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Roqqu Review 2024: What it is and how to use it
Swen Keller
- URL: https://roqqu.com
- Headquarter: Lekki, Lagos, Nigeria
- Year Founded: 2017
- Platform App: WebMobile
- No. of Cryptos: 100+
- Fiats Available: Nigerian Naira (NGN), United States Dollar (USD), Ghanaian Cedis (GHS), British Pounds (GBP), EUR (Euro)
- Withdraw Method: Bank transfer and cryptocurrency wallet address
- Payment Method: Bank transfer
Roqqu Review: Our Opinion
Roqqu is a basic exchange that offers a clunky and frustrating website user experience where almost all features have glitches frequently. There is also a lot of misleading information.
For example, on the Dashboard they claim to offer NFTs but when you click through to the NFT page you find out it’s still under construction.
Beyond that, Roqqu charges high fees for transactions when compared to other more established crypto exchanges.
Company Overview About the Roqqu Exchange
Founded in 2017, Roqqu is headquartered in Lagos, Nigeria but it is registered and licensed in Lithuania.
It currently claims to have more than 1.6 million users and over $1 billion in assets traded as well as facilitated over $700 million P2P transactions.
The exchange is managed by a team of over 60 personnel and offers its services via a web platform and app which can be downloaded on the Apple App Store and Google Play Store.
Pros
- Beginner-friendly
- It has a mobile app
- Easy sign-up process
Cons
- High fees
- Frustrating user experience
Unique Features
Roqqu Wallet
The Roqqu wallet is a crypto wallet that allows you to buy and sell crypto with all Roqqu-supported fiat currencies. Beyond the basic crypto buy and sell features, the Roqqu wallet also gives users access to the other available features like virtual cards, bill payments, and fiat transfers.
With your Roqqu wallet, you can also swap crypto for crypto and crypto for fiat in the wallet using the wallet swap feature.
Roqqu does not charge any deposit fees for deposits into the Roqqu wallet.
All crypto and fiat currency deposits into your Roqqu wallet are free.
Roqqu Mobile App
The Roqqu mobile app gives you easy access to trading crypto with Roqqu.
With this app, you can buy, sell, transfer, and swap all supported cryptocurrencies.
Crypto transactions on the app are fast and get settled within seconds.
With this app, you also pay zero deposit fees on both crypto and fiat deposits to your Roqqu wallet.
The app has an interface that is suitable for both beginners and advanced traders.
Aside from the basic features, this app features Advanced Trade charts which more experienced users may find appealing.
With the app, you can send coins to a username, log in with your phone number, add new fiat currencies, and generate receipts for your transactions.
The app features a notification center where you receive all notifications about your account and transactions.
This app also offers trading insights, which give you insights and updates on your trades.
The mobile app has a bill payment section that enables you to pay common bills in Nigeria like data recharge, airtime purchases, electricity bills, and cable TV (GoTv, DSTV, and Startimes).
The mobile app also gives you access to Roqqu virtual cards.
Roqqu offers 2 virtual cards: a naira card and a dollar card. You can apply for a virtual card or physical card in the Roqqu mobile app.
Both the Naira and Dollar virtual cards can be used for online payments and subscriptions including cable TV subscriptions, Netflix subscriptions, business transactions, and personal payments online.
You can name your virtual card based on the purpose assigned to the card. Available name options on Roqqu include a Business, Family card, Netflix card, Weekend Chills card, and Cable TV Card.
Roqqu charges an activation fee of N200 for the naira virtual card and $2 for the dollar virtual card.
The naira virtual card can be topped up with as little as N500 and up to N2,000 while the dollar virtual card can be topped up with up to $1,000.
Both virtual cards are global payment enabled.
You can also control your spending for both cards directly from the app.
Roqqu Infinity Loans
With Roqqu Infinity Loans, you can access crypto loans by committing a certain value of an asset to be staked as collateral.
Roqqu gives you a crypto loan of up to 30% of your total collateral committed to staking.
This means if you stake $100 worth of BTC, you get $30 worth in USDT as a loan. The more collateral you commit, the higher the amount of loan approved for you.
The interest rate for Roqqu Infinity loans is 0.1% daily or 3% per month. The interest is first deducted from your payback before the principal.
You can repay a part of the principal.
A part of your collateral is refunded when you pay a part of the principal. You will get your full collateral back once the full loan has been repaid.
That said, If the value of your collateral drops below what was given due to the market price, Roqqu will liquidate your collateral for the recovery of the loan you received.
Cryptocurrencies Available on Roqqu
Roqqu supports the buying and selling of over 100 cryptocurrencies.
Some supported cryptocurrencies include Bitcoin, Ethereum, Binance Coin, Dashcoin, Dogecoin, EOS, XRP, Litecoin, etc.
