Evercoin Review 2020 | Is Evercoin Safe?

Evercoin is a US-based service which allows you to convert one cryptocurrency into another. This isn’t technically what most people will call an exchange, but an “exchnager” - you send one coin and receive another via two blockchain transfers. 

What is Evercoin?
Evercoin is an integrated non-custodial system for managing cryptocurrencies. It brings together an exchange (Evercoin), mobile wallets, a desktop trading application and hardware wallets into one comprehensive system.

Almost all of the major cryptocurrency exchanges hold custody of user funds, and therefore are custodial exchanges. Evercoin does not hold user funds and is therefore non-custodial.

It lets its user’s exchange between varieties of cryptocurrencies without having to go through a registration process with the platform.

Is Evercoin Safe?
The people behind Evercoin have presented themselves on the about section of the website. The leader of the team consisting of 7 people, the founder Talip Ozturk.

Users never have to share their own funds except for the transaction amount with Evercoin. So, this model saves their funds from being subject to threatening attempts from malicious parties.

Evercoin Fees
The amount already includes the network fee which goes directly to the respective cryptocurrency blockchain for performing a transaction, as well as Evercoin’s own fee which ranges between 0.5% – 0.8% of the trade and fluctuates in every transaction.

Evercoin Customer Service
Evercoin has a live chat option on which representatives are readily available to answer customers’ questions. The platform also has official Twitter and Facebook channels, where users can contact the team for any inquiries that they have.

User Interface and Experience
The Evercoin interface has a very simple, green design that displays a market, wallet, real-time crypto-to-crypto exchange, and a history log. Users can easily navigate to the features they want to access without any troubles.
The app also comes with an in-built support system that allows users to quickly contact tech support on the platform if they should have any issues with their accounts.

How to Use Evercoin
1. Select which cryptocurrency you want to deposit.
2. Enter the amount you want to deposit.
3. Copy or scan the pre-set wallet addresses for the selected crypto and paste it in your external wallet in the withdrawal section.
4. Wait for the deposit to be finalized.
5. Select into which crypto you want to exchange your deposited funds.
6. The total amount will also include the network’s transfer fee in addition to Evercoin’s own fee.
7. Confirm the transaction.
8. The transaction will be executed after the network confirms it.

At the time of writing, Evercoin does not accept fiat deposits or withdrawals, but offers trading between the following 16 cryptocurrencies:

Bitcoin – BTC
Ethereum – ETH
Litecoin – LTC
Ripple – XRP
Bitcoin Cash – BCH
Dash – DASH
Ethereum Classic – ETC
Monero – XMR
Zcash – ZEC
Bitcoin Gold – BTG
Dogecoin – DOGE
Decred – DCR
Waves – WAVES
Qtum – QTUM
ZenCash – ZEN
Digibyte – DGB

Evercoin Advantages

Transparent about the team – the people behind Evercoin have presented themselves on the website. We know this may not appear to be something very drastic, but in the unregulated cryptocurrency space this is still something. 

As easy as it gets – the interface provided by Evercoin is minimalistic, but perfectly suitable for their offer. It is simply two boxes, where you have to enter the destination address for the coin you are buying and a refund one (in case the transaction falls apart for some reason). Here is a preview:

16 coins supported – the coins one can exchange at Evercoin currently feature BTC, ETH, LTC, XRP, BCH, DASH, ETC, XMR, ZEC, BTG, DOGE, DCR, WAVES, QTUM, ZEN and DGB. Not a bad list, featuring most of the major cryptocurrencis.

Mobile app available – many exchanges have a mobile app, but we felt the need to mention it for this “non-exchange”, as it increases the ease of use even further.

Evercoin Disadvantages

No AML and KYC, may lead to issues – we feel the need to mention this very early in the negatives section, as it is important. While the crypto-purists of old will argue such procedures aren’t needed in the space, regulators tend to disagree. There is a serious risk of this project being eventually required to take user’s data or be forced to shut down. Luckily, you will not have any coins stored there regardless. 

Markup is not disclosed – we would have appreciated Evercoin even more if they have revealed their actual fees. That being said, they may very well be variable and if one was to check the blockchain fees in the Bitcoin and Ethereum network, using our example he would have gotten an idea. Still, greater transparency is always preferable. 

Limits may be small for some users – as Evercoin isn’t based on an API connected to several exchanges, but rather is an all in-house project, there are limits involved with every order. The company could simply run out of coins, if they weren’t in place. Here is a preview for the Bitcoin ones:

No ways of buying with fiat  –  this isn’t that surprising, given the lack of KYC procedures. Luckily for newcomers to the world of crypto there are plenty of other places where you can buy Bitcoin (or even some altcoins) after making a credit card payment, or bank transfer

Evercoin is US cryptocurrency exchange service. Their offering is quite simple and allows you to easily convert one coin into another. While we would have liked more transparency on the pricing, a much bigger potential issue for the company may come if the regulators crack down on them. For now, their service seems decent, especially given the positive user reviews.

That being said this isn’t an exchange in the way Binance, or Kraken or even the NYSE are – this isn’t a venue suitable for instant trading. If you are looking for a safe way to trade Bitcoin, check out our list of trusted forex brokers, offering crypto CFDs

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