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.
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.
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.”
According to an archived version of Binance's Trustpilot page, the crypto exchange had a TrustScore of 2 in May last year, which was deemed “Bad.”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.
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.”
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.
SEC Reiterates Binance’s Illegal Operations, Highlights “Lack of Disclosure”
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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Follow FMevents across our social media platforms for news, insights, and event updates.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Follow FMevents across our social media platforms for news, insights, and event updates.
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Don't miss out on our latest videos, interviews, and event coverage.
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
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