Customer Support Review of Exchanges With the Highest Market Cap

Data & Research / 20.06.2021

Crypto exchange platforms are a significant player in the cryptocurrency trade process. The importance is well signified by the presence of around 504 crypto exchanges in operation globally. They play the key role of enabling the withdrawal, deposit, and exchange of cryptos.

Among these huge numbers, there are those exchanges that stand out by having the highest market capitalization. They get the lion’s share of customer traffic thanks to their popularity as well as high liquidity. This article will make a customer support review of these top exchanges, outlining the features that support customers.

  • Binance

Launched in 2017 by Changpeng Zhao and Yi He in China, Binance, the centralized exchange, boasts robust customer support features;

Customer Support Features

The exchange is relatively easy to use with clear directives. The site is easy to navigate for users of all categories. In any query regarding one’s exchange, the Binance customer support service is readily available via chat within the site. It operates 24/7 providing real-time solutions to users according to its site.

The Binance exchange has aided crypto and fiat support with unmatched liquidity. It accepts trades in some 366 different cryptos, including key ones like Bitcoin and Ethereum. It also supports about 46 different Fiat currencies while also having the world’s highest liquidity. Users with large trade volumes in many countries find this support feature quite important. 

Another plus is the wide geographical coverage, being available in 1270 markets worldwide. It is at the same time in operations in about 180 countries out of the global total of 195.

It also has a robust account funding system. Users can finance their Fiat accounts using Debit cards, Credit cards, and direct bank transfers. It’s made possible by the exchange’s high regulatory compliance, being accessible in most of the world’s key economic centers.

Customers’ Perspectives

The personal accounts have, however, not been very positive. According to a Trustpilot page, the snapshot shows complaints mostly about the difficulty in withdrawing one’s earnings. Several have hinted that this issue has been more or less solved, but only after launching complaints.

Another major complaint on Reddit has been the slow customer response times. It may take up to weeks for a response to be forthcoming. The extensive geographical coverage and the wide variety of coins and fiat currency support are a good plus, as stated by Reddit customer reviews.

  • Huobi

2013 launched Seychelles-based Huobi has these customer support features

Customer Support Features

Huobi’s customer support services are available to users 24/7. Response times to users’ queries are also quite short, hardly ever exceeding 24 hours from launching a question.

The exchange accepts a jaw-dropping total of 331 different cryptos on its platforms. It supports the highest number of fiat currencies of all crypto exchanges, 50 different currencies in total. It tops this by having the 2nd highest liquidity amongst all cryptos. Trading in huge volumes is not only possible but is also made much easier with such a combination.

The exchange is quite accessible. Users of Huobi can access it in a total of 974 different markets, with these markets being spread out in a total of 130 countries. Users, therefore, get to enjoy a wider global reach with the exchange.

It also boasts of high interoperability for customers. Users of Huobi can incorporate foreign trading bots and interfaces with help from the exchange’s API support. Users who are well-versed in the crypto trade find it most useful in market assessments and improve their returns on investments.

A section where the exchange truly excels is with its top security. Since its inception, having never suffered major security breaches is quite an achievement, given the norms within the industry. Users can therefore utilize its services with high confidence of not losing their funds through cybercrime.

Customers’ Perspectives

Reviews from customers about Huobi have been mixed. The positive ones on Huobi’s Reddit page are supportive of the speedy customer service response. They also highly recommend its high efficiency in making withdrawals. Comments on the Trustpilot page also mirror this sentiment.

There are, however, some negative comments. Some countries that allow the exchange still complain of being barred unless they use a VPN. There have also been delays regarding withdrawals.

  • Coinbase

The US-based coinbase offers a wide array of customer support features as follows;

Customer Support Features

It has a 24hr online support service for customers to mount their queries. It, however, doesn’t offer voice call customer support services.

The exchange accepts about 65 different cryptos, with the platform supporting the world’s 3 largest fiat currencies, namely USD, EUR, and GBP. The platform also boasts of the third-highest liquidity of all exchanges at about $1.5bn per 24hrs as at the time of writing. It is available in 217 markets in more than 100 countries worldwide, hence a wide availability range.

The platform has attempted to address the issue of cybercrime by taking insurance on its operations against hacks. In so doing, customers are promised a reimbursement on their hard-earned savings in the event of such a security breach. This is very attractive, more so for institutional investors who prefer taking only calculated risks.

The exchange offers specialized support for institutional customers. It has an extra flexibility policy to support institutional investors. There’s a $25,000 withdrawal limit for regular accounts. Institutions, however, get to enjoy larger withdrawals upon submitting a request.

Customers’ Perspectives

Accounts from customers are wide regarding the exchange. Both Reddit and Trustpilot range from prolonged query response times to wrong fee charges and investor funds losses. These are, however, recovered after interventions from recovery agents.

The Coinbase pro version has, however, had a minimal complaint, being recommended by most customers. This version has better coin support as well as smoother transactions. Users, however, still view large transactions as problematic.

Conclusion

Binance, Huobi, and Coinbase are consistently the 3 largest exchanges by most indexes, making them the most likely to be used by anyone. New users usually make them their first point of call, while more experienced ones re-use them regularly due to more conducive features.

The listed features above do outline each of the crypto exchanges’ key selling points. User reviews provide a more personal account of the exchanges’ operations and customer support. It must, however, be noted that complaints are several times more likely to be posted than good reviews. One’s experience may therefore be different from the reviews.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.