The everyday use of cryptocurrency has become more personal as mainstream uses increases dramatically. And as such, the need for more personal involvement in the management of digital assets grows. However, there are only a few wallets or exchanges out there that grant users the flexibility to handle their digital asset portfolio without major tradeoffs between security and liquidity. Here, we’ll be doing an Evercoin review to showcase some of the features that make the platform stand out, and provide insight into its safety.
Up until now, users of cryptocurrencies would be required to use different wallets for different assets, which could be cumbersome to manage. On top of that, having to exchange one asset for another can be quite an uphill task in many cases; say for example, Bob and Alice have a transaction to conduct between them and Bob requests for a specific asset that Alice doesn’t currently own, she would have to use an exchange to convert whatever asset she has to the relative asset of Bob’s.
The common problem with the above example is the need to deal with exchange fees, blockchain transaction fees, blockchain confirmation time, KYC delays (where necessary, assuming Alice doesn’t currently have an account with the exchange of interest), exchange rates, and finally the time it takes for the whole process. This can make the use of cryptocurrency rather unappealing. However, with the likes of Evercoin, the hurdle in managing and transferring digital assets among peers is greatly reduced.
What is Evercoin?
Ever wondered how Coinbase became the go-to-app for US residents when it comes to using cryptocurrency. The fact is, it made it easy for most cryptocurrency users to manage, trade or transfer their digital assets in just a few simple steps, however, it only supports a few assets and holds the private keys to user's funds, thereby taking control away from the user.
Apart from Coinbase, there are a number of other cryptocurrency wallets out there, but just a few with the features found on the Evercoin platform. So what is Evercoin, one might ask, especially when backers such as Gumi Cryptos Capital, Roger Ver, Ross Mason, Marc Fleury, John Pigott, Eman Pulis, recently pooled $1 million to support the development of the platform? In this Evercoin review, we hope to explore what makes the platform an interest to big names in the cryptocurrency industry.
Evercoin is a product of Silicon Valley, one that can be considered as a wallet hybrid that offers the services of both a cryptocurrency exchange and a noncustodial wallet. It was founded in 2017 by Talip Ozturk along with 5 other teammates. Talip is said to have leveraged his experience in the creation of Hazelcast – an open-source in-memory distributed database popular among many financial institutions – to develop the Evercoin app, having seen how disruptive the potential of open source technologies can be when combined with distributed technologies.
The Evercoin platform seemingly allows users to have control over their digital assets on-the-go. Currently, it can be accessed either through an android or iOS app. The platform seeks to rival top cryptocurrency exchanges as well as custodial platforms to provide the utmost experience for the on-the-go cryptocurrency user.
The Evercoin App
The Evercoin app has a sleek green design featuring a market, wallet, real-time crypto-to-crypto exchange, and an activity log that allows a user to seamlessly navigate through their usage history. The app also features an in-app support system that makes it easy for a user to communicate with the tech support on the platform should they encounter any difficulty while managing their assets.
As at the time of writing this Evercoin review the app currently supports about 19 cryptocurrencies, including:
- Monero (XMR)
- Zcash (ZEC)
- Bitcoin Gold (BTG)
- Dogecoin (DOGE)
- Decred (DCR)
- Qtum (QTUM)
- BitTorrent (BTT)
- Digibyte (DGB)
- TRON (TRX)
The platform has also promised to add support for more ERC-20 tokens.
Evercoin Review: The Pros
The very first thing that stands out is that the app is a noncustodial wallet that allows users to be in control of their funds as they control the private key.
The platform eliminates the registration hurdle often limiting most users who do not want to share their private data with exchanges. In other words, users can use the platform’s service on-the-go, as it was designed to provide a certain level of anonymity. However, there are account limits that can only be unlocked when KYC levels cleared.
Unlike most cryptocurrency exchanges or wallet services that prompt for registration and verification of identity before using the services on the platform, Evercoin app allows users to be able to use the service upon download without having to go through the pain of waiting for their registration or KYC verification process to be completed.
Another important feature is a limit order, an option that allows users to set what price an asset should be traded at if the current market price is unfavorable, like buying low and selling high, a cool way to make profits on a volatile sail. This feature is a rare commodity on most mobile wallets and certainly sets this hybrid wallet apart.
Traders can take advantage of the price alert feature to enable them to keep track of price changes rather than stare all day at the chart. In-App live support that allows users to communicate their problems in real-time, and not necessarily having to exit the app.
Evercoin Review: The Cons
The fee structure is not well spelled out, as the exchange fees are often priced into the rates while exchanging assets, and a misunderstanding by newbies into the cryptocurrency world can be a huge turn-off. After all, who wants to pay higher fees? No one!
The second turn-off may be the fact that there are limited gateways to convert between fiat and cryptocurrency. To buy cryptocurrencies using fiat (USD) is currently only accessible by 10 US states by connecting the user’s bank deposit. Although the platform promises to roll out more banks in the future, however, this could in the meantime send users to other platforms to buy their assets and then come back and store on the Evercoin app – a little too much hassle.
Is Evercoin safe?
As part of the major challenges in the cryptocurrency industry – despite the promise of decentralization, and the endless possibility of transacting seamlessly at greater speed and lesser fees than incumbent financial systems; the security and control of digital assets on a centralized cryptocurrency exchange has always been a concern to current users and a huge deterrent to new users as well.
Before the rave of mobile wallet apps, or hard wallets, most cryptocurrency owners had to trust crypto exchanges to hold their funds and this came with a lot of problems, as it exposes the user to risks such as loss of funds through hacking or perhaps due to illiquidity. Therefore, any cryptocurrency custody or exchange service ought to meet a particular standard to be considered safe for use.
So, is Evercoin safe for use? After going through this Evercoin review, the best way to determine this for sure is to consider what the platform proposes and then match them with real-time user experiences which may be the perfect gauge to underscoring the strengths or weaknesses of the platform.
The iOS version of the app has received many accolades with a rating of 4.7 out of 5 from 2.6k ratings on the Apple App Store. On the Android platform, an average rating of 4.0 out of 5 from 132 reviews, with only a few complaints about bugs which the Support addressed could be fixed by updating the app, and others as well complained of losing funds due to high fees, perhaps due to lack of clarity on how the fee structure works on the platform.
User interface: Friendly and easy to use.
Security of funds: Users own and have control of the private key.
Liquidity: Instantaneous filling of order, except Limit order function, is used.
Support: Live and active support.
KYC Requirements: Yes, for higher transactions.
- For Level 1, Exchange $0/daily
- For level 2, Exchange $100,000/daily; Bank purchases $1,000/weekly; Bank withdrawals $1,000/daily [ID verification required].
Evercoin fees: Fee is incorporated into the exchange rate, and ranges from 0.5-0.8% of the transaction.
Read More: How to buy crypto using USD
Evercoin is a mobile app wallet and crypto exchange for managing your cryptocurrency portfolio. It allows the use of being able to exchange cryptocurrencies without having to go through a lengthy verification process.
- Easy to use platform for beginners
- Top crypto coins supported
- Mobile on-the-go service
- Higher fees
- Limited gateways to convert currency