The founder of major global crypto exchange OKEx has been investigated by authorities for rejecting cryptocurrency withdrawals. According to the Chinese new agency called Caixin, the executive was reported a week ago and then he was “absent from work” for a week. And after some time, the company said that they were not working together anymore. OKEx was one of the world-leading exchanges, so user security was very important for them. Customer satisfaction is always a key to success for global cryptocurrency exchanges, and when something like this happens, it is very destructive for the company. The Ceo of the OKEx said that they will work out this problem and will provide updates as soon as possible.
This kind of thing has happened in traditional finance as well. In many cases, FX brokers were also suspending withdrawals warranting police to investigate them immediately.
This was one of the main topics for T1 Markets as well. Whether T1Markets can be trusted or not was based on a rumor that they suspended withdrawals, but it turned out to be false. It’s a fact that sometimes there are false good reviews on the internet, but sometimes, there are also false bad reviews too. Sometimes it is done by the competitors or just crazy people. Sometimes, when the trader is researching and finding some bad reviews about the broker, it doesn’t necessarily mean that these brokers are bad or they are a scam. That is why the trader needs to be always skeptical about the prejudices opinionated in the Forex market.
Online reviews are now the tool for the traders to gain some trust upon the brokers. Because of the fact that the Forex market is huge and it’s just not possible to be sure about anything in there, sometimes traders are mistaken by fake bad reviews. The reviews are just the internet’s version of word of mouth and everything about it is very powerful. One can choose or forget about the broker because of the reviews. There are good and bad fake reviews also but sometimes people are thinking that only good reviews can be faked. It’s not true. Because of the competition in the FX market, many companies are writing fake reviews on other websites to gain the customer’s trust for themselves.
Sometimes reviews are really legit so it makes consumer’s lives easier. In the modern world, everyone cares about reviews, especially businesses. The good reviews are a recipe for many customers and sellings.
Customers are using other customer reviews as a guide most of the time to determine whether to choose or not to choose a product or service. This is like this not only in the trading scene but in our daily lives. Where are you most likely to have lunch? In a place where customers are satisfied with the service. It is a simple truth and reality for today’s businesses. For businesses, this factor can be winning and losing at the same time. Reviews are vitally important for every business, why?
- They are helping the customers to decide to take your business services
- They are proving to them that you are doing a really good job
- They are some kind of license, but from the people
- If you are trustworthy, people will talk about you a lot in a good way
- It improves your SEO more then you can imagine, so people are helping you to be more visible
- It attracts people without any costs
- People are most likely to trust other people than a business advertisement because these people have already tried your service and they have some experience
- People are expanding the conversation about your business, so reach is growing
- Good reviews are having a clear impact on sales
- You are under review - meaning that people are talking about you. It is enhancing your business message to other people. By encouraging the positive talk of people about your brand, is improving your marketing affords also.
How to deal with fake customer reviews? Even well-managed businesses have “the days” and every business owner knows that. So, sometimes there are some unfair comments and reviews on every business review. But what happens when it is false, Damaging to the company’s reputation reviews? That can be very irritating and harmful to your business’s bottom line. Sometimes competitors are paying money to people to write bad reviews for good companies. Angry customers can be ex-employees or just people who are having fun when they are giving fake bad reviews. What happens when fake reviews happen to your company?
- Pause the whole situation and process everything - Don’t make some changes right away. Don’t panic or act up. It is okay to feel angry about fake bad reviews but customers should not see your angry side. Patience is the key. Take steps when your emotional side will be more regulated.
- Fake bad reviews are sometimes removed - request for the reviews to be assessed.
- Consider publicity - answer bad reviews publicly. Speak up and don’t accuse the reviewer. Don’t use insults. Just ask about the situation and what happened exactly, why are they so unsatisfied? (There are some cases when customers are mistakes and they are leaving the bad reviews for a different company)
Those are the things one needs to keep in mind because sometimes very unfair things are happening to good businesses but they are answering with kindness and it is always a winning position for them to have because people will see that too.
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