For them, having too many options might be overwhelming.
Nowadays, trading software does not have to be complex or overburdened with functionality to be efficient. At the end of the day, users should be able to navigate financial apps with ease.
Branded platform & Marketing Insight
As mentioned earlier, the mobile platform has become the most important point of contact between a trader and a brokerage house.
X Open Hub, as one of the few companies, offers not only branded applications with your logo in application stores, but also access to valuable information about users.
Having your dedicated application allows you to promote the application under your brand, and all marketing touchpoints stay in line with the broker brand. Data collected from app performance is also valuable. Insights obtained from that source are crucial when selecting how to engage consumers. It's vital, for example, to understand your target demographic features and preferences.
A set of tools at your fingertips
Giving consumers the relevant information at the right time and through a channel they choose is critical to keeping them engaged and encouraging them to use the app.
A truly user-centric trading platform must meet all users' expectations and guide them through their investment journey.
In this case, the platform must be intuitive and equipped with functions supporting this process. Examples of such tools are market sentiment, the hottest stocks, market news, macro calendar, and many more.
As our UX research team has proven, users who interact with these features are more engaged and use the app more often. XOH Trader is one of the best-equipped platforms on the market, and what is more, we currently have in plan the introduction of the advanced Discovery tab.
All these features are vital as users find all the information they need in one place, so they don't have to use additional external sources. It certainly helps increase engagement and improves clients' loyalty to the brand.
