XCOINS.IO Automates the Process of Making Money with Bitcoin [OFFICIAL]

[torikan]

This is Ponzi you know. It is dangerous for me to have a definite profit.
This is not my style. If the winners are happy.

[stancarrott]

If this is a Ponzi, then so is Localbitcoins. It's actually a very similar business model.

[BitcoinJacob]

I encountered this site very early in my Bitcoin journey (which obviously wasn't long ago).

At that time I was looking to buy. I chose not to because I wasn't in a hurry and I am a cheapskate (Coinbase is 1/10 the price if you are willing to wait a week).

I later considered it again as a seller/lender. My biggest concern is that selling bitcoin violates Paypal's TOS.

If you take payments from buyers they consider it operating a money exchange, and that isn't permitted. Coinbase can do it because when you use coinbase you are not soliciting customers, you are selling to a business who is in that business. That is why Coinbase will pay out in Paypal, but doesn't accept Paypal for deposits.

I would use this site gladly if they made one of two changes:
 1) switched to a seller friendly processor for outgoing payments; or
 2) If they became an intermediary in the paypal transaction (i.e. the customer pays them and they pay you).

Jacob

[froggie1000]

Thanks for sharing that info.

A few answers that you may find helpful....

1. Their accounting is actually correct, but only from their perspective. There's a reason for it, but it seems backwards from a user perspective though and confused me at first.

Their maths goes like this: (Amount USD - xCoins fee) x % profit margin = Your profit (lenders fee)
After that they add the PayPal fees to get the total USD amount that is sent to your PayPal account.

2. I don't think that they vet the sellers. There's no real need other then standard KYC (BTC transfers are irreversible).

3. That's unusual. Check your BTC balance to see if your account was debited. The buyer may have cancelled the transaction.

[Addisonbt]

To ALL

really instantly buy Bitcoin with PayPal balance?

[froggie1000]

To ALL

really instantly buy Bitcoin with PayPal balance?

Yes. Or you can use your credit/debit card if you prefer.

[romjpn]

Not cool, I'm hit with someone who's trying to pull a reversal.  
"Under review" from Paypal but I think there's no hope of winning, even with what Xcoins provide (text + proof of delivery). Paypal doesn't like digital "stuff".  
I can try to contact directly the buyer but I'll just wait for the moment.

Lending volume   $411.66   100.00%
Interest fees   $52.00   12.63%
PayPal reversals   $-65.00   -15.79%
PayPal reversal fees   $-20.00   -4.86%
Refunds   –   
Net profit   $-33.00   -8.02%  

So yes, be careful people, you can lose. 
What do you guys do to avoid that ?

[mikehersh2]

Im not sure I understand what this service is. I am new to the service section by the way.

But to me, it seems like you deposit money and let it grow over time? Almost like a loan?

Would love if you explained how it works and why it is trustworthy, Thanks!

[BananaBar]

Im not sure I understand what this service is. I am new to the service section by the way.

But to me, it seems like you deposit money and let it grow over time? Almost like a loan?

Would love if you explained how it works and why it is trustworthy, Thanks!

Ye I'm interested too. If we can buy btc with paypal it would be awesome

[romjpn]

Im not sure I understand what this service is. I am new to the service section by the way.

But to me, it seems like you deposit money and let it grow over time? Almost like a loan?

Would love if you explained how it works and why it is trustworthy, Thanks!

Basically, it's like selling on localbitcoins but it's automated and they try to deter scammer buyers and "support" sellers. Xcoins takes care of verifying users and their engine matches buyers and sellers.
If you guys join, you can use my code : yypjxv 
It would be great though if they could use a more bitcoin friendly processor.

[squatz1]

What kind of anti-fraud practices have you set in order to combat fraudulent purchases such as credit-card fraud which targets tons of these paypal, credit card exchange sites and I personally think their is little you can do to fight it.

But, I'd like to hear what you have to say about it.

[romjpn]

Buyers have to upload their ID, kinda like the KYC practices of exchanges. After that, sellers can also filter buyers by "levels", the highest level being a buyer than never did a reversal or something like that for a while. Xcoins also normally ban bad buyers for life. 
By the way, the person that tried to claim back money as been rejected by Paypal. So I won ! Back to profit .

[densuj]

Unfortunately this service is just support for Paypal
the problem with Paypal not all of users use it and
supports of Paypal are bad  this service is not suitable for me
except the owners supports for skrill and netteler.

[froggie1000]

Im not sure I understand what this service is. I am new to the service section by the way.

But to me, it seems like you deposit money and let it grow over time? Almost like a loan?

Would love if you explained how it works and why it is trustworthy, Thanks!

You can ignore the borrowing/lending wording in the FAQ. I'm pretty sure that is just semantics to avoid regulatory issues.
It is a little unclear from the FAQ, but what really happens is as follows:

1. The seller transfers BTC to their xCoins wallet and select what margin % they are willing to sell for
2. Verified buyers purchase via credit card from sellers (the system matches buyers & sellers)
3. The $ arrive in the sellers PayPal account and signals (via API) that this event has occurred, then...
4. The BTC is released to the buyer

So xCoins essentially acts as a facilitator/verifier/escrow service. Sellers make profit by cycling their BTC through the system for a profit each time, not by earning 'interest'. You must be able to buy BTC elsewhere cheaper to make this work for you....

