Top 10 most trusted Bitcoin exchange worldwide 2018
This article list top 10 most trusted Bitcoin exchange available worldwide to buy, sell and trade Bitcoin and altcoins.
As a Bitcoin exchange provide an investment platform hence, the user needs a transparent, clean, user-friendly and secure platform where one can invest with a peace of mind.
Below listed 10 most trusted Bitcoin exchange is legit, seamless, secure, time-tested and suffice all primitive requirements of a primary user.
Finding a trusted Bitcoin exchange is not a piece of cake. There are some features which a Bitcoin exchange has to be endowed with to fit in the list of top 10 most trusted bitcoin exchange worldwide
top 10 most trusted Bitcoin exchange — what to seek
The first thing which strikes mind for a trusted Bitcoin exchange is the security of the website. You always want the security of the site must be top of the line. The website should be trustworthy and reliable and give transparent details of the coins.
Almost every Bitcoin exchange offers two-factor-authentication. But there are sites which go further to protect user account by adding an extra layer of security like advanced encryption method, unhackable ledgers, etc.
Hence, privacy and security of the user do not compromise and is protected from the hacking.
Bitcoin exchanges with multiple payment options do provide user flexibility to easily buy & sell Bitcoin.
Volume of trade
The third thing which you should consider for the top most trusted Bitcoin exchange is the trading volume of the platform.
High trading volume exchange does represent the reputation and trustworthiness of the Bitcoin exchange.
It provides you an insight of that Bitcoin exchange that people are willing to spend their money on that trading platform. It justifies the reliability and sound business practices of that network.
Bitcoin exchanges with higher trading volume always stay close to the average market cost of Bitcoin. While smaller trading volume exchanges do misrepresent the market value of Bitcoin.
The fourth factor which plays its role in the verge of the most trusted Bitcoin exchange is the transaction and network fee
Usually, every Bitcoin exchange has its own fee structure.
Fees express a percentage of the transaction amount and an average cap around 0.30%.
Some Bitcoin exchanges offer volume-based fee mode i.e higher the volume of the transaction less is the fee.
On the other hand, some Bitcoin exchanges use a maker-taker fee model
Makers are those who placed their orders to designed to move the price up or down pay no charges. Takers are those who buy or sell coins at whatever price currently available and pays fees structured by the network.
This model ensures to stabilize the price and keep it as close to the market average as possible.
A trusted Bitcoin exchange should have clean, easy to use and newbie-friendly Interface
Customer support plays a major role in making the reputation of Bitcoin exchange. A faster response time makes user experience more pleasant and delayed response time lead to frustration and decreases reputation and so does member base of the exchange.
Hence good and quick customer support is necessary for an exchange to be a top most trusted Bitcoin exchange worldwide
So considering these factors I have listed the top 10 most trusted Bitcoin exchange worldwide 2018
Coinbase is one of the established, reputed and most trusted Bitcoin exchange online. The exchange was founded by Brian Armstrong and Fred Ehrsam in 2012 and based in San Francisco, California.
Coinbase ranked first in the hierarchy of top 10 most trusted Bitcoin exchange worldwide 2018.
Coinbase supports 33 countries and has served over 12 million customers to exchange over $40 billion in digital currencies. It also supports wallets to store cryptocurrencies in 190 countries.
Other than Bitcoin coinbase also support Ethereum, Litecoin, and Bitcoin cash.
Coinbase offers multiple services like Buying, selling, and exchange of all four cryptocurrencies and provides cold storage wallet to store each cryptocurrency.
Note - Always store cryptocurrencies in these 3 top cryptocurrency hardware wallets
They offer a wide variety of payment options. Users can buy & sell Bitcoins using the credit card & debit card, bank transfer, SEPA, and Xfers transfer (only used in Singapore).
Coinbase charge fees ranging from roughly 1.49% to 3.99%, depending on your payment method, transactions with the credit card are charged most. Cryptocurrency deposits and withdrawals are free of charge (now withdrawals is charged with minimal Bitcoin transaction network fee) updated
There are four account verification levels on Coinbase, and first, three levels verification takes only a couple of minutes. The fourth level verification can take weeks. Each upgraded account level increases user’s weekly buy/sell limits. It ranges from 1000$ to 50000$ transaction per week.
