What ratings do U.S. based cryptocurrency exchange companies have with the Better Business Bureau?
Updated on 12/4/20.
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 12/4/20):
Company Name BBB Rating
Bittrex, Inc. F (on 1/20/18 they were not rated but their customer review rating has been 91% negative)
Coinbase, Inc. F (on 1/20/18 they had a D-)
Gemini Trust Company, LLC B (their website is www.gemini.com; on 1/20/18 they had an F)
Kraken F (www.kraken.com is run by Payward - Kraken Bitcoin Exchange; on 1/20/18 they had an "F" too.)
Paxful, Inc. F (on 1/20/18 they had an "F" too.)
Poloniex, Inc. F (on 1/20/18 they had an "F" too.)
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 12/4/20:
Company website SiteJabber.com Star Review (out of five possible stars)
Bittrex.com roughly 2.5 (up from 1 on 1/20/18)
Coinbase.com roughly 1.5
Gemini.com not reviewed
Kraken.com roughly 2.5 (up from 1 on 1/20/18)
Paxful.com 2 (down from 5 on 1/20/18)
Poloniex.com 4 (previously not reviewed on 1/20/18)
(As of 11/26/20, we think Coinbase.com is a highly regarded website/platform by most people in the crypto world. Their exclusion of an altcoin can affect its price significantly.) Cryptocompare.com reviews these platforms using a variety of factors in their methodologies. Here are some standings as of 12/4/20.
Company website Cryptocompare.com rating (where AA is highest and F is lowest)
Bittrex.com BB (up from a "B" on 9/3/19)
Coinbase.com AA (the same as of 9/3/19)
Gemini.com AA (up from an "A" on 9/3/19)
Kraken.com A (the same as of 9/3/19)
Paxful.com not reviewed
Poloniex.com BB (down from AA on 9/3/19)
The low ratings in January of 2018 with the BBB and Sitejabber.com may be explained by the unexpectedly high demand for purchasing cryptocurrencies at the time. It is understandable that the businesses were not prepared for the volume of customers rapidly signing on to invest in new assets.
*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.
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!
To see the share of market transactions that the cryptocurrency exchanges have, see this link.