Evonax Review 2021 – Scam or Not?
Evonax is offering instant, easy, and secure cryptocurrency exchange options in the ten most popular crypto coins. Beyond exchanging altcoins Evonax is one of the few places where you can sell bitcoin and cryptos and transfer the USD funds via Advance Cash.
No fees, no registrations, no KYC – sounds easy and quick, but is Evonax a secure place to exchange crypto?
Let’s review what the Evonax exchange platform offers.
About Evonax
Evonax is a non-custodial cryptocurrency exchange that means the platform does not have access directly to the funds flowing through the exchange. They just act as an intermediary exchanging the coins between the different blockchains.
The altcoin exchange has started its operations in 2016 and is currently doing business under the name of Evonax A/S company. The official headquarters of Evonax is located in #1 Lech Kaczynski Street, Tbilisi, Georgia, while the company is registered in Denmark. Evonax A/S is belonging to Thyregod Invest ApS holding company with over $30 million in equity that is a private investment firm. The company has been rebranded from Exchange My Coins in 2016.
The company’s CEO position is occupied by Nikolaj Rosenthal, a professional hockey player who has more than 10 years of experience in running startups and businesses. Nikolaj has been involved in the blockchain industry since 2016 and he has joined the board of directors of Evonax in December 2019. The Chairman of Evonax is Poul Thyregod a danish serial investor who has helped and transformed several companies in the past into successful ventures. He is responsible for the strategic decision on the board. Overall Evonax has a small but experienced team of professionals who aim to serve the best interest of their customers with the highest level of services possible.
Although they have been around for a while, Evonax hasn’t been too active on social media platforms for far. They have a handful of followers on Twitter where they only share some articles once in a while. They are a bit more active on Facebook, where they share news related to the platform or the crypto industry. On the other hand, on Trustpilot, they have already managed to gather some useful feedback with an excellent rating
Getting Started on Evonax
It is pretty easy to convert cryptocurrency on Evonax. No need to register, provide any personal information. What you will need is your crypto wallet and the destination address you wish to send the converted coins.
You can convert cryptocurrency on Evonax in three simple steps.
1. Enter the amount of crypto you would like to convert
First, decide what are the coins you want to convert. You will need cryptocurrency first that can be converted into any of the ten different altcoins Evonax supports. It is not possible to buy cryptocurrency directly from Evonax, you need to use another broker for that.
Once you have the coins you would like to convert, enter the amount you would like Evonax to convert into the desired altcoin.
You also need to provide them the destination wallet address where the converted coins will be sent to. Make sure to doublecheck the provided address is correct as the process is automated and irreversible in case of human typo errors. The good thing is that Evonax has a built-in feature to check if a provided wallet address is valid or not. However, due to the nature of blockchains, the automated check will not be able to tell the difference between a Bitcoin, a Bitcoin Cash, a Bitcoin Gold, or a Bitcoin SV wallet as these are all based on the same blockchain protocol. In any case, take a second to doublecheck the provided address.
At this point, you also have the option to enter an email where you will receive notifications on the status of your conversion. This is not a compulsory step, you can use Evonax’s services even without providing an email.
So you have the cryptocurrency, you know how much you want to convert and you also have the destination address. Good.
2. Deposit the cryptocurrency you wish to convert
The second step is to transfer the cryptocurrency you want to convert to the unique deposit address generated by Evonax. You will get a nice and shiny QR code that you can use to scan to your wallet to be able to send the funds even from mobile wallets. But of course, you can copy and past the deposit address if you wish to do so.
Head to your wallet and transfer the amount of coins you have previously provided them. After the coins are sent, click on the button to confirm the transaction towards Evonax as well.
3. Receive the converted coins to your destination address
The third step is the conversion that is done by Evonax completely automatically. If you have entered an email address you will get a notification about the conversion when it has been done. If you did not add an email address you can follow the conversion directly on a block explorer.
It usually takes around 30 minutes at maximum to have the conversion finished, it is really depending on the blockchain networks if they are crowded or not. Take into account that there will be two blockchain transactions, one when you deposit coins to the temporary address provided by Evonax, and the second when Evonax sends the coins to your destination address. Although Evonax sends the transactions with reasonably high fees to have them confirmed quickly on the blockchains, the network activity can delay some of these transactions in case of peak times, just in case of any other cryptocurrency transaction. In case you have any specific issues with your conversion or have a question about it, you can always turn to their support team to investigate your case. Most of the time however, you just need to wait a bit until the transactions are confirmed on the blockchain.
