FAQ 2017-06-10T08:52:52+00:00

 FAQ

1. How would my money be protected?

Your money is protected by modern Blockchain technology and protected through a network of trusted partners who run the payment network. ECHO is using the latest banking security to protect your funds and privacy from any hackers.

2. How do I send money?

Sending money to your family or friends is as easy as sending a text message. When you want to send money to your friend, open his chat window, click on the plus button next to the emojis and choose transfer. Now type in the amount and currency you want to transfer, confirm the money transfer with your password and press sent. It just takes 3 seconds and your friend received his money. It is really that easy.

You can also send money to all other ECHO users, or to a cell phone number or E-Mail address. Just go to the wallet tab and tap on transfer.

You can also send money via the ECHO Barcode. Just make a picture of the QR-Code on your friends’ phone, in the restaurant or at the store and send money in a snap. Picture, password, paid, it is really that easy.

3. How do you cash out?

Go to the ECHO wallet tab and click on withdraw. Please add your bank account if you are new to ECHO. Choose your bank account and set the amount you want to withdraw. The funds will be sent to your bank account within the next few days.

You can only withdraw money to your own bank account.

4. Security, protection against theft?

All your data and money are encrypted and protected by modern Bank and Blockchain technology. You are the only person who can access your funds and data. Not even we at ECHO have access to your ECHO account and give you the total control over your money and data. You can access your ECHO account with your personal passphrase, PIN code, and /or Brainkey.

5. What if I lose my phone or it gets stolen? What happens with my money?

Nobody can access your data and money without your personal passphrase, PIN code and /or Brainkey. A thief cannot send money to anybody without the correct passwords. Please contact us immediately in case you lost your phone or it got stolen so that we can assist you with the recovery process.

We will send you a detailed instruction how to reset your ECHO Account again.  

6. Does ECHO charges fees?

You can find the current membership prices on our website www.my-echo.com/membership 

We have the 4 different ECHO Memberships packages: ECHO, Thunder, Lightning, “VIP”

7. What if ECHO disappears? goes Bankrupt

ECHO is an open-source decentralized brand, so even if the developing company of ECHO disappears, the software continues to do its job in perpetuity. – No funds will be lost if ECHO goes bankrupt. You will be able to recover 100% of your funds in your ECHO wallet.

8. Where is the money?

All funds are stored on the BitShares Blockchain, a decentralized global payment platform that replicated its database in real-time across thousands of servers worldwide to guarantee its safety.

9. Is the ECHO source code open source?

Yes, 100%.

10. Are there any hidden fees?

No. All fees are public at all times and are viewable in real-time inside the app

11. Do I need to pay a withdraw fee?

Yes. Please consider the fee list at www.my-echo.com/membership

12. Will my money be covered by any compensation scheme?

Yes, all your funds are protected with a +100% collateral. Thanks to modern Blockchain technology ECHO does not support fractional reserve banking and all users funds are +100% protected with a compensation scheme. If ECHO goes bankrupt all your funds are still available and can be withdrawn to your bank account.

13. Can you access my account?

Absolutely not. We have no access to your data and funds at any time.

14. How are your payments different to the regular Bank transfers? How does it work?

ECHO uses modern Blockchain and IPFS technology for the money transfers. ECHO is connected to a global payment platform like SWIFT or Earthport and all transactions are added to a global ledger. A big database of transactions all grouped into blocks and each block cryptographically secured and tied with a “hash” to the previous and subsequent blocks. Read more about blockchain technology here https://en.wikipedia.org/wiki/Block_chain_(database)