As the world begins its transformation from paper to digital currency, Bitcoin has emerged as the forerunner for the enviable position of the world’s official cryptocurrency. The number of Bitcoin mining sites has increased drastically over the last few years and the market still has space for more. Xcoins.io, which is our subject in this post, is a Bitcoin site with a difference.
While most sites sell hash power to miners, often IT gurus, xcoins.io sells readily available Bitcoins to the general public, who may not have the knowledge to mine on their own. And that is not all – the site has a peer-to-peer model of doing business which is the first of its kind. Basically, xcoins.io does not mine Bitcoins itself neither does it sell hashing power but simply provides a platform in which BTC miners/sellers can connect with buyers and sell their Bitcoins for a profit. The site charges a small commission for every successful transaction.
How it works
Looking at their FAQ section, it might seem like xcoins.io is a hard concept due to the technical jargon used. However, they most likely used such to evade regulatory bodies. So here’s how the site works.
For sellers or Bitcoin holders, the first step to working with xcoins.io is opening an account at the site which should not be that hard. The next step is to transfer their bitcoins to their xcoins.io wallet account from whichever wallet they are deposited in. The sellers then indicate the price they want to sell their BTC for and their projected profit margins. To facilitate receipt of payments, sellers are required to provide their credit card or PayPal addresses.
Xcoins.io then uses an automated matching system to link sellers to buyers depending on the selling prices. There are several means of payments available to buyers, namely PayPal, MasterCard and Visa.
Benefits of using xCoins.io
For the buyers, xcoins.io provides a safe platform to acquire bitcoins as the system is designed to automatically send BTC when the seller account is credited with payment.
For the sellers, the site can be a steady source of capital in both long and short term.
Issues you might encounter while using xCoins.io
It is an open fact that most Bitcoin mining/selling websites are scams and xcoins.io could be one. For both buyers and sellers, there is always the uncertainty of losing your funds in unclear circumstances or having your account suspended and not being able to access your funds.This is made even worse by the fact that the selling of Bitcoin is not regulated, which eliminates the option of seeking legal assistance in case of any suspicious dealings.
Another issue that sellers may experience with xcoins.io is PayPal charge backs as payment is sent straight to sellers PayPal account. For the most part, this is not a problem since xcoins.io incorporates buyer-seller contracts in its operations. However, there is still the slight possibility of being scammed.
One of xCoins’ clients commented the following: “While this site had/has promise in concept, it is HORRIBLY run and does not fulfill any of its claims for ease of use or instant transactions. I’ve been a customer for over a year as both a lender and borrower, and its been.nothing but problems and losses. As a Lender, PayPal got wise and stopped honoring their “loan contracts” which lead to several charge backs and total losses in the end. As a “borrower” I would get asked to upload documents again and again to release my btc which still hasnt been released. When I asked why I had to go through this process repeatedly after being a long time customer, their incredibly rude support team just shut down my account and decided to keep my remaining money. Ita a joke and a scam at best.” (July 22, 2017)
xCoins Review Conclusion
xCoins is a pretty popular exchange with an Alexa rank of under 80,000. Most of its users are from the US, but the site also gets regular traffic from Italy, India, South Africa, Brazil as well as other countries.
Even though there are some negative reviews on the service, especially about a non-existing support, we currently have no reason to doubt the credibility of xcoins.io and we therefore cannot term it as a scam. Nonetheless, we advise you to be cautious while dealing with the site whether you are a buyer or seller to avoid experiencing the problems mentioned above.
If you believe that xCoins is a scam or if you have any feedback to provide about this website, or if you didn’t find the information you were looking for, please let us know by commenting below this review or sending us an email.
Read other Bitcoin and Crypto Currency Exchange Reviews.
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