The cryptocurrency space grew more popular after the covid19 pandemic of 2020 and this period gave birth to some online crypto exchange platforms in Nigeria.

One of such crypto exchange in Nigeria is the Roqqu exchange which was launched in 2019. 

Roqqu was created by a Nigerian named Uchenna Nnodim and since it was officially launched in 2019, the exchange has garnered over 200,000 active users. 

According to the founder of this exchange, users will experience the fastest, most seamless and most secure ways of trading over seven cryptocurrencies in Naira.

Many questions have been raised by people about the legitimacy of this platform and this article will give an overview of everything you need to know about Roqqu. At the end of this piece, you can be able to ascertain whether it’s a scam or a legit platform.

About Roqqu

Roqqu is an online crypto exchange anf payment platform launched by a young Nigerian entrepreneur, Uchenna Nnodim in July 2019. The motive behind the crypto exchange platform is to help Nigerians to make seamless worldwide payments and brokerage services as well.

The platform also offers bill payment services through its integrated bill payment processor, hence, users can easily pay TV bills, electricity, airtime and other utility bills from their comfort.

Roqqu exchange claimed to have processed over $20 million in transactions with over 250,000 active users.

The exchange headquarters is located in Lekki, Lagos state Nigeria.

Services Offered By Roqqu

1. Roqqu Instant Buy/Sell Crypto:

The aim service provided by this platform is to facilitate a swift and seamless way of buying and selling about right cryptocurrencies.

The platform was designed with a simple user interface which makes it easy for every user to navigate and trade, irrespective of their literacy in technology.

Users can trade a large amount of crypto or less depending on their level of verification on the platform.

Through this service, Roqqu aims to help crypto hodlers to reap profits from arbitrage trading.

2. Wallet:

The exchange platform provides a standard crypto wallet for its users which enables them to receive crypto, send and transact crypto globally, as well as make other online payments.

The exchange offers crypto wallets for storing all the cryptocurrency supported by the platform.

3. Bill Payment:

The exchange also inculcates a feature which allows users to pay for airtime and other bill payments such as 

  • Electricity bill
  • TV subscription bill
  • Data subscription 

4. For Business:

On the Roqqu exchange platform, the menu which reads “For Business” encompasses payment gateway services.

Generally, payments in cryptocurrency cannot be made to banks as it is not a legal tender in Nigeria.

Roqqu exchange facilitates a way of accepting such payments made in crypto. A user can withdraw such crypto to his wallet or choose to convert it to Naira and transfer it directly to his Nigerian bank account.

This service will help to increase the number of businesses that accept crypto across the country.

5. Savings:

Users can use the Roqqu exchange as a medium for crypto savings when they lock their USDT on the exchange and earn a specified return on investment (ROI).

The percentage of profit a user will earn on the locked crypto depends on the longevity of the time chosen. They can earn up to 15% monthly for crypto locked for a period of 12 months.

Supported Currencies On Roqqu

There are only the right cryptocurrencies and one stablecoin being traded on the Roqqu exchange and they are;

  • USDT
  • BTC
  • ETH
  • TRON
  • XRP
  • BNB
  • EOS
  • STEEM
  • HIVE

However, the only supported fiat currency is the Nigerian Naira and payment can only be made through bank transfers and debit cards.

Limits And Verification Requirements

There’s a transaction limit for both deposits and withdrawals on the Roqqu exchange but these limits depend on the verification of users.

Verified users have fewer limitations in deposits and withdrawals  than unverified users in this regard

Verification Requirements

The verification requirements for Roqqu exchange include the following;

  • Name
  • Email
  • Mobile no
  • BVN
  • Date of Birth
  • Taxpayer ID
  • Government ID

How To Buy Crypto On Roqqu

There are seven basic steps for buying cryptocurrency on the Roqqu exchange and they are as follows;

  1. Visit the Roqqu exchange and sign up, after which you should proceed to make a deposit.
  2. When you have successfully signed up, click on “Buy/Sell” on your dashboard.
  3. When the page opens up, click on “instant buy“
  4. Select your preferred crypto 
  5. Select the payment currency and enter the amount of crypto you want to purchase. Click on “Proceed With Purchase”.
  6. Click “Accept” on the “Confirm purchase” page.
  7. You’ll be taken to a page which reads “Purchase Successful” then  click on “Go to wallet”. 

This will redirect you to your credited Roqqu wallet.

Comparison: Roqqu Vs Prestmit

You may want to compare the features and services of Roqqu exchange to other exchanges like the famous Prestmit. Now, let’s see if Prestmit exudes any form of similarity with Roqqu.

Prestmit is a broker exchange which shares the same objective with goals and objectives with Roqqu, that is, promoting massive adoption of cryptocurrency in Nigeria and Africa as a whole.

Prestmit was launched in 2019, the same year as Roqqu but the two platforms seem not to be on same growing pace. Prestmit is surely the best and most used trading exchange in Nigeria and Africa.

Prestmit exchange offers all services as Roqqu exchange and even more. Unlike Roqqu which allows users to trade only cryptos, Prestmit also allows users to buy or sell more than 300 gift cards on the platform. 

Is Roqqu A Scam?

Roqqu entered the crypto industry in 2019 and during the first year of its operation, it provided satisfactory services to its users.

It is undeniable that the platform gained the trust of many users which is also reflected in the trade volume of more than $20 million it had processed.

However, several reviews about the credibility of this exchange platform  had surfaced on the Internet and these reviews are mostly on the negative side.

A lot of users have reported and warned other users to desist from trading their digital assets on Roqqu because the exchange has fallen apart.

Others complained that they have not received their payments after a successful transaction.

While we are not sure if the Roqqu exchange is intentional about their lack of integrity of late, we can’t for sure call the exchange a scam.

However, we would not advise you to carry out your trade on such a questionable exchange.

Conclusion 

From the several reviews we have read from users online, it is safe to say that Roqqu is a risky exchange to carry out crypto transactions right now.

Disclaimer: This article represents the author’s opinion and not investment advice. You should also carry out your research before making any decision.