Today we take a look at a very popular cryptocurrency trading platform for you, x coin. This x coin review we will go through some things that you might want to know before and if you make it your preferred choice. Ok, let´s go!
Product: x coin
Owner: Founded by Sergey Nikitin
Price: Minimum 0.00025 BTC
Who is it for: Binary options traders
What is Xcoin?
Xcoins is a website which allows users to instantly buy bitcoin with fiat currency i.e. Credit Card and Paypal. It also acts as a peer-to-peer Bitcoin lending platform where borrower and lender connect through a series of “Secured Loans“. Now before we move ahead let me clear your understanding of what is Secured Loans? A secured mortgage is a loan in which the borrower pledges something as collateral for the loan, an example of a home mortgage is a loan or an automobile loan. In this case, the borrower gives to the lender an amount of money to hold as collateral for the mortgage he or she gets in bitcoin. Here you can easily lend your bitcoin by setting your own interest rates and on the other hand, the borrower can get the money back if they no longer want the bitcoin.
It was started on August 5, 2016, and is based in Santa Monica, California, the United States.
How does X coin work?
At Xcoins, any consumer may be a borrower or a lender. When a borrower sends requests for bitcoin loan, the platform fits the borrower with a lender. The procedure is computerized and uninterrupted. Additionally, no communication occurs between them the lender and the borrower. The borrower makes a charge without delay to the lender on the lender’s PayPal fee page. After the fee is made, bitcoin is automatically transferred to the wallet of borrowers.
Supported cryptocurrencies by Xcoins
Currently, it only facilitates the borrowing and lending Bitcoins from one user to another.
Currently, Xcoins is providing their services over 40 countries. Once you signup, you can check if your country is supported or not.
It looks as if Xcoins is constantly looking to ease the buying of bitcoins over the time. Various carrier providers running on a comparable model do now not permit users to buy bitcoins through their credit cards. In addition, they force their users to look forward to an extended time before they actually get and use their bitcoins. At Xcoins they accept all fee techniques widespread with the accepted method of PayPal.
The supported payment methods are:
- Major credit cards: Visa, Mastercard, American Express and Discover
- Debit Cards
- Automated Clearing House (ACH)
- PayPal Credit and Balance
What is the fee structure?
The charges that you’re going to pay could be extra on the transactions which you might be undertaking with them. The interest price for a loan may be paid together with a mortgage safety deposit. What’s notable is that the lenders also can determine their very own interest rates. Because of this when a borrower searches for an X number of bitcoin, they may be given some alternatives from the system at the side of the interest expenses. In addition to the interest fee, the borrower also pays the loan origination and payment processing or bank transfer fees.
How long does it take to receive your funds?
The transaction times involves following aspects:
- If you are a borrower then you will receive Bitcoins instantly. After you make the payment you will receive your Bitcoins instantly in your wallet.
- If you are using this platform for the first time then it will take quite a time to get your Bitcoins. It takes up to 3 hours.
If I talk about my experience of Xcoins in terms of time taken, then I highly satisfied. You don’t have to wait or check your desktop every half an hour to check whether the Bitcoins are there are not. If you are a newbie in crypto space then you are good to go to use this platform.
Is there any transfer limit?
- The minimum Loan amount is $10
- The maximum Loan amount is $1000
Let me make you clear this, with the example. Take, for instance, if Bitcoin market price is $4,000, then the maximum loan amount will be 0.25 BTC ($1000/$4000 = 0.25 BTC).
If I speak about Xcoins in terms of their customer service, then it has pretty been quite stepped forward over time. They had been without a doubt responsive in phrases of responding to their customers.
If you have any questions regarding general queries then the platform is well equipped with FAQs sections. It has been divided into two phase:
- For Lenders
- For Borrowers
They also have the feature of Discussion Forum in which all the users can post their queries related to the general transaction. All the queries are attended within 24 hours by the supporting team.
Additionally, if you have a question related to your specific transaction then you can contact their Help Desk. These queries are also solved within 24 hours.
If you want an instant solution to your problem you can mention your Transaction Number for your convenient.
If I talk about my experience it has pretty well in terms of all my inquiries. Also, for general queries, the FAQs section has all the information already.
Pros and Cons:
- Two-Factor Authentication ensures a safe transaction.
- Accepts Credit Card and PayPal
- 24 hr expected resolution through their help-desk
- It has been hacked in January 2017
- Lots of negative reviews
- The website is not fully equipped with all the information.
- User-interface is not up to mark.
x coin review -Verdict
There have usually been these kinds of questions placing in our mind before we take the very last step to apply that precise platform. If I give a review about X coins it has won an amazing recognition over time. The security elements include:
- Two- Factor Authentication for secure login and process of the transaction.
- Good and proper wallet to secure your Bitcoins for further use.
- Peer-to-peer transaction.
Will I use Xcoins? As a buyer – Xcoins doesn’t seem stable enough at the moment to use for large purchases. Also, it seems that the fees will be extremely high compared to other exchanges.
As a seller – Even though the ROI may be high I don’t want to risk being flagged by Paypal, so at the moment I can’t recommend this to anyone else as well. If you don’t care if Paypal shuts down your account feel free to try your luck and I’d even appreciate if you can share your experience in the comment section below.
However, you must be aware of the fact that it has been hacked earlier this year i.e., in January 2017. There are also quite a few negative reviews too regarding this platform. Getting started with coins takes just a few minutes. Upon registration, you can use the website to find a bitcoin lender. First-time users should allocate at least half a day to receiving their first order. You should also carefully read through the website to get acquainted with xCoin’s peer-to-peer lending model. Although it works just like any exchange, it’s important to consider the subtleties when dealing with bitcoin.
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I wish you the best!
Crypto trader and blogger on: