When it comes to the highly volatile and wildly speculative crypto market, selecting the right margin trading platform can make a world of difference in developing a successful and profitable trading strategy. A combination of the right trading tools, stability, safety, and customer support is a must when selecting a platform.
Many platforms across the crypto industry may be able to boast powerful tools, a variety of assets for trading, and more, but few provide a reliable customer service solution to provide traders with peace of mind, and assistance if ever they find themselves in need or with a question they need to be answered.
To find out which Bitcoin margin trading platform offered the best and most reliable customer service, a prominent crypto influencer, posing as an everyday user, contacted the customer support at five of the most popular trading platforms in the cryptocurrency industry: BitMEX, Binance, PrimeXBT, Bitifnex, and Deribit.
The five platforms – without ever knowing it – were placed head-to-head against one another in a crypto support showdown.
Why Proper Customer Support Is So Important
Customer support at a financial platform is one of the most critical aspects of the customer journey. Most users will simply register to a platform, experience the tools offered, and never have a question or an issue arise. But for those who come across a question, run into an issue, have a concern, or just want to voice an opinion – fast and friendly response from helpful customer support agents can mean the difference between panic and a possible solution.
Imagine being locked out of your account due to having your smartphone replaced, yet you forgot to back up your two-factor authentication codes. Without a prompt response from customer support with steps on how to regain access to an account, the user might fear that their funds are lost forever. Their fears may even come true depending on how helpful customer support proves to be.
In some of the examples outlined by the influencer, customer support never even responded to email outreach and needed to be tracked down via Telegram to get an answer to a common question. Had this been an urgent situation, it could have resulted in unnecessary stress for the user, all because the platform didn’t take their responsibility of serving their customers seriously.
Crypto Support: Stacking Up The Good, The Bad, and The Ugly
The crypto influencer chose to highlight five of the industry’s hottest platforms, including BitMEX, Binance, PrimeXBT, Bitfinex, and Deribit.
Starting with Deribit, the influencer immediately noticed a complete lack of channels in which to contact customer support. There was no live chat available, and the influencer was forced to contact support via email and wait for a response. They waited, and waited, and waited, with no response at all.
The influencer had to then hunt down support staff via their community Telegram channel, where the influencer was lucky enough to catch a staff member currently in the channel.
Had the influencer had a real issue, such as an account being hacked, or funds being stolen, the slow response time could allow thieves to get away unscathed. In this case, thankfully, the influencer was simply asking what assets were listed, so there was no danger of lost funds or criminal activities.
Next up, was Bitfinex, the crypto platform embroiled in controversy surrounding their sister brand’s stablecoin, Tether. Bitfinex and Tether are both wholly owned by the same parent company, giving the platform an unwanted stigma in the industry.
However, that hasn’t stopped Bitfinex from becoming one of the most trusted crypto platforms of all-time. Bitfinex, given its longevity, had among the more archaic support systems, requiring contact via email like Deribit and offering no live support.
Unlike Deribit, Bitfinex did indeed respond, after taking a full 21 minutes. Not a terrible response time, however, 21 minutes can feel like an eternity for a crypto trader with questions or concerns. Live support would allow for faster response times, however, Bitfinex lacks what these days have become commonplace for all websites.
Following Bitfinex, was BitMEX – the margin trading exchange notorious for its order submission errors, among other reasons. BitMEX also lacked live chat support and required users to contact support via email. BitMEX support was among the least helpful, despite responding faster than Bitfinex at 18 minutes flat.
BitMEX only provided URLs to access reference materials and stopped short of answering a simple question asked by the influencer, confusing the question as a request for financial advice, when the influencer had only been inquiring into things like referral programs and other avenues for revenue growth.
Binance fared much better than BitMEX and was one of the few platforms offering 24/7 live support. It took a few minutes for support to respond, but when they did respond they were helpful, friendly, and got right down to business in assisting the influencer with their questions.
Following Binance, another standout in customer service was PrimeXBT. Like BitMEX, PrimeXBT is a margin trading platform offering up to 100x leverage on Bitcoin and other crypto-assets.
PrimeXBT responded instantly via their 24/7 live support, helped the user with their inquiry, and even offered up additional upcoming tools so that the user could grow their profits even further and get the most out of the platform.
PrimeXBT was also noted to have the most extensive community outreach channels, such as a Medium blog, Facebook, Telegram, and an active Twitter account that regularly offers helpful tips, contests, and so much more.
Summing It Up: PrimeXBT and Binance Offer Best in Class Service
The influencer’s review of the hottest margin trading platforms in the industry gives two clear winners: PrimeXBT and Binance. The two platforms not only provide among the best feature sets across the industry, they also offer exceptional and prompt customer service through a variety of channels, including live support chat, Telegram, social media, and more.
It’s few and far between that your average crypto trader requires support, but when they do, it typically is regarding extremely sensitive and important issues, such as the user’s funds, their account, or some other critical problem. How a platform handles such situation can make or break the user experience, and no amount of profit or abundance of trading tools can make up for the lack of comfort and security provided by poor customer support.
When choosing a platform to trade on, always consider not just the features and assets offered by the platform, but also the customer support experience, and reputation – which often go hand-in-hand.