Coin base one of the best option for beginners because of its very user-friendly interface. Thus it is effortless to acquire Bitcoins from here. They are consistently adding new features for making user experience smooth and painless.
Their customer support is satisfactory usually response time is less than 24 hours. But Coinbase is subjected to criticism by the online community that they track user cryptocurrency spending.
If a user is investing in gambling sites, adult sites or any other shady stuff they usually freeze the account. Although they refund money to user bank account but still it is a violation of user privacy.
Coinbase security is robust. Two-factor authentication is necessary to even logged in. Passwords are encrypted and hash.
In terms of storage wallet security, Coinbase states that 98% of customer cryptocurrency funds and stored offline, through hardware wallets and paper wallets that are stored in vaults and safety deposit boxes worldwide.
In addition, Coinbase states that the remaining portion of cryptocurrency that is stored online is insured and that in the event of a hack, customers will be entitled to receive any funds lost through this insurance policy.
But still, I will suggest using Cryptocurrency hardware wallets to store your coins.
Overall, Coinbase is one of the top most trusted Bitcoin exchange on the planet and a great place to start your journey in cryptocurrency world.
Established and reputed Bitcoin exchange
High liquidy and buying limits
A wide variety of payment options to buy & sell Bitcoins
Security is the robust and top notch
Cryptocoins are insured
.Not available in every country to buy & sell cryptocurrencies
.May track how it’s users spend Bitcoin
.Level 4 account verification take forever.
NOTE — Coinbase is not available to buy or sell Bitcoins in India. Indians can store, transfer, receive, and exchange Bitcoin from Coinbase.
Local Bitcoins exchange is one of the most renowned, established Bitcoin exchange and ranked second after Coinbase on the list of top 10 most trusted Bitcoin exchange worldwide.
Local Bitcoins exchange is (p2p) person to person transactions all over the world if we simplify it means you can directly interact with the person you are selling or buying Bitcoins.
Launched in Finland, in 2012, the site aims to connect Bitcoin buyers and sellers via an open, peer-to-peer marketplace if we simplify it means you can directly interact with the person you are selling or buying Bitcoins.
It is one of the larger peers to peer exchange in the world and so is one of the most trusted Bitcoin exchange
There is no selling or buying limit set by Local Bitcoins.
It offers the variety of payment methods to buy and sell Bitcoin (almost every international payment option), including cash, on top of this it also accept every country local payment method.
For example in India, you can make a transaction using Paytm and Bhim app which are local payment options in India.
One of the major factor why Local Bitcoins is so popular, it does not require any id verification of the client to trade. They don’t even ask for personal details of the user, except those who want to trade in thousands of dollars.
Transactions are instant and fast. There is no fee for the buyer only seller have to pay 1% fee of total trading volume.
Security is very robust. You can only trade after enabling 2-factor authentication. Each trader has a reputation rank and also public history records showing their past activities.
LocalBitcoins also uses escrow service i.e. when you request a trade the money you send is held on and so does Bitcoin. Only after seller confirms the acceptance of payment then only Bitcoins are released.
Support is instant and fast. Support usually replies within an hour. Local bitcoins also offer a public forum where members can interact with other members and can find the solution to their problem.
The interface is user-friendly and very easy to navigate even for newbies.
. Local Bitcoins exchange is one one of the most private ways to purchase Bitcoins.
. Highly respected and good reputation
. Low transaction fees
. No ID verification is needed.
. A wide variety of payment methods available including cash deposit and Paypal.
. In person, cash trades are fast and is well organized by Local Bitcoins
. One of the oldest and trusted Bitcoin exchange in the world have tons of clients.
. Some clients require ID verification to trade larger amounts.
. In “in-person” cash deals, the speed of delivery is entirely dependent on the seller confirming payment.
. Not available in every country.
. There are many scams user. You need to be cautious.
