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It’s a popular misconception to view disability as a minority issue, only affecting a tiny percentage of the population. However, that is far from the truth. In reality, according to the World Health Organization, disabled people make up 15% of the global population, accounting for around 1 billion people. Furthermore, the percentage of the population living with disabilities is increasing each year due to aging populations, barriers to quality healthcare, and an increase in chronic health conditions.

According to a recent CDC study, 26% of adults in the United States have some form of disability, with 10.8% having cognitive issues, 5.9% being deaf, and 4.6 percent being blind. As you might expect, people with these impairments will have difficulty perceiving, understanding, navigating, and interacting with the internet. Especially websites that are more complex, such as those that deal with financial or other sensitive data (which normally necessitate a more detailed grasp of the user interface).

What is website accessibility?

As the cryptocurrency industry continues to gain, popularity and stock markets soar to record highs, trading platforms such as Binance, eToro, Robinhood, and Coinbase are posting more profits than ever before. Yet, despite their successes, they still have a long way to go if they truly want to make their trading platforms available to the masses.

So what does website accessibility mean, and how does it work? In short, web accessibility is the process of ensuring that no barriers exist that prohibit persons with disabilities from interacting with or accessing websites on the World Wide Web. When websites are adequately structured, developed, and edited, all users should have the ability to access the same information and functionality.

Thus, making a trading platform accessible means making sure it can be used by as many people as possible, including those with:

●        Blindness or impaired vision

●        Deafness or impaired hearing

●        Motor difficulties

●        Cognitive impairments or learning disabilities

Compliances and regulations

It’s important to note that website accessibility isn’t just something companies should strive towards whenever they feel like it. There are very clear compliances, guidelines, regulations, and standards that websites must satisfy for website accessibility. In some cases, breaches of these guidelines can lead to fines and other sanctions.

At the international level, the Web Content Accessibility Guidelines (WCAG 2.1) make up part of a collection of accessibility regulations issued by the Web Accessibility Initiative (WAI) of the World Wide Web Consortium (W3C). In the USA, Title III of the Americans with Disabilities Act (ADA) prohibits discrimination against disabled persons “on the basis of disability in the activities of public accommodations.” While this was initially intended to focus on hindrances at physical locations, the same framework is now being enforced online.

How to improve website accessibility

Of course, these standards are not always easy to meet for all businesses. For example, trading platforms are generally very complex, offering numerous functionalities that may prove problematic for users who have disabilities, such as:

●        Margin trading

●        Reading charting software and trading indicators

●        Logging in and out securely (two-factor authentication)

●        Newsfeeds

●        Real-time quotes

●        Opening and closing positions

The problem is that most companies do not have the time or resources to dedicate to ensuring their websites are more accessible.

Fortunately, with the rise of technology such as AI and machine learning, companies such as accessiBe have solved many of the long-standing issues associated with accessibility, replacing manual, line-by-line remediation with AI and automation. With accessiBe, you can be sure that your platform is constantly accessible, thanks to their innovative technology that scans  every 24 hours for newly-added content that needs to be made accessible. This tool makes ADA and WCAG compliance a reachable objective for every business, even those with sophisticated functions such as financial trading platforms and cryptocurrency exchanges.

So, other than compliance, let’s take a look at a few of the benefits trading platforms have to gain from improving their website accessibility:

No more missing out on revenue

If you run a trading platform and there is a certain demographic of people who cannot access your website, you’re losing out on potential profits. Unfortunately, many businesses make the costly mistake of underestimating the buying power of disabled adults in the US.

Firstly, disabilities are most common amongst the demographics with the highest disposable income levels (65+). The total disposable income of adults with disabilities in the United States is estimated to be around $500 billion, comparable to other large market demographics such as African Americans ($501 billion) and Hispanics ($582 billion). That’s a lot of potential revenue that trading platforms are ruling themselves out from if they fail to meet accessibility guidelines.

Negate the threat of legal action

As it turns out, web accessibility litigation continues to grow each year, with more lawsuits being filed in federal courts and state courts against companies who fail to comply with the basic guidelines outlined in the ADA. Furthermore, court rulings have overwhelmingly favored plaintiffs, forcing companies to pay out on a wide variety of ADA violations, such as: 

●        Not being able to place an order or reservation online

●        Not being able to shop independently

●        Screen-readers not working correctly

Considering the current state of website accessibility in the industry, It’s only a matter of time before consumers aim for the larger trading platforms.

Enhance the brand/reputation of the trading platform

Last but not least, and on somewhat of a more positive note, opening up your website to be more inclusive of those with disabilities is always going to be the right thing to do, and is also a good look for your brand. Aside from bringing in more revenue and avoiding court fees, consumers want to see that companies care about their customers and they are seen as more than just a means to make a profit.

Making website accessibility a priority will help trading platforms enhance their brand reputation, which should improve customer acquisition and retention, even from demographics outside of those with disabilities.