Customer Experience on Centralized Crypto Exchanges: Likes & Dislikes

Acknowledgment & Appreciation

  1. Simple interface and clear functionality
  2. Good reputation and security
  3. Deep liquidity
  4. Low fees with discounts provided
  5. Wide range of supported cryptocurrencies
  6. Other benefits
  • Easy-to-use interfaces, which are straightforward even for beginners
  • Clear functionality for trading, exchanging, and storing cryptocurrency
  • Convenient charts and analytics
  • A mobile app that is supported on Android and iOS devices
  • Popularity and trust among users
  • Fast and efficient customer support
  • Offline storage to protect from hacks and thefts of digital currency
  • High trading volumes with fast order execution
  • Permanent listing of trending digital currencies, delisting of inactive ones
  • A huge number of altcoins, fiat currency support
  • High speed of operations
  • Educational platform about digital currency
  • Solutions for receiving passive income from coin storage, such as staking, yield farming, and dual investments
  • Simple registration of new users, without restrictions
  • Margin and Futures trading
  • Availability of Lite (best for beginners) and Professional (suits for advanced users) modes
  • Peer-to-peer trading
  • Price alerts
  • Well-known and public CEO
  • Large number of employees
  • Willingness to make IPO
  • Cooperation with third parties and participation in crypto deals
  • Has an extensive social media community
  • Is constantly recruiting new employees, which also indicates broad development plans

Complaints & Criticism

  1. Poor customer support
  2. Complex security and verification process
  3. Inconvenient user interface
  4. Violation of referral program and marketing campaigns
  5. High trading and withdrawal fees
  • Client service responds slowly, which restrains users’ activity
  • Customer support answers are non-related or confusing
  • Tech support can’t resolve an issue
  • Customer support has a template email support, with no human involved
  • Endless technical work
  • Long examination of transactions’ validity, which keeps a user from trading with the best prices
  • A сentralized cryptocurrency exchange is vulnerable to confiscation or freezes of accounts without an explanation, and as a result, a user can’t reach or withdraw their funds
  • ID verification takes a long time
  • Difficult to pass the KYC procedure
  • An exchange asks for another round of verification, and a user can’t withdraw the money
  • Complicated interface, difficult to navigate between tabs
  • Struggling to figure out how to deposit and withdraw currency
  • An exchange violated the rules of its campaign, users didn’t receive promised rewards for the referral programs after fulfilling the requirements
  • Cryptocurrency exchange announced that it will not pay the promotion reward and canceled the promotion
  • Along with high fees in general, an exchange can charge extra percentage, which is higher than the one reflected on the exchange’s website

Conclusion

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