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Recently we wrote a topic on The Top 10 E-currency Exchangers In Nigeria and Their Benefits. While E-Currencies and E-currency exchangers have their numerous purposes and benefits, there are some Major Setbacks of Using E-currency Exchangers for E-Currency Exchange in Nigeria. We’ll be discussing these major setbacks so as to keep investors and traders of E-Currencies vigilant and up-to-date on the other side of E-currency business.
By setbacks, we simply refer to hindrances, drawbacks, and problems associated with Using E-currency Exchangers for E-Currency Exchange in Nigeria. We implore you to take notes of the objectives of this article and apply caution when trading or investing in E-currency exchange, trading and investment.
Major Setbacks of Using E-currency Exchangers for E-Currency Exchange in Nigeria
There are Restrictions
There are many E-currency exchangers in Nigeria. Their names and services may differ slightly, but we can collectively admit that in unison, they almost have one thing in common – and this is the restrictions placed on certain features. For example, there could be restrictions on the maximum amount a user can have in his account at a particular time. Another restriction can be a limited number of transactions at a particular time, and so on.
Problem of Anonymity
There’s usually problem with staying anonymous when dealing with E-currency exchangers in Nigeria. A lot of information such as a user’s name, transaction details, transaction history, and other vital details are usually stored on the database of these E-currency platforms. Imagine what could happen when such vital information falls into the hands of the enemy.
Problem of Hack
This setback of using e-currency exchangers closely follow the problem of anonymity which we have addressed above. E-currency exchange platforms are liable to be hacked. These platforms contain a lot of personal details of many users of these e-currency exchange and tea platform. A lot of money and resources may be lost if it happens that hackers get hold of all the information stored on the databases of these e-currency platforms.
Requires Internet Connection
It is impossible to perform transactions of either e-currency trading or sales with E-currency exchangers in Nigeria without an available reliable internet connection, and this also requires more money – for data purchase.
Inter-Platform Transfer Does Not Exist
Unlike as with local Nigerian banks, it is impossible for users to transfer funds and investments from one E-currency exchange platform to another. Majority of these e-currency exchange and trading service providers do not cooperate with themselves. This situation may lead to mismanagement of funds and loss of investments when traders and investors struggle to transfer their assets from one e-currency exchange platform to another.
The Case With Transaction Fees
Investors and traders of E-Currencies have to exhaust a lot of funds, time and efforts in the battle of seeking out some of the best e-currency exchange companies that offer the most reasonable transactional fees. This is a problem as many e-currency exchange service providers in Nigeria charge bogus transactional fees for even the most smallest of transactions.
Bad Time Management
Time management is also a major setback E-currency Exchangers in Nigeria. Their services may be known to take only a comfortable stipulated period of time, but as inconsistent as some of these e-currency exchangers can be, there could be fluctuations with time of transactions. That is why we suggest you check out The Top 10 E-currency Exchangers In Nigeria and Their Benefits so as to learn more about E-currency Exchangers in Nigeria and choose your most preferable option.
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