MY RECENT EXPERIENCE USING ROQQU EXCHANGE
Roqqu is the first centralised exchange I used. I stumbled upon it in 2018 when I started my crypto country and close to 500 Hive (steem) tokens have gone through my Roqqu wallet. Also, Roqqu happens to have started their journey on hive(steem) before, so there is a lot of history between the exchange and Hive. However, I stopped using their exchange to due consistent issues transacting on their app. Also, I discovered Binance which provided superior CEX service, but if you consider their size compared to Roqqu this is a given.
Recently I decided to try the Roqqu exchange to perform a small transaction and also refer my brother, @iamchuks so he would start using the exchange and transacting on his own rather than sending his tokens to me. Roqqu is quite easier to use compared to other centralised exchanges like Binance, thus, providing an easier learning process. Also, their transaction limits are low, which makes it easy for anyone to use.
So I sent a small amount of hive to my Roqqu wallet. Unfortunately, I did so with the wrong memo which is 100% my fault. I have encountered similar issues in the past (which were resolved, thankfully), so I decided to contact their customer rep to help out with a reversal or refund, not knowing I was in for a surprise.
The customer rep categorically told me that blockchain transactions were untraceable and irreversible. For someone who has been in the crypto space for half a decade, I found that statement to be quite silly. First of all, a blockchain is an open ledger which can be perused by anyone. The second statement about transactions being irreversible is true but certainly not for centralised exchanges.
As earlier stated I had encountered a similar transaction issue in the past using Roqqu and it was resolved. So either the customer rep doesn’t know his job or Roqqu has changed its policy. This is a CEX that does less than 200 transactions weekly, even a child can review their transaction history to resolve the issue, which makes me believe that they are not acting in good faith. This is the issue with most Nigerian exchanges.
I was going to move on but I thought to myself: “What if this was a significant sum, like a 1000hive? Would I just forgo my token?” I understand mistakes are costly, especially in crypto but not this sort of mistake. It is within the CEX’s power to resolve issues of this nature, it is standard practice. For a CEX like Roqqu to act obtuse in this instance, rubs me the wrong way because indirectly they are benefiting from my mistake and that of anyone who makes similar mistakes.
I understand that a handful of Nigerians on hive still use Roqqu and I deemed it fit to bring this issue to their notice. There is a chance that you make a mistake of this nature. If that ever happens know that the Roqqu team will do nothing to resolve it. So i will advise that you only trade in small quantities if you must use Roqqu. Binance offers the same services at a better rate (even Roqqu uses Binance) and you are sure to get your token if you make a silly mistake by using a wrong memo.
As for Roqqu, I believe they should review their business module. There is more to a business than making a profit. The quality of your service is important, especially in this space where a dozen other competitors are ready to take your market share. Roqqu should be the major CEX for Africans on Hive but they have not been able to do this despite being one of the first African exchanges on Hive/Steem. They’ve been blacklisted by certain communities due to their link with a major farming ring years ago (and you can even get on the watchlist for transacting with them) and they have done nothing to save their image or that of their (potential) customers.
In conclusion, I do believe a business that hopes to scale should prioritise proper customer service. This is one advantage CEXs have over DEXs--they enjoy some arbitrary power to change and correct mistakes within their platforms. Choosing not to do so under the guise of using blockchain technology is a great disservice to them and their business.
That will be all for now guys. Do with this information as you deem fit. Cheers!
