VirWox

Page Summary

VirWoX was a top crypto exchange that supported only Bitcoin. It was a good fit for users who wanted to buy Second Life’s Linden Dollars (SLL). Linden dollars were easy to exchange for Bitcoin. VirWoX focused on the virtual currency used in online games. It was an interesting virtual world exchange to buy Bitcoin. It was closed in January 2020.  

Review Summary:  

  • VirWoX was a virtual currencies exchange founded in 2007 to sell Linden dollars and buy Bitcoin. 
  • It offered many funding methods, including Skrill and PayPal. 
  • It was a secure exchange with access to multi-factor authentication. 

VirWoX Overview: 

VirWoX started as a virtual place where people could buy and sell SLL. This virtual currency operated in the virtual game Second Life. The VirWoX platform added other virtual coins to its portfolio, including Bitcoin. VirWoX was a global exchange available in most countries. It wasn’t available for residents of: 

  • United States 
  • France 
  • Belgium 
  • Syria 
  • Iran 
  • Iraq 
  • Afghanistan 
  • North Korea 

Trading Experience 

VirWoX didn’t operate like other crypto exchanges. It specialized in SLL dollars, which traders could exchange for Bitcoin. The VirWoX platform didn’t sell Bitcoin. It allowed users to store and buy Bitcoin with their VirWoX account, which was risky. Read our in-depth reviews to learn more about crypto exchanges and funds safety. 

Cryptocurrencies Available  

The VirWoX exchange wasn’t a specialist virtual currencies exchange. It only listed the Bitcoin coin. Check our in-depth reviews to learn more about the importance of a versatile crypto portfolio. 

Fees  

VirWoX had an expensive fee structure and access to many payment methods. PayPal and Skrill deposits had a fee varying between 3 to 5%. Paysafecard deposits had a high 20% deposit fee. Skrill/PayPal deposits had a 24-hour limit as it follows: 

  • First deposit: 90 EUR 
  • After 10 days: 120 EUR 
  • After 30 days: 200 EUR 
  • After 60 days: 400 EUR 
  • On request: 1000 EUR 

The VirWoX withdrawal fees were high. A bank transfer had a fee of 1 EUR. PayPal had 1 EUR and 2% of the transaction fee. All VirWox trading fees were expensive. We recommend reading our in-depth reviews to learn more about fee structures and payment methods before trading with a virtual exchange. 

Regulation & Reputation  

VirWoX didn’t have a license from a regulatory body. It was a self-regulated business, and it came with significant trading risks. VirWoX didn’t follow the anti-money laundering regulations. Read our in-depth reviews for more information on crypto exchanges and safety. 

Account Opening  

Opening a VirWoX account was simple. The steps you had to follow were : 

  1. Access VirWoX’s homepage and click on the “Not Registered Yet?” button. 
  2. Add your email address and a password. 
  3. Choose a username. 
  4. Submit personal information like phone number and address. 
  5. Confirm your email address. 
  6. Deposit funds and start buying Bitcoin. 

Customer Support  

VirWoX had below-average customer support. VirWox users reached out to the support team via email. The response times were lengthy. VirWoX didn’t offer phone support, live chat, or social media support. 

Summary  

VirWoX was a leading independent exchange. It listed Bitcoin, but it had an expensive fee structure. This exchange accepted many funding options, including PayPal. VirWoX closed its doors in January 2020. We recommend you research different exchanges before trading virtual currencies with a provider. 

FAQ

What Is A Crypto Exchange?

A cryptocurrency exchange is an online marketplace. It helps with buying, selling, and trading digital assets. An exchange lets users deposit fiat currencies and use funds to buy crypto. Some exchanges offer rewards to encourage users to keep crypto within the account.

What Is A Centralized Exchange?

A centralized crypto exchange is a private company offering access to crypto trading platforms. These exchanges request registration and identification, known as the Know Your Customer rule.

What Is A Decentralized Exchange?

A decentralized exchange doesn’t follow the rules of any regulatory body. It functions as a server but with each computer within the server spread worldwide. If one device malfunctions, it doesn’t interfere with the network’s activity. The downside is that decentralized exchanges don’t have a central control point. If you choose this type of exchange, you should learn about its risks. Read our in-depth reviews to learn more about crypto exchanges and safety.

Should I Buy Bitcoin With VirWoX?

VirWoX closed its doors in January 2020, so you should consider other exchanges. Bitcoin is a popular digital coin with traders at all levels. Before buying digital assets, you should read about crypto trading. Check our in-depth reviews for more insights on popular cryptocurrencies and trustworthy strategies.

Related:
Crypto.com Review
Binance US Review
Kraken Review
Coinbase UAE Review
BitOasis Review
Cex.io Review
Bittrex Review
Bitfinex Review
BitPanda Review
Bitstamp Review
Gemini Review
Coinmama Review
HitBTC Review
Kucoin Review
Huobi Review
Uniswap Review
Gold Age Review
Liberty Reserve Review
CoinSpot Review
Coinjar Review
Coinfloor Review
CoinCorner Review
FTX Review
Bitso Review
BitMex Review
BitFlyer Review
BitClout Review
Bittylicious Review
Poloniex Review
Shapeshift Review
Coin Nerds Review
CoinSwitch Review
Cryptopia Review
Changelly Review
CoinMena Review
Luno Review
Mercatox Review
Okex Review
Paxful Review
VirWox Review

Disclaimer

eToro is a multi-asset investment platform. The value of your investments may go up or down. Leveraged and speculative product. Not suitable for all investors. You should consider whether you can afford to take the high risk of losing your money. Capital is at risk. Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision. Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk. Crypto assets are unregulated& highly speculative. No consumer protection. Capital at risk.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site is registered on wpml.org as a development site.