WazirX, the Mumbai-based Indian crypto exchange crashed this month, becoming one of the biggest crypto trading failures of the year. It revealed the quality of WazirX support as clients weren’t able to log into their accounts and trade.
Another crypto exchange that crashed with WazirX was CoinDCX. Both of them were down for hours on Wednesday. The price of Bitcoin, fell to a terrible low-point ever since Elon Musk declared that he wouldn’t accept Bitcoin payments anymore.
Launched on April 7, 2018, CoinDCX is a centralized exchange. CoinDCX was registered in Singapore and claims to provide near-instant fiat to crypto. However, the company too has been marked as suspicious by several customers.
WazirX is among the leading crypto exchanges in India. However, what followed their crash was a series of complaints exposing the poor nature of WazirX support.
For a company that claims to be India’s most trusted cryptocurrency exchange, the quality of WazirX support fell sharply when the company was down for a few hours. People had to resort to Twitter to share their grievances.
One Twitter user listed multiple reasons why Indian crypto exchanges are unreliable. Although we can’t comment on the quality of other Indian exchanges, it’s important to note that WazirX claims to be an industry leader in India.
They pointed out that the crypto exchange logged them out forcefully, the website and app crashed, the trades stopped and the orders didn’t get executed. On top of that, there is a serious lack of transparency in fees and there’s a significant difference in pricing.
The user demanded answers from CoinDCX and WazirX support, but got none.
WazirX support tweeted saying that they are working on the issue. In reply to this tweet, one user pointed out that there’s no point in using the app if they can’t buy in dips. Their deposit hasn’t been reflected in 4 hours and wanted the platform to solve the issue.
CoinDCX was facing a similar issue and another user pointed out their issues with this platform. They couldn’t log into their account and wanted to know where the 24/7 customer support is.
Suspicious Timing of Exchange Crash
While WazirX support’s quality is already in question, the timing of the crash also puts the ethics of this firm under suspicion.
This is the third crash of the Indian crypto exchange in this year. While Elon’s claim of not accepting payments in Bitcoin anymore played a huge role in Bitcoin’s price fall, it wasn’t the only factor.
China has also added more restrictions and has barred financial companies from providing services related to cryptocurrencies.
Bitcoin’s price fell 30% within a few hours on Wednesday. Many investors wanted to sell their crypto assets because of the fall in Bitcoin’s price. But WazirX and CoinDCX crashed, denying all of those trades.
WazirX’s and CoinDCX’s crashes have prevented users from capitalising on crypto trading’s benefits.
Some investors wanted to buy the assets because their price was low. However, their transactions weren’t going through, because of the server crash.
This is the second time WazirX’s server has crashed this time of the month. The last time it crashed, Dogecoin, a meme cryptocurrency’s price was rising sharply. Because Dogecoin’s price rose significantly, many people wanted to sell their assets but couldn’t, because the website/app didn’t let them.
The Indian crypto exchange cited a sudden surge in concurrent users as the reason for the server crash. However, many people have complained about missing out on the benefits of owning cryptocurrencies because of these server crashes.
WazirX Support – Huge Room for Improvement
Prices of cryptocurrencies change quickly and are very time-sensitive. Such server crashes prevent people from trading properly. WazirX claims to have 2 million users yet, the quality of WazirX support doesn’t seem to handle such a vast quantity of clients.
Customer service is vital for any crypto exchange. This incident revealed the holes in their customer support system. There’s a lot of room for improvement.