Evercoin is a cryptocurrency exchange service that lets its users exchange between a variety of cryptocurrencies without having to go through a registration process with the platform.
Established in mid-2017, Evercoin was based on the idea to provide users with a platform where they would be able to exchange between cryptocurrencies without having to go through weeks of verification before they were able to use any exchange services.
With Ozturk’s experience in programming coupled with a team of other experienced individuals, Evercoin translated ideas into tangible solutions that allowed users to trade between cryptocurrencies in a simple and easy to use manner.
Since the business model in itself holds significant promise, let’s go ahead and learn more about the exchange and determine whether it is a viable option for the everyday trader.
Evercoin Review: How Does Trading on Evercoin Work?
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
In order to start trading between these cryptocurrencies at Evercoin, users can either visit its website or download its offered mobile apps for iOS and Android. Since the platform requires no registration, users can go ahead and start using Evercoin’s services as soon as they visit the platform.
The process to start buying and selling cryptocurrencies is free of complications and has been broken down below.
- Users can select between the cryptocurrency they want to deposit and the one they want to get in exchange and enter the amount that they are willing to deposit.
- They then have to provide their pre-set wallet addresses for each of those cryptocurrencies.
- The total amount that the user will be provided with, in exchange, for the deposited cryptocurrency is shown – this also includes the network’s transfer fee in addition to Evercoin’s own fee.
- Once users confirm the transaction, they need to make a deposit to Evercoin’s provided wallet address, which can be copied or scanned through a QR code.
- The transaction gets executed as soon as the network confirms it.
However, there is a catch to the process.
Since Evercoin updates the provided exchange rate, network fee, and transaction fee every few moments to stay up to date with the rapidly changing rates of blockchain networks. The final transaction fee is subject to change just as swiftly, so the initial deposit must be performed within a set timeframe.
This means that in order to receive the same amount in their account as the users are shown when setting up the transaction, they need to perform the deposit within 10 minutes of setting up the transaction.
If the transaction is performed within the said timeframe, then according to Evercoin’s policy, the same amount of cryptocurrency will be deposited as shown to the users initially with “no surprises” in the mix.
Evercoin also has minimum and maximum amount limits which are shown on the order page, and users need to adhere to these limits at all times. If they overlook these limits, then the transaction tends to be unacceptable. These limits are present for a variety of reasons, chief among them is that of network fees. On the other hand, if the deposited amount is more than the specified limit, then Evercoin refunds the excess amount to the user.
Furthermore, if users send an amount which is between the specified limits but is not the exact deposit amount as shown on the transaction page, then it can cause confusion for the trade and the transaction amount and fee has to be calculated from scratch. Therefore, users are always advised to deposit the same amount as they are shown on the initial screen.
Evercoin Review: Fees
Evercoin shows the cumulative amount that the users are to receive at the final step of setting up a transaction.
As stated above, this 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 Review: Security
Since users never have to share their own funds except for the transacting amount with Evercoin, this model saves their funds from being subject to threatening attempts from malicious parties.
So far, Evercoin is said to have a good record with its user-base and save for a few isolated instances here and there has not created any major problems for its customers.
Evercoin Review: 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.
Should Evercoin Be Selected as a Primary Trading Platform?
Competition in this space is stiff, other options such as ShapeShift provide the same services without charging trading fees – and instead, extracts value on the spreads between buys and sells.
With that being said, the rate of exchange that it provides with the ability of not having to register for an account or provide personal details to use the platform does justify the fluctuating fee that Evercoin charges its users for each trade.
However, the process could be simplified further.
Take for instance the processes that must be conducted prior to performing a transaction on Evercoin. One has to tap into a separate wallet service or exchange and acquire cryptocurrency through fiat from somewhere else before being able to trade on Evercoin.
Therefore, if you are a new cryptocurrency user who is yet to get their hands on a cryptocurrency, a wallet for each digital asset you want to deposit and receive, and a knowledge of basic trading mechanisms, then doing all of those things before you start trading with Evercoin would be a logical step to take.
On the other hand, if you already have all of the above in place, then Evercoin remains to be a good option for instant cryptocurrency buying and selling activities without having to go through complicated procedures.