Is Xcoins.io worth it or is it just another scam?

[The21MillionClub]

I have checked Bittrust and I have gotten mixed comments based on experiences on Xcoins.io. I need an honest unbiased review of the platform.

Thank you. BTC

[condoras]

I have checked Bittrust and I have gotten mixed comments based on experiences on Xcoins.io. I need an honest unbiased review of the platform.

Thank you. BTC

Hey there but i think that you post on the wrong section of the Forum.
You should move this thread of yours elsewhere, still though i don't know where is the more suitable place for it...

[The21MillionClub]

Shit, my bad.

[ArdiPrabowo]

iam never use exchanger is not popular and not reputable
xcoins.io not popular and not open official thread in bitcointalk forum, iam never use xcoins.io
iam recomended you if you use exchanger is popular reputable and trusted

[vasrasus]

iam never use exchanger is not popular and not reputable
xcoins.io not popular and not open official thread in bitcointalk forum, iam never use xcoins.io
iam recomended you if you use exchanger is popular reputable and trusted

We have same preferences in choosing right exchanged. Most of exchange out there are usually a scam because they don't have any reputation protecting. I think xcoins.io is not a trusted site if OP is planning to use that. It might cause huge loss, it is better to choose the trusted site rather than website without credibility.

[dihari]

Be careful of any new altcoins or new ICO project that ask you to invest on their project and promise you big (almost unbelievable) return. Scammer has been smart like professional developers outside there.
Even if they use escrows to collect fund, it is not save anymore.
The one we can do is, think like scammers. What would you do if you are a scammer and need money with your project?

[torry28]

I have checked Bittrust and I have gotten mixed comments based on experiences on Xcoins.io. I need an honest unbiased review of the platform.

Thank you. BTC

To be honest i don't know if that site is legit or not because i never used their service. This is similiar thread like yours. Go read on here https://bitcointalk.org/index.php?topic=1747842.0

iam never use exchanger is not popular and not reputable
xcoins.io not popular and not open official thread in bitcointalk forum, iam never use xcoins.io
iam recomended you if you use exchanger is popular reputable and trusted

Better to search first before you post something. They did announced their service on their ANN (Official) thread on here https://bitcointalk.org/index.php?topic=1575948.0
But their admin (OP) never online again since 2 months ago, better to avoid their site because when you get some problem, your problem won't solved in a short time.

[pinkflower]

I checked the service and it looks like they offer a service thats most likely to attract a BTC newbie and that is buy the coins with your credit card. If you want a more trustworthy service to use you credit card to purchase BTC I suggest cex.io or check bitstamp.net and try to find out of they have it available for your country.

[Immakillya]

I think its a legit service. I dont see any reviews except this http://bittrust.org/xcoinsio
There are many positive comments about this site. But this maybe a moderated site which removes all negative comments.  I suggest search for reputable site. I never heard this site before.

[~Bitcoin~]

Get Bitcoin in Minutes
Credit cards and PayPal are accepted

Buying bitcoin with credit card is ok but paypal strictly restrict buying bitcoin with paypal. What this site seem to be doing is running their site as lending platform where lender will give bitcoin to site, another user will pay with paypal to that lender and site releases those bitcoin to the one who have paid from paypal according to this https://xcoins.io/how-it-works

If paypal find this out, they will end up losing their paypal account and they may shut down this service. Better to be careful with this one, this type of service can't run long.

[chaser15]

I have checked Bittrust and I have gotten mixed comments based on experiences on Xcoins.io. I need an honest unbiased review of the platform.

Thank you. BTC

Since you aren't sure and anyone else about the most close to real feedback about the site, then just avoid it. Why you are asking for it in the first place? Any thing you really want to know why you are thinking of using that site?

There are many platforms who have the same service like that so why bother to use those who reputation is not well known?

[zend7]

We don't know much about it. In such cases it's always recommended to use well known exchanges which accepts Credit cards, Paypal ,Skrill and alikes. I just checked this website and I don't think it's wise to buy or exchange bitcoin there.

