GlobalData Social Media Analytics Platform

Against this backdrop, Coinbase Global Inc has emerged as the top cryptocurrency trading platform, commanding a 47% share of voice on Reddit, reveals the Social Media Analytics Platform of GlobalData, publishers of EPI.

GlobalData’s report, “Top Platforms for Crypto Trading – Q1 2024,”  reveals that the remaining top-mentioned platforms for crypto trading are Binance Holdings, Cash App, KuCoin Exchange, Kraken Bitcoin exchange, Bybit Fintech, OKX.com, and Bitfinex.

Shreyasee Majumder, Social Media Analyst at GlobalData, said: “In Reddit discussions on crypto trading platforms, customer service took centre stage as the most popular topic with 52% share during Q1 2024. Platforms like Binance and Kraken received mixed reviews, with users praising efficiency while expressing frustration over the delayed responses and account freezes.

Meanwhile, Coinbase and Cash App faced pronounced criticism for their handling of inquiries, marked by prolonged wait times and difficulties in issue resolution. These varied experiences underscore the critical importance of addressing service quality across the cryptocurrency market to bolster user satisfaction and foster trust in these platforms.”

Despite Coinbase garnering 47% of Redditors' share of voice among the top eight trading platforms, the community's diverse opinions highlight concerns about the platform glitches, high fees, and withdrawal costs, prompting calls for enhancements. Although users experienced dissatisfaction due to shortcomings in customer support, their enthusiasm for Coinbase's platform functionalities, particularly features like staking, continues to thrive. Furthermore, influencers are engaged in discussions regarding the evolving regulatory landscape, emphasising the need for legal clarity to ensure Coinbase's compliance and continued growth.

Binance: the second-most discussed platform in Q1

Binance emerged as the second-most discussed platform with 29% share of voice during Q1 2024. Redditors embarked on a cautious exploration of various facets of Binance’s operations, delving into the key discussed topics like the platform's notable decision to delist Monero, regulatory challenges, and the notable success of $WIF's launch on the Binance Smart Chain. Additionally, discussions surrounding trust and security issues, as well as Binance's profound impact on altcoins, added depth to the community dialogue.

Majumder added: “These multifaceted discussions underscored the nuanced perspectives within the Reddit community and emphasised the pivotal role that Binance plays in shaping the dynamic landscape of the cryptocurrency market.”