A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of Xcoins consists of four parts: general info, fees, deposit methods and security.
Xcoins is a crypto platform registered in Malta, owned by a company called CF Technologies Ltd. It has been around since 2016. This platform's offering is easy to describe: you can buy BTC, ETH, LTC, XRP and BCH here. This means that the platform never holds the users' crypto assets. When you have bought your crypto, the platform sends it directly to your wallet address.
According to information from the exchange to Cryptowisser.com, the platform will within the near future enable purchases of 50+ other cryptocurrencies as well.
On the date of first writing this review, 18 November 2020, the platform stated on its website that it had 250,000 satisfied customers globally. This is very impressive in our opinion.
Xcoins Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you.
Xcoins's purchase interface gives you the option insert the exact amount of dollars (or EUR) you wish to spend or the amount of crypto you wish to buy. This purchase interface makes it very easy to understand if you’re new to crypto, yet it might not offer all the advanced buy/sell features more experienced traders look for. Here’s a peek at Xcoins’s interface:
Xcoins has a referral program. For each user you refer under this program, you will receive USD 10 and a 20% rev share of the fees the referred users generate, provided that such referred users make purchases over USD 200 in aggregate. This rev share structure is active forever, and is not time-capped at 6 months or 12 months as it is at many other trading platforms.
Xcoins Trading fees
This particular platform is more a cryptocurrency store than a cryptocurrency exchange. They sell cryptocurrency from their own inventory, and do not facilitate transfers from one Xcoins-user to another. Accordingly, it is difficult to compare the fees charged by Xcoins with the industry average trading fee at a regular centralized exchange (0.21% for takers and 0.16% for makers).
Fees here start are set at 5.00%. According to inside information that Cryptowisser.com has received, this fee will shortly be lowered to 3.79% shortly. 3.79% is more in line with industry average for crypto shops and we welcome the lowering of their fees to that level.
Xcoins Withdrawal fees
Xcoins doesn’t charge any additional fees to withdraw coins. However, there are always network fees involved with transferring crypto, which is why we have listed the network fees under the withdrawal fee section of this exchange.
Deposit Methods and US-investors
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
Xcoins apparently permits US investors to buy crypto on its platform. However, if you are a US-investor, you should still always analyse whether your home state imposes any obstacles for your foreign crypto trading. Sometimes the exchange has opened its doors in spite of your own state prohibiting you from trading.
The only way you can purchase cryptos at this platform is via credit or debit card. Both VISA and MasterCard are accepted here.