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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 is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. Please check with providers if their services are available in your state.
Which fiat and cryptocurrencies are supported?
Supported fiat currencies:
EUR, USD, CHF, GBP
Supported cryptocurrencies include:
Which payments methods are accepted?
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 (i.e. SLL/USD).
Buy bitcoin with your newly purchased SLL on the BTC/USD exchange.
Withdraw your bitcoin.
VirWox is available worldwide.
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 utilize 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’re 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.
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.
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