Fees
Roqqu charges a flat fee of 2% for all buys, sells, and swaps. There are no fees for deposits and withdrawals. And as usual, there are network fees associated with sending and receiving cryptocurrency but these are not charged by Roqqu.
Payment Methods
Roqqu offers bank account transfers as it is only supported fiat payment method. And although it lists various fiat currencies as available, you can only deposit your local currency.
When you click other fiat currencies, you’ll get an error message stating that “this currency is disabled for this user”.
Also, through our extensive hands-on analysis, we found that the deposit feature currently has glitches on Roqqu.
After inputting the amount to be deposited, the button simply loads and the page does not change.
This is like a lot of features on the Roqqu website, which are still under construction and have glitches frequently.
Security
Information on the Roqqu website shows that it is a licensed digital assets operator in Lithuania.
It is licensed by the Financial Investigation Unit (FIU) of Lithuania under Roqqu UAB Technologies with license number 305963619 operated legally across 28 countries across Europe.
Roqqu holds ISO 27001 & 22301 certifications and stores 98% of its funds in cold storage wallets offline.
Users’ accounts are protected with several security features including two-factor authentication, multi-stage verification, passcode lock for the app, and remote disabling of phone access to the Roqqu app.
Staking Rewards
Yes, some supported cryptocurrencies on Roqqu offer staking rewards such as access to crypto-backed loans and regular capital increases. Roqqu does not give estimated APYs.
Opening a Roqqu Account
To sign up or open an account on Roqqu, you need to go to https://roqqu.com or download the app from the Google Play Store or Apple App Store.
We’ll use the website to open an account on Roqqu.
Once on Roqqu, tap on the Get Started button at the top of your screen, you will be redirected to the Register page on the platform.
Once there, enter your username on the page and tap the box that affirms you agree with Roqqu’s Terms of Agreement and Privacy Policy.
Click on the Continue button.
Next, you’ll need to enter your first name and last name then your phone number.
Enter your email address and then create a password.
Click on the Continue button. A verification email will be sent to your mailbox.
Enter the verification code sent to your email address by Roqqu in the relevant field on the Register page.
Next, you’ll need to create a 6-digit PIN Code you’ll use to authenticate transactions and logins on the platform.
Tap on the Go to Dashboard button.
That’s it! Your Roqqu account has been successfully created.
Trading Experience
Drawing upon our firsthand experience with this crypto exchange, we noticed that the Roqqu website is still majorly under construction.
For example, even though the platform has tabs for NFTs and an exchange, when you click through to them you get an error message on the next page stating that it is still under construction.
However, what does work on the platform is the Buy Assets and Sell Assets pages that allow you to buy and sell supported cryptocurrencies using the fiat funds you deposit on the platform via bank account transfer (for buys).
There is no instant buy feature and you’ll need to deposit funds before being able to perform any transactions on the platform.
Roqqu offers a swap feature that allows you to quickly change any supported currency to another.
That’s about it, you won’t find margin trading, futures trading, or any form of advanced charting tools on the platform.
Its trading experience is best for beginners who want to use the Nigerian Naira to buy cryptocurrency.
Customer Support
Roqqu offers customer support via Live Chat, phone, and email at hello@roqqu.com.
The platform also has a help center that contains several detailed guides on how to use Roqqu and all available features.
Customer Satisfaction
Our team’s firsthand exploration of this crypto exchange revealed that Roqqu offers very poor service.
Almost all the important aspects of this app including the exchange, NFT page, and Roqqu Hub are out of service, under construction, or unavailable.
The website is also not very responsive.
Customer reviews on third-party review platforms also show that most users have not had a great experience with Roqqu. Several users have complained of being scammed by the platform.
Education
No, Roqqu does not offer cryptocurrency education.
Is Roqqu Right For You?
Roqqu is a basic platform and is right for you if you’re a Nigerian looking to buy cryptocurrency with the Naira without having to undergo immediate verification.
Final Thoughts
Roqqu offers a web platform that’s frustrating to navigate due to a lot of unconstructed sections. It also doesn’t offer much in terms of crypto products beyond the basic buy, sell, and swap.
FAQ
Most frequent questions and answers
Based on various user reviews online, it is risky to carry out crypto transactions on the exchange. It has a 1.8/5 star rating on Trustpilot.
Yes, you can sign up to Roqqu in Nigeria but whether it works is up for question as a lot of the features aren’t usable.
Yes, Roqqu allows you to withdraw your funds from your Roqqu account via bank transfer to your bank account. But numerous customers are complaining about being unable to receive withdrawn funds.
Yes, Roqqu allows you to sell Bitcoin.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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