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Evercoin Review - is it scam or safe?

Evercoin Review - Is evercoin.com scam or safe cryptocurrency exchange?

RATING: 3.6 / 1 REVIEWS Evercoin

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Maker Fee Taker Fee

Deposit Fee

Standard 1:1 Does not apply Does not apply Approximately 1.8%, with the mining fees*

 *the fees are not disclosed, read the full review to see our calculations, which led us to this number.

 

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. 

 

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:

 

 

 

You will then have 10 minutes to make a transfer to a newly provided address (in the first coin) and wait to receive your purchase (in the second coin, at the destination wallet). It doesn’t get much simpler than this.

 

Decent, but undisclosed fees – the number of coins you see in the second box are the ones which you will receive, with no additional charges. This includes the costs of two bockchain transfers, as well as Evercoin’s fees (which aren’t disclosed). Here is how we got to the number we stated in the beginning of the review:

 

In the example, used for the previous screenshot we wanted to exchange 0.5 BTC for ETH. At the time of taking the picture the prices were as follows

 

Taken from our dedicated coin tracking page

 

We are exchanging 0.5 BTC, which is approximately worth $4 884.07 ($9 768.14 / 2). If we simply divide this by the current price of an Ether we get 6.17055727 ETH  ($4 884.07 / $791.51). This is a hypothetical value, where no fees or transfers are involved (which is never the case).  

 

Our Evercoin test revealed, they would have granted us 6.05963268 ETH for our half of a Bitcoin. This means the total costs are 0.11092459 ETH (6.17055727 -  6.05963268), or approximately 1.8% of the “ideal value” mentioned above. Keep in mind this includes both blockchain transfers, so it seems relatively reasonable.

 

Positive reviews – one of the main factors when judging the credibility of such a project is the comments made by other users. This is simply due to the lack of regulation (or its limited scope, when applicable). While this isn’t that popular of a project, the feedback is mostly positive.

 

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.

 

>>Exchanges supporting Credit Cards<<

 

No charting – Evercoin, presumes someone will be monitoring the price movements on other platforms and only use their system when transferring between wallets (exchanges).

 

Isn’t suitable for active traders  – those of you who are willing to speculate on the market dynamics will not find this to be an interesting project. For them, a forex broker may actually be better alternative than any exchange.

 

>>Crypto forex brokers<< 

 

Some of these companies have started offering cryptocurrency CFDs. This is a different asset than the actual coin – a synthetic financial derivative which only follows the price swings occurring in the underlying asset. In essence you will not be buying Bitcoin, but only speculating with it. Find more information here.

 

Conclusion

 

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.

 

>>Tightly regulated Bitcoin forex brokers<<

 

The key points about Evercoin again:

 

Pros Cons
Transparent about the team No AML and KYC, may lead to issues
As easy as it gets Markup is not disclosed
Decent, but undisclosed fees Limits may be small for some users
Positive reviews No ways of buying with fiat
16 coins supported No charting
Mobile app available Isn’t suitable for active traders

 

Latest news about Evercoin
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Traders` reviews for Evercoin

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

A few updates

Hello, thank you for your review! We have made a few updates which may help with your users.

* We are now fully KYC/AML compliant
* We have disclosure about our fees on our FAQ
* We have a 100 BTC limit (high) after KYC

The other comments you have are appropriate at this time. We are always adding new features!

Disclosure: I am a cofounder of Evercoin

Thanks.
Miko

Miko Matsumura 11/13/2018
Forex
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