Want more users in crypto? Make onboarding easy. Here's how:
Why? Because complex onboarding keeps people out. Less than 10% of internet users own crypto. That's a lot of missed potential.
Here's a quick look:
| Tip | Benefit | Example |
|---|---|---|
| Simple sign-up | Fewer drop-offs | Social login |
| Clear education | User confidence | In-app tooltips |
| Quick KYC/AML | Fast verification | Tiered KYC |
| User-friendly UI | Better retention | Mobile-optimized |
| Multiple currencies | More users | Fiat-to-crypto |
Let's dive in.
It's the first step for new users on a crypto platform. It covers account setup, learning basics, and making the first transaction.
But here's the problem: crypto onboarding is often a mess.
Why? Complex terms, confusing interfaces, and strict security checks. It turns people away before they start.
The process:
Each step can be a roadblock. Signicat found 68% of people quit financial app sign-ups because they're too long or ask too much.
Good onboarding is crucial. Here's why:
The crypto market is huge ($2.51 trillion cap), but less than 10% of internet users own crypto. That's a lot of potential users stuck at the start.
Robert Hoogendoorn, Head of Content at DappRadar, says:
"Onboarding in Web3 is a challenge. Insiders praise the technology, but for the end-user, it's all about the experience."
Quick tips:
Take Transak: They support 170+ cryptocurrencies, offer various payment methods, and use tiered KYC. Result? Users can buy crypto in minutes, not hours.
Signing up for crypto shouldn't be hard. Here's how to simplify:
Keep it basic:
That's it. Get more info later.
Let users sign up with social media. It's quick and reduces errors.
Pro tip: Offer multiple options like Google, Facebook, or Apple.
Use progressive profiling:
This builds trust over time.
Quick comparison:
| Traditional | Simplified |
|---|---|
| Long forms | Short forms |
| Asks everything upfront | Gathers info gradually |
| No social login | Offers social login |
| High drop-offs | Lower drop-offs |
Crypto.com's Exchange gets it right. They only ask for email, birth date, and country. Then verify via email and SMS. Simple and secure.
Crypto can confuse. Clear education helps. Here's how:
Add quick help:
Coinbase does this well with simple tooltips for terms like "private key" and "blockchain".
Build a go-to list of crypto words. Include:
Binance's glossary covers over 150 terms.
Walk users through key tasks:
Kraken's "How to get started" guide breaks it down with screenshots.
| Method | Pros | Cons |
|---|---|---|
| Tooltips | Quick help | Limited space |
| Term Guide | Covers many topics | Users must seek it |
| Tutorials | In-depth learning | Takes time to create |
Keep it simple. Use everyday words. Link to more info for those who want it.
KYC and AML are necessary but can be a pain. Here's how to make it easier:
Not all users need the same checks:
| Level | Limit | Verification | Time |
|---|---|---|---|
| Light | Small amounts | Name, address | 30 sec |
| Standard | Up to $20,000 | ID, liveness | 10 min |
| Enhanced | $75,000+ | Full check | Varies |
This lets users choose based on needs. It's quick for small-time users and thorough for big spenders.
AI speeds things up:
Moody's AI Review tech scores screened names from 0 to 1, filtering out false matches.
Let users verify once, use everywhere:
Trinsic's system verifies users 10 times faster than usual.
"Reusable identification allows users to leverage past verification instead of re-verifying across platforms." - Riley Hughes, Trinsic CEO
Pro tip: Partner with KYC providers offering reusable solutions.
A user-friendly interface makes crypto accessible. Here's how:
Understand what users want. Twim, a mobile crypto trading app, put orders, trade blotter, and quote charts on the main screen based on user needs.
To meet user needs:
Crypto is complex. Your interface shouldn't be:
Coinbase does this well with simple terms and clear explanations.
More people use crypto on phones. Ensure your interface works on small screens:
"Dark background with bright gradients help important information pop. Modern interface and clean lines show how each coin is performing." - uixNinja, Designer
Supporting multiple currencies makes onboarding user-friendly:
Offer various crypto options:
This gives users freedom to choose.
Make it easy to enter crypto:
Be transparent about costs:
| Pair | Rate | Fee |
|---|---|---|
| USD/BTC | 1 USD = 0.000034 BTC | 1.49% |
| EUR/ETH | 1 EUR = 0.00056 ETH | 1.49% |
| GBP/LTC | 1 GBP = 0.011 LTC | 1.49% |
Clear display builds trust and helps users understand costs.
Here's a quick guide to implement these tips:
Simple Registration
Clear Education
Quick KYC/AML
User-Friendly Interface
Multiple Currencies
Remember, user feedback is key. Coinbase saw a 25% increase in new user retention by simplifying their interface and adding educational resources.
Track these key stats:
| Metric | Meaning | Why It Matters |
|---|---|---|
| Onboarding Completion | % finishing sign-up | Shows user-friendliness |
| Time to First Value | Speed of first use | Faster = Better experience |
| Week 1 Retention | % active after 7 days | Shows initial satisfaction |
| Churn Rate | % who stop using | Lower is better (5-7% good for SaaS) |
Coinbase saw a 15% jump in onboarding completion after simplifying KYC.
Get user feedback:
Uniswap used feedback to improve, leading to $3 billion daily trading volume.
Remember: Act on feedback, then measure again.
Quick review:
The future of crypto onboarding looks promising:
Make it easy, and they'll come.
