The crypto industry has had its share of hacks, scams, painful losses, and worthless memecoins, but the state of customer service might ultimately be what turns away a not insignificant number of users. Both novices and experienced users have suffered from lackluster attempts to have their trading issues resolved, which tend to go with the territory. So why is the problem with poor support so serious?
Support pauses, but the market doesn’t
Human support is paramount because everyone knows problems can be challenging to resolve. In the world of crypto, it’s not infrequent for queries to bounce back and forth and for questions to remain unanswered for up to weeks. When someone eventually replies, it can seem like they never understood the issue at hand. There is no pause button on the market; unlike all others, crypto is 24/7, yet the support customers receive from platforms does pause, leaving them in deafening silence. Waiting is risky, especially in high-stakes trading.
According to a survey in late 2024, 75% of consumers prefer receiving service from a human being. Lack of human support can lead to frustration and spill over into financial stress. 78% of consumers still need human help after receiving assistance from a bot. Being trapped in support loops, in some cases with one’s funds stuck, has become routine. Even major platforms like Kraken and Coinbase Prime do not offer live support, and customers end up waiting not only for transactions to clear, but also for peace of mind.
Chatbots remain helpful for resolving basic issues, but as problems become more complex, their effectiveness wanes. Reviews of the current market and consumer complaints indicate that users experience adverse outcomes due to chatbot limitations, including false information, wasted time, feeling stuck, and higher fees. These issues come to the fore when customers cannot obtain tailored support.
Customers deserve better, regardless of their financial status
Confidence in a platform is hard to regain once lost, and one might begin to question their decisions or give up on crypto trading altogether. On-Demand Trading (ODT), which operates as an OTC cryptocurrency trading desk, recognizes that customers deserve better, regardless of whether they’re trading $500 or $500,000, and that eliminating the stress many crypto companies create is entirely possible.
The platform caters to high-net-worth individuals, as well as everyday traders and businesses that accept, make payments, or invest in crypto. Each client is assisted by a dedicated account manager who knows their trading patterns, portfolio, and concerns. When there is a delay, they react at once. ODT has taken the time to onboard and train its customer care team, a feat many trading platforms have yet to achieve.
It’s difficult to hire people who understand the technology, and the idea of working in this volatile market puts off many talented specialists, given the many other opportunities in customer service. If one were to pursue a career in this field, crypto isn’t very appealing, and limiting hires to people who demonstrate a passion for crypto isn’t always practical when a passion for money or gambling is what some actually have. Moreover, you wouldn’t get the most out of competent employees if you rushed them through the training process.
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The number of new crypto users is constantly increasing, and that’s excellent, with one caveat: novices aren’t always able to articulate their issue, which is different from support staff not being able to understand a query. Companies that provide self-custodial wallets frequently face angry customers who fail to grasp that self-custody means relying on oneself. Patience and careful consideration go a long way, something ODT’s customer care understands and puts into practice.
Additional limitations of AI bots on financial platforms
According to research, consumers evaluate services delivered by a bot more negatively than those delivered by a human, even when the service in question is identical. This is because consumers believe that cost-cutting motivates service automation at the expense of service quality and other customer benefits. The effect ceases to exist when companies share the economic benefits of automation with customers, e.g., through discounts or freebies.
In addition, financial platforms risk harming consumers, eroding trust, and violating legal obligations when deploying chatbot technology. Like the humans they have replaced, chatbots are required to comply with the relevant consumer protection laws, and platforms can be held liable for violating those laws. They embed third-party domains and may use insecure protocols, which have a grave impact on crypto trading platforms where security and privacy are paramount.
Underestimating customer dissatisfaction is the most significant risk
Most customers of reputable platforms don’t experience any issues, but even a small number of complaints can have a disproportionate effect on the platform’s reputation. People who face problems can take to Reddit to vent, like this user, whose attempt to update his phone number resulted in a day-long interaction with the support team. Most aggravatingly, he was asked for the same verification information three times in 12 hours.
You judge how likely or common something is based on how easily examples come to mind, a process known as the availability heuristic. If you’ve recently heard about a plane crash on the news, you might feel that plane crashes are more common now, even though the actual probability of one occurring hasn’t changed. Likewise, traders who read unpleasant support stories might think they will face those same issues and avoid certain trading platforms or trading in general. Across the board, companies are losing out by failing to invest in quality customer service.