Recommended options

USA Residents
1.Coinbase

EU Residents
1. Bitstamp
2. Kraken
3. Bitpanda

Worldwide Residents

1. Coinmamma

I am 101% sure of exchanges for EU and USA residents, they work like a charm (personally I use Bitpanda often). I am not sure about coinmamma only but still haven't heard anything bad about them.

[froggie1000]

I've been a seller on xCoins.io since Sept 2016 and I have loads of experience with the platform, so I'm happy to provide feedback on that experience.

It's a great and unique platform with several flaws that you absolutely MUST understand if you intend to use it (otherwise you will have a lot of difficulties).

I'll list the pros and cons below, but overall, I recommend that people try out the site only after they have educated themselves on how it works.


Ignore the 'Loan Bitcoin' thing
This platform is for buying and selling Bitcoin. Buyers pay by credit card and sellers collect their funds via PayPal (other processors will be implemented in future). The business model used is actually quite similar to LocalBitcoins (but xCoins handles the BTC transfer and buyer verification). Sellers charge a premium of not less than 15% (not including other fees). This may seem high to some people, but there are not many other places that you can buy Bitcoin with credit card quickly. AFAIK the 'loaning' thing is just semantics, so they can call the profits 'interest' to avoid regulatory issues.

Automated trading
Sellers set up their account and trade preferences, and set their account to active. xCoins automatically matches buyers and sellers and will keep doing so until you hit your preferred limit or run out of BTC (at which stage you need to top up your wallet again). It's a nice system and pretty clever.

Chargebacks
Buyers will occasionally try to defraud you by initiating PayPal disputes to try steal back the funds they paid. This happens regardless of whether you are selling BTC or shoes on Ebay and if you use xCoins, you WILL encounter this issue. However, there are ways to mitigate this issue (which, for the sake of brevity, I will not detail here), but you really need to understand this before you start. Scammers are automatically banned from xCoins, so fortunately this isn't as big an issue as it could be, but some people still try it.

PayPal account limitation
If PayPal consider you to be 'high risk', they may limit your account (i.e. freeze your account for 180 days). Sellers need to be proactive to try to avoid this. Things like having a high chargeback ratio or having a huge spike in volume on a new PayPal account will raise red flags, so this needs to be considered (again there are ways to mitigate this).

Profit
Profits can be high for sellers as the amount earned is based on how much volume you can recycle through your accounts. If you have 1 BTC, you may be able to sell this once each week on xCoins while rebuying on another exchange (the time it takes to recycle your BTC really depends on how long it takes to withdraw from PayPal to your bank account and then get you funds back to a BTC exchange). So the 15% profit is not 'interest', it is profit on sales each time you cycle your BTC.

Counter-party risk
There is always a risk of any online company doing an 'exit scam' and running away with your money. To minimize this risk, only put small amount of BTC into your xCoins wallet each time. I tend to transfer 0.5 BTC to xCoins, sell it, then repeat. I personally believe xCoins are trustworthy, but it is still a good idea to never trust any company in crypto with funds that you cannot afford to lose.

Customer support
In the past, xCoins customer support has been understaffed and completely inadequate for the volume of users. The forums have been filled with people screaming about the issues they were having and you will find many negative reviews by disgruntled ex-users. However, after around 6 months, there are no credible stories that I am aware of where xCoins behaved dishonestly and in the last month extra staff have been hired and all customer support tickets seem to be addressed very quickly, so things seem to be improving a lot.

Community
There is great community of helpful users that are happy to help new users. Most posts on the xCoins forum get answered quickly by more experienced and helpful users.



So that's my overall review. I highly recommend trying it out (with a small sum of BTC at first), but I can't stress this enough... do your research first!!. All the info you need to successfully use this platform is available on the forums.

Also, although I am recommending xCoins, I've tried to present the facts in fair and balanced manner, so unless you disagree with any specific claims that I have made, please to not respond with unhelpful comments of 'shill' etc. I will respond to genuine questions though....




Also, if you are signing up, you can use this promo code on registration for reduced fees: hel7ly

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

Happy trading!!

