Graphic Design on Trading Platforms
The psychology behind graphic design is a well researched topic, we understand how design features can affect human behaviour and how we can use this to our advantage. After reading a recent article on how consumers are likely to be susceptible to graphic design on trading platforms, we’re asking the question: should there be a commitment to traders to relay information on how the design of decentralised finance apps can affect their decision making and portfolio choices?
The study referenced in the article is in its early stages and awaiting peer review, however the findings on design elements used on these platforms suggest “that left unchecked, many individuals may end up squandering their hard-earned savings as a result of bad trading decisions categorized as errors in cognition.”
Over the last few years there has been rapid advancement and accessibility in decentralised finance and crypto currency. Pair this with the experienced isolation from worldwide lockdowns, more and more people are using these apps, with little knowledge prior to downloading them. Design and web elements such as the use of red and green, flashing graphs and randomised rewards popping up (thereby gamifying the process) are all features that sway decision making. Whose responsibility is it to pass down information on design and web elements so people are “aware and understanding the designs and heuristics they are subject to.”? Or do you think it is the responsibility of the user to acquire proper training and understanding of cryptocurrency apps before downloading?
We’re intrigued to see further results from the study as cryptocurrency continues to gain in popularity.