VirWox is an online exchange platform that allows users to buy and sell a range of virtual currencies – including that of Bitcoin. Although the exchange primarily focuses on virtual currencies that are used in online games, a number of payment methods are supported to buy Bitcoin.
If you’re thinking about buying Bitcoin through the VirWox website, then we would suggest reading our comprehensive guide first. We’ll cover everything from fees, payment methods, supported coins, how to get started, and more. If you don’t have the time to read our guide all the way through, then we concluded by stating that we cannot endorse VirWox.
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The key reasons for this is that buying crypto through VirWox is expensive and very time consuming, and the website is not regulated. We instead prefer safe and regulated platforms such as Coinbase, who make it super easy to buy and sell crypto, more than 15 coins are supported, and you can use a debit/credit card.
What is VirWoX?
VirWox, which stands for the Virtual World Exchange, is a virtual currency exchange that was launched way back in 2007. This makes it even older than Bitcoin itself!
The platform was originally set-up to allow people to buy and sell Second Life’s Linden Dollars (SLL), which is the virtual currency used in the game of the same name. However, the platform has since added additional virtual currencies to its portfolio, including Bitcoin.
It is important to note that while it is possible to buy Bitcoin on VirWox, you can’t actually buy it directly. Instead, you need to obtain SLL dollars, and then transfer the SLL dollars to Bitcoin. As such, this makes it really expensive and inefficient.
How does VirWoX Work?
As noted above, VirWox does not operate in the same way as other cryptocurrency exchanges. The reason for this is that the platform does not actually sell Bitcoin. Instead, the platform specializes in SLL dollars, which you can exchange for Bitcoin.
In terms of getting funds into VirWox, the platform allows you to use PayPal and Skrill. As such, you’d need to transfer funds via PayPal, use the credit OMC funds to buy SLL dollars, exchange SLL dollars for Bitcoin, and then withdraw your Bitcoin to a Bitcoin wallets. Alternatively, you do have the option of the keeping your Bitcoin in your Virwox account, however, this is extremely risky.
As a third party exchange between buyers and sellers, VirWox makes its money by charging users transaction and trading fees. As you need to make multiple trades just to get hold of Bitcoin, this can be hugely costly.
As you’ve probably figured out, the only cryptocurrency listed on the VirWox platform is Bitcoin. As such, if you want to buy Ethereum with Paypal, as well as 14 other cryptocurrencies, then you’re best off using Coinbase.
What cryptocurrencies does VirWoX support?
As VirWox is more focused on gaming virtual currencies, it’s only possible to buy Bitcoin. Moreover, the only trading pair listed against Bitcoin is SLL dollars. This makes it extremely difficult to know what sort of price you are actually paying for Bitcoin, as the pair isn’t listed against a fiat currency like USD.
- Bitcoin (BTC)
Which countries does VirWoX support?
Although VirWox is a global exchange that supports the vast majority of nation-states, there is a small selection of countries that cannot use its services. We’ve listed the eight prohibited nations below.
- United States
- North Korea
As you’ll see from the list above, those from the U.S are not allowed to buy Bitcoin at VirWoX. If you’re based in the U.S. and you’re looking for a more inclusive exchange, then we’d suggest U.S.-friendly Coinbase.
VirWox Payment Methods and Fees
First and foremost, we should note that VirWox recently changed their terms and conditions, meaning that you can no longer buy SLL dollars directly with fiat currency. Instead, you’ll need to buy a virtual currency known as OMC – which stands for Open Metaverse Currency.
OMC is essentially a multi-purpose digital currency used in various online gaming worlds. What this means for you is that you need to add an additional step to the Bitcoin purchase process, which of course, will incur more transaction fees.
Nevertheless, here are the supported deposit methods that you can use to buy OMC at VirWox.
Deposit fees and limits
If you want to use one of the above payment methods to deposit funds into your VirWox account, be prepared to pay some hefty fees.
Firstly, the fees charged for using PayPal or Skrill will vary depending on where your account is based. Whatever fees VirWox are charged by the payment provider (which can be between 3-5%), will then be passed on to you.
If you want to use SOFORT, then the deposit fee is 2.5%.
By far the worse payment method to use is Paysafecard, which comes with a 20% deposit fee!
If you’re using Paypal or Skrill to buy Bitcoin at VirWox, then you should also know that the limits are extremely small. These limits increase as your account becomes more established.
Check out the 24 hour limits listed below for PayPal/Skrill deposits:
- First deposit: 90 EUR
- After 10 days: 120 EUR
- After 30 days: 200 EUR
- After 60 days: 400 EUR
- On request: 1000 EUR
Ultimately, Virwox is not suitable for those that want to trade medium-to-large amounts. Coinbase, for example, permit debit/credit card deposits of up to $40,000 per transaction, $20,000 with PayPal, and unlimited with a bank wire!
