VirWox Review : Bitcoin exchange, fee, payment method, scam or legit?
Today we are going to do a Virwox review.
I know that most of the people know about Virwox but yet I did not review it. Recently I am receiving many questions regarding Virwox. so that’s why I decided to review it.
Most of the people are facing difficulties in buying Bitcoins from Virewox. they are constantly asking me that how to buy Bitcoin from Virwox?
Probably they are facing this issue due to the lack of knowledge in terms of navigating Virwox or due to the lack of technical step knowledge. So I will be doing both the things that are “how to buy Bitcoins from Virwox?” and Virwox review in this same article.
I am sure that if you are reading this post you definitely have the knowledge of Cryptocurrency world and at the same time, we all know that due to the increasing popularities of Virtual currencies or you can say Digital currencies now there are a number of Cryptocurrencies and exchange platforms are available in the market.
We always see the best option. So in the cryptocurrency exchange platform segment, there is one platform that definitely has its name on the market that is Virwox.
what is Virwox?
Virwox stands for Virtual World Exchange. It came into existence at the end of 2007. Today Virwox is a leading independent exchange platform for both the terms users more than 10,30,000 as well as trading volume more than 50 million US$.
Virwox is registered under the Business name of “Virtual World Service GmbH” and headquarter is located in Vienna, Austria. They also get most of the traffic from the UK, Germany, France, and Brazil.
It has become a leading independent exchange for virtual currency trading. It was originally set up to trade Second Life Lindens (SLL) and other virtual currencies used in online gaming before expanding into bitcoin in 2011.
In 2011 when it started support Bitcoin it became a popular way of buying Bitcoin through PayPal. Technically, the platform only supports the exchange of bitcoin for Linden Dollars, which is the virtual currency used in the online virtual world Second Life. You can get around this by first purchasing Linden Dollars and then using them to buy bitcoin.
Other than Bitcoin and Linden Dollars Virwox also offer Open Metaverse Currency (OMC) and Avination. You cannot directly sell your Bitcoin as a primary currency but you can exchange it for SLL. So if you have some USD or Euro in your PayPal, you will need to first buy SLL then exchange them for BTC.
Which currency Trading pair Virwox supports?
SLL – EUR/SLL, USD/SLL, GBP/SLL, CHF/SLL, BTC/SLL
ACD – EUR/ACD, USD/ACD, SLL/ACD
OMC (Open Metaverse Currency) – SLL/OMC, EUR/OMC, USD/OMC
MVC – EUR/MVC
In which countries I can use Virwox?
You can use Virwox everywhere. It is a worldwide usable site. You can use it in any country irrespective of your location and country.
What are the fees of Virwox?
VirWox charges 50 Linden Dollars (about $0.20) plus 2.9% for bitcoin/Linden Dollar (BTC/SLL) market orders. Also, the fee for limit orders depends on volume but generally varies between 0.78% and 3.9%.
In terms of Bitcoin withdrawal, they charge 0.001 BTC for Bitcoin withdrawals. Note that Deposits in Bitcoin are totally free. They do not charge anything on Deposit transactions.
What is the limit and speed of Virwox?
amount of Deposit made through PayPal is restricted by Virewox due to security reasons. Here the criteria for qualifying higher level for increasing the limit of the account is a bit different compared to the other exchange platforms.
You have to use the platform continuously in order to increase your account limit. When you make your first successful deposit with the increase of days your limit will also increase.
After you done with your registration on Virwox you have the limit of 60 EUR per 24 hours and 180 EUR per 30 days.
When you move further about 10 days after your 1st successful deposit than you will have the limit of 100 EUR per day and 500 EUR for 30 days.
After 60 days your account limit will increase up to 200 EUR per day and 2,000 EUR per month and after 90 days the limit will reach up to 300 EUR per 24 hours and 3,000 EUR per 30 days.
Suppose if you still want to increase your limit than you have to give a request for that then your limit will become 8,000 EUR per day and 80,000 EUR per month.
How to buy Bitcoins from Virwox?
Currently, Virwox only supports an exchange for Bitcoin in Linden Dollars. You cannot directly buy Bitcoins on Virewox. in order to buy Bitcoin from Virwox first, you have to buy Linden Dollars for real world currency and then exchange it for Bitcoins.
It is not necessary to open a Second Life account to do this.
To do so you need to enter your desired amount (e.g. USD) to Buy SLL (Linden Dollars).
Go to the exchange page and click on USD/SLL pairing. When you have your Linden Dollars in your account you can exchange it for Bitcoins.
For that click on BTC/SLL pairing on the Exchange page. Depending on the type of order (Market or Limit), this will convert the Linden Dollars to BTC immediately or at some later time.
After that, you can transfer your BTC to a secure wallet or you can leave it on Virwox only. Well, I will recommend you to use a secure hardware wallet to store your Bitcoin such as Ledger Nano S.
For detailed information on Hardware wallets click Here.
For more detailed information on how to Buy Bitcoin from Virewox please go to our detailed post how to buy Bitcoins from Virwox
Which payment methods you can use to Buy Bitcoin form Virwox?
- Skrill – A credit/debit card agency that processes transactions for 30+ countries.
- OKPay – An international eWallet service and a shopping cart interface/payment processing service.
- PayPal – the world most famous electronic payment platform will fund your VirWox account with USD, but only for verified accounts.
- Paysafeguard – Unknown to most Americans, one can add money to a Paysafecard from one of their locations throughout the world via cash. This allows maximum flexibility and anonymity.
- SOFORT Banking – Offer easy, quick, and secure online payments using your own online banking details.
What are the advantages of Virwox ?
Payments – various payment methods are available on the platform. The biggest thing is the convenient fiat payment methods.
Security – Good privacy standards
Ancient platform – One of the oldest exchanges dealing with virtual currency and bitcoin
Orders – There are two types of order: Market Order and Limit Order. The Market Order is executed instantly, at the current market price, while the Limit Order is executed at the price set by the trader if one is willing to accept it.
Registration – the registration process is very simple and convenient.
Transfer – If you are a registered user you can use their money transfer feature.
What are the Disadvantages of Virwox?
High fees – fees for every payment method is quite high.
Commissions – with the high fees of Virwox they also charge commissions on the transactions.
Credit card limits – similar to Changelly Virwox also has certain limits for deposits with credit cards and with PayPal, depending on the “age” of the account.
Leverage – VirWoX does not offer leveraged trading.
Platform – Personally for me, the interface of the Virwox is probably the worst part of it. For me, it has the ugliest interface I have ever seen.
Security and privacy
The exchange is operated and serviced by a physical company based in Austria. Security is the main feature of any exchange platforms. The platform always suggests user go with a strong password which is easy to remember but tough to guess. Also, keep this password for you and secure.
The exchange also receives information when one uses payment systems such as Paypal or Skrill. The company promises not to share the information with outsiders unless obliged to do so by relevant authorities. They also claim not to store any information related to credit cards.
Virwox now becomes the most ancient exchange platform live. So you can consider it as a legit site. We did not receive any complaints of theft and attack but we are constantly receiving the complaints on the higher transaction fees. This is because it is not a fully developed 100% exchange platform. It is only supporting Bitcoin in cryptocurrency world. We can hope for the improvement in future.
I hope you like Virwox Review post. If you have any doubts please let me know in the comment section. Please share this post with your friends and family.