[Rude Boy]

Its not scam. In many ways, xCoins.io is an excellent platform, but it is important to do some research before jumping in, as it can be a little confusing at first and there are several pitfalls you need to watch out for.
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 Bitcoin (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.io essentially acts as a facilitator/verifier/escrow service

[pawsdog]

I am currently test the service out as an first time user.

My first impression was that it was simple to use and easy to get started. That said the math that this thing does is wonky at best, also if you deposit say 1300 to lend, only 1150 or so will be loaned out the rest vanishes into some invisible fee that is not clearly displayed. I think thus far it needs some work to clearly display everything that is coming out, and everything that is going in and to base its alleged profit % off of that. Nothing worse than hidden or sneaky fees to shake a customers confidence and make them feel as though they are being played for a fool.

Amount

       

Exchange Rate	Balance
(D) $-107.50 -0.04173525 BTC	2,575.76	(E) $102.07 0.03962743 BTC
(B) $-43.00 -0.01663732 BTC	2,584.55	(C) $212.87 0.08236268 BTC
(Start Balance) $258.46 0.10000000 BTC	2,584.55	(A)$258.46 0.10000000 BTC

On Xcoin you get an interface that has a table similar to the one above showing deposits and withdraws. It goes from bottom to top, the bottom being your start balance and it get lower as it moves toward the top and money is loaned out. The problem is that even though it is set up like a very basic balance sheet it does not add up, or at least what is displayed does not add up. I added the letters. That said A minus B should equal C and C minus D should equal E. This however is not the case and the totals are always a few bucks short of what they should be if it was adding correctly. If you look at the $43.00 that was actually a loan for $40 and I assumed that the withdraw of $43.00 included the fee to the house. However there is an additional of $1.77 occurring that is not clearly shown. So the truthful deduction from my account would of been 44.77. After paypal fees I received $49.00 or a crushing profit of $3.41 or 7% to take a tremendous amount of risk and exposure to charge backs etc. My math may be wrong and I am open to being corrected but at the basic level I looked at what was taken (the displayed fee of $3.00, the hidden sneaky vanishing $1.77 between totals on the balance sheet, and what I netted in papal after the fees. Now to be fair my percentage was probably 8.77% because I think paypal takes 1.7 percent so its basically a wash. The issue is that If I make 10, $40 dollar loans I will earn 30.41,and if just one is a scumbag and initiates a charge back I in the negative 10 bucks.

At least that is how I see it at the moment. Again if I am wrong I will happily eat humble pie. But my basic math skills have brought me to the current conclusion. I will keep at it a bit longer and post new info as it becomes available. I did open a support ticket and am curious if they have an answer and how good the response time is.

Will update as soon as I have update

[makked]

any updates on this pawsdog? still trading? i've been considering xcoins as well but now I'm hesitant.

[pawsdog]

Update is my paypal account is still froze, xcoins is all crickets now, and I got a bunch of charge backs. Did I make a profit... yes.. was it worth it with the loss of the paypal account, seizure of my funds for 180 days, and or the total fucking ineptitude of the XCOINS staff in A)screening applicants, and B) Allowing one shitbag to borrow from the same vender over and over again so as when he does do a chargeback he totally fucks things up.. Other than that.. Good..


That said if your feeling masochistic, wanna get pegged by some strangers, or just are a self loathing fuck tard with a desire for self punishment and aggravation. Sure go for it...


NO DONT STAY THE FUCK AWAY FROM XCOINS

[xcoins-io]

xCoins has a very strict verification process, and everyday we are strengthening our methods, we prevent almost 99% of all scammers, but occasionally, as with every business, some get get through.

In the unfortunate instance that someone does do a chargeback , xCoins has a 50% profit margin guarantee. If you ever fall below 50% in regards to your profit margin, xCoins will reimburse you to get you back to 50%.  I don't know of any other company in the cryptospace that does that.

xCoins members have been making a great deal of profit since our inception, and we have tens of thousands of very happy customers!

Here are some videos members have created on YouTube detailing how to use xCoins and the profits they've made.

https://www.youtube.com/results?search_query=xcoins