eCoin Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this eCoin Review.
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.
– Payments. 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.
– Fees. eCoin charges 0.2% trading fee, which is more or less in the average for the industry.
– 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.
– 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.
– 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.
– 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.
– 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.
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.
eCoin Review Conclusion
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