Coin Mama is a veteran exchange and was opened in the year 2013. It is a company based in Israel and is rated as one of the most trusted Bitcoin exchange.
Coinmama offers high liquidity and user can buy up to 10000$ Bitcoins per day and 20000$ worth of Bitcoins in a month using the credit card & debit card (thanks to companies like Simplex which have allowed exchanges to verify users with less risk, thus allowing the acceptance of credit cards rather the old methods like Western Union)
Coinmama offers the highest buying limits among all major Bitcoin exchange who accepts the credit card.
Other than credit & debit card, Western Union, and cash are also accepted payment method.
Coinmama also supports most countries worldwide among all trusted Bitcoin exchanges who accept the credit card. It also supports some of the major US states.
California, Colorado, Florida, New Jersey, New Mexico, North Carolina, South Carolina, Tennessee, Texas, Virginia Wisconsin, Pennsylvania, Arizona, Illinois, Indiana Kansas, Kentucky, Louisiana, Maryland, Michigan, Missouri, Montana, Nevada, Massachusetts.
Coinmama buying limit depends on the account verification level. An unverified user can buy Bitcoin and Ethereum worth 150$. Then comes level1, level2, and level3
Level 1 — Transaction limit is 10,000$. To get level 1 verified, the user has to upload a scanned copy of the government-issued ID like Personal ID, driving license, passport or pan card (only one document)
Level 2 — Transaction limit is increased to 50,000$. To get level 2 verified, the user needs to be level 1 verified and has to upload an extra government issued ID any of the above-mentioned documents.
Level 3 — Transaction limit is increased to 1 million $ worth Bitcoins or Ethereum
There is no limit to a level 3 verified user. To get level 3 verified you should be level 2 verified and has to make a special request to the support (firstname.lastname@example.org).
In comparison to other most trusted Bitcoin exchange, Coinmama’s transaction fees are quite high, with a 5.50% fee per transaction. In addition, Coinmama charges an additional 5% fee on each credit and debit card transaction.
Transactions are instant. Just after making payment, you can withdraw your coins. Customer support is also very fast usually replies within 10 minutes.
Overall, there is no alternative to Coinmama exchange if you want to buy Bitcoin or Ethereum instantly using the credit card at the expense of high fee.
.Very user-friendly interface.
.Offer one of the highest Bitcoins buying limit per day (50000$) for verified members.
.Offers credit card and cash a the payment method
.Very fast transaction.
.One of the best customer support.
.Transaction fee is comparatively high
.For buying Bitcoins more than 150$ user have to get verified.
Note — I strongly recommend Coinmama exchange if you want to buy Bitcoins using the credit card.
Cex.io exchange is one of the oldest and renowned Bitcoin exchange in the market and stands at 4th on the list of top most trusted Bitcoin exchange worldwide.
It was established in the year 2013. It is a company based in London and once was cloud mining provider.
At one stage its mining pool (Ghash.io) was one of the largest and held 42% of total mining power of the Bitcoin network, but this service was closed in the year 2015. Now, it works only as a Bitcoin exchange.
The thing I like about CEX.IO that it is very transparent they will let you know how much you will pay even before signup. It let you trade in Bitcoin and other decentralized currencies. These are Ethereum, Bitcoin Cash, Ripple, Monero, Dash, Z-cash, Neo, Namecoin, Dogecoin, and Litecoin.
Cex.io also supports fiat-currency like Euros, Pound, US dollar, Russian rubles. They provide multiple payment options to buy, sell and exchange cryptocurrency with fiat currency (user can’t withdraw fiat currency)
If you have a basic account, you can buy Bitcoins worth 500$.
If you have verified account status, you can buy 100000$ worth of bitcoins per day. To be a verified account holder user has to upload a scanned copy of government-issued ID with a selfie holding it.
There is also a ‘verified plus and Corporate account’ which allows buying unlimited amount worth cryptocurrencies. To get verified plus and corporate account status user has to make a special request to customer support.
One of the interesting thing about CEX.IO which makes it unique. If you bought 2 Bitcoins at a particular price. You can sell those Bitcoins at the same price you bought.
