Crypto Trading Platform Customer Support: The Definitive Guide [2020]

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The end goal of any crypto platform support should be to remove as many obstacles as possible to allowing traders to do what they’re there for: generating profit.

The easy platforms make the process of understanding markets, creating trades and navigating the site, the more users will enjoy being on the platform and the strong the mutually-beneficial relationship between platform and trader will be.

Politeness

When dealing with customer support the situation can get out of hand fast and emotions can be raised when people that are already potentially stressed are greeted with rudeness or coldness.

The primary function of customer support is to act as the face of a business, and to treat clients with care and respect. Politeness is a huge factor in the way that each customer will feel that their issue was dealt with.

Sometimes even if the resolution is not exactly what the client would have wanted, if they had a positive experience when dealing with customer support it can alleviate their negative feelings about what they are experiencing and can give them a good impression of the business.

This is why politeness is such a critical factor and why it is the first metric on our list.

Completeness of Answer

When asking a specific question from customer support it’s easy to be provided with the most basic answer possible. Technically the question has been answered, but for some questions an in-depth and full answer can provide additional value to users.

Platforms that are understaffed in their customer support departments may often put pressure on their team to rush through questions as quickly as possible in order to keep up with the sea of requests that keep coming in.

However in this situation it is each user that suffers when the quality of the answer they receive is substandard.

Completeness of the answer provided is another highly important metric that can explain the value that is received by users.

Reaction Rate

The difference between getting an answer within 1 minute and 2 minutes is not that significant — people can wait for a bit longer, and we’ve all had to sit in customer support queues before, so as long as it’s reasonable a wait can often be acceptable.

However substantial wait times of more than 5 minutes create an extremely negative experience for users and show that there are problems with the organisation of the platform’s support system.

Often times requests can be time-sensitive when interacting with a trading platform significant amounts of money can be on the line. Waiting for 10 minutes can not only be frustrating but also costly, and any losses incurred because of tardy support will likely result in the trader leaving to find another place to trade.

Variety of Communication Channels

For different reasons users may prefer to use different support channels and its important to provide a range of different ways to get in touch.

A range of different contact channels also provides an efficient way for users and the platform to connect, and allows for reliable support to be provided even if there are unexpected issues with one channel.

By implementing support via more than one of email, live chat, social media and ticket support, users are likely to have a better experience and find it easier to get the support that they need.

In a recent piece of research conducted by Twitter crypto analyst, Cryptomist, they found the top two performing crypto margin trading platforms were PriemXBT and Binance, with Bitmex and Bitfinex doing OK, and Deribit performing poorly.

Overall

PrimeXBT is the world’s biggest margin trading platform and as such they deal with a lot of customer support requests every day.

Overall they were found to be the best performing platform in the research, with top scores in most of the categories and one of only two platforms that provided the maximum number of support channels.

Politeness

“The support was polite and courteous to my request.” was the way the researcher qualified the kind of support they received.

PrimeXBT support staff had a polite manner when the researcher dealt with them — and this transpires as being a factor that improves the experience of traders asking for assistance.

Completeness of Answer

The service was considered to be “Very helpful”, with an addition that PrimeXBT staff “provided sufficient amount of information and links to the answer of my questions”.

This thorough response allowed the researcher to come away with all of the information required in order to deal with the issue at hand and importantly, to not have to re-contact the platform again for follow up info.

Reaction Rate

PrimeXBT customer support staff answered the request instantly, providing immediate assistance without any delay.

This was the best performing reaction rate of all 5 platforms and is exactly the kind of response that clients are looking for, fast solutions to their problems.

Variety of Channels Available

PrimeXBT has 4 channels: Support tickets, chat, email, social media channels.

By having more channels, users can find information and support in a variety of ways and the PrimeXBT staff are accessible from a range of different platforms.

Overall

Overall Binance performed very well and has earned its spot at the top with PrimeXBT.

The only area that the platform could do with upgrading is removing their bot referral for human support staff.

Politeness

The response from Binance was polite and properly dealt with the request.

Politeness is a big factor in the outcome of the experience that users have, and Binance is making sure that their support staff treat clients with respect and courtesy.

Completeness of Answer

While the request was answered eventually, the initial response was to direct the researcher to a bot.

While bots save a lot of money for platforms, they often don’t help to solve problems and instead make it difficult for users to get in touch with human staff.

Reaction Rate

Binance’s customer support staff reacted to the researcher’s request in “2–3 mins”.

This is a great result for Binance and represents their commitment to providing fast answers to the problems of their users.

Variety of Channels Available

Binance has 4 channels: Support tickets, chat, email, social media channels.

Again, like PrimeXBT — maximum channels equals maximum opportunity to provide support.

Overall

Bitfinex performed well in some areas and not so well in others, showing that there is room for improvement.

While politeness, completeness of answer and channels were all good, a 21 minute wait time is simply not acceptable.

Politeness

Bitfinex staff were polite and were open to helping further if it was required.

This is a good sign for Bitfinex, where their politeness is likely to make their users feel comfortable when using customer support.

Completeness of Answer

The answers were “clear and concise” with links to explore further.

Bitfinex is dealing with their customers is a professional manner and ensuring that they get the answers they need.

Reaction Rate

Bitfinex’s reaction rate was 21 minutes which is a bad result, and shows that the platform’s customer support may be overloaded.

Anyone who has waited for support for this amount of time knows how frustrating it is, and this is definitely something that Bitfinex will need to improve.

Variety of Channels Available

Although email and Telegram are available, Bitfinex has no live chat.

This is not the end of the world, but is not ideal compared to users being able to gain instant support as is the case with other platforms.

Overall

Bitmex performed OK in one or two areas, but underachieved in the rest.

Bitmex’s staff were polite and an answer was provided, however the combination of a long wait time and a lack of live chat is a problem.

Politeness

The response on Bitmex was “polite” according to the researchers.

This is good and shows that Bitmex is trying to treat customers professionally in how they deal with them.

Completeness of Answer

Researchers reported that Bitmex “provided direction with limited information”.

This is disappointing and in real world situations will leave customers feeling as though they had wasted their time by contacting Bitmex.

Reaction Rate

Bitmex’s reaction time was 19 minutes, which is only slightly better than Bitfinex and is still extremely slow.

This may have an adverse effect on Bitmex’s customers who have to endure an almost-20-minute wait time to get help.

Variety of Channels Available

Channels other than live chat are again available here.

This means that customers can get multiple options for contacting Bitmex, but the crucial live chat option is not one of them.

Overall

Deribit showed that their customer support systems are not functioning correctly or worse, have not been properly set up.

Receiving no response and only having Telegram to contact their staff with is enough to turn anyone off using this platform.

Politeness

No score — because of no response.

Completeness of Answer

No score — again, there was no answer to grade.

Reaction Rate

Deribit never replied to the researchers. This is a terrible result with customers potentially losing money while they wait.

Variety of Channels Available

Limited communication channels are available on Deribit with only Telegram being an option.

This is hugely substandard and leaves many customers at a loss to how they can get in touch with the Deribit team.

Everyone knows from experience that when you urgently need help from a platform that you’re using the last thing that you want is to wait for 20 minutes to get a response, or even worse, no response at all.

This really has a huge impact on users and improving customer support is above the top investments that a professional platform can make in order to increase the loyalty users by improving the quality of their experiences.



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