ECD Review (Jul 2022): Why We Don’t Like It

June 16, 2022
Reviews

ECD is a crypto exchange and the Australian branch of ECD.rs. It is a very secure platform and a good choice for its educational resources. However, it has a very limited coin supply of just 3 cryptos, doesn’t have a functioning mobile app, and has low liquidity compared to other exchanges.

Capital is the favourite among knowledgeable Australian crypto investors, both for its enterprise-grade security and zero trading fees. If you’re looking for a safe, cost-effective way to buy and sell crypto in Australia, I can’t recommend Capital highly enough.

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What Is ECD?

ECD is a cryptocurrency exchange and the Australian branch of ECD.rs, which was founded in 2012 and functions in Europe only. ECD is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and operates legally with a business licence. It is insured through its partnership with Fireblocks, one of the largest and most secure digital-asset custodian and crypto-transfer platforms, and most crypto assets are kept in cold storage. 

ECD supports 3 cryptocurrencies, Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC) and its ECD Wallet is secured using a mix of MPC-CMP technology and Multi-Factor Authentication (MFA). 

Customer support is available 24/7 and it offers a lot of educational resources for new and experienced crypto investors.

To start off this ECD review, let’s take a deeper look at ECD’s pros, cons and features.

ECD Pros & Cons

ECD Pros

  • Supports 3 cryptocurrencies
  • Integrated with ECD Wallet
  • Secured by Fireblocks
  • Cold Storage policy
  • Customer support available 24/7 via email
  • Multi-Factor Authentication (MFA)
  • Same-day deposits

ECD Cons

  • Very limited coin offering
  • No mobile app
  • Low liquidity

ECD Features

1. Complete Integration With ECD’s Wallet

The ECD crypto exchange is completely compatible with the ECD wallet, and users can receive a lot of benefits by using both. Using the ECD wallet, users can deposit money, buy and sell cryptocurrencies and make withdrawals. 

For users who have multiple wallets, ECD has a very easy-to-use interface to send crypto, using only the crypto addresses of those wallets. The fees for using this service depend on the cryptocurrency they’re sending, and the fees are relatively low; these fees are used primarily to pay for the network fees.

Users can keep track of all their transaction history by opening their ECD Wallet and clicking on the My Transactions menu at the top; all past transactions will be displayed similar to a bank. 

2. Security Features

ECD is registered with the Australian Securities and Investments Commission (ASIC), and the Australian Transaction Reports & Analysis Centre (AUSTRAC). It uses a combination of cold storage and hot storage to keep assets secure while maintaining high liquidity. 

ECD uses Multi-Factor Authentication (MFA) and allows users to beef up their account security by setting up a Passphrase, a combination of words used as added security. Keep in mind Passphrases differ from your regular login password. 

ECD’s Wallets are one of the most secure wallets out there right now; thanks to its partnership with Fireblocks, all crypto assets are stored securely, mostly in cold storage. On top of passphrases and MFA, Fireblocks uses MPC-CMP cryptography and institutional-grade custody technology to facilitate instant transfers while maintaining the highest security. 

Additionally, ECD complies with all Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations in Australia.

3. Resources And Guides For Beginners

ECD offers a very thorough set of guides for new and experienced investors. They have guides on how to send and receive crypto, how to protect yourself when using crypto exchanges and how to spot scams and fake exchanges, among many others. All guides are freely accessible on their web page, even if you don’t sign-up with ECD.

4. Excellent Customer Support

ECD offers customer support via email only, and their customer service reps are actually helpful rather than just following a script. It takes just a couple of minutes for the customer service reps to reach out, and they’re available 24/7. You can reach out to them through:

  • Email: support@ecdaustralia.com
  • Support page: Via the Help Center on their webpage
  • Live chat: Not available

If you have more specific questions about ECD’s offices in Australia you can send them an email at office@ecdaustralia.com.

