[2017-08-29]Report: Customer Complaints Against Coinbase Are on the Rise

[btc_angela]

Report: Customer Complaints Against Coinbase Are on the Rise

A new report is shedding light on customer complaints against U.S. cryptocurrency companies.

Using data from the US Consumer Financial Protection Bureau (the agency responsible for processing consumer complaints against companies), online student loan market LendEDU has found that cryptocurrency exchange Coinbase has drawn perhaps the most criticism this year.

In total, Coinbase has received 288 complaints in 2017, a figure that represents a dramatic increase from the seven complaints the startup received in 2016.

Coinbase did not reply when contacted by CoinDesk for comment, though the company has pledged to use a new funding round to boost its struggling customer service.

"Over the past six months, Coinbase and GDAX have seen unprecedented growth. As a result, our systems have been pushed to the limit and [this] has resulted in a negative experience for customers," a company representative said at the time.

Still, Coinbase was not the only company to receive complaints. The CFPB has seen 277 complaints against other cryptocurrency companies, LendEDU found, a figure it projects could rise to more than 400 by the year's end.

Overall, the data is the latest that points to potential growing pains for cryptocurrency firms, which have seen a surge in new interest this year as bitcoin has set a string of all-time highs.

https://www.coindesk.com/report-customer-complaints-coinbase-rise/

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[Siren]

This is no surprise news for us. Coinbase and any other trading platforms now are really getting slow on responding to their customers. They have poor customer support, sometimes it will literally took months before you can get a decent reply from them. Maybe the number of users has dramatically increase, but at least those trading exchanges should also cope with the growing demand. Not only the support but there are times that the server is very slow, or is down, causing a lot of money lost for those trader who are doing day trading or trying to dump their coins. I think they have do to something about their issue, otherwise customers will go to other exchanges, as a result they losing potential profits on their end.

[buwaytress]

This is no surprise news for us. Coinbase and any other trading platforms now are really getting slow on responding to their customers. They have poor customer support, sometimes it will literally took months before you can get a decent reply from them. Maybe the number of users has dramatically increase, but at least those trading exchanges should also cope with the growing demand. Not only the support but there are times that the server is very slow, or is down, causing a lot of money lost for those trader who are doing day trading or trying to dump their coins. I think they have do to something about their issue, otherwise customers will go to other exchanges, as a result they losing potential profits on their end.

Wish I had found this study. It's actually quite difficult to track down specific numbers and stats, even if a lot of the evidence is out there on reddit, this forum, chatboxes of exchanges. These don't even take into account those who don't lodge official complaints. It's a known issue for exchanges. Woeful standards of customer service is still something that persists. I doubt it's any longer a failure to recognise that customer service needs to grow along with userbase. It's plain disregard and arrogance.

I'm really hoping that a few DEXs improve and gain more users by next year. Even if they don't have fiat markets, maybe if all the crypto pair volumes moved to dexs, we can expect lighter loads on centralised ones.

A lot of new exchanges coming up. Better competition, better prices, lower commissions. Exciting times lie ahead!

[peter0425]

This is no surprise news for us. Coinbase and any other trading platforms now are really getting slow on responding to their customers. They have poor customer support, sometimes it will literally took months before you can get a decent reply from them. Maybe the number of users has dramatically increase, but at least those trading exchanges should also cope with the growing demand. Not only the support but there are times that the server is very slow, or is down, causing a lot of money lost for those trader who are doing day trading or trying to dump their coins. I think they have do to something about their issue, otherwise customers will go to other exchanges, as a result they losing potential profits on their end.

Wish I had found this study. It's actually quite difficult to track down specific numbers and stats, even if a lot of the evidence is out there on reddit, this forum, chatboxes of exchanges. These don't even take into account those who don't lodge official complaints. It's a known issue for exchanges. Woeful standards of customer service is still something that persists. I doubt it's any longer a failure to recognise that customer service needs to grow along with userbase. It's plain disregard and arrogance.

I'm really hoping that a few DEXs improve and gain more users by next year. Even if they don't have fiat markets, maybe if all the crypto pair volumes moved to dexs, we can expect lighter loads on centralised ones.

