This month saw one of the year’s largest crypto trading disasters when the Mumbai, India-based exchange WazirX went down. The quality of WazirX support was put to the test, as customers were unable to access their accounts and make trades.
CoinDCX was another cryptocurrency exchange that went down like WazirX. On Wednesday, they were both out for quite some time. After Elon Musk said he wouldn’t take Bitcoin payments anymore, the price of Bitcoin plummeted to an all-time low.
Customers have complained about the level of support provided by CoinDCX and WazirX. The Indian stock market has experienced multiple crashes this year.
When it comes to crypto exchanges in India, WazirX is a frontrunner. But after their crash, a flood of complaints revealed the feeble nature of WazirX support.
WazirX claims to be the most reliable cryptocurrency exchange in India, but the quality of its customer service plummeted during a brief outage. Twitter became the go-to outlet for people to air their complaints.
A Twitter user outlined several issues with Indian cryptocurrency exchanges. We have no idea how other Indian exchanges compare in quality, however, it’s worth pointing out that WazirX positions itself as a frontrunner in the Indian market.
They complained that the crypto exchange abruptly locked them out, crashed the website and app, and failed to process trades and orders. Moreover, there is a large price range and no consistency in the fees charged.
The customer service agents for CoinDCX and WazirX failed to respond to the user’s questions.
WazirX’s help desk tweeted that they are investigating the problem. A user replied that if they can’t buy in dips, there’s no purpose in using the program. They waited four hours for the platform to address the issue of their money not being reflected.
CoinDCX had the same problem, and another user brought it to their attention. They were unable to access their account and needed to know how to contact the company’s round-the-clock help desk staff.
The Market Crash Occurred at a Very Strange Time
The timing of the crash raises additional ethical concerns about WazirX, whose support quality is already suspect.
The Indian cryptocurrency exchange has already seen its third fall of 2018. The news that Elon would no longer accept Bitcoin as payment was a major element in the decline in Bitcoin’s value, but it wasn’t the only one.
In addition to these new regulations, China has outright banned financial institutions from offering any services related to cryptocurrency.
In just a few hours on Wednesday, the price of Bitcoin dropped by 30%. As a result of Bitcoin’s price decline, several investors attempted to unload their crypto holdings. WazirX and CoinDCX both experienced crashes, invalidating all pending trades.
Users have been unable to reap the benefits of cryptocurrency trading due to the crashes of WAZIRX and COINDCX.
The low price attracted the interest of certain investors who wanted to purchase the assets. Because of the server outage, however, their purchases were failing.
This is the second time in a month that WazirX’s server has gone down. Dogecoin, a meme cryptocurrency, was seeing rapid price growth before its previous meltdown. Due to the sharp increase in the value of Dogecoin, several users attempted to liquidate their holdings but were unsuccessful because the exchange was temporarily unavailable.
The Indian cryptocurrency exchange blamed the outage on a sudden increase in concurrent users. However, many people have claimed that they are unable to reap the rewards of cryptocurrency ownership due to frequent system outages.
There is a Lot of Room for Improvement in WazirX Support
The value of cryptocurrency is very volatile and time-dependent. Trading is disrupted when servers go down. Although WazirX boasts 2 million members, its customer service seems unable to cope with so many people needing help at once.
In the cryptocurrency industry, customer support is crucial. The event highlighted the weaknesses in their customer service infrastructure. There is a great deal of development potential.
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