The cryptocurrency industry, like the traditional financial sector, is served by a list of companies who play an integral part in the effective functioning of the space. One of the most important players within the crypto market are exchanges.
For individuals who are new to the crypto market, exchanges provide an easy way to buy their preferred tokens with fiat currency. For token creators, being listed on a trading platform has a direct impact on the growth and value of their project. The greater the number of listings a token has on different trading platforms, the greater the likelihood that its value will grow as more potential investors have access to it. Moreover, a listing on reputable exchanges lends a level of credibility to the project.
Cryptocurrency exchanges are a provably essential part of the crypto ecosystem. This is true for both individuals and developers, however, they are not without issues. A cursory glance at any social media page discussing cryptocurrency is likely to reveal a long list of complaints against trading platforms. While these complaints usually cover a wide range of issues, they are generally compounded by unsatisfactory customer service.
Key Customer Service Issues
One of the most common complaints witnessed across the board is prolonged response time. Users have detailed their experiences where they have waited for a number of days. Some customers have waited for weeks to get a response from a customer service agent. As this is true right from the onboarding process to the actual trades, this is not a desirable state of affairs for customers.
Moreover, long response time is made worse by unsatisfactory responses. Questions and concerns raised by users generally receive a pre-drafted answer that is designed to placate the customer but does not necessarily help. This can prevent trades and sometimes even lock out users of their accounts. A user, Calaber24p, detailed their experience with two different exchanges in a blog post: “Coinbase shut my account down because one of their systems confused my bank login ID as my actual name and flagged the account."
How Can Customer Service Be Improved?
It is unlikely that the numbers of people looking to trade crypto will decrease. This means that exchanges must find ways to keep up with the demand. One of the ways they can meet the needs of their customers is by hiring customer support staff who are well versed in the technicalities of crypto trading.
For instance, trading platform Binance has been on the receiving end of positive reviews as its customer support staff are knowledgeable and are able to effectively address customers concerns. While response times can be relatively slow, users are pleased with the responses they receive. This shows that slow response rates can be tolerated if the support actually helps to fix the problem.
Additionally, exchanges should consider slowing down new registrations when they realize their system is unable to keep up with the numbers. This may help reduce the complaint from the crypto community.
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