According to Evercoin, they have the safest cryptocurrency wallet and exchange. How is Evercoin different from the rest? Let's examine their claims.
ecurity is always our biggest concern when doing things online. With the current global pandemic, we have started to depend more and more on the Internet of Things and the cast resources within to do more and more of what we used to have to go out to do. However, with anything digital or online there are always risks.
Evercoin is the safest cryptocurrency wallet and exchange, according to their home webpage at least. Today we will discuss Evercoin and see what makes it such a secure and advanced tool for crypto investors and those looking for a great handheld exchange platform.
Before we dive into the security features, let us talk about Evercoin. Evercoin is what many would call a jack-of-all trades platform. Evercoin combines the exchange, the mobile wallet, and hardware wallets into one simplified system.
Evercoin, founded in 2017 in Silicon Valley by Talip Ozturk and his team. Ozturk used the knowledge and experiences from creating Hazelcast (an open-source in-memory distributed database used by many financial institutions) to aid in the development of Evercoin. Evercoin focuses on creating an experience of easy to access and fully controllable digital asset management on the go. Evercoin has an iOS as well as an android app.
Not too long ago if you wanted to trade cryptocurrencies you would need a different wallet to hold different assets, that made the management of all your assets a lot harder to keep organized. Furthermore, it could be said that the more wallets you have, the more areas of attack you have.
That is where Evercoin comes in, their exchange supports more than 15 different cryptocurrencies, with some listed below:
The Currencies Supported are below:
USD Coin Bitcoin Ethereum Litecoin Ripple
Bitcoin Cash Bitcoin SV Dash Ethereum Classic
TRON Zcash Digibyte Bitcoin Gold
One of the ways that Evercoin is different from most exchanges is that it is non-custodial. This means that instead of holding custody of their user’s funds Evercoin does not hold any user funds.
Many platforms require registration and other forms that require personal info verifications and ID checks. For many users, despite the security that is sometime assumed by completing these checks, some prefer to not share their personal details with the exchange. It also is a problem when considering some exchanges can take three days or more to verify indemnities meaning the exchange cannot be used upon sign up.
Evercoin does away with this to a certain degree, users can simple download the app and have access to the exchange features they need without any verification of ID, however there are account limits that will apply, but users can unlock these by following the standard KYC verification processes’.
Evercoin has another very useful feature, their “limit order” it is an option that allows users to set the price for what they would like an asset to be traded at if the current market price is not their liking. See it as something like most stock trading platforms that offer limit buy/sell options. According to some review sites, this can be a rare feature to find on mobile wallets and I for one can say that this is a feature I wish I had included with mine [wallet].
To be frank, the app is well designed and easy to navigate, within the app you will see: markets, your wallet, an activity log, and have access to a real-time cryptocurrency exchange.
Some have discussed that the fees can be hard to see clearly, but as of now Evercoin’s fee is between 0.5% to 0.8% of the trade.
The application has great support on the platform (based on many Apple iOS Store, and Google Play reviews) and within the app there is an easy channel to direct communication with tech support if you have any problems using the application at any time.
One review on the Apple App Store said, “I tried to transfer BTC from there to my Evercoin wallet and didn’t understand what I was doing. I accidentally transferred my BTC from the other app to BCH on Evercoin. This resulted in my currency disappearing completely (about 1,000 USD). The customer service was able to help me retrieve the lost money and get my funds back to my BTC wallet. Other sites could have told me the money was lost, but Evercoin did what they could to make me a happy customer.”
However, another review on the Apple App Store was not so cheerful about the support, “the app works but the transactions often time out and there’s nothing you can do but wait for the support team to come to the rescue. I was ahead of the XRP crash and the tx stalled out. Wrote to customer service and after about 8 hours they tried to blame me for entering the transaction improperly. I verified that I hadn’t and called them out. The rep was unapologetic. He said they still weren’t responsible, and it cost me 30% of my sale price. It wasn’t a large amount, but it left a bad taste in my mouth that they tried to blame me for the error. They made no attempt to make it right. My advice: learn to trade on an exchange and skip using this app. That’s what I’m telling all of my friends getting into crypto, now.”
Links to the apps: Google Play: https://play.google.com/store/apps/details?id=com.evercoin&hl=en_CA Apple App Store: https://apps.apple.com/us/app/evercoin-bitcoin-ripple-eth/id1277924158
Is it Safe?
Well, this is where it is hard to say, Evercoin to this date has had no major security breaches and has not had many negative claims. To really and truly find out, we reviewed many of the reviews for the app left on the iOS and Android app stores but did not find any major evidence of security flaws with the application. However, with anything related to technology be cautious there isn’t an overall way to know if something is safe until, it isn’t.
As for now, we cannot see the harm in trying out this on-the-go exchange solution, the best way to support the continuous development of this application is to test it yourself and make sure you leave a comment in your respective app store