80 percent of Binance reviews on Trustpilot have 1 star, while another 6 percent have only 2 stars.
Most of the top crypto exchanges are rated either “Poor” or “Bad” on Trustpilot.
A screenshot of Binance's official page on Trustpilot
Trustpilot, a platform where real users provide reviews, has disabled the “TrustScore” of crypto exchange Binance, alleging the detection of “a number of fake reviews for this company.” The review platform has already removed the fake reviews.
Fake Reviews of Binance on Trustpilot
“If additional suspicious reviews are discovered on this profile, we'll remove those too. If you believe a review is fake, you can flag it,” a banner on the verified page of Binance on Trustpilot stated.
“We take the integrity of our platform very seriously and wanted to let you know this company hasn’t been playing by the rules,” warned Trustpilot. “When we uncover misuse, we take action and alert our community.”
When it comes to reviews of any digital platform, especially those in financial services, Trustpilot is considered reliable. Although satisfied users write positive reviews of providers there, it has also attracted stressed traders and investors who post their grievances. Any negative reviews on Trustpilot can heavily impact the reputation of platforms, as many prominently advertise their Trustpilot score to enhance their brand value.
Richard Teng, CEO of Binance
However, many have figured out how to post fake reviews on Trustpilot. Many freelancers on some online platforms even advertise their services to post fake Trustpilot reviews. Recently, the US Federal Trade Commission even officially banned fake reviews of platforms.
“We Have Zero Tolerance for Fake Reviews”
Trustpilot's action against Binance was due to a breach of its guidelines, which state: “Don't write or ask people to write fake reviews. We have zero tolerance for fake reviews and will remove them.”
Although Trustpilot is not showing Binance's “TrustScore,” users can still post reviews of the crypto exchange. Interestingly, out of 4,526 reviews on Binance, 80 percent have 1 star, and 6 percent have 2 stars. Trustpilot counts “1 and 2-star reviews as negative.”
The review website also highlighted that Binance replied to 91 percent of the negative reviews.
Interestingly, the TrustScores of most prominent crypto exchanges vary between “Bad” and “Poor.” Coinbase, one of the most reputed exchanges, has a TrustScore of 2.4, which is “Poor,” similar to OKX, which has a TrustScore of 1.8. Bybit, with a TrustScore of 1.5, is rated as “Bad.”
A screenshot of Coinbase's official Trustpilot page
According to an archived version of Binance's Trustpilot page, the crypto exchange had a TrustScore of 2 in May last year, which was deemed “Bad.”
Finance Magnates approached Binance, but has not received any response as of press time.
In June, Trustpilot “temporarily suspended” the profile of Funding Pips, a prop trading platform, after “an increase in reviews related to recent media attention.” However, the prop firm's page has since been restored, and it currently has a TrustScore of 4.4, which is deemed “Excellent,” based on 13,610 reviews.
Trustpilot, a platform where real users provide reviews, has disabled the “TrustScore” of crypto exchange Binance, alleging the detection of “a number of fake reviews for this company.” The review platform has already removed the fake reviews.
Fake Reviews of Binance on Trustpilot
“If additional suspicious reviews are discovered on this profile, we'll remove those too. If you believe a review is fake, you can flag it,” a banner on the verified page of Binance on Trustpilot stated.
“We take the integrity of our platform very seriously and wanted to let you know this company hasn’t been playing by the rules,” warned Trustpilot. “When we uncover misuse, we take action and alert our community.”
When it comes to reviews of any digital platform, especially those in financial services, Trustpilot is considered reliable. Although satisfied users write positive reviews of providers there, it has also attracted stressed traders and investors who post their grievances. Any negative reviews on Trustpilot can heavily impact the reputation of platforms, as many prominently advertise their Trustpilot score to enhance their brand value.
Richard Teng, CEO of Binance
However, many have figured out how to post fake reviews on Trustpilot. Many freelancers on some online platforms even advertise their services to post fake Trustpilot reviews. Recently, the US Federal Trade Commission even officially banned fake reviews of platforms.
“We Have Zero Tolerance for Fake Reviews”
Trustpilot's action against Binance was due to a breach of its guidelines, which state: “Don't write or ask people to write fake reviews. We have zero tolerance for fake reviews and will remove them.”
Although Trustpilot is not showing Binance's “TrustScore,” users can still post reviews of the crypto exchange. Interestingly, out of 4,526 reviews on Binance, 80 percent have 1 star, and 6 percent have 2 stars. Trustpilot counts “1 and 2-star reviews as negative.”
The review website also highlighted that Binance replied to 91 percent of the negative reviews.
Interestingly, the TrustScores of most prominent crypto exchanges vary between “Bad” and “Poor.” Coinbase, one of the most reputed exchanges, has a TrustScore of 2.4, which is “Poor,” similar to OKX, which has a TrustScore of 1.8. Bybit, with a TrustScore of 1.5, is rated as “Bad.”
A screenshot of Coinbase's official Trustpilot page
According to an archived version of Binance's Trustpilot page, the crypto exchange had a TrustScore of 2 in May last year, which was deemed “Bad.”
Finance Magnates approached Binance, but has not received any response as of press time.
In June, Trustpilot “temporarily suspended” the profile of Funding Pips, a prop trading platform, after “an increase in reviews related to recent media attention.” However, the prop firm's page has since been restored, and it currently has a TrustScore of 4.4, which is deemed “Excellent,” based on 13,610 reviews.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
