> Are there any market makers that accept Evocash? http://www.evocash.com/
I would highly advise against using Evocash.
Few things I noticed:
The 'evo' is unit the currency and is exactly equal to 1 US$. This is a
world-wide 'offshore' currency which is rooted in, based on, only accepts,
and only pays out in US dollars.
The fee to transfer evos between accounts is 1 evo for every 5000 evos, or
fraction of 5000 evos. In other words, a transaction fee betweem 1/50% &
100+%.
If you try to transfer more than you have, you will be fined $50 "to cover
administration costs";even though there is no additional labor involved in
a bounced transaction vs. a valid transaction. No other online currency
cares is you attempt to overdraw your account. They simple don't allow the
transaction.
They have advertising on their site. No, JP, it isn't Evocash related
advertising. It is not even paid advertising. It is just a Compaq banner
linked to the Compaq site. There is no tracking information of any sort in
the link. It is a simple 'www.compaq.com' link.
To get money out of the evocash system generates a 1.8% fee, minimum 2
evos. This is just to get the money out, there is an additional charge,
ranging between $4 & $105, depending on how you want the money sent to
you.
They pay an interest rate of 9%. In their FAQ they say "We simply pass on
the interest we obtain from our bankers plus part of our outgoing fees.
The rate is based on our past trading records." They claim to be 100%
backed by cash in the bank.
They only have 1 approved/accepted/mentioned "Exchange Maker", X-changers.
X-changers charges *no* service fee and has no minimum deposit.
In X-changers user agreement they have an interesting contradiction.
::
1.1. "Evo(s)" means the account based electronic currency issued by
EVOcash
Administration Inc., ("EVOcash®"), and settled via secure (SSL) Internet
connection to http://www.evocash.com.
1.2. "Electronic Currency" means the instrument defined above, a
non-interest bearing instrument, designed to be circulated as medium of
exchange and affording immediate settlement in which there is a market for
this payment medium.
::
According to the above, an Evo is an electronic curency and an electronic
currency is a non-interest bearing instrument. So, where does the 9%
interest come from?
The last question in X-changer's FAQ is pretty interesting.
::
Q16: How do you make money if you do not charge to perform the
in-exchange?
A16: X-Changers fulfills all of EVOcash®'s out-exchange requests. We in
turn receive a fee from EVOcash® for this service.
::
Evocash's only exchange maker charges no fees of any kind to the end
users, but receives payments from Evocash for providing an outexchange
service.
So, in summary...
Evocash is an offshore, US$ based, non-interest bearing currency which pay
9% interest and charges a transaction fee of up to, and over, 100%. There
is no charge to put money, only US$ are accepted though, into the system
but there is at least a 1.8% fee to take money out. Evocash charges $50 if
you attempt to transfer more than you have in one account to another
account.
I can see why people want to find a exchange provider between Evocash &
e-gold. There is no charge to deposit money into the account, but
ridiculous fees to move money between accounts, and fees to get money out
of the account. They can inexchange with e-gold but can only outexchange
by means of a check or a bank wire.
They might actually be a legitimate company. However, I highly recommend
*against* ever using Evocash in any capacity.
Viking Coder
________________
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http://www.two-cents-worth.com/?VikingCoder
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