There are some issues with the system, e.g. if selling, expect to deal with charge-backs occasionally. However, I have won most CB attempts, since it is pretty obvious when someone is trying to scam you (and you have the verification documents). Scammers get banned instantly too, so I doubt it's profitable for them to try (there are much softer targets out there in the cryptosphere), but you'll always get some idiots who try it anyway. There are other issues you may encounter, but, for the sake of brevity, I will not detail them here, so read the forums etc first, as you should not go into this blind or you will have problems.

For buyers, the system is pretty much risk free and, because of the automation, is simple and quick to use. It is quite possibly the easiest place around to purchase BTC with credit card quickly.

Hope this helps clarify the model used. I've been a user for many months now and I know the system well by now, so feel free to ask any other questions you may have and I'll try to help....

Also, if you are signing up, you can use this promo registration code: hel7ly

...or this link: https://xcoins.io/?hel7ly

[scryer108]

Interesting service, might check it out. The whole chargeback thing worries me though.

Has anyone had to deal with a charge back that can detail the steps they took to win the case as an investor?

I have had a few charge backs nothing serious, about 3%

Lending volume    $1,094.35    100.00%
Interest fees    $158.90    14.52%
PayPal reversals    $-35.00    -3.20%
PayPal reversal fees    $-40.00    -3.66%
Refunds    –    
Net profit    $83.90    7.67%
Profit margin       52.80%

So far so good im liking this service =)

u can use code above or f7doeq =P

[roby4kill]

These are my current stats:

https://i.imgur.com/sFfDQVr.png

Have around 64 transactions. 0 Chargebacks so far.

I would recommend everyone to NEVER do big amounts on a single transaction.

You should set Lending Offers and remove Rating 1. You don't want to deal with new Rating 1 borrowers. Just remove it from the page.
Only deal with Rating 2, Rating 3, 4 and 5.

My Lending Limits:

https://i.imgur.com/77FCQo8.png


You should pretty much expect chargebacks only from persons aged between 12-25 years old (damn kids with mum&dad's credit card & PP account).

I highly doubt that a decent mature person would do a chargeback after he received his Bitcoins. A couple of borrowers are aged well over the age of 40 years old. Even had a 70 years old lady due to her ID picture. Those are decent borrowers.

Here's my suggestion:

There would be a great idea if xCoins made it possible so that we can choose with who we are dealing with first before we accept them as borrowers. It would be nice for the Lenders to first receive a picture of the face of the borrower and if he's just a kid and/or looks sketchy in any way, you should be able to decline him as a borrower. I believe this would help and prevent alot of chargebacks, if we can see and choose the one that we're dealing with. This should be available only for the Lender. It's just an idea.

[Lionidas]

These are my current stats:

https://i.imgur.com/sFfDQVr.png

Have around 64 transactions. 0 Chargebacks so far.

I would recommend everyone to NEVER do big amounts on a single transaction.

You should set Lending Offers and remove Rating 1. You don't want to deal with new Rating 1 borrowers. Just remove it from the page.
Only deal with Rating 2, Rating 3, 4 and 5.

My Lending Limits:

https://i.imgur.com/77FCQo8.png


You should pretty much expect chargebacks only from persons aged between 12-25 years old (damn kids with mum&dad's credit card & PP account).

I highly doubt that a decent mature person would do a chargeback after he received his Bitcoins. A couple of borrowers are aged well over the age of 40 years old. Even had a 70 years old lady due to her ID picture. Those are decent borrowers.

Here's my suggestion:

There would be a great idea if xCoins made it possible so that we can choose with who we are dealing with first before we accept them as borrowers. It would be nice for the Lenders to first receive a picture of the face of the borrower and if he's just a kid and/or looks sketchy in any way, you should be able to decline him as a borrower. I believe this would help and prevent alot of chargebacks, if we can see and choose the one that we're dealing with. This should be available only for the Lender. It's just an idea.

Well this is a good promotional segment to use because I was very hesitant to even try them out until now. Being over 8 months later right? To see how many chargebacks there would be initiated on a members account after using their service.
That was the only thing that kept me from trusting in their service cause of anything dealing with paypal and bitcoins you are taking a risk with and we all know this to be true!
You should be the poster child (man if your the age above 40 like you say are the one's who won't initiate a chargeback cause it is "their own account" and not mama or papa's) lol!

[pcoin]

This is Ponzi you know. It is dangerous for me to have a definite profit.
This is not my style. If the winners are happy.

This business is not a ponzi by all standard but the only thing i dont like about them is the paypal as the only withdrwer method.
This business could go higher if they add another withdrawer method like payza, perfectmoney, okpay etc

[Lorilikes]

Xcoins is usually a favorite for me, in spite of enormous fees, for the pure simplicity of the transactions. 
Today, darn it XCOINS I NEED YOU!
I have asked multiple times via Help Desk,
Try actually
looking at this one:


 Ticket #23-3268-8561 

 

Please address this ticket, it is minor but it is tacky to ignore me going on 24 hours.  You are my favorite Coin spot,  dont change my mind....


 

[DomainMagnate]

This is Ponzi you know. It is dangerous for me to have a definite profit.
This is not my style. If the winners are happy.

This business is not a ponzi by all standard but the only thing i dont like about them is the paypal as the only withdrwer method.
This business could go higher if they add another withdrawer method like payza, perfectmoney, okpay etc

Their model of working is more like a ponzi.They may not have scammed anyone yet but there are lots of ponzi websites which are online for years and disappear when they stop getting new victims.