I have been playing around with Xcoins for a month now. Xcoins allows the purchase of Bitcoin through person to person "loans" and these loans may be obtained through Paypal. The loans I have received are fairly quick as far as receiving the Bitcoin. There is a lender fee, an origination fee and processing fee to the buyer.
There are limits placed on new accounts to receiving $100 BTC daily from loans. My account has been up since Feb 28th and the limit has been raised to $250 daily with a $500 limit in 1 day, $750 receive loan limit daily in 31 days and $1000 daily purchase in 61 days. I am not sure why these are called loans instead of outright purchases. The borrower can pay the loan back if desired at some point. The same amount/value of BTC must be paid back as was received in the first place. If the borrower chose to do this he/she would lose the origination, lender and processing fee that was originally paid on the loan.
I have been buying when the market takes a dip and lending when it is higher. In the last month, I have made 9 loans from $23-$64 and earned $56.41 which is 15% on the lending that I have made. The loans I make are set up to be in the $100 and below amounts of Bitcoin at a time. I feel like this possibly spreads out the risk should a chargeback occur though Xcoins seems to have a good handle on it.
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My understanding of how Lending works is that you pick an amount to lend and choose an interest rate between 15% and 30%. I did contact Xcoins and learned that when an amount is chosen to lend it goes into a Que or Sequence and is addressed in the order of when the loan was offered. The people that have been lending longer get preference and if you have at least $1100 in the account the loans will get more attention according to Xcoins customer service. It was revealed that offering a loan at over 15% interest will result in the loan not being chosen due to competition from other lenders. I find it odd that the feature of adjusting the percentage rate is included if loans over 15% are not considered.
The other caution I would have on lending is that while borrowing is almost instant lending is not. If one desires "day trading" type activity it is difficult to get a loan to go through fast so is best to hold a little longer to assure a gain in profit. After 1 month my account is lending quicker. It was averaging 3 days at first but several loans have been done recently in 1 day or less.
At the very least Xcoins offers a fast way of buying Bitcoin that then, can be used transferred to make other purchases such as Steem.
If you have used Xcoins please comment below and let me know what your thoughts are on it. Do you give Xcoins a Thumbs up or Thumbs down?