Which is different from other exchanges where you have to wait until other users offer you your desired price. This method is known as fill-or-kill orders (FOK).
Cex.io exchange charge 3.5% + $0.25 fee for buying Bitcoins and altcoins using the Visa or Mastercard. This is one of the lowest fees for credit card purchase.
One of the drawbacks of CEX.io is the hidden service fee they charged which is 7% of total amount of fiat currency. In case you buy Bitcoins and altcoins directly using the credit & debit card or net banking then Cex.io will charge extra 7% service fee.
So in plain English, it means if you buy Bitcoins and altcoins worth $1000 you will receive Bitcoins worth 930$
However, if you fund your Cex.io account with either a bank account (no commission on CEX.io’s part) or a credit card (3.5% + $0.25 commission).
Cex.io has a strong security architecture. They encourage enabling 2-factor authentication. There was one incident in 2013 when exchange got hacked but at that time exchange was young. They quickly patched up all vulnerabilities in exchange security architecture and since then everything is running smoothly.
It has a clean, straightforward and user-friendly interface. Customer support is of the highest standard and they usually answer within hours with detailed explanation.
Cex.io support 95% countries across the globe including India and US.
. Well established and renowned Bitcoin exchange with a large member base
. Very user-friendly interface, ideal for beginners.
. Cex.io offer multiple payment options like credit & debit card and wire transfer.
. The transaction is fast and instant
. Charge reasonable 3.5%+0.25$ fee if you fund your cex.io account using the credit & debit card
. Offers excellent customer support
. Can buy an unlimited amount of bitcoins with verified plus and corporate account
. 7% hidden service fee if a user buys Bitcoins and altcoins directly using the credit & debit card or net banking.
. Transaction fee is relatively high
Bitmex is the leading Bitcoin margin trading site and one of the most trusted Bitcoin exchange.
Bitmex provides a pure platform for trading cryptocurrency
Bitmex was launched by HDR Global Trading Limited in 2014, operating in Hong Kong and registered in the Republic of Seychelles.
It is basically an altcoin trading platform than a Bitcoin exchange.
Bitmex CEO Arthur Hayes has used his experience as an equity derivatives trader for Deutsche Bank to design, build, and maintain exactly the type of platform that users are looking
Bitmex has a high daily trading volume above 35000 BTC, on average more than $5 billion worth trade volume in a 24-hour period. Bitmex is accessed by more than 540k user monthly.
Bitmex allows users to buy, sell, and trade Bitcoin and other altcoins namely Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tezos, and Zcash against fiat currency like US Dollar, Chinese yuan, and Japanese yen.
Bitmex has very competitive fees. There is no deposit fees and withdrawal fees. In case of Bitcoin withdrawal, minimal Bitcoin network fees are charged.
Bitmex has a very robust security. This, altcoin trading platform is written in kdb+, a database, and toolset used frequently by major banks in high-frequency trading applications.
Security is one of the main priority for the exchange. Till date, there have not been any security breaches and neither platform ever got hacked. Bitmex also offers cold storage wallet for Bitcoin and other altcoins.
It runs a first-of-its-kind multi-signature deposit and withdrawal scheme. All Bitmex addresses are multi-signature, and can only be accessed by a majority of Bitmex partners.
Even in the event of a full system compromise, including web servers, trading engine, and database, there would not be enough keys available to an attacker to steal funds.
Platform interface is intuitive and easy to use but beginners will take some time to get accustomed.
As it is mainly an altcoin trading platform. Hence it offers high liquidity and user can trade with 1:300 leverage
There is no match for Bitmex customer support in Bitcoin exchange industry. Bitmex supports almost every country except U.S.A
Overall it is one of the best altcoin trading platforms worldwide.
. Well established and one of the popular Bitcoin exchange
. Multiple payment methods accepted to buy, sell, and trade cryptocurrencies
. Competitive fee
. Robust security
. Customer support is of the highest standard.
