Eclipcoin

Eclipcoin Review

What is Eclipcoin?

Eclipcoin is a crypto platform registered in Estonia, under the supervision of the Estonian FIU (license number FVT000388). It has been active since 2020.

The service offered here is quite easy to describe: you can buy Bitcoin. We call these types of platforms crypto shops. Crypto shops are platforms that focus on helping you take the first step into the crypto world. They normally don’t have any advanced charting tools or trading functionality, but focus more on speed, security and simplicity. What they all have in common is that you can buy Bitcoin, and often also a few other cryptocurrencies, at these platforms and pay with fiat currency.

Eclipcoin Advantages

As advantages with this platform, Eclipcoin highlights that it is convenient to use, that it is secure and that they have online support and competitive exchange rates.

Eclipcoin Fees

Eclipcoin Trading fees

This particular platform is more a cryptocurrency store than a cryptocurrency exchange. They sell cryptocurrency from their own inventory, and do not facilitate transfers from one Eclipcoin-user to another. Accordingly, it is difficult to compare the fees charged by Eclipcoin with the industry average trading fee at a regular centralized exchange (0.217% for takers and 0.164% for makers according to this report).  

Fees here are set at 15.00%, and according to information we have received from the exchange, they go down as you buy more Bitcoins. As a result, the fee could ultimately reach 10.00%. We have however not been able to independently verify this.

Even if it is difficult to compare these fees with industry average trading fees at regular centralized exchanges, these fees are incredibly high. 

Eclipcoin Withdrawal fees

To our understanding, Eclipcoin does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure.

Generally speaking, to only have to pay the network fees should be considered as below global industry average when it comes to fee levels for crypto withdrawals. 

Eclipcoin Trading View

Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you.

Eclipcoin's purchase interface gives you the option to insert the exact amount of BTC you wish to buy. This purchase interface makes it very easy to understand if you’re new to crypto, yet it might not offer all the advanced buy/sell features more experienced traders look for. Here’s a peek at Eclipcoin’s interface:

Deposit Methods and US-investors

US-investors

Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.

Eclipcoin does not allow US-investors on its exchange. So if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our exchange filters, you can sort the exchanges based on whether or not they accept US-investors.

Deposit Methods

At Eclipcoin, you can deposit through both wire transfer and debit/credit cards. This makes this exchange a so called "entry-level exchange", where a new crypto trader can take its first steps into the exciting world of cryptocurrency.