5. Instant Account Verification

To sign up with ECD, you just need to provide your name, date of birth, address, phone number and email address. Most users won’t have to upload a photo or a video and can get verified in minutes. A small number of users may have to upload an additional identification document like:

  • Driver’s License
  • Passport
  • National Identity Card

Some users may also be required to complete video authentication; this is a very quick process to make sure all users are Australian citizens, and it won’t take more than five minutes.

Cryptocurrencies On ECD

ECD supports 3 cryptocurrencies: Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH).

ECD Fees

Trading Fees & Spreads

  • Trading Fees: 2%
  • Spread: 0.2%

Deposit & Withdrawal Fees

Here are ECD’s deposit fees:

  • Deposit Fees (AUD): Free
  • Deposit Fees (Crypto): Free

Here are ECD’s withdrawal fees:

  • Withdrawal Fees (AUD): 1.5%
  • Withdrawal Fees (Crypto): Depends on the crypto (For Bitcoin 0.0001 BTC)

3 Exchanges I Recommend Over ECD

ECD isn’t a bad exchange, but it’s also not the best in Australia. Due to its low liquidity, lack of a mobile app, and limited coin offerings, I recommend any of these three exchanges instead:  

How To Withdraw From ECD

To withdraw fiat (cash) from ECD, follow these steps:

  1. Visit ECD’s webpage
  2. Log in to your account
  3. Click on the Withdraw menu and select fiat
  4. Fill in your banking information
  5. Click Withdraw

To withdraw crypto from ECD, follow these steps:

  1. Visit ECD’s webpage
  2. Log in to your account
  3. Click on the Withdraw menu and select crypto
  4. Enter the crypto address that will receive the assets
  5. Click Withdraw

In Summary

ECD is a crypto exchange and the Australian branch of ECD.rs. It is a very secure platform and a good choice for its educational resources. However, it has a very limited coin supply of just 3 cryptos, doesn’t have a functioning mobile app, and has low liquidity compared to other exchanges.

ECD FAQs

Is ECD Safe & Secure?

Yes, trading with ECD is completely safe and secure. ECD is registered with the Australian Securities and Investments Commission (ASIC) and conducts business under an Australian Financial Services Licence (ASFL).

Is ECD Legit?

Yes, ECD is legit. It uses Multi-Factor Authentication (MFA) and is partnered with one of the largest digital-asset solutions in the market: Fireblocks. It is also registered with the AUSTRAC and has been in the crypto business since 2012. 

Is ECD Legal In Australia?

Yes, ECD operates legally in Australia. It is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), follows all Australian financial regulations, and is compliant with the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF).

Does ECD Verify Accounts Instantly?

Yes, ECD does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

  • Driver’s Licence
  • Passport
  • National Identity Card

Some users may have to complete a video authentication; it won’t take more than five minutes, and their accounts will be activated immediately.

Is ECD Good For Australians?

ECD is a decent exchange for Australians, though if you’re looking for the best overall trading experience, I recommend using Capital instead. Each of them offers quite a bit more than ECD, and I’m confident you’ll have a better experience with them. 

How Well Is ECD Reviewed On Reddit?

Reddit’s review of ECD is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt. 

Can I Buy Dogecoin With ECD?

No, you cannot buy Dogecoin with ECD. If you want to buy Dogecoin, I suggest using Capital or another top Australian exchange instead.

Is ECD Insured?

Yes, through their partnership with Fireblocks, all ECD’s crypto holdings in storage or in transfer are insured. Fireblocks also covers E&O (Errors and Omissions).

ECD Referral Code

ECD does not currently have any referral or promo codes because they aren’t offering a signup bonus. If you want a signup bonus, you can get a $30 bonus from Swyftx, a $40 bonus from Digital Surge, and a $25 bonus from CoinJar.

Does ECD Report To The ATO?

Yes—as a digital currency exchange provider registered with AUSTRAC, ECD is required to report to the Australian Taxation Office (ATO). Users must also report their crypto trading activity to the ATO when filing their taxes at the end of the year.

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