xCoins Review (UPDATED 2018): Is it a Safe Bitcoin Lending Platform? | VKOOL

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AVG Rating: 7.8/10

What exactly is xCoins?

xCoins offers a Bitcoin lending platform where different interest rates are offered for buyers, and where lenders can sell Bitcoin at their wanted value. There are different kinds of payment plans offered, and some lenders accept different forms such as PayPal over a credit card, or multiple options.

Bitcoin is the only thing offered but this is supposed to be a fast and easy to use service. The interest rate is dependent on numerous factors, but you can read all the specifics when you look at their website. We will help explain what xCoins offers further in this review.

The Fundamentals of xCoins

The service offered by xCoins is rare in that they offer different loans that depend on the asking amount.  For people who are new to borrowing it can take a few minutes to 3 hours for there to be a transaction approval, though this can be quicker if it’s processed during certain hours of operation of 6:00pm to 8:00 AM PST.

Anyone who has already borrowed before can have instant Bitcoin sent to their wallets.

The process of signing up requires users to get their xCoins wallet, and then add a minimum, amount of $20 worth of Bitcoin if you’re looking to lend.  If you’re looking to buy there also has to be an account setup as well as the method of payment. They currently accept echeck, PayPal, ACH, and a debit card. This then opens up the option to look at interest rates to decide on the amount you feel comfortable paying off.

Public Perception of xCoins

With new startups getting into the world of cryptocurrency, there are generally a few bugs with development and apps. Some consumers did find fault with the lending offered by xCoins.

Lack of communication: Both on Reddit and on review sites people said they set up tickets to talk to the customer support staff, but they often failed to respond back. Sometimes transfers took a lot longer than expected, and people would find money suddenly in their accounts but the company would not mention what the hold-up was about.

Delay of funds: There were people who had to wait weeks before finally getting their funds. This frustrated some who had been waiting much longer than the estimated time frame.

The company has responded to criticism by stating they are working on building their staff.

How is xCoins kept safe?

They do offer a support age as well as answers to question within a 24 hour period. A discussion forum is also provided so people can learn more by asking questions. We couldn’t find much information about their dedication to safety, but they do have a GeoTrust certification, which means they have SSL certification.  This offers 256-bit encryption which helps validate the safety of credit card information.

We couldn’t find any known safety issues from reading online discussions or by looking at the available information about their company history.

Who can use xCoins?

It was difficult to tell whether or not they offer support for certain users, or if some are excluded. They do offer a FAQ section but there was no determining information about what the limitations are, and what needs to be known about signing up.

To sign up they initially ask for a full name and email as well as acceptance of their terms of use.  It’s also known that in order to make a payment, it requires either a credit card or PayPal account.

Certain online users did say it was not available in their region, but it’s unknown where they are based out of or who would be exempt from working with this system.

What are the Fees?

The arrangement of paying back the loan depends on who you are doing business with. It’s best to think of xCoins as a kind of broker, they serve as a platform but most of it is handled between the person interested in the loan, and the loan provider. Both the deposits and loan fees are paid directly to the lender; xCoins is simply a 3rd party facilitator where interested people can meet up.

The funds which are deposit as collateral are held until the loan is paid off in a lump sum. Lenders can also sign up but they must have a PayPal account, debit, or credit card.

The total loan amount percentage can vary, but some customers were quoted 15% to 30%.  Lenders can decide on their desired rates, and it’s unknown what the total fee is for xCoins.

xCoins vs Coinbase

Coinbase is a crypto exchange platform that is often described as easy to use, and they offer 24/7 email support. With them users can trade Litecoin, Bitcoin, and Ethereum. There’s also a free mobile app which can provide market integrating and information about current trends. This was at one time the most popular app downloaded.

Their security is also mostly stored offline, which is useful to prevent the possibility for leaked information.  These 2 companies are different however in that Coinbase does not offer loans.

xCoins FAQ

  1. Is there an xCoins app?
    There is an available app which helps streamline the process of logging into an account and of setting up transactions.
  2. What is xCoins phone number?
    At this time it does not appear they offer a phone number but they do have an address and direct contact form for any and all inquiries. It appears they even suggest offering a phone number, so this may be a way that they reach customers as well.
  3. What is the official xCoins log in page?
    Their log in is on their official website where people can register and make an account. By typing “log in xCoins” you’ll also be directed to their official log in page.
  4. Is there an xCoins Reddit page?
    There is no official forum for xCoins but a few people have opened up threads to discuss this service. Mainly people were interested in learning more about how it works, and whether or not it was useful.
  5. What are the xCoins fees?
    There is a commission off of sales but it’s unclear what the total amount is, the official website has no information about what they are earning off each transaction.
  6. Is xCoins.io legit?
    There is some discussion about this on different forums and people have used it successfully. There was mostly debate about the 15% to 30% interest rate, but people have been able to get and sell Bitcoin there.
  7. Can I use PayPal for xCoins?
    Yes, for both lenders and borrowers PayPal is an accepted form of currency exchange.
  8. What is xCoins customer service phone number?
    They do not have a phone number only a help desk where people can send emails where issues can be resolved.
  9. Can xCoins send Bitcoin?
    This service is used to offer Bitcoin at a specific interest rate, or as a way for people to purchase Bitcoin by putting up collateral of their choosing.
  10. What is xCoins support?
    They offer a forum and a help desk where all inquiries are answered with a 24 hour period. There is also a FAQ section where interested people can learn more about the company policies.
  11. Is there an xCoins forum?
    Yes, a free forum is offered on their website where people can post questions to learn more or to resolve issues.  It is free to join as long as an account is made.
  12. What is the xCoins charge back?
    Any and all disputes like this should be taken up with the company directly; this may be the result of an error or problem which can be resolved by messaging them directly.
  13. How does xCoins work?
    The website works as a middleman to allow either lenders or borrowers buy and sell Bitcoin with collateral at stake. This allows for virtually anyone to get Bitcoin quickly, or sell it at an interest rate of the borrowers choosing. For the lender this means there is instant cash, and for the buyer this means quickly transferred Bitcoin right to their xCoins wallet.
  14. What are the xCoins limits?
    There does not seem to be a limit or at the very least, the official website did not mention beforehand if there are limitations.
  15. Is there an xCoins wallet?
    There is a wallet which is similar to any other wallet. To take money from this you click on the ‘My Wallet’ section on the main menu and then hit withdraw.
  16. Is there an xCoins miner fee?
    The company has no information about this but it appears they don’t actually do any bitcoin mining.
  17. What is the xCoins exchange?
    The loan rate depends on the specific amount asked for; you’ll get different options from what are the best possible choices with low interest rates.
  18. Can I use xCoins in Hawaii?
    Due to the Hawaii Division of Financial Institutions need for crypto companies to have a full cash asset back up, many companies have decided not to accept Hawaii as a region of service. We recommend reaching out to the company to learn more, as they do not have any information about Hawaiian residents.

xCoins Summary

xCoins offers a unique way of accessing Bitcoin at a fast rate. There is competiveness with the different interest rates which are not set forth by the company, but instead lenders can tack on the percentage they are looking for. Few options exist which offer the same exact services.

There is a very special use for this platform and it’s not for everyone but specialized users who want to get their Bitcoin now can take advantage of this. Both lenders and borrowers can sign up for this service which is supposed to facilitate trade.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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