- Debit card withdrawals: n/a
- Credit card withdrawals: n/a
- PayPal: 1 EUR + 2%
- Skrill: 1 EUR
- Bank wire: 1 EUR
- Bitcoin withdrawal to wallet: 0.0005 BTC
Although Skrill and bank wire withdrawal fees are reasonable, you’ll need to pay a whopping 2% if you want to take your funds out via PayPal. If you were to withdraw $2,000 from your VirWox account, it would cost you $40 in fees, plus 1 EUR.
Trying to understand trading fees at Virwox is a difficult task. This is because you will need to pay variable fees each time you buy or sell a digital currency. As there are multiple steps involved in the purchase process, there are several trading fees that you’ll likely encounter.
The key problem here is that the only trading pair linked with Bitcoin is that of SLL dollars. However, because you can only buy OMC with fiat currency, you’ll need to add an additional trading fee into the equation.
As you’ll see from the above snapshot, you’ll need to pay a trading fee of 1.90% when exchanging your OMC to SLL.
Next, you’ll then need to pay a huge 3.90% to trade your SLL dollars for Bitcoin. Let’s take a look at a quick example to illustrate just how expensive the process is.
- You trade $1,000 worth of OMC to SLL: Fees of 1.90% = $19 in fees
- You’re left with $981 worth of SLL
- You trade $981 worth of SLL to Bitcoin: Fees of 3.90% = $38.25 in fees
- You’re left with $942.75 worth of Bitcoin
Total trading fees to buy Bitcoin: 5.72%
Therefore, this makes VirWox one of the most expensive cryptocurrency exchanges in the industry. Moreover, once you start to factor in deposit and withdrawal fees, you’ll likely pay in the region of 10%!
VirWoX platform dashboard
In the nutshell, the VirWox platform looks very outdated. In fact, as you’ll see from the screenshot below, it looks like the dashboard hasn’t been updated since its launch in 2007!
In terms of the actual exchange dashboard, this is also very basic. There are virtually no charting tools on the exchange, which makes it really difficult to know which way the markets are going.
If you’re in need of account assistance, then don’t hold your breath at VirWox. The platform hosts an ultra-simple FAQ section. Within it, you’ll find just 12 questions in total, which is pretty poor. VirWox does not provide users with any step-by-step guides or tutorials, so you’re left to figure out everything yourself.
How to sign up and trade on VirWox
Although we would suggest you re-think using VirWox as your chosen platform to buy Bitcoin – notably because of its low account limits, extremely high fees and lack of regulatory oversight, if you do want to continue, we’ve provided a detailed step-by-step guide below.
Step 1. Open an account with VirWox
First, you will need to head over to the VirWoX homepage and open an account. You can do this by clicking on the ‘NOT REGISTERED YET?’ button on the left-hand side of the screen.
Step 2. Provide VirWox with some basic account information
Now you will need to provide the platform with a range of personal information. This will include a username, as well as your email address. You’ll see a box that asks you to enter your virtual world avatar – ignore that, as you can just leave it blank.
You also need to enter your first and last name, and country of residence. Make sure this information is correct, as you might need to verify this at a later date.
Step 3. Confirm your email address
VirWoX will send you an email containing a temporary password. Copy the password and paste it into the login box on the main homepage. You’ll need to do this within 24 hours, or the password will expire.
Once you log in, your email address is verified.
When you are taken to your main account dashboard, scroll down to see your initial deposit limits.
Step 4. Deposit funds
Now its time to deposit some funds. Click on the ‘DEPOSIT’ button, which you’ll find on the left-hand side of the screen. Find the payment method that you want to fund your account with, enter the amount you want to deposit, and click on the logo of your chosen payment method. In our example, we are depositing the maximum amount of 90 Euros with Skrill.
Whichever payment you’ve gone with, simply follow the on-screen instructions to process your payment. Skrill and PayPal deposits are usually credited to your VirWoX account instantly.
Step 5. Exchange OMC for SLL dollars
Once your account is funded with OMC, you’ll then need to exchange them for SLL dollars. On the left-hand sidebar, click on the SLL/OMC pairing.
Enter the amount that you want to trade, and place an order. This works in a similar way to other exchanges, meaning that you can either place a limit order, or market order.
Step 6. Exchange SLL dollars for Bitcoin
Now that you have the platform’s main currency – SLL dollars, you can now exchange them for Bitcoin. On the left-hand sidebar, click on the BTC/SLL pairing.
Once you’ve got Bitcoin in your VirWoX account, you can then withdraw them to your personal crypto wallet.
Is VirWoX regulated?
VirWoX is not regulated by any financial bodies or legal entities. It operates largely as a self-regulated business, which from the perspective of the trader, is a very dangerous battlefield. If the exchange suddenly stopped operating, then you would likely lose all of your funds.
Moreover, VirWoX does not comply with KYC (Know-Your-Customer) or AML (Anti-Money Laundering regulations, insofar that the platform does not request identification from its users. If you perform an account request to increase your daily deposit limits to 1,000 EUR per day, then it is possible that the platform might ask for ID, however, this can’t be verified.