Evonax Features
Evonax is a cryptocurrency conversion service that enables you to exchange altcoins in an easy, fast, and secure way.
Many different altcoins can be converted into each other. And in addition to this, you also have the option to withdraw USD cia Advance Cash.
The platform’s exchange option is very straight forward, you just need to choose the currency you wish to convert, deposit the input currency, and add the destination address.
There is no KYC process at all at Evonax, there is no need to provide any passport or other identification document. You do not even need to register to use their service, above all if you do not want, even an email address is not necessary. A truly anonymous option that only needs blockchain addresses to deliver the transactions.
If you wish to get notified about the current status of your exchange, you can opt to add an email address to your conversion. In this case you will receive a confirmation once the transaction has been finished. If you sign up for their newsletter you can get discounts on your next conversions.
At the moment there is no option to buy cryptocurrency from fiat currencies, like USD or EUR, you can only deposit using one of the ten altcoins supported by Evonax.
Supported Coins on Evonax
Evonax currently supports the most popular cryptocurrencies to exchange, including Bitcoin, Dash, Dogecoin, Ethereum, Litecoin, Monero, Tether, Chainlink, Bitcoin Gold, Bitcoin Cash and ZCash.
Supported Countries on Evonax
Since Evonax is an anonymous service and you do not need to provide any identification documents you can use Evonax from all over the world without restriction. They do not have a list of restricted countries, so their services are also available for US residents.
Fees on Evonax
Evonax does not charge any conversion fee on the transactions. There is only a small miner fee you need to pay in the destination coins as this covers the transaction on the blockchain.
But then how does Evonax make money to provide this service?
They make money on the exchange rate provided. For example at the time of writing this review, the BTC/ETH exchange rate was that one Bitcoin was equal to 27.3542 Ethereum, while for example on Binance the rate was 28.8068. This means one Bitcoin on Evonax can buy around 5% less Ethereum compared to other exchanges. This 5% difference is the price you need to pay in exchange for a fast and easy way of converting coins without any registration.
Support on Evonax
Users on TrustPilot have left very positive feedback on Evonax. The support team is frequently addressing critiques received online and try to come up with solutions for users’ problems. The only complaint they have received so far is that the service is slow, but that is probably because, by the time the user was trying to purchase altcoins, the blockchain was crowded that resulted in delayed transactions. In general, you get your coins fairly quickly, within a couple of minutes during normal traffic.
Although they have a FAQ page it is lack of real information. Even though the service itself is very straightforward and details, there is no information about fees or issues you might encounter during a purchase that would certainly calm a lot of users who are just waiting for their conversions.
In case you need to reach Evonax’s support team, you can do that using the provided email. There is no further channel you can reach them, but you can also try to reach out to the team on Facebook, Twitter, and TrustPilot as they seem to be actively responding to user feedback on these platforms too.
Security on Evonax
There are several security features applied by Evonax to make sure the user funds are in safe. SSL encryption ensures whatever information if flowing through the browser is encrypted and kept securely.
When you enter your crypto address into the given field, Evonax runs a general check if that is the expected format of the address for the cryptocurrency you wish to use. Although it does not prevent you from sending incorrect coins to incorrect addresses for example for forked coins, it can be a great help, especially for newbie users to make sure there is no typo in the given address provided.
Each time a new unique temporary address is created when you wish to convert altcoins.
When you use an email address to receive confirmation, it is checked a valid email address is provided for notification purposes.
But the best thing is that due to the nature of how blockchain is built and the architecture they use, there is no possibility to withdraw coins to any third party addressed as there is no further personal information is stored by Evonax. This ensures an easy and safe way to convert cryptocurrency.
Conclusion
Evonax is a fast and easy cryptocurrency conversion platform where you can convert bitcoin and other popular altcoins within each other. As a bonus, you can also withdraw USD funds via Advance Cash. There is no KYC or other identification process, you can start using the service without registration. The conversion is fairly quick and straightforward and Evonax does not charge an extra fee for the conversion. However it worth to note there is a 5% mark up on the exchange rates compared to other exchanges, but if you want to use a quick and easy solution to convert your crypto, you can definitely consider paying a bit higher price for the convenience.
Pros
- no fees
- no KYC or registration
- quick execution
- Advance Cash is supported to cash out crypto
Cons
- higher cryptocurrency prices
- too less information in the FAQ section
- no fiat payment option
- limited number of supported coins