We Are in Need of a Trustworthy Exchange

Opinion

Ever since Mt. Gox mishandled over $400 million of Bitcoins, the crypto-community has had trust issues with exchanges. Industry veterans constantly warn users not to keep their funds on exchanges; people are quick to assume that an exchange has lost their money if it doesn’t turn up in a certain amount of time; and, it has become such a common practice for exchanges to have such terrible customer service that users often don’t bother contacting anymore.

It is clear that the current state of exchanges is not great. Not only do people struggle to trust them, but most of the exchanges may not be worthy of that trust anyway. What the industry needs is an exchange that treats cryptocurrency with the same severity that financial institutions treat stock trading or other asset classes. The fact that cryptocurrency is still lacking a lot of regulatory laws means that the onus is on larger organizations, such as exchanges, to act appropriately even without anybody forcing them to. It is also the responsibility of the community to distance itself from the shady practices of certain exchanges as a way of showing that it won’t stand for such a poor service.

But how do you build trust in an industry that has been skeptical of exchanges since 2014 when Mt. Gox separated people from their bitcoins? The biggest solution to this accessibility. People need to know that they can reach out to an exchange should they have any problems or concerns regarding their money. If somebody thinks they have lost their money, or they notice that a particular feature is not working, they need to know that customer support will help them quickly, and they need to know that a response will be fast. Many exchanges promise that your support ticket will get looked at by an appropriate member of staff, but a lot of the time that takes days or weeks to happen. Like all asset classes, trading is time sensitive and waiting too long for an answer can mean losses in funds.

In many ways, communicating with an exchange needs to go beyond that of customer support. Users need to be able to reach out and have their voices heard in other ways too. An exchange should want to form a communicative relationship with their customers. Not only does it create loyalty, but it also creates a level of trust. Communication can mean reaching out to an exchange through social media, or it could be more involved, such as allowing people to vote on changes and the direction of the exchange as a whole.

Regardless of what sort of platform it is, giving your users the opportunity to voice their opinions is an important step towards building a relationship with them and subsequently building trust as a whole. It may take a long time to repair the trust issues within the community, but offering strong communication is a major step forward.

Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.

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