5 Ways To Simplify User Onboarding To Crypto Apps

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5 Ways To Simplify User Onboarding To Crypto Apps

The cryptocurrency landscape, once a niche domain for tech enthusiasts, is now experiencing a surge in mainstream interest. According to the Crypto.com report of January 2024, the global cryptocurrency owners grew 34% within a year, reaching 580 million in December 2023. 

Total number of Global Crypto Owners (in Millions)

Yet, the path to entering this exciting world remains riddled with obstacles. New users often encounter a frustrating maze of complex processes, confusing interfaces, and a general lack of trust.

The complexity is further compounded by evolving regulatory requirements that can feel overwhelming for both individuals and platforms. The chart below is an interesting visual depiction of the number of instances Bitcoin was declared “dead” by governments and mainstream media.

Database of Notable Bitcoin Skeptics

Transak is at the forefront of tackling these challenges head-on. As a leading provider of fiat-to-crypto onboarding solutions, Transak is committed to simplifying the onboarding process, making it easier, faster, and more secure for users to buy, sell, and trade cryptocurrencies.

In this article, we'll delve into five key strategies that platforms can employ to streamline their crypto onboarding experience, using Transak as a practical example.

1. Seamless Fiat-to-Crypto On-Ramps

Beginners in the crypto space need services that allow them to buy crypto assets using fiat currencies. The difficulty of converting traditional currencies to crypto is a major roadblock to onboarding new users. 

According to The Motley Fool Ascent survey of 2024, one of the main reasons for people (33%) not investing in cryptocurrencies is they don’t know how to buy it.

Transak's Solution

Transak facilitates the integration of its on-ramp product for crypto projects, which enables users to buy crypto seamlessly. Project developers can customize this integration based on their platform’s functionality.

In addition, Transak’s developer toolkit helps integrate crypto on-ramps into websites, apps, or web plugins. Developers can also test the newly added features before going live to create the best possible user experience. 

Transak’s on-ramp feature supports over 170 cryptocurrencies across 75+ blockchains for users in around 170 countries. With this integration, users can enjoy fast fiat-to-crypto purchases using global and local payment methods for a minimal fee. 

2. Simplified KYC/AML Processes

Complex KYC or AML procedures often cause users to abandon the verification process midway. Additionally, the lengthy duration of the verification process restricts the onboarding of beginners.

As per Signicat's report, 68% of people abandon financial service apps due to a time-consuming application process, lack of fully digital options, and the requirement for too much personal information. This same human psychology leads users to drop off during the process of completing complex crypto KYC verifications.

Transak's Solution

Transak’s multi-level KYC solution with ensured compliance simplifies the overall KYC verification procedures, enhancing user satisfaction. Here, there are three levels of KYC that users can opt for according to their preferences such as:

  1. Light KYC: This feature is ideal for Web3 gamers, facilitating a 30-second KYC onboarding using their name and billing address for smaller transactions.
  2. Standard KYC: Users who aim for crypto transactions up to $20,000 can choose this 10-minute KYC onboarding that verifies identity, liveness, and address.  
  3. Enhanced KYC: This KYC verification with limitless crypto access is best suited for users who plan to execute transactions worth $75,000.

Partnered with Privado ID, Transak also introduced its innovative reusable KYC solution. With this single-click KYC sharing solution, users can reuse their Transak-verified KYC secured on Privado ID’s secured provisioned wallet on various other Web3 platforms. 

 

3. Intuitive User Interfaces

Based on a 2023 UI/UX report by Web3Auth, 24% of users pointed out that the lack of user-friendly interfaces is one of the biggest hurdles in using Web3 applications. Crypto platforms and apps with cluttered interfaces and the overuse of jargon confuse and deter users from onboarding.

Transak's Solution

Transak offers highly customizable software development kits (SDKs) for major platforms and languages to provide beginners with a clean and intuitive user experience. The sleek API and widget integration on existing platforms cuts down the number of steps and provides clear instructions and easy navigation for new onboarding users.

Transak partnered with Biconomy’s account abstraction to help provide the best user onboarding experience for Web3 gamers. The inclusion of account abstraction helps to implement the concept of chain abstraction, where the simple user experience makes beginners less concerned about their interaction with blockchain technology.

 

4. Educational Resources and Support

Based on Coinbase Institutes' survey of top Web3-related concerns, 44% of non-users cited lack of knowledge as their primary onboarding concern. This survey reveals that educating users is a non-negotiable factor that every crypto platform must consider.

Transak's Solution

Transak’s website offers a dedicated section that provides easy-to-understand and informative educational materials for beginners as well as experts. The articles, guides, tutorials, FAQs, etc, help new users to learn about the crypto space effectively. 

For example, here are some top articles on Transak.com that can help new users understand the crypto space better:

  1. Protect Yourself from Crypto Scams: This article helps users to spot crypto scams and avoid them to safeguard their assets. 
  2. How to Set Up a Crypto Wallet: A step-by-step guide for beginners on setting up the first wallet.   
  3. How to Buy Cryptocurrency on MetaMask: This guide walks new users through the simple steps to buy cryptocurrency using the popular MetaMask wallet.

Educating through jargon-free content builds confidence and trust among users, encouraging them to experiment with numerous crypto products and services. Moreover, quality content increases the online visibility of platforms, leading to long-term user engagement.   

 

5. Regulatory Compliance as a Competitive Advantage

The ever-evolving regulatory landscape around crypto troubles platforms and users alike. It is crucial for crypto projects to ensure that their users follow the industry's best regulatory compliance.  

 

Transak's Solution

Transak is regulated, authorized, and secure with registered entities in the UK, USA, Poland, UAE, and India. For example, Transak is regulated by the Financial Conduct Authority (FCA) in the UK and is registered as Money Services Businesses (MSBs) in the USA under the Financial Crimes Enforcement Network (FinCEN). 

When it comes to security compliance, Transak is certified with ISO/IEC 27001, the gold standard for information security management systems (ISMS). In March 2024, Transak became the first global on/off-ramp to achieve this milestone of becoming SOC 2 Type 2 compliant.

The inclusion of security compliances helps projects gain a competitive advantage by fostering trust among new users. Moreover, Transak’s security standards also encourage other projects to implement such practices to boost the overall crypto onboarding process. 

 

Conclusion

The demand in the crypto space is growing like never before with the increase in the number of new users. With the rise in competition in this industry, it is important for projects to simplify the crypto onboarding process on their platforms.

Transak, with our efficient and beginner-friendly on/off-ramp, KYC solutions, UI integrations, educational resources, and regulatory compliance., is a gold standard solution for crypto projects to provide a smooth onboarding experience.

About the Author:

Transak Team