Crypto exchanges turning a blind eye to customer withdrawal complaints: How BTCNEXT is solving this
While the problems involving cryptocurrency transactions are many, withdrawal issues are so troublesome for the customers that they cannot be overlooked.
The first and the most common of the withdrawal issues is the delay in the transaction process due to technological glitches. This defies the very principle of blockchain technology, which is to make the transaction faster. However, as is the case with many exchanges, transactions take forever to happen. As is the nature of cryptocurrencies, that is, volatile, such delays can prove to be very costly. Traders miss opportunities because of a transaction not getting posted on time. As such, it is not a small problem, but one which cannot be overlooked.
Apart from this, transaction fees involved with withdrawals also constitutes a significant setback for the customers. Moreover, if these delays and costs were not enough, customers also need to comply with KYC and AML regulations, not to mention the danger of suspended withdrawals that always seems to lurk over even the most reputed of the exchanges.
It is now clear that these issues, if anything, cannot be simply overlooked. However, a good number of exchanges turn a blind eye towards customer grievances. This statement is not merely supported by itself; after extensive research, a large number of consumer comments indicate that withdrawal issues are the most common of the customer grievances. Surprisingly, exchanges are doing precious little about it, much to the consternation of thousands of crypto enthusiasts who are left at the mercy of these exchanges, for want of a better alternative.
The following cases are real. These are true comments, feedback and issues of real customers concerning withdrawal of funds from the world’s renowned crypto exchanges.
Bit-Z \ BitZ
Bit-Z \ BitZ calls itself a ‘world leading digital finance ecology.’ However, this popular exchange too comes with a hoard of withdrawal issues.
A user, while strongly not recommending this exchange, observes that he could not trade or withdraw coins that he purchased on Bit-Z \ BitZ. The exchange’s support, on the other hand, claims that the token was not available for withdrawal. However, a search on their support site yielded no such announcement.
Another user comments that the fees involved with withdrawals on Bit-Z \ BitZ were too high, recommending using another exchange.
The consumer reviews of BitForex regarding withdrawals are no more satisfactory than those of Bit-Z \ BitZ. According to a user, while BitForex enjoys being ranked among the top exchanges in the crypto sphere, withdrawals witness excessive delays. He says that it requires patience to get one’s coin to one’s wallet.
An aggrieved user of this crypto trading platform comments that he had been trying to withdraw his money since a long period of time, but there was not a single response. After a delay of five months, the user did not receive his funds. Even contacting the chain manager yielded no response. He adds that he had also tried connecting the numbers listed on the website to no avail, for they did not work.
Another user says that he faced no issue while depositing the money. However, when it came to withdrawals, a verification of the email account is required, something not possible, since a verification link is never sent to the user. This way, he remarks, it is impossible to withdraw the deposited money from BTC-Alpha. “Say goodbye to your money,” he concludes.
Exrates also has multiple withdrawal issues. A user reported that Exrates was not approving his withdrawal requests and not responding to his emails. He had been waiting for a week for the withdrawal despite his account being a verified one.
Another user asserted that ‘a bunch of thugs’ were working behind this exchange as it did not allow a customer to liquidate his assets; hence, he ends up being stuck with the coins he purchased.
And last of the exchanges mentioned in this non-exhaustive list of crypto platforms with withdrawal issues is YoBit, which has also been called a ‘scam’ and a ‘fraud’ several times by the users. A user complains that YoBit hacks into the user’s email account, then withdraws coins from the user account to deposit them in their wallets.
Another user comments that YoBit accepted deposits without informing the users that funds would not be accessible to them for withdrawals. He concluded that he would never use the exchange again.
Is there a solution? BTCNEXT shows the path
Yes. BTCNEXT is an up and coming cryptocurrency exchange that has been developed by some of the brightest minds in the field. It is a result of deep industry insights and analysis of the pain points that plague current exchanges.
BTCNEXT gives paramount importance to two aspects — security and customer service. Using architecture-level security measures, it ensures safety of stored funds and transactions. And its highly motivated team of customer service executives ensure that each request, issue or complaint is treated with the utmost priority and resolved to the satisfaction of the customer in the least possible time.
BTCNEXT has been centered around the most important stakeholder of the crypto ecosystem — the customer. With shoddy service and complete disregard to the pain of the customer, many crypto exchanges are ruining the market and are inadvertently playing a role in maligning the name of all exchanges. BTCNEXT acknowledges the lack of trust of the majority of the customers towards crypto exchanges and is trying to make a platform that puts the customer first. The days to come will be vital as the grain is separated from the chaff.
BTCNEXT exchange, the next generation spot and margin-trading platform, has been developed by Platinum Q DAO Engineering, which has also brought USDQ and KRWQ to the market, looking to edge together innovative solutions in collateralization. They plan to achieve it by using stabilizing mechanisms and neural networks for high-endurance stable coins.
The one aspect of USDQ and KRWQ which makes them unique is that these stablecoins are decentralized. They have Bitcoin as a collateralized cryptocurrency debt backing up the value, instead of a centralized authority holding dollar bills, as in the case of Tether (USDT).
In order to protect investors’ funds, BTCNEXT developers have implemented more than 300 security measures. In the near future, users will be able to trade over a hundred types of tokens including Bitcoin, Ethereum and Litecoin. For more information, visit their website and follow them on Twitter, Instagram, Telegram, Facebook, Medium or LinkedIn.