. One of the advanced trading platform
. The interface is not newbie friendly. Beginners will take time to get accustomed
Changelly is newly born Bitcoin exchange launched in 2016. Changelly was established by the exact men who own MinerGate — a mining pool that will allow you to sign up for other miners across the globe.
Changelly is based in Prague(Checkslovakia). The exchange is clean and easy to use, have an intuitive interface, best exchange rates, very low fees. So it checks all boxes required to fit on the list of top most trusted Bitcoin exchange worldwide.
It allows you to exchange one cryptocurrency for another in the most convenient way possible. It does this by aggregating and suggesting the best rates directly on its website. Changelly does offer you best exchange rate in comparison to other instant cryptocurrency exchanges.
Changelly accepts payments in nearly any cryptocurrency and you can receive a payout in any other cryptocurrency. It let you buy & sell Bitcoins and altcoins online instantly using the credit & debit card.
There is a static trading fee 0.5% fee, which is fairly competitive. However, cheaper rates are available when working directly on market trading platforms.
But if you buy & trades using fiat currency (i.e., dollars, euros, etc.) directly then fee vary with this method. The trading fee can reach up to 15% on a bad day.
To process these transactions, Changelly needs a third-party payment service, which massively varies the rate (currently Indacoin). However, Changelly claimed to counter this issue.
Changelly is a relatively new company in the cryptocurrency exchange industry. But It has reached the milestone of 1 million customers in short span of time. This shows the popularity and acceptance of this trusted Bitcoin exchange
Changelly supports almost every country in the world including India, USA, and the UK. It has very high buying limits and solid liquidity. You can make a trade of any size, and a transaction is processed within 5 to 30 minutes.
Security is top notch with a great customer support.
No ID verification is needed to access the platform
The largest offering of cryptocurrencies in cryptocurrency exchange industry.
Interface is clean, simple, and beginner-friendly
Lowest commission fee for crypto-to-crypto conversion.
Can buy any cryptocurrency including Bitcoin using the credit & debit card
Exchange rates are slightly higher when purchasing cryptocurrency using the credit & debit card
Paxful is a peer-to-peer bitcoin marketplace that allows you to quickly and easily buy and sell bitcoin. Paxful can be said as the sister site of Local bitcoins exchange.
Paxful is located in Wilmington, Delaware USA and was launched in 2015.
Paxful is very similar to Local Bitcoins. The buyer chooses the number of Bitcoins you want to buy and your payment method, and then you are presented with available sellers. Each seller has a reputation rated according to past trades user feedbacks.
Paxful is very popular Bitcoin exchange with the large member base and has made its name in short span of time. It has user-friendly, clean, and easy to use interface.
Paxful offers the most diverse range of payment methods available online ( more than 300).
The transaction is swift and instant at no match in Bitcoin exchange industry.
Paxful facilitates Bitcoin trades in the same way as eBay facilitates the trading of everyday use goods. So it can be said as eBay of Bitcoin trades.
Paxful doesn’t charge buyers a fee. Instead, its fees come from sellers, who pay a fee equal to 1% of the total transaction amount.
There is no directly purchasing fee. However, the buyer will be charged a fee chosen by the seller and this fee can vary greatly depending upon the payment method used. For example, Paying by gift card often results in the higher fees.
Choose seller with caution because there are many negative reviews at the online forum. Check trader rating and past trades user feedback.
Paxful also provides a public forum where you can interact with other members of the platform and ask for their trading experience or you can consult regarding any issue.
Security is robust. Paxful creates a wallet that will automatically store your funds as soon as you register to the platform. This wallet is a secure and efficient way to store and transfer funds on the site.
Paxful’s servers are also maintained in accordance with the highest banking specifications.
Wallet requires complex passwords and enabling two-factor authentication is compulsory to make any trade.
While making any transaction funds are held in escrow until both parties confirm all parts of the transaction. Escrow service decreases any probability of getting scammed.
Overall, Paxful is one of the most trusted Bitcoin exchange available worldwide. It makes buying and selling Bitcoin as easy as you can get.
