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Launched in March 2019, XanPool is the world’s first automated Peer-to-Peer (P2P) Crypto to Fiat platform. This P2P Crypto To Fiat Platform is also otherwise known as “a fiat gateway”. XanPool instantly executes & settles transactions without taking custody of customers’ funds. Providing an omnichannel solution, XanPool makes the onboarding and offboarding in crypto much smoother & user-friendly. In November 2019, XanPool expanded its automated P2P gateway services to India, Malaysia, Indonesia, and Vietnam.
Before we start, let’s first take a look at the main person behind XanPool.
Jeffery, CEO of XanPool, is a System Engineer and Project Manager both by training and heart. He has been a HODLer since 2013. His experience in the management of several successful startups and multinationals like Snapask, HSBC, etc. adds to his credibility and makes him a strong face of the company.
Now let’s dive into the in-depth review of Xanpool. Is the platform right for you? If yes, how does it work, how to use it, is it safe, what payment methods are accepted, what are the fees, what jurisdictions and fiat are supported? All are answered below.
I. How does XanPool work?
The platform works with local market makers in order to automate their cryptocurrency market making using local payment methods. This enables customers to buy & sell cryptocurrencies at local rates, instantly without custody risk and with the most convenient payment methods.
The seamless fiat gateway of XanPool is packaged into an API that cryptocurrency exchanges, wallets, and other platforms are able to integrate with so that their users are able to easily buy and sell cryptocurrencies.
XanPool lets users within Hong Kong, India, Indonesia, Malaysia, Philippines, Thailand, Singapore, and Vietnam buy cryptocurrencies with various e-payment methods and with the tokens being directly delivered to their wallets.
II. Creating an Account on XanPool
It is quite simple to Sign Up on XanPool. There are a couple of things to remember while signing up on XanPool. Here is a 4-step Sign-up process:
- Visit the homepage and click on the Sign-Up Button
2. Once you click on the sign-up button, a sign-up form popup will be triggered. Fill in all the details and click on the “Sign Up” button and you’re done. However, remember by signing-up you will automatically be agreeing to their terms of service.
II.I. Profile Verification: How To Verify KYC on XanPool?
1. Proceed with verifying your account
After you sign-up, XanPool’s dashboard will open. Click on “Verify Account” to proceed with the KYC Process. Short of time? Don’t worry, it takes less than 5 minutes and is a quick process.
2. Fill in your personal details to proceed
On clicking ‘’Verify account’’, you will be redirected to another page with the below details to be added. Now update your address, phone number, and upload a proof of identity. Refer to proofs to be uploaded on the website to avoid any disconnect.
3. Enter your mobile number & verify it via a One-time password (OTP)
4. Complete the KYC Process
Update all the required details, documents & proof, as directed by XanPool on their verification page. This only needs to be done once for the first transaction. Subsequent transactions would not require the user to do an additional KYC.
5. Submit and Wait
Cross-check everything and click on the “Submit” button. The company will confirm your KYC submission pretty much instantly if you’ve done everything correctly. In case you face any issues while verifying KYC, you may reach out to their support team at email@example.com
6. What’s Next?
After your account is successfully verified, you will be able to buy & sell cryptocurrencies using local payment methods. We highly recommend that you enable 2FA to keep your account secure.
III. How To Buy Cryptocurrency on XanPool
- Visit xanpool.com and click on Login. Log in with your XanPool credentials to start exchanging.
- Click on “Xchange” at the top right corner. You will be by default on the ” Buy” tab. On selecting the transaction type, the user needs to select the country from the drop-down option of countries, “HongKong” selected here. Payment method comes pre-selected based on country of jurisdiction, you can choose from the other available payment methods. Here we have chosen “Alipay HK”.
- Now you need to select the cryptocurrency you want to buy/sell. In order to do that, Click on “BTC” to trigger the dropdown, and select from a range of available cryptocurrencies: Bitcoin, Ethereum, Zilliqa, and Tether. Here “BTC” is selected and the conversion rate will automatically get updated.
- Now to proceed with the payment, click on “XChange” button to enter the payment gateway and finish the transaction.
- Confirm payment details and review payment summary
On clicking “Xchange” as provided above, you will be taken to a page to verify your cryptocurrency wallet and review the payment summary and its done. On selecting “I have made the payment”, you can complete your transaction effortlessly.
IV. How To Sell Cryptocurrency on XanPool?
1. Navigate to XanPool’s homepage and click on “XChange” at the top right corner of the page, as circled in red in the below image.
2. Refer to the below image and the number referencing to execute a selling transaction:
- To start selling the transaction, start by clicking on the “Sell Crypto” tag displayed against “1”.
