XCoins.io is a cryptocurrency wallet that came to our attention due to a statement that many scams often make. XCoins.io claims that you can set it and forget it, making passive income by simply depositing money into the XCoins.io wallet. Considering this statement, Scout the Scam Sniffer dug in quickly, expecting to find a shameless group of con artists looking to steal your hard earned money. However, that’s not at all what Scout found. In fact, Scout happened to dig up a fully legitimate, and quite intriguing concurrency service. Today, we’ll discuss:
- What XCoins.io does;
- the level of customer support offered by the company;
- the lending process and how you earn;
- the platform;
- and Scout’s final verdict!
What Does XCoins.io Do?
XCoins.io is a digital currency wallet, allowing users to purchase and store Bitcoin, just like just about any other wallet. However, there is one thing that sets this wallet aside from others. XCoins.io is essentially a peer to peer lending service that is run on bitcoin. So, users can borrow or lend bitcoin using the service. From there, XCoins.io have the ability to put their bitcoin to work for them by lending them to other users or the ability to borrow bitcoin to take advantage of trends in the market.
Customer Service That’s Second To None
Any time we compare financial services, one of the first things that we want to look at is the customer service provided. After all, these types of relationships aren’t just people working with businesses, these are financial relationships that tend to last for years. Therefore, before jumping into one, you’ll want to make sure that the company has good customer service. When it comes to XCoins.io, the company processes customer needs through an online help desk. In general, I’m not impressed with help desks as they generally take to long to respond to customers. However, my experience with XCoins.io is that the company responds quickly and the support staff not only is knowledgeable, but they have a real drive to proved great service.
The XCoins.io Earning Process
This is where things get interesting. As mentioned above, what got us to look into XCoins.io is the fact that the company claims that you can upload bitcoin, set it in the system, and forget it while it earns you profits. In general, we are weary about set it and forget it schemes as nine times out of ten, they are scams. However, XCoins.io seems to be one of those rare diamonds in the rough. One which makes claims that come with high levels of validity.
The way money is earned through XCoins.io is through their peer to peer Bitcoin lending system. Essentially, every time a peer to peer lending transaction takes place, there are interest fees charged to the borrower for that transaction, just like any other loan. Of course, the lending party takes the lion’s share of the interest that is charged, giving Bitcoin enthusiasts a way to put their bitcoin to work for them.
When digging into the XCoins.io platform, the Crypto Scam Sniffer team (Also known as Scout the Scam Sniffer) was impressed with how simple it was to use. Ultimately, while the platform was intuitive, the company made a clear attempt to make sure that everything you would be looking for would be right where the average user would be looking. This combined with the ease of use in the set it and forget it lending system, makes the XCoins.io platform one of the best in the business.
There is one negative here though. Like most cryptocurrency wallets, there are minimum and maximum transactions. To purchase Bitcoin, you’ll have to purchase a minimum of $10 worth of the cryptocurrency. However, you can only purchase up to $1,000.000 worth of Bitcoin in a single transaction, which is one of the lower limits across the market.
Forms Of Payment And Fees
Currently, XCoins.io allows users to fund their accounts through the use of credit card payments or PayPal. If you are a lender, you don’t need to worry about fees as you will not be paying them. However, if you’re a borrower, you will be paying fees to borrow bitcoin. First, there will be a loan origination fee, which is the money XCoins.io makes. Then, there is a PayPal processing fee of 2.9% plus $0.30 on top of the loan amount with interest included. Any payments from borrowers to lenders as well as interest fee can only be paid through a connected paypal account.
Scout’s Final Verdict
As is always, the case, Scout the Scam Sniffer, dug as deep into XCoins.io as he could. While he expected to dig up a group of con-artists working to steal money from unsuspecting consumers with a shameless bitcoin scam, the reality couldn’t be further from the expectations. At the end of the day, XCoins.io proved to be a positive player on the cryptocurrency playing field and comes highly recommended by Scout, the Crypto Scam Sniffer!
Do you know of a cryptocurrency-related scam? Throw Scout a bone!