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.
Details
| Product Name | VirWox Virtual Currency Exchange |
|---|---|
| Fiat Currencies | EUR, USD, CHF, GBP |
| Cryptocurrencies | BTC |
| Deposit Methods |
Credit card Debit card OKPAY PayPal SOFORT |
| Trading Fee | 2.5-20% |
| Deposit Fees |
PayPal: Fees vary
Credit/debit card: Fees vary Skrill: Fees vary SOFORT: 2.5% paysafe: 20% Other: None |
| Withdrawal Fees |
Cryptocurrency: 0.0005 BTC per withdrawal
PayPal: 1 EUR (1 USD, 1 CHF, 1 GBP) + 2% Other: 1 EUR (1 USD, 1 CHF, 1 GBP) |
Pros
- One of the oldest exchanges dealing with virtual currency and bitcoin
- The ability to buy bitcoin through PayPal
- Good privacy standards
Cons
- High fees when compared with other platforms
- Negative reviews over high fees and seemingly random account bans
- Bland user interface
What is VirWox?
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.
Countries supported
- 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 | Level 0 | Level 1 | Level 2 | Level 3 | Level 4 | |
|---|---|---|---|---|---|---|
| Immediately | After 10 days | After 30 days | After 60 days | On request | ||
| PayPal/Skrill deposits | Per 24 hours | 90 | 120 | 200 | 400 | 1,000 |
| Per 30 days | 270 | 900 | 2,000 | 4,000 | 10,000 | |
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. This means your personal information is kept 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.
Customer support
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
Pros
- One of the oldest exchanges dealing with virtual currency and bitcoin
- The ability to buy bitcoin through PayPal
- Good privacy standards
Cons
- High fees when compared with other platforms
- Negative reviews over high fees and seemingly random account bans
- Bland user interface
Next steps
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
Image source: VirWox
