Exchanges

Virwox review

Website : Virwox
Established : 2007
Support :
Country : Australia
U.S. Clients Allowed : Yes
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Background

Virwox is the trademark name for the online exchange service owned by an Australia company known as Virtual World Services GmbH, which is headquartered in Vienna. Virwox started operations in 2007.

Virwox was initially created as an online exchange for the players of the Second Life virtual reality video game, where traders can buy or sell a virtual currency known as Linden Dollars. There they could trade fiat currency for the game tokens Second Life Lindens (SLL), as well as other virtual currencies used in online gaming such as ACD, OMC, MVC, and the likes, before expanding into bitcoin in 2011.

Usually, entrance into the exchange sector on Virwox requires traders to buy Linden Dollars with fiat currency, which is achieved in different ways using the payment methods discussed later in this review.

Virwox offers its services many countries and territories. A few countries cannot participate due to regulatory prohibitions or international financial restrictions. Affected countries include the following:

Regulatory prohibitions (US, France, Belgium)

International restrictions (Syria, Afghanistan, Iran, Iraq, North Korea, etc.)

Account Verification

VirWoX takes security and privacy of its clients’ data very seriously. Here are the security measures have been set in place to safeguard user operations on the Virwox platform.

  1. The company encourages all users to use relatively strong passwords. Prompts to improve password strength are usually shown to users while creating passwords. All passwords are to be at least eight characters in length, with a combination that includes lower and uppercase alphabets, numbers, and special characters.
  2. Password recovery is performed using the registered email.
  3. Account verification comes with the creation of a permanent link between the SL avatar and the user’s Virwox trading account.
  4. The company works with a network of terminals. A popup dialog box comes up, telling the user his or her username to prevent users being prompted to log in to false terminals given by hackers. It is probably a fake terminal if it cannot tell the correct username.

Trading Platform

VirWoX does not offer a proper trading platform, but rather a simple interface where users can exchange tokens. It is easy to use but does not have any additional useful features for trading. The only cryptocurrency traded on Virwox is Bitcoin.

How to Buy Bitcoin On Virwox

At the moment, Virwox only offers an exchange for Bitcoin in Linden Dollars. Buying bitcoin directly on Virwox is impossible. In order to purchase Bitcoin from Virwox first, you have to buy Linden Dollars using fiat currency and then exchange the Linden Dollars for Bitcoins.

It is worth noting that you don’t need to open a Second Life account to do this. To obtain Linden Dollars, go to the “Exchange” page and click on USD/SLL pairing, input your desired amount in USD, and you will get the equivalent SSL.

After obtaining your Linden Dollars, you can exchange it for Bitcoins.

To do so, click on BTC/SLL pairing on the “Exchange” page. Depending on the type of order (Market or Limit), this will change the Linden Dollars to Bitcoin instantly or at some later time.

After the BTC has been credited to your account, you can transfer it to a secure bitcoin wallet, or you can leave it on your Virwox account.

Virwox Fees

On Virwox, commissions are charged for trades. On market orders, it charges a flat fee as well as a variable percentage. Details are shown below:

  • Currency     Fixed    Variable
  • EUR/SLL    50 SLL    2.90%
  • USD/SLL    50 SLL    3.90%
  • GBP/SLL    50 SLL    3.90%
  • CHF/SLL    50 SLL    3.90%
  • EUR/ACD    50 ACD    3.90%
  • USD/ACD    50 ACD    3.90%
  • SLL/ACD    25 ACD    3.90%
  • SLL/OMC    25 OMC    1.90%
  • EUR/OMC    50 OMC    2.90%
  • USD/OMC    50 OMC    1.90%
  • BTC/SLL    50 SLL    3.90%
  • EUR/MVC    50 MVC    2.90%

For the limit order, the commission will be charged only if the order is totally executed.  If the order is partially executed, the commission will only be paid on the part that has been executed. VirWoX also gives discounts on commissions, which is determined by the client’s trading activity.

Deposit and Withdrawal

Here are some channels through which Virwox users can deposit and withdraw funds.

  1. PayPal: Users can deposit and withdraw fiat currencies via PayPal, but this service attracts fees. Currently, EUR deposits attract a fee of 0.35 EUR plus 3.4% of the total amount.
  2. Credit/Debit Cards issued by Visa, MasterCard, and other card companies.
  3. Skrill: Skrill can be used to make deposits as well as withdrawals, but also incur charges of 0.39 Euro plus 3.5% of the value of the transaction.
  4. PaySafeCard: Users can make only deposits with PaySafeCard, and it attracts a 20% fee.
  5. SOFORT: Sofort AG attracts a fee of 2.5% of the value of the transaction. For transactions less than 10 Euros, the minimum fee is 0.25 Euro.

Traders may also use their funds by transferring virtual currencies to other users at no cost.

Customer Support

The Virwox customer support service is not the best. There are many complains about the response to customer concerns and FAQs.

The following methods can be used access the customer support services at Virwox can be accessed on a 24/7 basis:

– Email: office@virtualworldservices.at or support@virwox.com

– Support ticket

Is Virwox safe?

VirWoX began its operation with a different purpose than offering Bitcoin trading and was doing a good job. Its developers merely decided to branch out into this cryptocurrency market, but have made that available in such a slow and costly process. The biggest advantage of this exchange is the option to purchase Bitcoin with PayPal, but the total fees and commissions can be quite exorbitant.

Overall, we would say VirWoX cannot be your first choice for a cryptocurrency exchange service unless you still play the Second Life video game and do not already own Second Life Lindens.

Jacob Lucas

Jacob Lucas

Jacob has been active in the cryptocurrency markets since 2010, specializing in Bitcoin. He received education as Certified public accountant, specializing in taxes and cost management. Looking for alternative sources of income due to some personal struggles Jacob discovered Bitcoin 2010, showing some commitment and first to learn and get all the basics. Jacob made his fists investment in bitcoin in 2011 and has been successful in the field. Writing in the field is part of Jacob’s commitment to share knowledge with others.

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Virwox exchange review

Virwox exchange review
7

Ease of use

Fees

Support

Security

Pros

  • No ID verification required
  • Buy bitcoin through PayPal
  • Good privacy standards

Cons

  • High fees
  • Limited support
  • US Clients are not accepted