With Bitcoin's monumental leap in both public consciousness and value during 2017, this once underestimated crypto-currency has become the most traded commodity online that has increased its value by several hundred, if not thousands, of percents over the past five years. Therefore, it comes as no surprise that many people began seeing Bitcoin as a viable asset in which to invest their money.
With the sharp increase in demand for crypto-currency trades, brokerages began appearing like mushrooms after the rain, providing online platforms on which traders can make transactions. While online trading makes investing more accessible to the public by bypassing the need (and commissions) associated with investing through a broker, they did generate a few new issues which needed to be solved before this could become the primary method of Bitcoin trading-
primarily data management and user experience.
While several tech companies that have developed platforms that allow traders to perform Bitcoin transactions online, many of them were so heavily focused on the trading (by the user) and financial transactions (between the trader and the broker) that they did not dedicate enough though, in my opinion, on how to manage the data once the user has converted and made a deposit into their account.
Another issue that arose from the fact that people from all walks of life are now trading online with little to no economic or formal education is that many of them know neither the theory nor the practice of trading. While many brokers offer educational videos that guide new traders from scratch, at the end of the day it is the accessibility, intuitiveness, and smooth operation of a broker's platform that gives it the qualitative advantage, which in turn improves trader retention.
In these respect, one company that stands out is a platform provider called Xcryptex; which uses React Technology to run large volumes of data for retail brokers. The use of React as the underlying structure for both user and broker interfaces allows components to load quickly and deliver the most comfortable user experience with no bugs or errors.
This technology also confers a considerable advantage to the brokers; who enjoy improved data transfer and integration with CRM systems, allowing them to better manage their data and client base. There is no doubt that user experience is vital to the success of any crypto-trading platform, however, even the best looking, smoothest operating, and most intuitive platform will not succeed over time without robust data management capabilities.
If you are considering a platform for your new brokerage, or if you are interested in replacing your current infrastructure in order to improve an existing brand, it would be wise to consider the aforementioned elements in any product that is offered to you. At the end of the day you can save on graphic design, you can be more selective in your marketing strategies (although that would be ill-advised), but a solid platform that can handle the large volumes of data that such a brokerage accumulates is the one investment in which you should not save.