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As others have noted, this is a clone of https://shapeshift.io/ https://shapeshift.io/. Clones are fine: it's possible that evercoin does something different/b
by tyrust 9y ago
As others have noted, this is a clone of https://shapeshift.io/ https://shapeshift.io/. Clones are fine: it's possible that evercoin does something different/better than shapeshift. What is not fine is the apparent lack of transparency in fees [0]. evercoin says that they charge both exchange and miner fees but do not specify either; just because they include the fees in the final price does not mean they do not exist. Compare this to shapeshift [1], which only charges a miner fee, specifying exactly what that fee is.
[0] - from their FAQ (https://evercoin.com/faq https://evercoin.com/faq):
> How about fees?
> Let's assume Evercoin tells you that you will receive 7.55 LTC for depositing 1 ETH. All fees (our fee and miner/blockchain fee) are all baked into our pricing so there is no additional fee. That means if we receive -exactly- 1 ETH then you will get -exactly- 7.55 LTC in your LTC wallet. No playing with the numbers, no surprises.
[1] - from https://info.shapeshift.io/about https://info.shapeshift.io/about:
>With ShapeShift, what you see is what you get. The exchange rate shown is exactly what you'll receive, minus only the "miner fee." There is no exchange fee, or service fee.
> [fee schedule follows]
- donpdonp 9y agoIt sounds like using Foreign-exchange with an ATM card - there's no explicit fee except the conversion rate is adjusted to work in the bank's favor as a cut of the total amount transfered.
- csomar 9y agoI'm pretty sure Shapeshit charges a fee (spread).
- corford 9y agoThey do and explain as much in their FAQs.
- amingilani 9y agoIt doesn't matter. At the end of the day, all you care about is the exchange rate (e) for the number of tokens you send (x) and the number of tokens you get (y). i.e (x/y = e) The way the exchange determines this rate is entirely upto them. If it's too high, go somewhere else.. but no exchange is required to disclose how they derived their rate. Just because one did, doesn't mean it's any better than the other. If the e(shapeshift) < e(evercoin), I'd go for Shapeshift, or vice-versa. In the real world, I wouldn't expect a money-exchange at the airport to include a full breakdown of their costs on their exchange schedule.
- jpatokal 9y agoActually, in most of the world money exchangers are required by law to state if they charge flat fees/commissions/etc on top of exchange rates, and having "NO FEES/COMMISSIONS" is an advertising point. So it looks like Evercoin is in the "NO FEES" camp, which would usually mean crummier rates for larger sums, and Shapeshift is in the fee camp, again usually meaning you take a hit on small sums but get better rates for larger sums. (Note that I'm not sure if this is actually the case.)