Reputations of Cryptocurrency Exchange Companies in the U.S.

Question
What ratings do U.S. based cryptocurrency exchange companies have with the Better Business Bureau?

Answer
Some bitcoin and altcoin enthusiasts are not interested in purchasing cryptocurrencies from non-American companies.  Some people argue that the Better Business Bureau is run by the businesses themselves, and thus protector of businesses.  Arbitrators want to be picked by the member businesses when a consumer raises a dispute; arbitrators are not automatically assigned.  The consumer and a representative of the business are each given input on selecting a potential arbitrator.  This selection method may give arbitrators incentive toward issuing a ruling in favor of the companies to increase an arbitrator's demand in the future.  Consumers may be less involved in disputes than the member businesses.  Many authorities recognize the BBB as having an influence on a company's overall reputation.  But by no means is the BBB the ultimate judge of a company's reputation.  Many consumers have had positive experiences with companies that are rated an "F" by the BBB.

This lists the BBB rating of some U.S. cryptocurrency companies (as of 1/20/18):

Company Name                            BBB Rating

Bittrex, Inc.Not rated (but their customer review rating has been 91% negative)
Coinbase, Inc.D-
(GDAX removed).*
Gemini Trust Company, LLCF  (their website is www.gemini.com)
KrakenF  (www.kraken.com is run by Payward - Kraken Bitcoin Exchange)
Paxful, Inc.F
Poloniex, Inc.F

Sitejabber.com reviews businesses.  Some of the businesses have not been reviewed or they have been reviewed by merely one person.  One person, in theory, could have been paid by a competitor or the business itself.  In these early days of cryptocurrency, we have little to go on.  Here are the sitejabber.com reviews as of 1/20/18:

Company website SiteJabber.com Star Review (out of five possible stars)

Bittrex.com                                       1
Coinbase.com                                   roughly 1.5
Gemini.com                                       not reviewed
Kraken.com                                       1
Paxful.com                                         5
Poloniex.com                                    not reviewed

Cryptocompare.com reviews these platforms using a variety of factors in their methodologies. Here are some standings as of 9/3/19.

Company website Cryptocompare.com rating (where AA is highest and F is lowest)

Bittrex.com                                       B
Coinbase.com                                   AA
GDAX.com                                       not reviewed
Gemini.com                                       A
Kraken.com                                       A
Paxful.com                                         not reviewed
Poloniex.com                                    AA

Final thoughts
These low ratings with the BBB and Sitejabber.com may be explained by the unexpectedly high demand for purchasing cryptocurrencies as of 1/20/18.  It is understandable that the businesses were not prepared for the volume of customers rapidly signing on to invest in new assets. 

While not related to the American group of companies, the Canadian exchange coinsquare.io (owned by goNumerical Ltd.) has an A with the BBB.  Their website has not been reviewed by sitejabber.com. 

*According to an external source "GDAX was changed to Coinbase Pro in May 2018." GDAX.com used to have a D- rating with the BBB.

Disclaimer
We have used one of these companies above and did not have a bad experience.  To have your case adjudicated in the U.S., you may want to consider using an American cryptocurrency exchange.  ContinualIntegration.com is an affiliate with the Czech Republic company called Changelly.  We like how they offer a breadth of altcoins that can be purchased directly with U.S. dollars (so you do not need to first buy Bitcoin and do a pair exchange).  We cannot guarantee what type of experience you may have with a given cryptocurrency company.  Good luck!

Leave a comment

Your email address will not be published. Required fields are marked *