Top 3 biggest problems traders experience using crypto exchanges

Bitcoin has finally exceeded $8,000, and it seems that the market will recover soon and more new traders will rush to the cryptocurrency exchanges to make transactions. There are more than 2,000 trading platforms offering different types of digital assets and apply various terms, payment methods, fees, and policies. When choosing the most suitable exchange, customers also pay attention to the following aspects: user-friendliness, design, functionality, security, and others.

Despite a great number of options, users still experience problems when dealing with cryptocurrency exchanges. Even popular and largest trading platforms are often blamed for weak security, poor customer services, and dishonesty.

Security is crypto exchanges' headache

40% of traders think that the lack of security is currently the biggest problem of the crypto market. With news of cyber-attacks and hackings too often making headlines, customers want their funds and personal data to be more protected. Exchanges continuously develop and implement more sophisticated security tools, but hackers don't sit on their hands, either.

Security is indeed a crucial and important issue. Coin Desk revealed that cybercriminals steal $2.7 million from the exchanges every day. The trading platforms have already lost $356 million in the first quarter of 2019! Let's start from the beginning, all right?

New Zealand-based cryptocurrency exchange Cryptopia became the first victim of hackers in 2019. Perpetrators stole $16 million, according to the estimations of the Elementus analysts. After two weeks, cybercriminals hacked 17k more wallets and withdrew $180 thousand. In March, thieves attacked Singapore-based exchanging services CoinBene and DragonEx, and got away with $46 million. South Korean exchange Bithumb lost $13 million worth of EOS in March. The exchange was attacked for the third time. In May, criminals managed to hack Binance, one of the world's largest crypto exchanges by trading volumes. Violators withdrew almost $41 million worth of Bitcoins.

All these sad events unmasked another problem dissatisfying users – dishonesty. When cyber-attacks or something wrong occurs, exchanges don't hasten to inform customers about it.

Exchanging services are hiding behind the maintenance façade

Users complain that crypto exchanges fail to tell them about attacks or bring other important news to their notice in time. Thus, when the above-mentioned platform CoinBene was hacked, the company just forbade traders to deposit and withdraw their assets having explained this by maintenance issues. Nevertheless, customers suspected that the exchange lied to them and eventually figured out about the attack.

Cryptopia also went dark for several days due to “maintenance.” The exchange suffered a “security breach which resulted in significant losses” on Monday morning while traders were noticed about the theft only on Tuesday. How can customers trust the trading platforms when they always lie to them or conceal the truth?

Poor customer support is the Achilles' heel of many popular exchanges

33% of customers are dissatisfied with the support services provided by trading platforms. One of the most frequent complaints is prolonged response time. Traders have to wait for an answer from several days to weeks. For example, Yobit is always criticized for its slow response time and for the lack of a live-chat option. Singaporean exchange Huobi is also infamous for its non-responding customer service.

The second issue is unsatisfactory responses. Users are furious when they send their concerns and questions and receive a pre-drafted reply that is aimed at placating them rather than solving their problem. Moreover, many trading platforms often stay offline when there are considerable market moves. Users even discussed this situation on Reddit when exchanges go black when the market is declining, not allowing traders to make a profit on the low prices. There are also a lot of cases when exchanges close users' accounts without any clear explanations. As a result, people neither can withdraw their money nor evoke a response from customer support.

BTCNEXT: The solution exists!

BTCNEXT, a new spot and margin trading exchange launched by Platinum Q DAO Engineering, explains the inability of services to provide proper customer support by the fact that the crypto market is continuously growing and platforms are simply unable to engage enough staff. Another reason is that the customer support personnel may be unskilled and incompetent to solve the customers' issues. That's why the staff uses the generic answers that make people angry. How do you improve customer service and bring exchanges to the new level?

BTCNEXT is a customer-oriented exchanging platform. The service has hired the highly experienced customer support staff that will be able to meet the needs of their clients and effectively address traders' concerns. The exchange specialists are 24/7 available and ready to fix any problems at any time.

"Our goal is to increase the security level and make the crypto industry transparent. Our customers are our value. We'll treat them with the utmost respect they deserve, and we'll never lie to them either." the BTCNEXT states.

Maintaining the security and safety of customers' assets is also one of the BTCNEXT's priorities. In this regard, the company has implemented and applied more than 300 security measures. It will regularly undergo rigorous external and internal multi-run audits to make sure that users' identities and funds are under proper protection.

BTCNEXT offers SPOT Trading, Margin Trading, IEO Launchpad, as well as trading in STO markets. The exchange partners with the Q DAO ecosystem's stable coins, , fully decentralized and backed by Bitcoin (as well as other top 10 currencies in the future). Q DAO family includes a wide array of stable coins with pegs to other fiat-based currencies such as the USD (USDQ), KRW (KRWQ), JPY (JPYQ), SGD (SGDQ), HKD (HKDQ), CNY (CNYQ), RUB (RUBQ). All of them will be available on BTCNEXT in the near future.

Traders will fall in love with new stablecoins by Q DAO, which allow them to store funds in fiat while continuing holding a crypto token. There is no need to have an exit into fiats anymore. The ability to continuously operate within the crypto industry may be the spur that the crypto community needs for the next big move in the mass adoption across the globe.

About BTCNEXT

BTCNEXT is a cryptocurrency exchange whose priority is customer service and transparency. The trading platform applies effective tools to make the exchanging process as seamless and clear as possible, as well as understandable to both professionals and newcomers. The exchange also employs the most efficient security instruments to protect customers' personal data and funds from being hacking.

Platinum Q DAO Engineering is an international company that offers a wide range of services, including listing, marketing, PR, IEO launching, consulting, programming, cyber-security, education, legal advisory, development, and many others. The highly-experienced Platinum Q DAO Engineering team has already made significant progress in the crypto market, has developed and launched several successful projects.

To learn more about BTCNEXT, visit the exchange’s official website and follow them on Twitter, Instagram, Telegram, Facebook, Medium, or LinkedIn.

Anton Dzyatkovski

Anton Dzyatkovski

CEO of Platinum