Why are most well known centralized exchanges have poor reviews

m2017

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keep walking, Johnnie

Quote from: Oshosondy on Today at 05:15:57 AM

When I check last some yeas ago, these exchanges were having at least 3.5 star review out of 5 star on Trustpilot. But now they are having very bad reviews. The highest that I saw recently was having 1.8 star which was full of bad reviews.

Just go to Trustpilot and check exchanges like Binance, Bybit, Bitget, Mexc and many other centralized exchanges that are well known. You will see that all having bad reviews.

Ok. Then name me those exchanges to which Trustpilot has assigned the maximum number of stars, or at least to exceed the pitiful 1.8 stars of Binance.

Of course, it looks a little strange that such top exchangers receive low ratings, but the true rating, in my opinion, is formed not on the Trustpilot (or another platform for review ) with stars, but on the user base of these exchangers.

Synchronice

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Quote from: Oshosondy on Today at 05:15:57 AM

When I check last some yeas ago, these exchanges were having at least 3.5 star review out of 5 star on Trustpilot. But now they are having very bad reviews. The highest that I saw recently was having 1.8 star which was full of bad reviews.

Just go to Trustpilot and check exchanges like Binance, Bybit, Bitget, Mexc and many other centralized exchanges that are well known. You will see that all having bad reviews.

I do not trust Trustpilot reviews and suggest everyone to not let it affect their decision-making. I buy clothes on Zalando but if you check Zalando on Trustpilot, you'll see that it's trust rating is 1.5 stars. This absolutely doesn't make sense, I don't know a single person who buys from Zalando and got scammed or a bad service.
You have to consider the psychology of human too, people usually visit websites like Zalando when they have a negative experience, no one comes and googles how to leave a positive review for a website. People usually come to complain, not to praise. Trustpilot means nothing, forget it, do not look at it.

From my experience, Binance is good. I've also heard that by Bybit is good too. I've heard Bitget but I don't have experience. I've never heard about Mexc though.
My opinion is that Binance and Coinbase are leaders among centralized exchanges. If you want decentralized exchange, visit Bisq network.

Woodie

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Rollbit.com ⚔️Crypto Futures

I think its a common habit of most users to only go to platforms like trustpilot when something wrong happens, and if there isn't an incentive I don't think people go to these players to leave their good reviews either because they don't see the importance of this to the business.

And the big exchanges also really on their reputation as it does the talking for themselves and are past trustpilot reliance...plus they don't ask their users to leave the reviews too.

bitmover

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bitcoindata.science

Quote from: OmegaStarScream on Today at 09:15:04 AM

Quote from: un_rank on Today at 07:19:05 AM

Those with bad experiences are more likely to give a review than those with who had a favorable experience,

-snip-

Probably this more than anything else. Binance for example has 100M+ users but their trustpilot page only shows +4000 reviews. Trustpilot score might be a good indication for small to medium sized companies, but not so much for big ones.

I will also add that users who do not have any problem with those exchanges won't go to trustpilot to rate it.

But users who have problems and experienced a bad support will go to trust pilot to give a bad review on the service trying to make their score go down...

un_rank

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- Jay -

Quote from: OmegaStarScream on Today at 09:15:04 AM

Trustpilot score might be a good indication for small to medium sized companies, but not so much for big ones.

It can still be useful for large exchanges if evidence on the issue is available for users to check. If there are so many isolated cases where users get scammed and support is unresponsive to them after numerous contacts, even if this only happens a few times relative to total users, it is still something that is important to know. Large exchanges should have a robust customer service department to solve all cases they get, a little delay is understandable, no resolution is not.

I would not want to be among 0.5% that has an issue and cannot get help on it. But without supporting information, the reviews are not helpful.

- Jay -

OmegaStarScream

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Quote from: un_rank on Today at 07:19:05 AM

Those with bad experiences are more likely to give a review than those with who had a favorable experience,

-snip-

Probably this more than anything else. Binance for example has 100M+ users but their trustpilot page only shows +4000 reviews. Trustpilot score might be a good indication for small to medium sized companies, but not so much for big ones.

un_rank

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- Jay -

The reviews are likely a reflection of the service they provided to those users, there are some other things you need to factor into the final rating such as:

Reviews cannot be checked as no reference information is provided, but it can be used as a clue to search for other similar cases on reddit, bitcointalk etc,
Those with bad experiences are more likely to give a review than those with who had a favorable experience,
Reviews can be manipulated by the website.

Use both good and bad reviews from websites as a guide for further research.

- Jay -

joniboini

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I don't think it's surprising imo. There can be many explanations:
1. Their service got poorer with time, so more people complained about their quality.
2. The number of impatience users went up because crypto become more popular while their customer support hasn't improved in numbers or quality.
3. The review platform is doing questionable moderation which allows unverified reviews to affect the ratings, etc.

It doesn't help that it's impossible to see the details of each complaint, so we can't do independent verification. That being said, I'd add exchanges to a watchlist if a reputable member on this forum had some troubles with them in the past. There are threads about non-KYC lists etc that are helpful too. CMIIW.

Ojima-ojo

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Quote from: Oshosondy on Today at 05:15:57 AM

When I check last some yeas ago, these exchanges were having at least 3.5 star review out of 5 star on Trustpilot. But now they are having very bad reviews. The highest that I saw recently was having 1.8 star which was full of bad reviews.

Just go to Trustpilot and check exchanges like Binance, Bybit, Bitget, Mexc and many other centralized exchanges that are well known. You will see that all having bad reviews.

Trustpilot is a centralised third party review platform and at that, their have been up to no real review result lately, sometime ago there were accusations of some form of corruption and misconduct in the review process of most of those third party reviews, just for example you see platforms that are well known scams having high positive review scores on those platforms.

All that undermind the authenticity of the reviews coming from those sites, we can't trust them any more, it best you do your own DYOR a any time you want to make some decision in choosing any of the online services.

Oshosondy

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Gamble responsibly

When I check last some yeas ago, these exchanges were having at least 3.5 star review out of 5 star on Trustpilot. But now they are having very bad reviews. The highest that I saw recently was having 1.8 star which was full of bad reviews.

Just go to Trustpilot and check exchanges like Binance, Bybit, Bitget, Mexc and many other centralized exchanges that are well known. You will see that all having bad reviews.

Topic: Why are most well known centralized exchanges have poor reviews (Read 63 times)