One of the biggest challenges for startups and new companies is being able to compete in a global market even with the biggest corporations managing huge portions of their respective markets. In the crypto exchange industry, this is not any different. We have big players and small players competing to become the best there is. And what we have at the center of all of this is you. Are crypto exchanges taking you into account when it comes to the quality of their service and support?
With you, playing the role of the consumer, the user of services and, the one that has the power to decide which of these platforms and products satisfies your needs and which ones don’t. And therefore, you will decide the fate of many of these companies in the near-future. Choose wisely!
What do we want from the crypto exchange industry in 2019?
With such a seemingly wide variety of cryptocurrency exchange platforms available to the public, it may seem overwhelming to choose one that satisfies your needs. First, you have to take into consideration what is it, exactly, that you should be looking for in a crypto exchange. As always security measures and availability of trading pairs is a core concern for most users. But when push comes to shove, as in, when things go wrong, the most important thing for a crypto exchange to have is customer-centric tech support. A good old-fashioned customer service department that deals with your inquiries and actually solves your problems.
As we have come to learn, customer service can make or break any business. Competing cryptocurrency exchanges are no different. In fact, with so many exchanges available customer service and good customer experiences can be the deciding factor for a lot of us to choose one platform over the other. So, we know that customer service is an important factor to take into account. What is a good and bad example of customer service in existing cryptocurrency exchanges? Well, I’ve compiled a list of real-life scenarios that you need to know about.
BTCNext Reveals Bad customer service horror stories
A common challenge for crypto trading platforms seems to lie in their response time to customer inquiries. As I said before when things turn ugly the first thing you want is to contact an actual person that can take ownership of your issue and solve it for you. For example ChangeHero, an instant exchange platform that provides crypto exchange services actually took five days to get back to a user complaint about a delay on a transaction for LTC going missing after asking for it to be traded into ADA. For instant crypto exchange, they sure take their time on customer complaints.
If you are looking for any other exchange taking all of the time in the world to react and resolve then look no further. LATOKEN is here to win the crown for best worst customer service. This crypto exchange touts themselves as a “cutting edge exchange which makes investing and payments easy and safe worldwide”. Which doesn’t make much sense when you compare this user’s review of their service and the follow up by their customer support team which, at the time of the review, had already taken over two months with no resolution in sight. The user explains “I honestly don’t understand how LAToken is still in business. I’ve had a support issue for over 2 months, it should be easy to resolve, but because they get to keep my $200USD if they don’t, then it looks like they never will.” The complaint then goes to describe that the issue has not been resolved nor he has been given any follow up by email or any sort of contact. He is only instructed to wait a couple of days more. Frankly, that sounds horrible.
Additionally, reports of crypto exchanges flat out not providing support for users in at all like Bit-Z, are easily found online. As one customer gripes: “Support doesn’t exist, although they show it on the platform.” BTC-Alpha is not the top-dog its name alludes to, in relation to their customer service. As one user describes a five-month delay in completing a withdrawal where customer service has continuously dodged any responsibility.
Leading exchanges are differentiating themselves in customer service
The best crypto exchange platforms have risen up to meet the real challenges of the young crypto industry. These are the players that have the vision to provide a meaningful good service rather than just making a quick buck out of inexperienced or uneducated users. Aside from the many less-than-reliable crypto exchange platforms, we find a new category of exchange services. These are the most renowned and trustworthy companies that you can give your crypto to without kissing it forever goodbye.
Binance has a stellar reputation in customer support and is actually hiring for customer service representatives which demonstrates its continuous commitment to having enough staff to service all of their customers and actually scale their customer service department along with their customer base. Another great example is BTCNEXT. This exchange has planned, from the beginning of their service, to have a 24/7 customer service support for immediate assistance. They are also building a robust database of knowledge and procedures that will apply as a resolution for most common concerns alongside a glossary of terms and definitions that will help clarify most simple questions that people tend to relay to customer service. This allows them to free up most of their tickets to only focus on the real scenarios where human attention is needed to find a resolution to any sort of issue.
Final thoughts on customer service in crypto
Platforms need to understand that their products can become obsolete now that competition and variety have come into play. If a new trading platform wants to compete with the Binance and Coinbase Pro of today they will need to heavily invest in their human capital. A novice but extremely well-planned crypto exchange like BTCNext could be an example to follow when looking at a worthy competitor that actually cares about their customer service. As we know, customer service will be the main decider in the near-future of whether or not companies will continue providing their services or simply fade away into bankruptcy or, even worse, irrelevancy from the crypto scene.
BTCNEXT is a cryptocurrency exchange whose priority is customer service and transparency. The trading platform applies effective tools to make the exchanging process as seamless and clear as possible, as well as understandable to both professionals and newcomers. The exchange also employs the most efficient security instruments to protect customers’ personal data and funds from hackers’ attacks. BTCNEXT partners with the Q DAO ecosystem’s stable coins, including KRWQ. KRWQ is a fully decentralized stable coin backed by Bitcoin (as well as other top 10 currencies in the future) and pegged to Korean Won (KRW). Korean traders will fall in love with the new stablecoin, which allows them to store funds in KRW while continuing holding a crypto token. There is no need to have an exit into fiats anymore. The ability to continuously operate within the crypto industry may be the spur that the crypto community needs for the next big move in the mass adoption across the globe.
Additionally, Q DAO family includes a wide array of stable coins with pegs to other fiat-based currencies such as the JPY (JPYQ), USD (USDQ), SGD (SGDQ), HKD (HKDQ), CNY (CNYQ), RUB (RUBQ). All of them are under the Q DAO brand.