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 :
- Access VirWoX’s homepage and click on the “Not Registered Yet?” button.
- Add your email address and a password.
- Choose a username.
- Submit personal information like phone number and address.
- Confirm your email address.
- 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.
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Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.