There are no buying or selling limits and users can decide on the amount of identification verification they will use during trades. In addition, Paxful also has a wide variety of payment options.
My personal experience with Paxful is swift, seamless and hassle-free. It ticks all the boxes and completes almost every criteria to be on the list of top 10 most Bitcoin exchange worldwide 2018.
Transactions are fast and instant
About 300 hundred of payment options
Made a name of itself in short span of time
Easy to use and beginner-friendly platform
Security is robust
Watch out for scammers
Slow customer support (still satisfactory)
Binance exchange is basically a Cryptocurrency trading broker. The exchange is based in Hongkong and founded by the team of professionals who have tons of experience in cryptocurrency industry.
The company called Beijie Technology created the exchange after a successful ICO that raised $15 million. Company CEO is Changpeng zhaos and maintain an impressive track record. He worked as the technical director in Blockchain.info and his company provides trading systems to over 30 other platforms in the Cryptocurrency trading exchange industry.
Although, the exchange was launched in Shanghai China later was moved to the more friendlier nation like Hongkong. The servers, on the other hand, are hosted in the Republic of Korea and, Japan.
The platform is available worldwide, but they decided to restrict access from Chinese IPs after the Chinese government banned ICOs.
Binance supports more than 160 altcoins and popular for listing new ICO tokens than any other cryptocurrency exchange.
Cryptocurrencies supported are Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and more. They allow 180 altcoins to be traded on the platform and soon gonna increase them to more than 300 altcoins
Although Binance Bitcoin exchange is still new, it has shown impressive growth since the launch. It is now placed in top 5 altcoin trading brokers according to trading volume.
There are limited payments options on the exchange. Fiat currencies are not accepted, but the site accepts the deposit of Bitcoin and more than 50 other cryptocurrencies. User can’t buy Bitcoin on the platform. It only allows exchanging deposited altcoins with other altcoins. (This is a major drawback of the exchange)
Transactions are fast and instant.The Interface is intuitive, clean, and easy to use for the experienced user but it can be a little bit tricky for the newbie.
There is no depositing fees and withdrawal fee (except minimal Bitcoin network fee for withdrawal). Binance charges the trading fee, which is 0.1% of the total trading amount. It can be halved if user trade with BNB (Binance coin a native cryptocurrency of the exchange).
Enabling two-factor authentication is necessary for the basic security of exchange. The platform also offers multi-tier security system architecture. Customer support is only available by email ( live chat and phone support is not supported )
Overall, Binance exchange is able to gain user trust in such short span of time and manages to make the list of top most trusted Bitcoin exchange worldwide. Basically, it is one of the best altcoin trading platforms which is growing considerably high with every second.
Has gain user trust and reputation in short span of time.
Founded and managed by a team of professionals having tons of experience in Cryptocurrency exchange world.
No deposit fee & low fees on transactions and withdrawals.
Transactions are fast and instant
More of a specialized altcoin trading platform
Doesn’t support the fiat currency
Doesn’t allow to buy & sell cryptocurrencies on the platform
Interface is not beginner-friendly
Indacoin is a London-based exchange established in 2013. The exchange allows to buy & sell Bitcoins and altcoins online instantly using the credit card & debit card at best exchange rates.
For buying, selling and trading Bitcoins along other altcoins you require neither registration nor verification.
When the first time you will buy Bitcoins by any payment option you will receive a call from Indacoin with a 4-digit code, which should be entered on your order page.
After that, you have to enter a 3-digit code which is available on your online card statement next to the final order amount.
Payment method offers Payza, OkCash, UniPay, BTC-e other than the credit card.
You will have the buying limit of $50 for the first transaction.
Then buying limit will be increased to $100 for the second transaction after 4 days of the first transaction.
Then buying limit increased to $500 after eight days of the first buy.
The total limit for the first month will be $5,000 and then no limits at all.
Its possible to use fiat currencies for buying & selling Bitcoins other than US dollars, but they’ll be converted at your bank’s exchange rate.
A credit card is the most convenient way to buy & sell bitcoins on Indacoin.
