Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
VirWox virtual currency exchange – review
VirWox is a time-tested virtual currency exchange with a key point of difference: you can buy Bitcoin through PayPal.
Founded in 2007, the Virtual World Currency (VirWox) is one of the world’s oldest online currency exchanges. 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.
Currently, VirWox is one of the only platforms that allows you to purchase Bitcoin through PayPal.
Sam Bourgi is a contributing writer to Finder.com, where he specializes in financial markets. He has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, Yahoo, CBOE and Forbes.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
VirWox shuts down
On 6 January 2020, VirWox permanently shut down. At the time of its closure, it was one of the world’s longest continually-operating cryptocurrency trading venues.
The Austrian-based VirWox was established just before the cryptocurrency revolution to enable users to trade SLL and other online gaming tokens.
Since venturing into Bitcoin in 2011, VirWox has become a popular method for 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.
To buy Bitcoin with VirWox, follow this process:
Deposit money into your account via PayPal.
Purchase SLL on the first currency exchange (ie, SLL/USD).
Buy Bitcoin with your newly purchased SLL on the BTC/USD exchange.
Withdraw your Bitcoin.
Which cryptocurrencies can I exchange?
VirWox has been in the virtual currency game long before cryptocurrencies were a thing. Today, the exchange allows you to buy and sell Linden Dollars, Avination C$ and OMC. These virtual currencies can be exchanged for fiat currencies like the euro, US dollar, British pound and Swiss franc.
VirWox has also expanded into the crypto sphere by offering Bitcoin. Currently, Bitcoin is the only cryptocurrency available on the platform.
VirWox is available worldwide.
Which payment methods can I use?
PayPal. Because you can deposit money through PayPal, accounts can be funded through a variety of methods that include major credit cards, debit cards and your PayPal balance.
Others. You can also deposit money through Skrill, paysafecard and uKash.
How much will it cost me to use VirWox?
VirWox charges 50 Linden Dollars (about $0.20) plus 2.9% for Bitcoin/Linden Dollar (BTC/SLL) market orders. The fee for limit orders depends on volume but generally varies between 0.78% and 3.9%.
VirWox charges 0.001 BTC for Bitcoin withdrawals.
Deposits in Bitcoin are free.
How quickly will my funds be available?
For security reasons, Bitcoin withdrawals are subject to manual review, which usually slows the withdrawal process. This is especially true for new accounts.
VirWox typically delays your first Bitcoin withdrawal by 48 hours.
Are there any transfer limits?
For security reasons, VirWox restricts deposits made through PayPal. The limits (in euros) are outlined below. The levels seem to coincide with the number of days since your first successful deposit. This means you’ll work your way up the levels the more you use the platform.
Limits in EUR
After 10 days
After 30 days
After 60 days
Per 24 hours
Per 30 days
There are no limits on withdrawals.
Is VirWox considered secure?
To combat fraud, VirWox takes a very conservative approach to safeguarding its platform. For this reason, many account holders have been banned from using the service.
Unlike other exchanges, VirWox asks for a modest amount of personally identifiable information, with a promise to keep the details private.
The website purposely avoids giving too much detail about its security policy. However, given that accounts are merely password protected, they may be less secure than those of other platforms which utilise two-factor authentication.
VirWox has a lengthy FAQ section that can guide you through account setup and help you troubleshoot any issues that you encounter.
Customer support and even the managing director can be reached through email.
Pros & cons
One of the oldest exchanges dealing with virtual currency and Bitcoin
The ability to buy Bitcoin through PayPal
Good privacy standards
High fees when compared with other platforms
Negative reviews over high fees and seemingly random account bans
Bland user interface
First you need to consider the features and decide whether you want to be a purchaser. If you are ready to get started with VirWox, simply visit the website, register using the “Registration” page and login within 24 hours. You can change your password using the “Change Settings” page.
You are now ready to open an account and fund it with the currency you want to exchange.
Remember, you must first buy Linden Dollars before you can purchase Bitcoin. Once you get the hang of it, the process is fairly straightforward.
Frequently asked questions
VirWox users can execute market orders and limit orders. A market order is where the order is executed immediately; a limit order is where you can specify your desired rate and wait until it reaches that level.
Although there is no fee for maintaining your VirWox account, inactive accounts will be charged EUR2 (or equivalent) per month. Your account is considered inactive if it hasn’t been used for 12 months.
To retrieve your password, simply follow the instructions on the “Reset Password” page. You’ll need to input your name and email.
Image source: VirWox
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.