FX.co ★ VirWoX - Broker rating, review and comments
78
Rating:
Start year:2007
Country of origin:Austria
Regulation:IFSC, CySEC
Payment options:bank wire, credit cards, electronic payment systems
Minimum account size:$90
Minimum lot size:–
Leverage:–
Spreads:–
VirWoX is a global virtual stock exchange established in late 2007 for trading the SLL (Second Life Lindens) digital currency.
About company
Today, VirWoX is a leading stock floor by cryptocurrency exchange. It is also considered the first by the number of users (around 100,000) and the trade volume (over 29 million euros).
In 2011, VirWoX opened its first exchange of one cryptocurrency to another virtual currency BTC/SLL (Linden dollars from the Second Life game).
VirWoX serves as an intermediary for obtaining bitcoins with the help of a credit card.
VirWoX is managed by Virtual World Services GmbH situated in Australia.
The company cares about security and confidentiality. A client's personal data is required to transfer money to his/her bank account. The information becomes available when a client deposits funds through PayPal or Skrill. VirWoX ensures safety of clients' personal data except for the cases when it is required by governmental bodies.
How VirWoX operates
A client has to open an account and top it up with the currency he/she wants to exchange.
There are two main ways of exchange:
- Instant exchange: in this case, the client accepts the current most reasonable rate and places a market order.
- Most beneficial exchange: in this case, the client places a limit order and specifies the desired rate. The order will be executed only if someone accepts the offered rate.
Technically, VirWoX supports only the exchange of BTC to SLL, despite the fact that a client cannot buy bitcoins through PayPal directly. There is another way. However, the process is rather complicated and the commission for all transactions may be as high as 10%. Step-by-step instruction on buying BTC through PayPal with VirWoX:
1. Top up your account at VirWoX via PayPal with EUR or USD.
2. Buy SLL for deposited EUR or USD.
3. Exchange SLL for BTC through VirWoX.
4. Transfer BTC to your own bitcoin wallet.
Commission
VirWoX charges SLL 50 (currently around $0.20) plus 2.9% for market orders on BTC/SLL. Fees for limit orders depend on the account trade volume and vary from 0.78% to 3.9%.
VirWoX charges BTC 0.01 for BTC withdrawals. BTC deposits are free of charge.
Payment options
PayPal: the system charges the company for its services and this sums is taken from a client's deposit. The commission size depends on the currency, the client's location, and the transaction size; that is why the total sum is known only after the transaction is completed. For example, the current commission for deposits in EUR for clients with their own PayPal account makes up EUR 0.35 plus 3.4% of the transaction.
Payment cards, Skrill: Skrill also charges certain payments for its services that are taken from a client's deposit. The current commission for deposits in EUR for clients with their own Skrill account makes up EUR 0.39 plus 3.5% of the transaction.
Paysafe: The 20% commission is charged for funds depositing.
SOFORTbanking: The 2.5% commission is charged depending on the transaction value with the minimum value of EUR 0.25 (if the transaction value is below EUR 10) that will be taken from a client's deposit.
Transfers of virtual currencies (SLL, ACD, or OMC) are free.
Registration with VirWoX is also free of charge. However, if a client did not use his/her account for over 12 months, the company charges EUR 2 (or its equivalent in another currency) per month.
Advantages:
- the simplest and probably the only way to buy bitcoins via PayPal or Skrill.
Disadvantages:
- high commissions of up to 10%.
About company
Today, VirWoX is a leading stock floor by cryptocurrency exchange. It is also considered the first by the number of users (around 100,000) and the trade volume (over 29 million euros).
In 2011, VirWoX opened its first exchange of one cryptocurrency to another virtual currency BTC/SLL (Linden dollars from the Second Life game).
VirWoX serves as an intermediary for obtaining bitcoins with the help of a credit card.
VirWoX is managed by Virtual World Services GmbH situated in Australia.
The company cares about security and confidentiality. A client's personal data is required to transfer money to his/her bank account. The information becomes available when a client deposits funds through PayPal or Skrill. VirWoX ensures safety of clients' personal data except for the cases when it is required by governmental bodies.
How VirWoX operates
A client has to open an account and top it up with the currency he/she wants to exchange.
There are two main ways of exchange:
- Instant exchange: in this case, the client accepts the current most reasonable rate and places a market order.
- Most beneficial exchange: in this case, the client places a limit order and specifies the desired rate. The order will be executed only if someone accepts the offered rate.
Technically, VirWoX supports only the exchange of BTC to SLL, despite the fact that a client cannot buy bitcoins through PayPal directly. There is another way. However, the process is rather complicated and the commission for all transactions may be as high as 10%. Step-by-step instruction on buying BTC through PayPal with VirWoX:
1. Top up your account at VirWoX via PayPal with EUR or USD.
2. Buy SLL for deposited EUR or USD.
3. Exchange SLL for BTC through VirWoX.
4. Transfer BTC to your own bitcoin wallet.
Commission
VirWoX charges SLL 50 (currently around $0.20) plus 2.9% for market orders on BTC/SLL. Fees for limit orders depend on the account trade volume and vary from 0.78% to 3.9%.
VirWoX charges BTC 0.01 for BTC withdrawals. BTC deposits are free of charge.
Payment options
PayPal: the system charges the company for its services and this sums is taken from a client's deposit. The commission size depends on the currency, the client's location, and the transaction size; that is why the total sum is known only after the transaction is completed. For example, the current commission for deposits in EUR for clients with their own PayPal account makes up EUR 0.35 plus 3.4% of the transaction.
Payment cards, Skrill: Skrill also charges certain payments for its services that are taken from a client's deposit. The current commission for deposits in EUR for clients with their own Skrill account makes up EUR 0.39 plus 3.5% of the transaction.
Paysafe: The 20% commission is charged for funds depositing.
SOFORTbanking: The 2.5% commission is charged depending on the transaction value with the minimum value of EUR 0.25 (if the transaction value is below EUR 10) that will be taken from a client's deposit.
Transfers of virtual currencies (SLL, ACD, or OMC) are free.
Registration with VirWoX is also free of charge. However, if a client did not use his/her account for over 12 months, the company charges EUR 2 (or its equivalent in another currency) per month.
Advantages:
- the simplest and probably the only way to buy bitcoins via PayPal or Skrill.
Disadvantages:
- high commissions of up to 10%.
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