Effects of turning in Tome of Discord.

[XxLOGICxX]

Some friends of mine and I are considering rerolling alts to play in the hours we can all be on at the same time. Considering being all evil races and get a somewhat "isolated" and fresh start. Not wanting to go so far as to play on Red, but we are considering just going red on our regular p99 server. Can anyone explain fully all of the effects of this? Basically, can you still trade in EC, etc. I know we'll be on our own which is what we want, but curious of tge full details. Thanks.