UpDown Options
An “UpDown Option”, also known as a knock-out, is a contract to buy or sell crypto with a preset profit target and stop limit. When the profit target or stop limit is reached the contract automatically expires, locking in user profits and limiting potentially large losses. Traditional spot trading requires extra steps to manually set profit targets and stop limits. With UpDown Options they are built into the contract, leaving users to simply select a contract with a price range that suits their trading strategy. Additionally, UpDown Options have the benefit of allowing users to make profit when the market is moving up or down.
I collaborated with one product designer, one UX researcher and our product strategy team to design this feature. We set out to simplify options trading for not only advanced level traders but also beginners. I started the design process by quickly brainstorming ideas and wireframing the main user flow. I shared my wireframes with stakeholders from product, tech, compliance and strategy to gather initial feedback.
After refining our ideas I created a click-through prototype which we later used to run several task-based usability tests with existing users. We gathered feedback and observed whether users understood what an UpDown Option was, the differences between contracts and how to manage and place long (up) vs short (down) orders.
After testing, we found several areas that we could improve. Firstly, it was important especially for beginners to provide guidance throughout the purchase journey. We worked with copywriters to create tooltips and an intro guide for first time users. Secondly, users mentioned that being able to compare contracts and assess the current price action of an asset within the same view was helpful. This allowed users to reference the price chart while selecting a contract to see their profit target and stop loss marked visually on the chart. Lastly, we wanted to highlight costs, fees, potential profit and loss up front to help users make more informed decisions and manage their risk. The user feedback helped us make major improvements and the feature was finally launched in March 2023.