A lot of new exchanges coming up. Better competition, better prices, lower commissions. Exciting times lie ahead!

Yes, I'm pretty sure with the user based growing by the numbers, its about time that new exchanges joining in but offering a different kind of support that will really cater the crypto traders flawlessly. I think Polo and Kraken has also received a lot of complain in the same time frame so I don't know where the customers should go by now. That's why if a trading platform that is thinking to join should have study the complain so that they can improve it. so it gonna be a win-win situation, specially us traders.

[BitFinnese]

This is no surprise news for us. Coinbase and any other trading platforms now are really getting slow on responding to their customers. They have poor customer support, sometimes it will literally took months before you can get a decent reply from them. Maybe the number of users has dramatically increase, but at least those trading exchanges should also cope with the growing demand. Not only the support but there are times that the server is very slow, or is down, causing a lot of money lost for those trader who are doing day trading or trying to dump their coins. I think they have do to something about their issue, otherwise customers will go to other exchanges, as a result they losing potential profits on their end.

Wish I had found this study. It's actually quite difficult to track down specific numbers and stats, even if a lot of the evidence is out there on reddit, this forum, chatboxes of exchanges. These don't even take into account those who don't lodge official complaints. It's a known issue for exchanges. Woeful standards of customer service is still something that persists. I doubt it's any longer a failure to recognise that customer service needs to grow along with userbase. It's plain disregard and arrogance.

I'm really hoping that a few DEXs improve and gain more users by next year. Even if they don't have fiat markets, maybe if all the crypto pair volumes moved to dexs, we can expect lighter loads on centralised ones.

A lot of new exchanges coming up. Better competition, better prices, lower commissions. Exciting times lie ahead!

Aside from that a shortage in fund is not an excuse for a poor service and poor customer support.  If they can't keep up with the growth and cannot update then probably they should limit their new clients.  I think it is not the fund that is the problem here but the management.  If the owner hired Coinbase management probably it is the time replace them and start it on the customer service personnel.

[BitHodler]

Coinbase is the perfect example of how a very wealthy business is acting all stingy to please their share holders. Instead of a solid cash flow, take a tiny hit to please your customers.

It's insane how they till now haven't managed to offer people a pretty solid exchange and wallet experience. It's because of their large user base that they managed to realize this level of growth.

Initially customers are always the central point of attention, but after a while when the business in question grows larger and larger, the same users are no longer their main priority.

[btc_angela]

Coinbase is the perfect example of how a very wealthy business is acting all stingy to please their share holders. Instead of a solid cash flow, take a tiny hit to please your customers.

It's insane how they till now haven't managed to offer people a pretty solid exchange and wallet experience. It's because of their large user base that they managed to realize this level of growth.

Initially customers are always the central point of attention, but after a while when the business in question grows larger and larger, the same users are no longer their main priority.

Yeah back then they are really customer orientated that's why they established themselves early as one of the fore runners of the trading exchanges. However, as customer based grew which I  think that any business should anticipated, didn't address the pressing issue but instead just sitting there doing nothing. I guess the management doesn't care anymore because they have gain a lot of customers and of course the business is booming. That's why I have stop using their services 6 months ago and this news was really not surprising and I felt I have the 'moral obligation' to post this so that you guys can react. LOL.

[buwaytress]

Coinbase is the perfect example of how a very wealthy business is acting all stingy to please their share holders. Instead of a solid cash flow, take a tiny hit to please your customers.

It's insane how they till now haven't managed to offer people a pretty solid exchange and wallet experience. It's because of their large user base that they managed to realize this level of growth.

Initially customers are always the central point of attention, but after a while when the business in question grows larger and larger, the same users are no longer their main priority.

Yeah, I do find it strange that they can't see beyond the boardroom to make economic sense. You please your customers, they come back with more business. Your reputation grows, your success attracts more success. Shareholders can be persuaded to take small hits now for bigger profits tomorrow, but a yearly 5% increase is somehow always preferred to 5% decreases to ensure expansion and growth.

Then again, Coinbase has won awards this year and is a Bitcoin "unicorn" according to some quarters, so hey, who am I to talk?