XCoins.io Review 2019 – Scam or Not?
Xcoins.io is a digital wallet in which you can lend out Bitcoins to buyers and buy bitcoin for yourself as well, not to mention you can also earn passive income with them through their affiliate program. If you go to their website, they claim that you only need to put Bitcoin into your wallet and just hit start, the system will do everything for you!
Too good to be true? That’s why we’re here to help you get an idea on how they operate.
The company has been operating since August 5, 2016, at Menlo Park, CA and founded by Sergey Nikitin. He has twenty years of Information Technology experience under his belt and holds a degree in BS Computer Science from the University of California, Santa Barbara (UCSB) and an MBA from UCLA. Right after graduating he was then recruited by Microsoft. He then started his own outsourcing business and moved up from there. Just like any crypto currency CEO’s, Sergey is really passionate about Bitcoins and he thinks that this is the future of monetary exchange. His main objective is to make Xcoins.io a one stop shop for crypto currency needs.
How to get verified with Xcoins.io
In order to get verified with Xcoins you first need to sign up with them by clicking the sign-up button located on the upper right corner of their homepage.
Just fill out the necessary information needed and you will be sent a confirmation code to the email you have used to register with them. Take the code provided and enter it in the space provided and follow the additional instructions.
After you have decided which password to go with, you will be redirected to the country page. Select your country and click continue. The list is quite long for the country selection -which is good as everyone can be part of this trading platform.
A two-factor authentication method would then be the next step of your registration process with them. On a personal note, this is quite awesome as some websites that offer two-factor authentication would leave this separate from your registration and you are left in an alien website for something that you may or may not find.
All you need to do is enter your mobile number to receive the 6 digit code for the authentication. Remember that you need to use your international country code before your mobile number. For example, if you’re from Australia then you need to type in +61 then your 10-digit mobile number (numbers may vary per country).
If you are not comfortable using 2FA via your mobile phone number then you can use Google Authenticator which can be more effective.
Trading with Xcoins.io
Right after you confirm the six digit code with them, you will then be redirected to the “Get Bitcoin” page in their website. You can, however, choose which tab you want to click at this point.
The minimum amount needed to purchase Bitcoin would be $10.00 and the maximum would be $1,000.00. This means that you are unable to purchase 1 BTC at the current exchange rate they have on their website which is $2,583.84 with one transaction.
One thing that sets this website apart from others our there today is the fact that they do accept credit card payments and PayPal, which is really convenient and risky at the same time.
Anyone can either be a lender or a borrower, you do not have to register as a lender specifically or the latter to make things work. When you are in need of Bitcoins, that would make you a borrower.
The website matches your request with a lender that is willing to lend the X amount that you need along with their interest rates. There is no communication needed between the borrower and the lender since everything is done automatically. The payment is sent directly to the lender’s PayPal account and after the payment and processed, Bitcoin is then automatically transferred to the borrower’s account.
You will be given to options to go with if you want to be a lender.
The fees that you are going to pay would be more on the transactions that you would be conducting with them. The interest fee for a loan can be paid together with a loan security deposit. What’s great about this is that lenders can also decide their own interest rates. This means that when a borrower searches for a certain X number of Bitcoin, they will be given a few options from the system along with the interest fees.
If you are a lender in Xcoins.io, then you do not need to think about the fees, only the transaction fees that you need to pay your credit card or PayPal with when you transfer funds. The borrower shoulders everything from the interest fee of the person lending BTC, the loan origination fee (which is the Xcoins commission) and of course the PayPal processing fee of 2.9% + an additional of $0.30 on top of the loan amount with the interest included.
All lending transactions would need to go through PayPal. Payments from the borrowers to lenders plus interest fees would be directly sent to the connected PayPal account.
As of now the only available currencies to trade with would be US Dollars and Bitcoins. All transactions will be based on the trade of using USD to buy Bitcoins or selling Bitcoins in exchange for USD.
The website interface is really straightforward and easy to navigate. You wouldn’t see any graphs or charts like any normal Bitcoin website would have today, something that I personally think is useful when it comes to websites like these. A big loss if you ask me.
This is what you see when you search Xcoins.io on your web browser. Once you have registered and logged in, you will then see this page below.
No graphs/charts whatsoever, too simple for my taste. Simplicity does have its price. Since everything you do is claimed to be “automated” all these things apparently happen at the back end.
When it comes to customer service, you will get a ticketing system in which you can submit any issues or concerns regarding your experience in using their services. Expected resolution per ticket is around 24hrs and they also promised to at least fix your problem within the next business day if this wasn’t addressed the first time.
Is this website worth something to invest at? There is a fair share of negative comments regarding their site, one of which is the pure simplicity of their website’s layout that I have pointed before. A thread was made regarding this issue on this forum that I found. Now the funny part is that positive reviews are also existent as they have a referral program. Sure, you want to write something good so that people would actually believe you on what you are saying and use your referral link.
Once you have signed up with their referral program, the system would generate a promo code in which you can give to your friends or share on your social media platforms to get a direct percentage of transactions made by your referred member. Yes, that means that you will get a percentage of each and every transaction they make as this is not just a one time offer. You can make money out of your referred member until the end of time!
You can earn money by being one of their affiliates through three different ways.
5% commission is calculated as a percentage of the loan origination fee. Commissions are also paid in the form of BTC and are directly transferred to the affiliate’s Xcoins wallet. Not bad if you want to earn passive income right? Actually, it is really easy to go around this system if they promise something like this. All you need to do is write something good about them, give them your referral link and hope that you can get a big spender into membership.
The website offers a 2-factor authentication model which is always good when it comes to website registrations. This means that you will be asked for your email and mobile number and go through a series of entering codes for your account to be activated. But as mentioned before, when it comes to being “secured” a decentralized system is still best when it comes to trading BTC.
This might be the reason why a member claims that he was hacked around 5 months ago and was totally shocked by what happened. But after posting the said hack being made, his account was restored and the lost BTC was returned to him. But still, they were hacked.
- Easy to get verified ( 2-factor authentication)
- Accepts Credit Card and PayPal
- 24 hr expected resolution through their help-desk
- Referral program
- Website is too plain (there are no charts and no transparency)
- A good number of negative reviews about how they operate
- Claims to be secured but keeps email, mobile number details
- Was hacked
XCoins Review Conclusion
I would really recommend reading more about this particular website. The web is filled with both positive and negative reviews about Xcoins.io and it made me think that you need to be careful in dealing with them, not just them in particular but the whole BTC market.
The mere fact that their website doesn’t even have the slightest transparency on what is going on gave me a bad impression on how they operate. If you still want to give them a test drive, then do not invest on what you cannot afford to lose.