Every business will live or die by the quality of its customer support. Without an efficient, qualified and affable team, a business will always lose customers. In recent years, this issue has become particularly pronounced in the crypto industry. With that in mind, here are the basics of crypto exchange customer support services, what’s shaped them, and how you can get help.
The Evolution of Cryptocurrency Exchange Customer Support
In much the same way handling Bitcoin (BTC) wasn’t easy in the early days, exchanges were never particularly consumer friendly. Because the first batch of platforms evolved out of a time when it wasn’t even possible to buy Bitcoin, the whole trading process was only really suitable for those versed in cryptos.
However, 2017 was a turning point. As BTC, Ethereum (ETH), Ripple (XRP) and other altcoins saw their values soar, platforms were forced to improve. Indeed, as sites such as Kraken Exchange saw an unmanageable influx of new customers, they had to go offline and overhaul their software. Similarly, Binance Exchange had to limit new registrations and held random draws so people had a fair shot at getting an account.
Off the back of this surge in interest, customer support across the industry improved. Instead of a simple ticketing system, the top exchanges embrace multiple points of contact. This, in turn, has made the crypto world more accessible for the average consumer.
Common Customer Support Methods
Customer service is an important factor in many investors’ decisions regarding a cryptocurrency exchange or broker. Image: Bojan Milinkov/Shutterstock.com
As we’ve said, crypto customer support was built on a ticketing system. These options are still common across the industry. However, when you scroll through our list of recommended exchanges, you’ll see that the leading platforms now provide help in the following ways:
FAQs: In recent times, FAQ hubs have become more comprehensive. In fact, using our resources such as the glossary of crypto terms will help you feel more confident when you trade.
Email: In line with major online brands, trading platforms now offer email support. If you read our Coinbase review, you’ll see that you can contact customer service agents via phone and email.
Phone: For a direct form of support, exchanges now offer phone support. However, it’s important to note that only those with the necessary infrastructure can offer this service. Outside of the largest fiat-to-crypto and crypto-to-crypto exchanges like Coinbase, brokers such as eToro Trading provide phone support.
Social Media: Although it’s less reliable, social media now offers a form of customer support. By tweeting or visiting an exchange’s Facebook page, you can often get an instant response to quick/simple questions.
One final point to note is that licensed broker sites are required to offer a certain standard of customer support. For example, the Financial Conduct Authority (FCA) has a number of conditions relating to complaint handling. From insisting on “effective and transparent” complaint procedures to response times and call charges (must be free), the regulator is there to ensure customers get the best service.
With that being the case, licensed platforms such as eToro and 24Option Trading should always provide high-quality support. Moreover, as regulation sweeps across the crypto industry, we’re likely to see similar guidelines in force at other exchanges.
- Opinion Articles
- Alternative crypto exchanges
- Exchange payment options
- Bitcoin trading guides
Featured image: Alexander Supertramp/Shutterstock.com