Evercoin Exchange Review | Fees, Security, Pros and Cons
If you are looking to exchange coins from a non-custodial wallet, then you should check out our Evercoin review.
Evercoin Review: Exchange Overview
Evercoin is a US-based cryptocurrency exchange that was established by Talip Ozturk, the Hazelcast developer, a popular open-source in-memory distributed database, which is employed by top. Evercoin is a unique exchange that also features an in-built, non-custodial wallet system for cryptocurrency management.
While almost all other cryptocurrency exchanges hold custody of user funds, Evercoin does not keep any of the private keys of the users when they are storing or trading their crypto on the platform.
Evercoin supports a variety of cryptocurrencies and does not require any KYC procedures in order to create an account or trade with the listed assets. Some form of ID might be required by the company in order to increase daily limits.
The exchange is very transparent when it comes to its team members, featuring their lead developer along with their personal information and online contacts in the about section on the website. The team consists of 4 people, including the founder Talip Ozturk.
Supported Currencies and Available Countries
At the time when we did our Evercoin review, the app supported 18 cryptocurrencies, including:
⦁ Bitcoin (BTC);
⦁ Ethereum (ETH);
⦁ Litecoin (LTC);
⦁ Ripple (XRP);
⦁ EOS (EOS);
⦁ Bitcoin Cash (BCH);
⦁ Bitcoin SV (BSV);
⦁ Dash (DASH);
⦁ Ethereum Classic (ETC);
⦁ Monero (XMR);
⦁ Zcash (ZEC);
⦁ Bitcoin Gold (BTG);
⦁ Dogecoin (DOGE);
⦁ Decred (DCR);
⦁ USD Coin (USDC);
⦁ Qtum (QTUM);
⦁ BitTorrent (BTT).
The team has stated that they will include in the near future more ERC 20 tokens to their listing. USD is the only fiat currency that is supported (this depends on your area of residence).
Residents from Iran, Syria, North Korea, the Crimea region, and Cuba, as well as any person with economic sanctions levied against them by the US are prohibited from using the service offered by Evercoin.
The app is available for iOS and Android devices.
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 Get Evercoin
1. Go to the official website or download the iOS or Android app for your device.
2. If you opted for the website, put in your phone number and wait to receive a message.
3. Click on the link and link attached to the message.
4. Provide your full legal name (personal information will vary for limits; we will discuss this later in our Evercoin review).
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.
Evercoin Exchange Fees
Downloading Evercoin does not cost you anything, but there will be fees for swaps executed through the service. The featured exchange rate, network fee, and transaction fee are updated on a frequent basis to keep up with the market. Thus, the final transaction fee will also be subjected to change from the initial deposit if it is performed outside of the set timeframe.
In addition to network fees, Evercoin applies a fee that ranges between 0.5%–0.8% of the trade and varies depending on the transaction made.
Crypto deposits are supported as well as bank wire transfers (you can connect your bank account to your Evercoin app).
The processing times of transactions depend on the traffic and state of your coin’s respective network.
Evercoin isn’t based on an API that communicates with several exchanges, which in turn imposes limits on every order to ensure the service does not run out of coins.
The exchange applies minimum and maximum amount limits and features them in the order page, and users must trade within these limits at all times. If they not, their transactions will be rejected.
In our Evercoin review, we will be analyzing an important aspect of all crypto exchanges, which is security.
Evercoin does not keep any of its users’ private keys; hence they do not have control over any of the funds. Their non-custodial service is considered safe, as all of the transactions are settled by the blockchain, thus preventing assets from being exposed to the exchange hacks.
Their wallet also features a patent-pending backup and recovery service to prevent users from losing their keys and funds. The app also features integration with YubiKey, which facilitates safe crypto storage, as it encrypts the private key to prevent hackers from finding it on the user’s phone. After the YubiKey has been connected to the phone, all transactions have to be signed or sent by providing this key.
Users do not share any of their keys, just the transaction amount.
So far, we have found that only a phone number and full name is needed, but the company might require you to provide additional information depending on your case.
Evercoin’s team can be contacted via a live chat option or through their official Twitter and Facebook channels. Representatives have been praised for their ability to respond to customers’ questions in just a few hours.
Evercoin Exchange: Reputation
If you search for an Evercoin review, you will find that most online opinions are positive. Both apps score very highly in terms of ratings, with the iOS version scoring 4.7 out of 5 from 2.6k ratings on the Apple App Store, while the Android platform has an average rating of 4.0 out of 5 from 141 reviews.
Some of the few complaints are related to bugs that have been fixed in the meantime by an update or loss of funds because of high fees, as the fee structure is not so clear.
Evercoin Review: Verdict
Evercoin is a quick, non-custodial exchange service ideal for mobile users, but if you decide to use this app, you need to be careful when calculating your fees.
Evercoin Exchange: Pros and Cons
⦁ Non-custodial exchange;
⦁ Supports a decent amount of cryptos;
⦁ USD purchases supported;
⦁ Highly-rated apps;
⦁ Bank transfers supported;
⦁ Based in the US.
⦁ Fees are undisclosed;
⦁ KYC situations are vague.
Featured image: news.bitcoin.com