P2P new user adoption
Peer-to-Peer (P2P) trading is OKX’s only fiat on‑ramp offshore.
How can I as a PD raise mass user adoption?
Role
End‑to‑end Product Designer
Scope
• Repositioning • Concepts • Shipping • Measure
Inherited
An already existing P2P flow
Markets
CNY (focus), VND, offshore
What is P2P?
P2P stands for Peer-to-Peer trading. The concept is same like Facebook Marketplace. This marketplace that allows users in offshore or underserved markets to buy and sell cryptocurrency directly with each other
Hey Allan, this Q’s OKR is increase new mass user adoption.
Okay PMs. Let’s discuss.
01 / Objective
Looking at data to understand our 1st-time completion rate
For the platform to grow, new users must successfully complete their first trade.
It wasn’t converting worse. It was converting worse for new users only.
Starting point
~40%
New user first‑order completion on Express.
Target
~79%
Parity with experienced users
Current gap
40pt
Gap between experienced and new users
02/ User flow
How our new users currently using P2P?
I sat down with my PMs to understand our current state of P2P product.
2 trade channels
Marketplace is an order book. Choose a merchant’s ad base upon the price, limits, payment methods, completion rate, trade count.
Express is faster because it picks a seller’s ad for you. The transaction flow thereafter, is the same.
Insight
We thought that new users are prefers Express flow but data shows new user also place orders on Marketplace as much as Express
Assessing how designing for 1 segment affects other segments
When designing for 1 segment, it’s good to consider whether how it affects other segment because they could be sharing the same flow, and also how the counterparties in this case can affect our key segment users for this project.
A series of user interview to map out users pain points
Together with our researcher, we moderated research with 6 new-to-P2P users across Vietnam, Argentina, Philippines, and Thailand recruited from our existing user panel, incentivised. We combined heuristic audit with direct user sessions.
02 / Through user testing
Problem 1: Lack of New User Education
P2P Marketplace is not a suitable first point of contact.
Contains too much information and crypto specific jargon to be easily understood.
Understanding between Marketplace vs Express flows.
Blocker 01
Coachmarks were ignored entirely
Users reflexively closed the onboarding overlay same behaviour as any other app's permission prompt. Zero retention. We had passive education, and it was failing invisibly.
= Passive education failed
Blocker 02
P2P terminology was meaningless
New users couldn't define P2P, or explain why "Express" differed from the regular marketplace. They lacked any mental model for what a peer-to-peer trade actually meant.
= No mental model
Blocker 03
Seller matching felt opaque and scary
"Why was I matched with this person? What if they don't pay?" Anxiety before the first action meant users abandoned before placing a single order.
= Distrusted system
03 / Exploration
Choosing the learning models
Rejected approach
Explanatory onboarding
Tell them how it works
- Long tutorial video
- Static coachmarks
- Long explainer page
Strength: scalable, cheap to produce.
Weakness: weak for procedural learning — the user reads, then meets the real UI cold.
Chosen direction
Interactive walkthrough
Let them do it once, safely
- Simulated real trade flow
- Tap‑through interaction
- Demo mode with zero risk
Strength: strong for procedural learning, the user exits having completed a trade.
Weakness: higher design and engineering cost.
Addressing misconceptions
“P2P works by buying crypto directly from OKX.”
“Payment is difficult and it’s multi‑step.”
“P2P is instant right? Transfer and receive.”
“What if someone doesn’t release the crypto to me?”
Still displays tutorial introduction but in a scroll format to avoid accidential dismissals.
04 / Design
Designing a step-by-step practice
No coachmarks/confusing jargons. Go step-by-step, focusing on key points they need to understand.
Encourages users to use P2P express as main-flow.
07 / Fixing “during” journey
Problem 2: User Expectation Mismatch
Expect 1 — See who I'm paying, before I commit. Counterparty information upfront, like the Marketplace, not a blackbox. New users are the exception: they did better with less, and most misread the verification toggle.
CN User Interview:
• "有些用户就是好奇随便点，看能不能多一个步骤让用户确认 免得商家影响成交率"
• " 想知道快捷买卖是如何分配订单的。"
User Interview:
• "Users who viewed preview were more intentional in checking counterparty's information before proceeding to place order"
“New” as solution:
Expect 2 — Give me a second option. One match per payment method, ranked on price, with no alternative.
User interview: the need for a "refresh option to switch to the next best option as the completion rate of his matched seller was not ideal."
“Enhanced” as solutions:
07 / Fixing the flow
Problem 3: Poor Matching Logic
Current P2P Express matching logic follows a simple 3-step logic:
1. Validate if the taker can trade P2P Express, & how much he/she can trade
2. Filter out unqualified ads to form a matching pool
3. Rank all ads in matching pool, & choose the 1st ad
Hypothesis 1:
Current matching logic is purely designed based on takers choosing ads/maker, makers also have preferences for dealing/not dealing with certain takers
Hypothesis 2:
Maker's completion rate does not play a crucial role in CNY. Instead, other merchant quality (dispute rate, crypto release time) are more important.
Solution:
Re-sort on the factors that are actually sensitive to completion and cancellation.
Results
Randomised 50/50 A/B test on overseas first-time P2P users. ~25K–27K orders observed over 14 days. Express showed the strongest lift which makes sense: it's where context is lowest and education adds most value.
Lever 1 • On top of the flow
New user education
A six‑screen rehearsal of a real trade, before any money moves.
-21%
cancellations from timeout, one month after launch. Plus +4pt first‑trade completion on Express, 69% → 73%.
Lever 2 • Inside the flow
Express matching UX
Show the counterparty before the order, and give more than one option.
+3.9pt
completion for overseas new users, 52.9% → 56.8%. Up in every segment. Order placement fell too — deliberately.
Lever 3 • Underneath, no UI
Matching logic
Stop routing new users to merchants who demonstrably won’t trade with them.