Binance Copy Trading
Introduction
Copy trading is revolutionizing the way individuals participate in financial markets, allowing users to mirror the trades of experienced investors in real time. Binance integrates both spot and futures copy trading to make crypto investing more accessible for beginner copy traders who may lack the time or expertise to trade effectively. At the same time, we allow lead traders to gain a community of followers and earn from profit sharing.
The project began in mid-2023, when Binance was behind competitors (e.g. OKX, Bybit, Bitget) who had already fully launched copy trading. In this project, our primary objective was to catch up with competitors and design a seamless and intuitive user experience on mobile app & web, ensuring that copy traders can easily discover, evaluate, and follow traders with confidence.
Results: successfully caught up with other exchanges’ assets under management (AUM), and surpassed the number of copied portfolios of other exchanges, achieving customer satisfaction score of 84.12%
Project
UX & UI Design on web, mobile, tablet
Role
UX & UI Designer in a team of 2
Time
2023 - Present
Background & Problem Statement
Binance had continually delayed on launching copy trading due to regulatory concerns, instead opting to develop an off-brand platform. Once we received the green light to proceed, I worked with a senior UX designer to design copy trading on web and mobile app.
Goals: to launch copy trading as soon as possible, to encourage futures traders to copy portfolios and become lead traders. Success was measured through the number of users acquired
Design Process
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In-depth analysis of other crypto exchanges, namely Bybit & OKX, to glean insights
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Designed the product based on our competitors’ research and past experience building the off-brand copy trading platform, TraderWagon
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We handed off to developers, providing both light/dark mode, specific UI specs on padding, how the UI would look like under other languages, as well as UX annotations on the user flow
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We manually reviewed the design and implementation to verify that the design was correctly implemented
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User feedback collected from customer satifaction (CSAT) surveys, customer service tickets & user complaints, guide our product development so we can better build the product to serve our users’ needs.
Competitors’ Analysis
We worked together to conduct an extensive competitors’ analysis, focusing on Bybit and OKX. Thus, we took screenshots of every single screen in the following aspects/user flows, and listed out the pros & cons to understand what to avoid and what to replicate:
Entry Point & Homepage - to figure out how to best optimize conversion and see how portfolios are visually displayed for highest appeal
Application to be a Lead Trader - to understand what sorts of information is collected
Portfolio Details Page - to understand what types of portfolio data are presented to prospective copy traders
Copy Settings - to understand how users copy a portfolio and the information inputted
Portfolio Management - to understand how copy trading users keep track of their earnings and ROI
Share Portfolio - to see the visual design of how portfolios are shared and channels through which they’re shared
Key Takeaways
Homepage - Explanation of professional terms & filters such as PnL, ROI are crucial for onboarding new users
Portfolio Details Page -tag systems & data visualizations with filters help user understand the trader’s style
Copy Settings Page - guidance/tooltip explanations are crucial for newbie traders, as they may be unfamiliar with trading-related terms
Portfolio Management Page - copy traders need macro and micro views of their portfolios/lead traders, for both current and past portfolios, as well as insights into the positions held
Application to be a Lead Trader - to attract lead traders, emphasize the benefits (e.g. community building, profit sharing, etc) and shorten the application process as much as possible
1.0 Version Design & Handoff
Leveraging our past experience building TraderWagon (an off-brand copy trading platform) and insights from competitors’ analysis, we quickly designed the key user flow and screens for copy trading 1.0. Due to limited time, we did quick internal testing with coworkers unrelated to the project to validate the designs.
For the handoff, we provided the design in light & dark mode, on both web, mobile and tablet screen sizes. Additional annotations were given for how the UI should be displayed on other languages, such as Russian or Arabic RTL, such as truncating the text or making the font size smaller on buttons. Moreover, we also annotated the minimum and maximum padding for various aspects, such as buttons and vertical/horizontal padding.
Design Impact on Business
Within 1.5 years, Binance Copy Trading exceeded Bybit’s assets under management (AUM), and surpassed the number of copied portfolios of other exchanges, achieving 77K copied portfolios. We were able to achieve a customer satisfaction score of 84.17% based on a survey with over 13,000 respondents.
August 1st, 2023 - December 19th, 2024
CSAT survey conducted in June 2024. A survey was displayed on the copy trading app homepage to measure user satisfaction & collect feedback on new features.
Customer Satisfaction (CSAT) Score
Post-1.0 Version: Ongoing User Research & Iterations
Biyearly customer satisfaction surveys
Since the post 1.0 launch, we have regularly conducted biyearly CSAT surveys to measure overall user satisfaction and satisfaction with new features, such as advanced filters, a Tinder-like feature that allows users to swipe on portfolios they prefer, lead trader comparison, new UI layouts, etc. In the survey, we also present various design proposals and allow users to vote for which one they prefer.
Each survey runs for approximately 1 week or until we have exceeded 10,000 responses. Findings are summarized and then presented to product and business team to see what should be built next.
Customer support tickets
Customer service agents tag product managers & design team when issues arise, which allows us to capture users’ pain points and resolve them in the next release. An example would be extending the duration of our portfolio filters from 90D to 180D, which users said would be helpful in determining how a lead trader performs under different market conditions.
Data tracking
Data is continuously monitored after release on various dashboards. As designers, we have access to various data, including but not limited to: conversion rates, funnel metrics, DAU/MAU (Daily Active Users/Monthly Active Users), and click rates. By analyzing this data, we can identify trends, measure the effectiveness of our designs, and understand user behavior. Data-driven insights enable us to iterate quickly, prioritize features that deliver the most value that are aligned with our overall business objectives.