CoinEx, a cryptocurrency exchange serving over 3 million registered users in over 200 countries and regions has adopted a new brand slogan: Making Cryptocurrency Trading Easier. In an exclusive interview with the founder and CEO of CoinExHaipo Yang, where we discuss topics related to CoinEx and its future development within the crypto industry.
Q: What were the motives behind CoinEx’s new slogan: Making Cryptocurrency Trading Easier?
R: Today’s crypto market has entered a new stage in terms of technological progress, market scale, and user base. At its peak, the total cryptocurrency market capitalization approached $3 trillion. Meanwhile, overtaking Facebook, Bitcoin has become one of the top 10 most valuable assets globally. This cryptocurrency is now an integral part of global assets, and crypto technologies are also influencing more industries and users.
At the same time, many are intimidated by cryptographic technologies. There are many who believe that the market is reserved only for geeks and professional investors. Such a stereotype is not entirely unfounded: many trading platforms are designed only for professionals. They just keep introducing new features and piling up all the features and products without considering the capabilities of the user, which discourages many newcomers.
Imagine this: an average user visits a cryptocurrency exchange to buy Bitcoin. However, overwhelmed by derivatives like delivery contracts and all the options, he has no idea how to buy Bitcoin. Are these platforms really designed for the general public? They think that users may need this or that, but they ignore the most important fact that for most users it is not that easy to complete their first trade in crypto.
Decentralized crypto technologies are created to serve the public in the first place. All cryptocurrency users deserve respect, not only professionals, but also retail investors deserve access to this industry. The dismissal of beginners and retail users goes against the original mission of the crypto sector, which is to break the financial monopoly.
As such, we work to eliminate users’ doubts about the industry and break all financial taboos. We want to send a message that cryptocurrency trading is a level playing field and finance is by no means the privilege of certain groups of people. We will build a bridge connecting users with the crypto space. As a gateway to the market, CoinEx will help users complete every crypto transaction with ease.
Q: CoinEx’s slogan update involves strategic adjustments in terms of brand, product and technology. Could you tell us about the future vision and strategic plans of CoinEx?
R: CoinEx “Making cryptocurrency trading easier” as its new slogan indicates, it will seek to facilitate the entire process through products, token listings and services for all users.
First of all, when it comes to products, we exercise restraint and never pile features on top of features. Instead, CoinEx promises to offer sufficient and satisfying functions. Unlike many exchanges that offer an excessive number of redundant features, CoinEx look for “EASY”. This does not mean that there are fewer things that can be done in CoinEx. Rather, our goal is to turn sophistication into simplicity by building products that meet real demands.
In addition, we also attach great importance to the list of tokens. CoinMarketCap It shows almost 20,000 types of crypto assets around the world. However, many of them come with great risks. As we can see today, most of the trading platforms suffer from a lack of diversity or assets that are rubbish. That is why our research team spends a lot of time examining the cryptocurrencies available on the market. Until a certain point, CoinEx saves users the hassle of filtering risks, allowing them to easily invest in assets that minimize user workload.
Last but not least, CoinEx Emphasize customer service. We take care to offer professional, efficient and considerate user services. When beginners get confused about crypto-related products, which they often are, they can always turn to our intuitive beginner’s guides, comprehensive help documents, and human user support. CoinEx respects every common user through first-rate services.
Q: Compared to the past, many professional investors such as venture capital firms, hedge funds, and asset managers have joined the crypto market. Will this raise the investment threshold of the crypto space? Do retail investors still have a chance in that market?
R: Professional investors and retail investors are not in an antithetical relationship. The fact that more investors have joined the industry is a recognition of the market and injects more liquidity into the crypto space. It’s natural for an established market to attract a number of investors, but that doesn’t mean there aren’t opportunities for retail investors.
Here we can compare the crypto market with traditional financial markets. In a traditional financial market, the large investment banks are inherently centralized. A company needs to go through a complicated process before it can go public. As such, shares can only be issued through large institutions, while the primary markets are exclusively for professional investors. Retail investors, on the other hand, are kept out of this process.
Such a centralized monopoly incurs high costs and creates a very high entry threshold. Essentially, the issuance of shares provides funds to project teams and creates investment opportunities for investors. Meanwhile, intermediary players like investment banks and venture capital firms do not improve the efficiency of capital. Blockchain and crypto technologies have brought a new decentralized solution that allows retail investors to directly participate in primary markets through IDOs and IEOs, thus breaking the monopoly of professional investors.
In recent years, we have seen many new attempts in the cryptocurrency industry, ranging from DeFi, meme-coins, and Play-to-Earn. Many of these new categories are not created by professional traders or designed for large institutions. The cryptocurrency sector is now accessible to everyone, which means that all investors have the opportunity to benefit from cryptocurrencies.
Q: During the past two years of rapid growth, CoinEx has always put user experiences and demands first. How is the term “EASY” put into practice in the constant interactions of the product? Going forward, what are your priorities for optimizing the trading experience?
R: We have focused on mechanisms, interaction and guided content when updating products in CoinEx. Users use a product to meet its intended goals. As such, “EASY” means that we need to help users achieve those goals as quickly as possible.
As for the mechanisms of the product, we hope that users can achieve their goals through the simplest operations. For example, Swap, a new feature recently launched by CoinEx, helps users accomplish a simple goal, which is to exchange one type of cryptocurrency for another. Unlike other swap products that often ask users to consider complicated terms like slippage, market price, and limit price, CoinEx Swap is backed by a set of independently developed smart algorithms, which only requires you to users enter the destination cryptocurrencies and the amount of the exchange and everything else will be handled by CoinEx. With Swap, users benefit from fast conversions at great prices.
Apart from the mechanisms, we also value the interaction of the web page and the visual guides. Instead of cramming all the features and information on one page, CoinEx look for simple content that allows users to spot the feature they need at first glance. Additionally, we will continue to improve our text introductions and product descriptions in the content guidelines, helping all users get started with CoinEx right away through simple and intuitive instructions.
Making Cryptocurrency Trading Easier
During the interview, Haipo Yang also mentioned that improving user experiences is a never-ending process. According to him, product development requires tireless efforts. CoinEx insists that crypto assets must be made available to the general public. Their goal is to “break financial taboos” and strive to “EASE” with User Centered Design (UCD) or User Driven Development (UDD) by improving their products. We have every reason to believe that, fueled by the efforts of CoinExthe cryptocurrency trading sector will provide new opportunities for more retail investors.