VirWoX Review 2019
Virwox is the brand name for the online exchange which is owned by Virtual World Services GmbH, an Austrian company with headquarters in Vienna. Virwox commenced operations in 2007. Virwox is an online exchange where traders can buy or sell a virtual currency known as Linden Dollars. This they can do by buying low and selling high, using the price variations of this virtual currency to achieve this.
- Supported Countries
- Cryptocurrencies Traded
- Deposit and Withdrawal Options
- Fees and Charges
- Security Measures
- Customer Support
- Pros and Cons
Usually, entrance into the exchange business on Virwox requires traders to purchase Linden Dollars with fiat currency, which is delivered in several ways using the payment methods discussed later in this document.
Virwox serves many countries and territories. A few countries cannot participate as a result of international financial restrictions or regulatory prohibitions. Affected countries include the following:
- Regulatory prohibitions (US, France, Belgium)
- International restrictions (Syria, Iran, Iraq, Afghanistan, North Korea, etc)
US Traders Accepted: Yes or No?
Due to regulatory restrictions, US traders are not accepted on the Virwox exchange.
The only cryptocurrency traded on Virwox is Bitcoin. The asset listing on Virwox is shown below.
Deposit and Withdrawal Options
How do Virwox users deposit and withdraw funds? Here are some channels commonly used.
- PayPal: PayPal can be used to deposit and withdraw fiat currency, but fees are charged for this service. Euro deposits currently attract a fee of 0.35 Euros plus 3.4% of the value of the transaction.
- Credit/Debit Cards issued by MasterCard, VISA, and other major card companies.
- Skrill: Skrill can be used for deposits and withdrawals, but fees are also charged. For Euro accounts, the fee is 0.39 Euro plus 3.5% of the value of the transaction.
- PaySafeCard: PaySafeCard can be used for deposits only. It attracts a 20% fee.
- SOFORT: Sofort AG attracts a fee of 2.5% of the value of the transaction. The minimum fee is 0.25 Euro for transactions less than 10 Euros.
- OKPay and Bitcoin have also deposited methods.
Traders may also cash out by sending virtual currencies to other users at no cost.
Fees and Charges
Virwox charges commissions on trades. Market orders are charged a fixed fee plus a variable percentage. Details are shown in the table below.
Limit orders carry discounted fee rates.
The commissions are charged for partial executions. A base commission of 3.9% is charged. Higher trade volumes attract discounts in commission. See the table below for discounts applied.
(last 30 days)
An account inactivity fee of about 2 Euros is charged for dormant but funded accounts.
At VirWoX, security and privacy of user data are taken seriously. The following security measures have been implemented to safeguard user operations on the Virwox site.
- Virwox encourages all users to choose strong passwords. Prompts to increase password strength are usually given to users during password creation. All passwords are to be a minimum of 8 characters in length, with a character combination that includes uppercase, lowercase alphabets, and numbers.
- Password recovery is done using the registered email.
- Account validation comes with the creation of a permanent link between the SL avatar and the user’s Virwox account.
- Virwox operates with a network of terminals. To prevent users being prompted to log in to fake terminals served by hackers, a popup dialog box comes up, telling the user his or her username. If the terminal cannot tell the correct username, this is probably a fake terminal.
The support services at Virwox can be accessed on a 24/7 basis. Available methods include:
Pros and Cons
- Several methods of deposits and withdrawals are available.
- There are several layers of security for users on the exchange.
- There is no shortage of buyers and sellers as the exchange has a map that co-located sellers with buyers in their region.
- The exchange has been in the market for 11years, and during this time, there have been mostly good reviews from users.
- US Clients are not accepted on the exchange.
- Customer support is limited to just email communication.
- There is no hardware wallet for users.
Where is Virwox located?
Virwox’s headquarters is located in Vienna, Austria.
How can I fund my Virwox account?
PayPal, Skrill, OKPay, PaySafeCard and credit/debit cards are some of the methods that can be used to fund a Virwox account.
What kind of orders can I use for my trades on Virwox?
Virwox offers the opportunity to use market orders and limit orders.
How long do withdrawals on Virwox take?
Bank transfer withdrawals are processed on the next business day after the request has been made. Withdrawals to PayPal and Skrill are processed instantly. New account withdrawals are delayed by 48 hours.
Is Virwox Safe to Use?
Virwox is safe to use. Even though the company is not regulated by a reputable European regulatory agency, it has been able to offer its users safety and security based on a reputation built over 11 years.
Is Virwox legit, or is it a scam?
Virwox has been around since 2007 with a very negligible number of complaints or scam incidents. For this reason, Virwox is classified as a legit exchange for trading of virtual currencies as well as Bitcoin CFDs.
- Cape Verde
- Sri Lanka
- United Kingdom
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- Russian Federation
- Saint Lucia
- South Sudan
- Virgin Islands, British
- South Korea
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Vatican City
- Papua New Guinea
- Cote d'Ivoire
- Dominican Republic
- Bosnia and Herzegovina
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Sao Tome and Principe
- Czech Republic
- United Arab Emirates
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
- San Marino
- Costa Rica
- El Salvador
- South Africa
- Isle of Man