VIRWOX

About company:

VirWoX is a global virtual exchange created in late 2007 for the purpose of trading Second Life Lindens - a virtual currency also known as SLL.

 

VirWoX is today the leading exchange for virtual currencies, both in terms of the number of users (around 100,000) and trading volume (over € 29 million).

 

In 2011 VirWoX opened the first cryptocurrency exchange trades for another virtual currency BTC / SLL (Linden dollars from Second Life game).

 

VirWox acts as an intermediary for the purchase of Bitcoin with a credit card.

 

VirWoX is operated by Virtual World Services GmbH, based in Austria.

 

VirWoX takes security and privacy seriously. The company requires your personal information to transfer money to your bank accounts. In addition, this information becomes available when you deposit money using PayPal or Skrill. VirWoX notes that they ensure the safety of customers' personal information, except when required by government authorities.

 

How VirWoX works

The client needs to open an account and replenish it with the currency that he wants to exchange.

 

There are two main ways to exchange:

 

Immediate Exchange: In this case, the client takes the current best available rate and places a "market order".

 

The most profitable exchange: in this case, the client places a "limit order" and indicates the desired rate. The order will only be executed if someone wants to accept the offer.

 

Technically VirWoX only supports exchanging BTC for SLL. Even though the client cannot buy BTC with PayPal directly. There is another way, the process itself is quite complicated, and the main disadvantage is that the commission for all operations can reach up to 10%. A short step-by-step guide to buying bitcoin with PayPal via VirWoX:

 

Fund your VirWoX account with PayPal using USD or EUR. For the deposited USD or EUR, buy SLL. Exchange SLL to BTC via VirWoX. Withdraw BTC to your own Bitcoin wallet.

 

Commission

VirWoX charges 50 SLL (currently around $ 0.20) plus 2.9% for BTC / SLL market orders. The fees for limit orders depend on the previous trading volume of the account and range from 0.78% to 3.9%.

 

VirWoX charges 0.01 BTC for BTC withdrawals. BTC deposits are free.

 

Ways of payment

PayPal: the system charges us a fee for its services, which is deducted from the client's deposit. The size of the commission depends on the currency, the client's location, the size of the transaction, so the exact amount is known only after the transaction has been completed. For example, the current fee for Euro deposits for customers with their PayPal account held in Euros is € 0.35 plus 3.4% of the transaction.

 

Credit / Debit Cards, Skrill (Moneybookers): Skrill also charges a fee for its services, which is deducted from the deposit. The current fee for EUR deposits for customers with their Skrill account held in EUR is EUR 0.39 plus 3.5% of the transaction.

 

Paysafe: There is a 20% deposit fee.

 

SOFORTbanking: charges a fee of 2.5% of the transaction value with a minimum value of € 0.25 (if the transaction value is below € 10), which will be deducted from the client's deposit.

 

Sending virtual currency (SLL, ACD or OMC) is free.

 

VirWoX registration fee is not charged. However, if the customer has not used their account for more than 12 months, the company will charge a fee of € 2 (or the equivalent in another currency) per month.

 

Pros:

 

The easiest and arguably the only reliable way to buy Bitcoins with PayPal or Skrill.

 

Minuses:

 

high commission, up to 10%.