Transaction fee for credit card is 4% (minimum 2$) of the total amount
Transaction fee for Payza is 2.9%+0.3$
You’ll pay the fee for each transaction you make on this most trusted bitcoin exchange.
The only option to withdraw fiat currency is through Payza
Payza charges 2.9% +$0.3 fees for depositing funds using the credit & debit card
Payza charges $8 fee for withdrawal of less than $5000 via credit & debit card.
It charges $0.50 withdrawal fee via net banking.
Security is stable enough to make platform secure for users
You need to enable 2-factor authentication to use the platform. They don’t store user personal details as well as details of your credit card.
They only allow 3-D secure card for the transaction.
Support is satisfactory and they do reply within 24 hours there are many options available for a user to contact support these are Live chat, email support, and phone support.
Indacoin exchange support more than 200 countries including US and India
Support more than 200 countries including US & India
Multiple payment methods including the credit & debit card
No cryptocurrency depositing fee
No ID verification is required to buy & sell Bitcoins and altcoins online instantly using the credit card or other payment methods
Unlimited buying limit after first few transactions and 30 days.
Comparatively high transaction fee
No option for withdrawal using the credit & debit card.
xCoins is not a typical Bitcoin exchange rather it is a Bitcoin lending platform i.e. a peer-to-peer Bitcoin lending service that connects bitcoin lenders and borrowers. xCoins is merely the middleman that facilitates the transaction.
Bitbond is another Bitcoin lending platform
Read more about how to make money with Bitcoin via lending Bitcoins
The process of receiving bitcoin on xCoins is the exact same as any exchange. Simply make payment via PayPal or the credit card to the lender and receive bitcoin instantly.
xCoins has been operating since August 5, 2016, based in California, USA and founded by Sergey Nikitin a computer science graduate from the University of California.
Xcoins is one of the rare exchange that allows buying Bitcoins using PayPal. Instead of selling you Bitcoins they are literally loaning you Bitcoins.
Virvox is another most trusted Bitcoin exchange who allows buying & selling Bitcoins using the Paypal
Let me explain it in plain English how does Xcoins work for the buyer (borrower) and seller (lender)
The buyer or borrower comes to the platform and asks to “loan” some Bitcoins.
After a short ID verification process, Buyer has to make a one-time deposit equivalent to Bitcoin he wants to borrow.
(Fund will be deposited using PayPal & the credit card + processing fee associated with the payment method + a fixed amount which acts as an interest on the amount).
After making the total payment Buyer will receive Bitcoins
There will be no ongoing interest on the loan since the amount is a one-time payment.
Unlike regular exchanges, borrowers can get their money back if they no longer want the bitcoin.
How does xCoins work for the seller
Seller or lenders have to transfer Bitcoins to their Xcoins account wallet.
Note - Use 3 top cryptocurrency hardware wallets to store your cryptocurrencies
Lenders can set their own BTC rate + interest on the lending amount + PayPal/credit card processing fee.
xCoins recommends that lenders set their interest rate fee at 15% to start.
To provide the receipt of payment, sellers are required to attach their credit card or PayPal address.
xCoins has an automated system which connects the buyer and seller according to their requirement.
Lenders are exempted from any fee.
Borrowers are subject to the following fees
PayPal fee 2.9% + $0.30 on top of loan amount interest, Loan originating fee 5% of loan amount or higher, depending on lending volume
A transfer fee is the network fee which is paid to miners
Xcoins provides their service to more than 40 countries including USA and India.
Transactions are instant for Xcoins existing users.
The minimum loan amount is 10$ and the maximum loan amount is $100
xCoins encourages the use of 2-factor authentication as the security measure. Support does reply within 24 hours and there is a public discussion forum to raise your concerns
No extensive ID verification
Accepts PayPal as the payment method ( extremely rare in cryptocurrency exchange market)
Transactions are instant
The interface is easy to use and beginner friendly
Support does reply within 24 hours of a user query
High member base of US, India, Spain, Italy, and UK users (approx 90%)
Maximum loan amount limit is low
Interface features are not appealing. No graphs and charts
Also published on Medium.