Why are most well known centralized exchanges have poor reviews

[Oshosondy]

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.

[Ojima-ojo]

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.

[joniboini]

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.

[un_rank]

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 -

[OmegaStarScream]

• 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]

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 -

[bitmover]

• 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...

[Woodie]

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.

[Synchronice]

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.

[m2017]

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.

[JeromeTash]

By the time, someone goes to the length of searching up Binance or bybit on Trustpilot. It means they really have a negative experience or complaint to post there. More like how you will see people registering brand-new accounts to create scam accusations in this forum and rarely creating them to post positive reviews in.

Blocking people's funds even if just temporary can cause people to easily freak out.

I think the Google play and App store reviews are a little more reliable, thought they can easily also get manipulated.

[yhiaali3]

In my opinion, centralized exchanges are really getting worse and worse over time, so I think they deserve the bad ratings they get on Trustpilot.

The worst thing they did was impose KYC, all the popular exchanges were initially without KYC but when they grow and get popular they comply with government regulations and impose KYC to avoid getting penalized by the government.

All these centralized services are only looking for profit and do not care about user privacy so they are completely subject to the government so they do not get banned.

[Oshosondy]

In my opinion, centralized exchanges are really getting worse and worse over time, so I think they deserve the bad ratings they get on Trustpilot.

I do not see how they are getting worse. They were centralized before and they have some bad aspect while they have good aspect also.

The worst thing they did was impose KYC, all the popular exchanges were initially without KYC but when they grow and get popular they comply with government regulations and impose KYC to avoid getting penalized by the government.

If they do not go for the KYC, it would be difficult for them. The government will try all means to restrict most of their services.

All these centralized services are only looking for profit and do not care about user privacy so they are completely subject to the government so they do not get banned.

If you are an owner of an exchange, will you not do the same if the exchanges is centralized just like the ones we are talking about?

For those that posted that most people with good reviews do not rate but people with bad experience went to rate could be the reason.

[joniboini]

I do not see how they are getting worse. They were centralized before and they have some bad aspect while they have good aspect also.

I do know one or two exchanges whose service got worse over time. Some went bankrupt already. They no longer respond to customer inquiries as soon as possible, withdrawal fees increased for no obvious reason, slow deposit confirmation, etc. That being said, generalization from one or two cases is not a good idea IMO. When you have a bad experience with a service, your bias can affect your judgment on the quality of similar services in the future.

[Solosanz]

I don't really agree it's due to people who have bad experience will write bad reviews and people who have good experience will not write good reviews, because on other exchange like the scammy one i.e. P2PB2B got 3.5 points.

So, I think there's someone who attack specific exchange especially top 10 on CMC.

All these centralized services are only looking for profit and do not care about user privacy so they are completely subject to the government so they do not get banned.

Why you talk about privacy and centralized exchanges at the same time lol, if someone care with their privacy, they will not use centralized or vice versa. Which mean people who use centralized exchanges should agree with KYC, otherwise it's their own fault.

[adzino]

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.

There is no way to verify if the reviews are legit or not. Moreover, there are millions of users using those exchanges, but most of them don't leave any reviews. I mean, why would they go to trust pilot and leave a review? I doubt you also do anything like that. It is only those people that had some bad experience with the exchange that ended up going to Trustpilot and leaving a review just to tell/show the customer support how mad they are. Most of them that leave such reviews are actually the one that did something wrong like sending coins or tokens to the wrong network and then thinking that the exchange stole their money. They might even review bomb them negatively hence causing the stars to drop down even more. I guess if those exchanges starts sending popup messages (like after withdrawing) to rate them on trustpilot, i think the reviews and ratings will go up in the long run.

[yhiaali3]

For those that posted that most people with good reviews do not rate but people with bad experience went to rate could be the reason.

Although I see that many exchanges get worse over time (according to my personal experience) but maybe the main reason as you mentioned is that only people who have a bad experience went to rate, because ratings differ according to each user's experience For example Binance is very good for you and many users but it is very bad for me because it banned me even though I did not commit any violation just because I am from a banned country even though it did not ban me at first when I first registered.

Why you talk about privacy and centralized exchanges at the same time lol, if someone care with their privacy, they will not use centralized or vice versa. Which mean people who use centralized exchanges should agree with KYC, otherwise it's their own fault.

So why did they initially promote themselves as no-KYC? All the well-known exchanges I registered with including Binance, Kucoin, OKX, Gate.io and even the infamous collapsed exchange FTX were initially No-KYC.

[crwth]

Hmm. Maybe they are just salty with what happened with their crypto journey and since they are using that CEX, then it will be that exchange which catches all the anger. I think it's hard to please everyone and I believe it's important to have a large sample size to be considered a trustworthy source.