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Why Customer Service Is Important When Trading on a Crypto Exchange Platform

Written by: Sara K

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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May 31, 2022

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Today, the crypto ecosystem has hundreds of centralized crypto exchanges, each offering unique features to pull consumers and traders to their platform. Crypto investors have more choices than ever to trade their cryptocurrencies. This has led to wild competition among the exchanges, each looking to maintain or gain an advantage in this highly competitive market.  While low transaction fees, better user experience, and a wide range of features are key to attracting customers, good customer service remains the crucial difference that gives an exchange the upper hand.  

According to Oracle’s suite of customer experience (CX) studies, the features of an exchange play a role in attracting the consumer but top customer experience keeps the customer. It further indicates that consumers are likely to abandon a business because of a poor experience. In fact, a majority of customers are even willing to pay more for a similar product to get the service they want.

Understanding the crypto market customer experience

The Terra/LUNA collapse is arguably the biggest story across crypto in the past year and across the DeFi ecosystem ever. While the billions of dollars lost in the debacle have been a crucial talking point, the biggest issue of contention has been the role crypto exchanges had played in the $40 billion crash of LUNA and its associated stablecoin, UST. During the collapse, many exchanges chose to delist the two cryptocurrencies, leaving investors with a line of questions about the exchanges. 

Such cases call for quick customer service response or come with the potential for reputational damage if companies are unprepared to scale their customer service operations to meet heightened consumer demand. During the Terra debacle, exchanges such as Binance, Coinbase and MEXC were quick to respond to their customers’ needs. 

However, it’s not only during severe bear markets and bad situations that customer experience is paramount. Take the case of Coinbase last November, where the digital currency exchange experienced major crashes as its transaction volumes increased by 295 percent in a month. The exchange’s online forums and social media channels blew up with unanswered and unresolved comments, leading Coinbase’s general manager, Dan Romero to describe the situation as “ bailing out a sinking ship with pots and pans”. 

The rise of astute customer service on crypto exchanges

As the crypto trading ecosystem grows, it is becoming more important for investors to ensure they are using a platform that offers good customer service, a user-friendly interface, and account security. As mentioned above, MEXC Global, a Seychelles-based crypto exchange is one of the exchanges leading exchanges bringing top customer service and relations to the crypto market. 

Image: MECX Global

With over 7 million global users and up to $4 billion in collective daily trading volume, MEXC Global ranks as one of the largest trading platforms too. The platform is positioned in the market as an all-in-one offering of CEX services, including spot, margin, leveraged ETFs, derivatives trading, and staking. The exchange ensures sufficient resources are allocated for customer service. A problem that has hindered the growth of many upcoming digital asset exchanges. The exchange scaled up its resources in proportion to the number of consumers they serve, which narrowed the gap in the crypto customer experience offered in the crypto space. 

The exchange is built for users and prime customer service with a 24/7 support line, multilingual customer support, and top-of-the-shelf professional customer service. What helps MEXC Global stand out from the crowd is its live chat. Unlike other exchanges that have bots controlling the live chat and that spew article links at you after analyzing your question, MEXC Global always ensures it is a real person at your service whenever you need help. 

Notwithstanding, the exchange offers customers the largest asset inventory, the fastest sign-up process, the most service options for traders, and the lowest trading fees. While Binance, Coinbase, OKEx and other top exchanges have faced scandals in their CX, MEXC Global remains scandal-free and hack-free, with a perfect reputation score. 

The exchange aims to give consumers “True Freedom of Wealth”, building out a trader-first platform with some of the world’s best customer service,  user interface experience, and account security. 

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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