My Experience of Using the Wrong Memo in Simpleswap Exchange

Hello Everyone,

I am good and I hope that you are doing well. Today in this video I have talked about something that can help you avoid issues with transfer on Simleswap. This is one of the exchanges that we can use to convert hive to any other cryptocurrencies including stable coins and this exchange supports so many crypto coins. I have been using this exchange for a long time and my experience has always been good. The exchange does not require any sort of kyc and you can also transact without creating your account but I would recommend you create an account because this can help you track your all transactions in one place.

I never had any issue with this exchange but today something happened that was not supposed to happen because this way people may lose money. We know that while making a transfer we are required to put a memo in the correct field but today I used the wrong memo and because of that the exchange transaction was not successful. I did not realise about it in the beginning but when it took more time than I thought to check the transfer I realised that it was my mistake and this exchange would not be successful because of the incorrect memo. I reached out to the support team and the team was able to sort this issue in one hour time which I think is great. I never heard of this kind of experience but I heard a few stories on this platform when people lost their funds because of incorrect memos so I was worried about the fund's loss.

I am happy to share that the support team did a great job on this and they refunded my money after validating some information that I provided to them. I'm happy to share that even after making this mistake from my end I was able to recover my money without any complicated process that I had to go through. I think exchanges should follow the same practise where their intent should be to support the customers even if they do something wrong because things happen like this sometimes and we just have no control over it. The better approach is to follow the corrective process and get things done so that users do not have to deal with the losses as losing money is never a good experience and now after today's scenario, I can say that this is a reliable exchange.

Using the correct memo is important and this is one of the parts that I always pay more attention to but today since I was busy on the phone while making the transfer I missed it. It is a learning for me that I need to be even more careful while making such transfers to avoid unnecessary issues and a possible delay on the transfer because I need to contact the support team to get the rectification done and this process takes time. I have explained the entire situation in this video and I hope they will be able to help you understand how you can avoid this situation if it happens then what should be the next step to get the funds back or the transaction processed whatever is the possibility depending upon the situation.

I hope you like this video and that the information I have provided is helpful for you.

Thank you so much for your time

Have a great day