VirWoX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this VirWoX Review.
VirWoX is one of the oldest virtual currency exchanges. It was founded in 2007 for the players of the Second Life virtual reality video game. There they could exchange fiat currency for the game tokens Second Life Lindens (SLL) and other virtual currencies used in online gaming (ACD, OMC, MVC) before expanding into bitcoin in 2011.
Now users of VirWoX can buy Bitcoins for fiat currencies (EUR, USD, CHF and GBP), using PayPal and several other online payment platforms as a payment option, but they need to convert the “real” money into SLL first and only then buy Bitcoins. It is a slow, cumbersome and quite expensive process, but, as others have already put it, could be the only option.
Of course, VirWoX is still serving its initial purpose as an exchange for game tokens for some games, including Second Life.
The VirWoX platform and service are designed, developed, and operated by Virtual World Services GmbH, a company founded in Austria. According to its own data, the platform has 965,983 registered users at the time of the writing of this VirWoX review.
– Payments. Probably the biggest advantage of VirWoX are the convenient fiat payment methods: PayPal, credit cards through Skrill, Paysafe card, SOFORT deposits. They all come with a fee, however.
– Orders. VirWoX offers 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 & Anonymity. The registration process at VirWoX is simple and straightforward and the client could provide a fake name, if they so wish. However, whenever one makes a fiat deposit, the true identity should be revealed. As a matter of fact, VirWoX themselves warn that the registration name and that of the person making the transfer must be the same. Yet, the exchange does not require government ID pictures and does not appear to deploy slow and cumbersome verification process.
– Transfer. VirWoX offers a money transferring feature, but we remain of the impression that it can be done only among registered users.
– Fees. We have mentioned the convenient deposit methods for fiat currencies. There, however, are quite hefty fees. The PayPal fee, for instance, is 0.35 Euro plus 3.4% of the transaction. The Skrill fee is similar and somewhat higher: 0.39 Euro plus 3.5% of the transaction. The SOFORT fee is 2.5% of the transaction value, with a minimum of 0.25 Euro (if the transaction value is below 10 Euros). The withdrawals also come with handling fees: 0.0005 BTC per bitcoin withdrawal, 1 EUR (1 USD, 1 CHF, 1 GBP) + 2% PayPal Fee per PayPal withdrawal and 1 EUR (1 USD, 1 CHF, 1 GBP) per withdrawal will be charged for all other types of withdrawals (Skrill, Bank Transfers). Deposits in Bitcoin are free.
– Commissions. Along with the transfer fees, VirWoX also charges commissions. Depending on the coin and the type of order (market or limit), the exchange charges the following commissions.
The commission for market orders consists of a fixed fee plus a variable percentage.
The commission for the limit order will be charged only if the order is actually executed. If the order is executed partially, commission will only by paid on the part that has been executed. VirWoX also offers discounts on commissions, based on the client’s trading activity.
When one adds in all the fees and commissions, the sum turns out to be rather high and not very attractive.
– Credit card limits. Similarly to the cryptocurrency exchange Changelly, VirWoX has set certain limits for deposits with credit cards and with PayPal, depending on the “age” of the account.
There are no limits for withdrawals.
– Leverage. Due to the nature of its service, VirWoX does not offer leveraged trading. There, however, are some exchanges that offer this feature: Kraken, CexIo, bitFlyer, etc. There are also many forex brokers who are offering CFDs on some of the most popular cryptocurrencies for trading on Margin.
– Platform. VirWoX does not have proper trading platform, but rather a simple interface where tokens can be exchanged. It is easy and intuitive to use, but does not have any additional useful features for trading.
VirWoX was stared with a different purpose than offering trading in Bitcoin and was doing a good job. Naturally, its developers decided to branch out into this cryptocurrency, but have come up with such a slow and costly process, that, frankly, we are not sure who would bother using it. Initially it was probably one of the few platforms offering this type of service, but, judging by the overall look of the site, it has not been developed much further since its inception.
As we have already said, the biggest advantage of VirWoX is the option to buy Bitcoin with PayPal, but the total fees and commissions can be quite forbidding. There are other cryptocurrency exchanges, like Local Bitcoins where some sellers offer PayPal as a payment option. There are also a few exchanges where one can buy cryptocurrencies with a credit card or through a bank transfer. Some even accept cash.
Overall, we’d say that VirWoX cannot be the first choice for a cryptocurrency exchange, unless you play (still) Second Life and do not already have Second Life Lindens.
VirWoX Review Conclusion
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