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eCoin Review - is it scam or safe?

eCoin Review - is ecoin.eu scam or cryptocurrency exchange?

RATING: 2.9 / 15 REVIEWS

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Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

0.2%

 

eCoin is a UK-based cryptocurrency exchange that offers trading in Bitcoin and Litecoin for USD. The exchange plans to include more altcoins “soon”, but does not specify when or which altcoins. According to the exchange’s site, trading is done between its registered users and the platform is only serving as an intermediary - “an easy, secure, and affordable exchange” - and is similar to, let’s say, Remitano.

 

eCoin Advantages

 

- Lots of payment methods. eCoin is offering a good range of fiat payment options and accepts deposits both in EUR and USD, even though trading is done against the USD. The exchange accepts payments through bank transfers, including SEPA (EU) and the online payment systems Perfect Money, OKPAY, EgoPay, AstroPay, Payeer, AdvCash and PayWeb. There is also the option to make a deposit through vouchers from eCoin’s partners, as well as some Russian banks, online exchange services, Qiwi, Western Union, etc. The full list is available on eCoin’s site. Deposits are also accepted in Bitcoin and Litecoin.

 

>> See crypto exchanges accepting credit cards <<

 

- Low Fees. eCoin charges 0.2% trading fee, which is more or less in the average for the industry.

 

- Reasonable fiat payment fees. The fiat payment fees charged by eCoin are quite reasonable, compared to those of other exchanges and vary depending on the type of payment.

 

- Platform. eCoin’s platform is quite similar to that of many other cryptocurrency exchanges. It has a basic price graph, which can be hidden by the user, an order book and a buy and sell form. We notice that, quite naturally, trading in Bitcoin is far more active than in Litecoin – for example, there are only two active sell orders for Litecoin.

 

- Good Speed. eCoin claims to provide speedy trading service, once the deposit is received. Of course, the different methods of payment take different periods of time, with the slowest being an international bank transfer, and the fastest – the online payment portals whose service is instant.

 

- Bonus. Periodically eCoin announces promotions with bonuses. Usually they are tied to the withdrawal method, usually AdvCash, and involve lowering of withdrawal fees and the adding of a small bonus on the sum by the exchange.

 

- Some level of anonymity. It seems that eCoin provides some level of anonymous service, depending on the size of deposit and type of trading. According to the exchange’s site, bank wire deposits of sums lower than EUR/USD 1000 do not require verification. Same goes for transfers and trading in cryptocurrencies only.

 

- Litecoin. We have mentioned that the market depth for Litecoin is not very big, but eCoin is one of the not so many European exchanges that offers trading in it, and with such convenient fiat payment options.

 

 

eCoin Disadvantages

 

- No Leverage. eCoin does not offer leveraged trading, like the majority of cryptocurrency exchanges. There are several who do that, but the number of regulated forex brokers who offer CFDs on cryptocurrencies for trading on margin, is far greater. The biggest convenience with them is that trading is done on the familiar and advanced platforms that provide far more tools and features for serious trading.

 

 >> See our list of regulated bitcoin forex brokers <<

 

- No info on security. We did not find enough information about the level of security provided by eCoin, except regarding data encryption and two-factor authentication. More importantly, however, there is no information on the storage of funds, as usually this is the biggest vulnerability of most exchanges. Whereas the offline cold storage is nearly impossible to hack and rob, the online hot storage is far easier to plunder. This is why many exchanges specifically state how much of the client funds are stored online and offline.

 

- Orders. Unlike some other exchanges, eCoin does not offer the option to place different type of orders – market and limit, for example. There, however, seems to be some matching algorithm that highlights the most advantageous price.

 

Conclusion

 

eCoin is another relatively small European cryptocurrency exchange. Judging by the type of payment options, it is obviously trying to attract Russian clients, but is obviously available globally. We like the fact that eCoin offers trading in Litecoin, which is one of the larger cryptocurrencies, but is seldom available for trading for fiat currencies. This is why there are not so many sell orders. We also like the large number of fiat payment options and the relatively decent fees, as well as the average trading fee.

 

 

 

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Spread

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Traders` reviews for eCoin

When the ecoin group website is opening again?

In East African (Uganda and Kenya), we need to know when the ecoin group website is opening again. we invested in but unfortunately the website was closed. we cant access our account, its so hurting. Thank you

Iribagiza Gloria 05/24/2018

Ecoin when you are resuming your operations

Ecoin please Tell us when you are resuming your operations in Ugandan. We can't access our account neither can we say or have updates from the ecoin management. Please let us know what is happening.

Esther 05/24/2018

Ecoin, tell us the real matter

Please guys just tell us the real matter rather than aiming at what you guys have gone with why am saying so is that we were told that you had created a awareness about upgrading the system for better payments of each & everything have ended in vain so we are requesting you to kindly tell us the real matter rather than having hopes in gone assets, help poor Africans guys

Chemusto deo 05/17/2018

Over or not

We just need a reply from you whether no more business or at the corner to surface, just a mere reply.

olobo patrick 05/16/2018

Ecoin, put back the login option

Ecoin indeed designed our lives but for a short sweet time n then has disappointed for a dame long time can you guys put back the login option now otherwise the beloved ecoingroup will soon go down in Uganda soon for real.

Okello George Francis 05/15/2018

ecoingroupbuz.com

We have sent several tickets to ecoingroupbuz.com, as email address provided by the company for easy communication, but reply has come from the company since 01.05.18 to-date, this has left a majority of investors in Uganda uncertain of this company's future.

Elianu Joseph. 05/14/2018

Website unavailable

What exactly happened to the website after the you claimed that you had suspended it for a few months. We have no communication n hence left with a great deal of suspicion as to whether ecoin was real or just another scam targeting the vulnerable people. If it is (was) real, improve on the info dissemination but if it was not from the beginning, I guess it was a success. From an aggrieved investor in Uganda

nelson 05/13/2018

not happy

we investors in Uganda,soroti are not happy about the continued suspension of the investors accounts and operations of your company in our area,so when do you intend to re-open for real?
there are already so many more people wishing to join but are scared that you might only be con men.
please give urgent feedback.
thanks

acom anita 05/13/2018

Ecoin website inaccessible

We invested and when the website gotten some problems we were told that they were just up grading the system and it would be back by 30th of A pril but its now 8th of may nothing has been solved we in Uganda are really worried, we need some hope please...thank you

Otieno Derrick 05/08/2018

Suspended ecoingroup accounts- Uganda

Communication at about suspension time was that after review of the programs accounts would be opened of start of April 2018. Yet so far no action is seen to this end. Why?

Ochodio Michael 05/07/2018

ecoin group

we joined the group and invested by now we can't login to get any information about our account we have been waiting for you to tell us when to open the website. lots of thanks.

Mukhwana Robert 05/05/2018

website suspension

why has the official webs
ite been suspended up to date, in Uganda, its now coming to four months without withdrawals& even you cant check the balance?

Oluka philemon 05/04/2018

eCoin website is not accessible

I can't access the website to login into my account and yet we we're told upgrading would end on 30th apirl and we could access our accounts. So what happened and what's the way forward

ritah aturinde 05/01/2018

e coin uganda

your account login doesnt work anymore , can you clear this suspicion# soroti Uganda

oluka 03/04/2018

Uganda

For us in uganda we are stuck with ecoin dollars , No e-wallet , debit cards, No one to buy them! but we want to use the money.WHAT CAN WE DO IN UGANDA?? help us humbly

James 01/29/2018
Forex
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