Sam Bourgi is a contributing writer to Finder.com, where he specializes in financial markets. He has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, Yahoo, CBOE and Forbes.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Which fiat and cryptocurrencies are supported?
Supported fiat currencies:
Which payments methods are accepted?
Bank transfer (ACH)
What is xCoins?
xCoins is officially a peer-to-peer lending platform that connects bitcoin lenders and borrowers. Loans that originate on the platform are person to person. xCoins is merely the middleman that facilitates the transaction.
The California-based company allows users to get bitcoin through a “secured loan,” which can be paid for with any payment method recognized by PayPal. Unlike regular exchanges, borrowers can get their money back if they no longer want the bitcoin.
Lenders can also join xCoins for free. If you decide to lend bitcoin, you can set your own interest rate, collect the loan origination fee and the PayPal processing fee. xCoins recommends that lenders set their interest rate fee at 15% to start.
xCoins has a detailed process in place for both lenders of bitcoin and those who want to borrow it.
xCoins can be accessed through virtually any web browser.
XCoins is available in over 40 countries. You can find the full country list after receiving your confirmation code upon signup.
How much will it cost me to use xCoins?
xCoins is free for lenders. Borrowers are subject to the following fees:
PayPal processing fee
2.9% + $0.30 on top of loan amount and interest
Loan origination fee
5% of loan amount or higher, depending on lending volume
Transfer fee payable to bitcoin miner
How fast will my funds be available?
Transactions are instant for returning users. First-time users typically wait up to 3 hours if the transaction is entered between 8:00 a.m. and 6:00 p.m. PST, or up to 12 hours if entered between 6:00 p.m. and 8:00 a.m. PST.
Are there any transfer limits?
Minimum loan amount: $10
Maximum loan amount: $1,000
For example, if bitcoin is valued at $4,000, the maximum amount you will be able to borrow is 0.25 BTC ($1,000/$4,000 = 0.25, or a quarter of a bitcoin).
Is it safe to use?
xCoins offers a 2-factor authentication model, which means you’ll be asked for your email and phone number during registration. This is protocol is generally considered to be secure and good for privacy.
However, the website was hacked in January 2017, raising significant concerns over security.
Inquiries made through the Help Desk are usually answered within 24 hours. For a quicker response, users are encouraged to include the transaction number.
xCoins also operates a transparent discussion forum, where users can leave their questions.
xCoins pros & cons
Good customer service and quick turnaround time
Users receive bitcoin instantly upon paying the lender
xCoins was hacked in January 2017, raising questions about its security
Bad publicity during 2017
Website lacks extensive features
Maximum loan amount is low
Getting started with xCoins takes just a few minutes, however you need to consider the features before you sign up. Once you’re confident that you’re ready to buy, you can register and then use the website to find a bitcoin lender. First-time users should allocate at least half a day to receive 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.
Frequently asked questions
Loans are paid back in a lump sum at your earliest convenience. However, remember that the lender will keep the funds you deposited as collateral until you pay back the loan in full.
Borrowers who work with xCoins pay the loan security deposit and associated loan fees directly to the lender. At the end of the checkout process, you will be directed to the lender’s PayPal page, where you can make a safe, no-risk payment.
As a lender, you are free to set up your own interest rate. The website recommends setting a fee at 15% in the beginning before changing it later on based on market conditions.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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