Dana Nikolic is a respected fintech expert with a strong interest in the cryptocurrency field. As a writer, she is known for her insightful and well-researched articles.
Naomi (Walletinvestor): Hi Dana, thank you for joining us today. Your recent article on eCheck-ready crypto platforms has garnered a lot of attention. Can you start by telling us what inspired you to write about this topic?
Dana Nikolic: Hi Naomi, thank you for having me. Honestly I was just trying to buy crypto myself one day, using eCheck. But there was basically no information about it out there. So I figured I’d do my research and fill the gap. There must be others who are searching for the same thing I thought, so I thought I might as well help them out.
Naomi: That’s a great initiative. You write for eCheckCasinos.ca, a fintech site, is that right ? For our readers who might not be familiar, could you explain what an eCheck is and how it works in the context of purchasing cryptocurrencies?
Dana: Sure. Yes, I joined eCheckCasinos.ca fairly recently and published my first post there in January of 2024. I’ve covered many subjects there, but yes, mostly fintech and iGaming deposits for the Canadian market. But I’ve been writing for many years, across many sites and news outlets like Huffpost, NewsBreak, ThriveGlobal, and Hackernoon.
[Note to readers: you can find Dana’s profile here if you want her full writer’s background]
To answer your question, an eCheck functions similarly to a traditional paper check but in a digital format. It allows funds to be transferred electronically from a buyer’s bank account to a seller’s account through the ACH network. So for crypto, eChecks can be traded for crypto on peer-to-peer platforms with an escrow service inbetween. And once the transaction is verified, the platform then releases the crypto from escrow to the buyer.
Naomi: Your article mentions a few platforms like Paxful, Symlix, and Noones. What makes these platforms stand out in terms of security and user experience?
Dana: Well firstly, these are the only legit platforms I could find. I was looking and looking but I couldn’t find anything else that looked remotely safe. We have Paxful for instance, a highly popular platform with a solid escrow service. This means the seller’s cryptocurrency is only released once the buyer’s payment is confirmed. Symlix and Noones.com work in a similar way. They just have a different interface and a different user base.
Naomi: You’ve emphasized the importance of choosing a reputable platform. Can you share some tips on how users can identify reliable platforms and avoid scams?
Dana: So the first step is to do thorough research. Look for platforms with positive reviews on reputable sites like Trustpilot, Reddit, and other forums. The more the merrier. It’s also crucial to check for any history of security breaches or negative feedback regarding the platform’s operations. Lastly, always verify the credibility of the sellers through user reviews and transaction histories on the platform. Only then you’re ready to make a trade.
Naomi: You also discuss the fees and limits associated with using eChecks on these platforms. How do these compare to other payment methods?
Dana: Generally the fees are the same all across these platforms. But one platform may impose more hidden fees than the other. By hidden fees I basically mean worse conversion rates. Especially when swapping one cryptocurrency for another on the platform. It’s always good practice to review the platform’s fee structure and start with smaller transactions before making any bigger trades.
Naomi: Security is always a major concern for anyone dealing with cryptocurrencies. What are your best practices around security?
Dana: Security should always be a top priority. Before you even touch a cryptocurrency, make sure your computer isn’t infected by any viruses. You can download malware scanners and make sure it’s all green. Otherwise you can end up getting your whole crypto wallet drained in seconds. It sounds scary but, it’s better to stay vigilant about this stuff than to lose your money. Believe me it’s more common than you may think.
Naomi: Why do you think eCheck is a good option for buying crypto, compared to other methods?
Dana: eChecks offer several advantages. They typically come with lower fees, which makes them a cost-effective option. Unfortunately they are not instant, but I think that’s coming in the near future. And then of course, if you don’t want to use your credit card online, then eCheck is the safest option. Overall it’s a very popular option among the rich. And like I always say, you won’t go broke by following the rich 🙂
Naomi: Lol, you’re right about that. Ok so, in your article, you provide a step-by-step guide to buying crypto with eCheck. Can you summarize the key steps for our readers?
Dana: Sure, here’s a quick summary:
Create an Account: Sign up to one of the platforms I recommended in my article and just verify your account to make sure it’s in good standing.
Link Your Bank Account: Add and verify your bank account to enable eCheck payments.
Choose Your Cryptocurrency: Select the crypto you wish to purchase. I would recommend Bitcoin or Ethereum. USDT works fine too, as it can be sent over the Ethereum network.
Initiate the Transaction: Enter the amount of crypto you want to buy and select eCheck as your payment method.
Due Diligence: Does the seller have realistic terms? Or is there any sketchy stuff going on? Also make sure to review the seller’s reviews before you make a trade.
Confirm and Complete: Make sure the seller’s crypto is locked inside the escrow before you release any payment.
Exchange Reviews: After you receive your crypto, leave a good review. The seller will usually do the same for you.
Naomi: That’s so straightforward, thank you. Lastly, what future trends do you think we will see when it comes to eChecks and crypto?
Dana: Speed please, speed! We need eChecks to clear instantly, and we need it badly. At least that’s my wish. But I think the banks are working on it. Other than speed I don’t have much else to add. Oh and the interface. If there is a way to simplify the interface it would be helpful. I mean it’s not too complicated, but I think there’s some room for improvement there.
Naomi: Thank you, Dana, for sharing your insights and expertise. It’s been a pleasure talking with you.
Dana: Thank you, Naomi. It’s been great discussing this with you, and I’d love to catch up next year again. We’ll probably see a lot of advancements by then.
