Last Friday, a prominent cryptocurrency industry influencer going by the name of Cryptomist, published a set of tweets with screenshots, each demonstrating the speed and quality of the customer support of the top five margin trading exchanges. There were four criteria each exchange was scored on, putting each platform head-to-head against one another in a variety of ways for an accurate, genuine comparison of each.
Support at crypto platforms or any financial institution for that matter is absolutely vital to customers feeling at ease with keeping their funds stored on a platform. How a platform treats its customers says a lot about the brand itself. If an exchange doesn’t provide support to their user base and assist their customers with issues, then it may be worth questioning how responsible they will be with one’s assets if they cannot take their responsibility to their customers seriously.
Customer support isn’t just there to solve issues, it can also guide users on how to get the most from a platform, or answer any important questions they may have. It’s an incredibly important yet often overlooked aspect of any platform and can make all the difference in ensuring a happy, loyal customer for years to come.
Top Crypto Exchange Support Battle: Comparing the Competition
To get an accurate representation of how each platform services its customers, the crypto influencer posed as a typical customer seeking support asking for more information about the services the platform provides. They then took notes on how each platform responded, the time it took to get a response, and much more, and shared it with the world for all to see.
Here’s how each platform’s customer support performed:
Binance is a Malta-based cryptocurrency exchange known for its large variety of exotic altcoins and its influential CEO, Changpeng Zhao. The exchange exploded onto the scene in late 2017 and quickly grew to become one of the most successful exchanges in the space.
According to the influencer, Binance’s support lives up to its reputation, providing “polite and efficient” support. Users are first directed to a bot that if unsuccessful in resolving an issue, will usher the user to speak to a live support representative.
The overall response time took roughly two to three minutes according to the influencer’s experience. Binance was also noted to have extensive “channel communication” through the company’s support tickets, support chat, email, or through social media.
PrimeXBT is a Bitcoin-based margin trading platform offering up to 100x leverage on the most popular crypto assets, in addition to a large variety of traditional financial assets including commodities, stock indices, forex currencies, gold, and silver. The platform provides both a simplistic design and welcoming accessibility for newcomers while offering advanced trading tools to more experienced traders.
The influencer called PrimeXBT’s support “very helpful,” “polite,” and “courteous” and commented on how support responded in an “instant.” In the accompanying screenshots provided by the influencer, PrimeXBT support can be seen not only assisting the user with their question but goes above and beyond to explain the platform’s services and even mentions exciting, upcoming product launches that may be of interest to the user.
PrimeXBT offers 24/7 live support and was noted to have even more extensive communication options than Binance and the rest of the platforms the influencer included as part of his service review.
BitMEX is a controversial crypto platform known for its eccentric CEO, “rekt” traders, and order submission errors. Despite these issues and a probe from the CFTC, it is the number one crypto trading platform by volume in the market.
BitMEX’s support was also “polite” according to the influencer, however, they were noted for providing direction with “limited information.” They also refused to offer any information regarding any potential affiliate earnings programs offered by the platform.
The platform also lacked a channel for users to contact any form of life support for faster assistance – communication was through email only, and took 19 minutes to get a response.
Bitfinex is among the oldest cryptocurrency exchanges with a large portion of loyal users. Bitfinex is also owned and operated by the same parent brand as the company responsible for issuing the Tether stablecoin cryptocurrency. While Bitfinex has always done right by its users, the association with Tether makes some users uncomfortable.
Bitfinex had the slowest response time of the platforms that did respond to support requests at 21 minutes total. Despite the long wait, the influencer did report a positive experience with “clear and concise” answers along with “links to explore more.”
The platform’s support was noted for also being “polite” and seemingly willing to help further if required. Bitfinex also offers help through additional community channels, however, they lack live support chat functionality, adding to the overall response time it takes for users to receive assistance.
Deribit is an Amsterdam-based Bitcoin trading platform, that has been dubbed as the “BitMEX killer.” Deribit only offers trading of Bitcoin contracts, with no additional assets – crypto or otherwise. With few features to boast, the platform would at least offer exceptional support, right? Wrong.
The influencer had the least to say about his support experience with Deribit, because they experienced no support from Derbit at all from their email-based customer service inquiry.
Deribit offers “limited community channels,” according to the influencer, and after receiving no response via email whatsoever, they had to reach out via the platform’s Telegram group where team members were currently present to address the user.
Crypto Support Conclusion
Each support experience mimicked the brand’s reputation, and those that are highly regarded across the market by traders and investors for their tools, assets, and more, were also those that scored the highest in this customer support survey.
PrimeXBT was the clear winner, offering live support that not only was friendly, helpful, and quick to assist the user, they went above and beyond in providing an exceptional user experience, and even suggested ways the user could get the most out of the platform.
Right behind PrimeXBT was Binance, offering a positive and fast customer support experience. The rest of the platforms, however, have some catching up to do, especially around updating their customer service experience to include 24/7 live customer support to assist users with issues no matter the time of day.
Competition forces platforms to evolve, and now that each platform’s support has been exposed, the competition will need to step up to meet the standards of market leaders, or risk being left behind by its customers.