- Enter the number of Bitcoins you are willing to sell in your fiat currency, displayed against “2”. You can change fiat currency you want to sell in by clicking on the drop-down arrow.
- After fiat currency is selected, the payment method will be automatically visible as displayed against “3”. You can change the payment method.
- XLP can be further selected to reduce the transaction fees as displayed against “4”.
- After revalidating all transaction details selected between steps 1-4, click on the “Xchange” button displayed against “5”.
3. Making Payment
- Payment is to be made within three minutes of landing onto this payment page as beyond that the conversion rate may change.
- Make sure payment is a quick process wherein the user manually sends the Bitcoin to an address by adding details of Bitcoin wallet, against “1” in the below image.
- You can also make payment by scanning the QR code displayed next to “2” in the image below with the Bitcoin wallet of your choice. This will further copy the address over into your the bitcoin wallet automatically.
V. What Fiat Currencies does XanPool support?
VI. XanPool’s Onboarding & Offboarding Fees
According to XanPool’s Terms Of Services, XanPool doesn’t charge any fees for its services. However, exchanges and other integrated platforms charge a fee as per their norms hence, XanPool advises reading terms before carrying out the transaction.
While doing this review, we initiated both buying & selling transactions multiple times and have concluded the following:
- Flat 2.5% Fees For Onboarding (inclusive of rates)
- Flat 3% Fees For Offboarding (inclusive of rates)
You can also use XLP (XanPool Loyalty Points) as fees to reduce the transaction fees.
VII. Is XanPool Safe?
The platform has taken necessary security measures like Two-Factor-Authentication, Robust KYC Verification to eliminate fraud and protect every user.
The powerful escrow integration makes XanPool invulnerable to fraudsters as the platform acts as a mediator ensuring 100% safe trades. To date, not even a single disputed trade stands on the platform, making it a reliable place to buy and sell your favorite cryptocurrencies.
In addition to this, it turns out that almost all users of XanPool have reviewed their experiences positively with a high emphasis on user-friendliness, no custody risk, easy access to social media platforms including twitter and telegram. Out of 123 reviews on TrustPilot (to the date of writing), 98% of the users have rated the platform with 5 stars.
Also, XanPool is integrated into top exchanges like OKEx and is a partner to the biggest crypto exchanges including Binance and Bithumb Global. This adds to the confidence of the platform.
VIII. Why should you choose XanPool to Buy/Sell cryptocurrencies?
- Quick and excellent customer support service
- The user-friendly platform, even for Newbies
- No custody risk
- Local payment methods available
- Faster turn-around time on open actions with wide usage of social media platforms including FB, twitter, and telegram
- Thorough KYC Process ensuring safety as a priority
- No custody
- XanPool has introduced direct gateways with PayNow, FPS, Alipay HK, InstaPay, UPI among a number of other leading names to enable local payment methods
- 100% Success Rate
- Safe Escrow
IX. Available Local Payment Methods on XanPool
The local payment methods are available as follows on the XanPool platform to buy and sell cryptocurrencies online :
X. XanPool Supported Jurisdiction
XI. XanPool Loyalty Points (XLP)
XLP stands for XanPool Loyalty Points, it is given out for free to users who conduct transactions on the XanPool platform. Not to be confused with various XLP ERC20 tokens that are traded on various Chinese Exchanges, despite them using the XanPool name. Our team has reached the Official XanPool team, and they have confirmed that any XLP tokens that are traded freely on the markets are not official XanPool Loyalty Points. Currently, XanPool has no definite plan to tokenize their Loyalty Points, noting that XLP on the XanPool platform should simply act as a “discount coupon”.
XII. The Verdict: Should You Use XanPool
The seamless fiat gateway for the crypto industry, Xanpool, has achieved a lot in the one year span of its foundation. Making significant partnerships with the industry leaders such as with OKEx, Binance, Bithumb Global, BKEX, the company has gained a lot of confidence and trust in the market. Also, with a 100% success rate & local payment methods, it makes XanPool an ideal place to buy & sell cryptocurrencies online, especially for the beginners.
Moreover, OKEx, among other exchanges, have integrated XanPool Gateway on their platforms enabling users to directly buy/sell crypto using fiat. We believe that now many other exchanges, old & new, will follow OKEx’s footpaths to integrate XanPool on their respective platforms as well. However, OKEx now also has their own “Quick Trade” engine, they strongly represent Xanpool as a “Trustworthy Fiat Partner”. If you have your own platform, then XanPool is a great choice for enabling a fiat gateway to crypto for your users. You can apply to be their partner from the partnership form available on XanPool’s website.