Here’s a thought or two about crypto exchanges…

Hi, this is Giorgi Shonia’s blog where I share some of the observations I’ve had about the cryptosphere. Today, I’ll be covering exchanges and what I think they might be lacking. 

It is a clear and well-known fact that the market for crypto exchanges is constantly growing, with each newcomer and established player alike trying to offer something unique and different. For example, MEXC has developed a tactic, whereby they list 5 new shitcoins daily, appealing to new traders who want low entry point shitcoins with potentially high-risk, high-reward opportunities. However, major exchanges such as Binance might struggle more with this approach since they are subject to much greater scrutiny and formal regulations, which means that making even the most minor of changes is affected by bureaucratic processes, making innovation that much harder.

While almost every major crypto exchange focuses on how to offer as many exchange listings as possible, they forget one important aspect of good quality exchange functioning - engaging customer service. There are attempts to compensate for it using automated solutions such as FAQ sections or chatbots to address queries, but it is clearly a frustrating solution for many users who cannot reach human customer service agents, especially concerning urgent or complex issues.

Sometimes, even the UI/UX of the exchanges hide the customer support section somewhere incredibly hard to find and if you do end up locating it, you have to wait for upward of an hour to get a response. This is an issue for any user - but even more so for a crypto newbie, who needs guidance and help navigating the crypto ecosystem yet can hardly find their way around the platform.

Imagine yourself having to start out in a completely new field from the ground up. You sign up for a platform and are immediately bombarded with tons of new terminology, complex graphs, and overly detailed interfaces - all overwhelming enough to make someone quit crypto altogether - for good. 

This is precisely the moment for an exchange to step up to position itself first and foremost as your guide, though unfortunately, it hardly ever happens to be the case. Most exchanges fail to meet this need, leaving users feeling isolated and unsupported. 

That is one of the key reasons why we decided to design Nordom in this way since we saw a considerable demand in the market and we want to be able to resolve the issue as much as possible. Our mission is to provide the most attentive user experience, especially for newcomers, by offering intuitive design and involved customer support that doesn't rely solely on automated solutions. We understand the importance of community support with our game project, Nordom Gates, where we continuously listen to feedback to improve user experience. As such, we will continue working to resolve the existing issues on the market and setting a new standard for what a crypto exchange should be.