Xcoins

Xcoins.io Review – How To Buy Bitcoin at Xcoins

Is xCoins legit? That’s a question that will be answered in this xCoins review.

Overview & Company Info

xCoins was founded in 2015, and is located in Menlo Park, California. xCoins has a rather novel solution to the problem of bitcoin transfers being irreversible while Paypal and many other forms of digital currency transactions are not.

How Does Xcoins Work?

xCoins essentially has users who are bitcoin buyers and sellers, but with a twist. On xCoins, buyers are actually borrowers, and sellers are lenders. If a user wants to buy a bitcoin on xCoins, he or she searches xCoins for an assortment of lenders, all of whom are offering bitcoin at competitive rates.

The borrower sends the agreed upon amount of fiat currency to xCoins (plus a fee) as a ‘deposit’, and the lender releases the corresponding amount of bitcoin to the lender. The loan is now established, and the borrower either has the option of paying back the bitcoin at a later date to the lender, or ‘defaulting’ on the loan, in which case the lender takes the buyer’s deposit.

How To Create Your Account (Is there an ID/Verification Process?)

xCoins is simple to sign up for, needing only an authenticated email address. Once a user signs up and verifies his or her email address, he or she can begin borrowing or lending on xCoins.

How To Buy Bitcoin At Xcoins

To buy bitcoin on xCoins, a user signs up, then navigates through the available offers of lenders willing to sell bitcoin. When the user finds an offer to taste, he or she indicates willingness to go through with the transaction.

There’s no need for either party to communicate with one another directly, as xCoins handles the transaction. Once the user’s payment goes through, xCoins transfers bitcoin to the xCoins wallet belonging to the user, who is free to do whatever he or she wants to do with it.

What Are The Deposit/Payment Options and Limits?

xCoins supports any method of payment that works with Paypal, like major credit cards, debit cards, Bank account (ACH) and eCheck, as well as Paypal itself directly.

The limit on xCoins is a minimum of $10 and a maximum of $1,000, so xCoins isn’t necessarily the place to go for very large bitcoin purchases or sales.

Does Xcoins Charge Service or Transaction Fees?

xCoins takes a transaction fee at the point of sale. The fee is a percentage of the transaction amount, and is on the high side for bitcoin exchanges. In addition, for every transaction, Paypal takes their 2.9% cut. All in all, an xCoins transaction can be kind of pricey proposition.

What Are The Withdrawal Options, Fees, and Limits?

As a seller, the user would be receiving fiat currency on Paypal. There’s no concern about xCoins’ commission, which is paid by the buyer. So the seller’s cost is the percentage taken by Paypal.

Does Xcoins Have A Trading Platform?

In a sense, all xCoins consists of is a simplified trading platform. However, it’s extremely bare bones. There are no graphical models of trading, trading is confined to USD and bitcoin at this point in time, and no sophisticated trading options like margin trading exist on xCoins.

Customer Support Options

In addition to their extensive FAQ, xCoins offers a help desk where users can open tickets if they run into problems with their transactions.

Pros and Cons of Xcoins

PROS:

– One of the few bitcoin exchanges which permit the user to use Paypal to buy Bitcoin.
– xCoins has a rather robust affilia te program, where users can refer friends and associates to xCoins via an xCoins promo code. Any people who join xCoins through the user’s promo code will now generate revenue for that user.
– Quick and easy to get verified and begin buying bitcoin.

CONS:

– xCoins is a newer exchange, and has had some negative reviews from users.
– xCoins’ fees are rather high in comparison to a number of other bitcoin exchanges.
– Paypal is an inherently riskier medium to transact in.

xCoins has two main things going for it: It allows you to buy bitcoin with Paypal, and its affiliate program can allow you to generate passive income if you’re able to get people to use your promo code and then spend significant sums of money on xCoins.

If you’re someone who needs to use Paypal and wants to buy bitcoin, of if you’ve got the connects and/or are able to put in the work to create a network of sub-affiliates, xCoins might be the right choice for you. In fact, technically, you don’t even need to buy or sell bitcoin to profit from xCoins, if you manage to leverage their affiliate program.

If neither of those two things are true, however, you’re probably better going with a more stable exchange with lower fees.

That concludes this xCoins.io review.