It was also reported in 2013 that hackers were able to empty $12,000 worth of stolen Bitcoin funds through the VirWoX exchange.
Is VirWoX safe?
In terms of safety, VirWoX users should tread with caution. While on the one hand, the platform does support Multi-Factor Authentication (MFA), as far as we can make out, nothing else exists.
- No two-factor authentication
- No cold storage
- No regulatory oversight
It also appears that VirWoX does not keep user funds in cold storage, which makes it a massive conduit for external hacks. It is for these reasons, alongside the fact that the platform is not regulated, that we cannot endorse Virwox. You should instead consider a heavily regulated exchange such as Coinbase, who are regulated by the UK’s FCA and Cyprus’s CySEC.
Does VirWoX have a wallet?
VirWoX does not offer a wallet. When you obtain Bitcoin through the VirWoX exchange, you are advised to withdraw the funds to your private wallet instantly.
When you keep them in your VirWoX account, not only does VirWoX retain full control over your private keys, but if the platform was hacked, you’d potentially lose all of your coins.
Does VirwoX have an app?
VirWoX does not offer a native mobile application, which makes it extremely difficult to buy and sell Bitcoin on the move. While you can, by all means, access the VirWoX platform via your mobile browser, it is not user-friendly at all.
If having the ability to buy, sell and trade cryptocurrencies on the move is important to you, then you might want to consider Coinbase. Their mobile app allows you to buy and sell more than 15 cryptocurrencies, and perhaps, most importantly, the platform is fully regulated.
VirwoX customer service
Customer support is very limited at VirWoX. The only options you have available to you is to send the team an email, or to raise a support ticket. Whichever option you go for, response times can be extremely slow. As such, if your account query is of an urgent nature, you’ll need to wait for the team to message you back.
- No phone support
- No live chat
- No social media support
VirWoX pros and cons
VirWoX vs Coinbase
To allow you to make an informed decision as to whether or not VirWoX is the right platform for your cryptocurrency trading needs, we’ve made a brief comparison with Coinbase.
While Coinbase is well-known as a CFD broker that allows you to buy stocks and shares, trade forex and make short-term investments and long-term investments in other asset classes, you can also purchase more than 15 cryptocurrencies. If you go-long and do not apply leverage, you actually own the underlying crypto asset.
Why we recommend Coinbase wallet over VirWoX:
- Coinbase allows you to choose from 15 different cryptocurrencies, while VirWoX only supports Bitcoin.
- VirWoX operates in an unregulated manner. Coinbase is licensed by two regulatory bodies – the UK’s FCA, and CySEC in Cyprus.
- Fees at VirWoX are one of the highest in the cryptocurrency industry. Although this will vary depending on what payment method you use, expect to pay in the region of 5-10%. Coinbase offers free deposits and only charges trading fees via the spread.
- You need to trade multiple virtual currencies just to buy Bitcoin at VirWoX. You can buy 15 cryptocurrencies in just one transaction at Coinbase.
- Coinbase offers support in the form of live chat, phone support, and email. VirWoX only offers email and support tickets, so instant assistance doesn’t exist.
In summary, we would strongly suggest that you re-think your plans to open an account at VirWoX. You will pay extortionate fees to obtain Bitcoin, and the process is really inefficient. There is no regulatory oversight or enhanced safety features, so your funds are largely at risk.
Moreover, VirWoX does not support any cryptocurrencies other than Bitcoin, and the platform doesn’t offer a notable wallet or mobile app. We should also note that the actual platform is really basic. The website is in dire need of a re-launch, as it looks totally outdated.
We would instead suggest that you consider a fully regulated, U.S.-friendly and secure cryptocurrency exchange like Coinbase. You’ll be able to buy and sell 15 different coins, and you also have the option of applying leverage and going short. Furthermore, whether it’s a debit/credit card, bank wire, PayPal, or Skrill, Coinbase does not charge its users any deposit fees.
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How many coins do VirWoX list?
VirWoX is not a specialist cryptocurrency exchange, so the only coin you can buy is Bitcoin.
Can you 'short' Bitcoin on VirWoX?
You can't short Bitcoin on VirWoX, as the platform only allows you to go long. This means that you can't make any money if you think the price of Bitcoin will go down in value. If you like to have the option of going both long and short, then we'd suggest looking at Coinbase.
How do I contact VirWoX via live chat?
Customer support at VirWoX is extremely limited, so you won't be able to contact the team via live chat. The only options available to you is to either raise a support ticket or send an email.
How much are VirWoX trading fees?
Trading fees are extremely high at VirWoX. This is further amplified by the multiple trades you need to perform to obtain Bitcoin. Before paying the 3.90% SLL/BTC trading fee, you'll need to pay 1.90% to exchange OMC for SLL dollars.
Is VirWoX easy to use?
VirWoX is not a user-friendly exchange to use. The platform layout is really basic, purchasing and selling coins is complex, and the help section is virtually non-existent.
Do I need to verify my identity to use VirWoX?
There is no requirement to verify your identity at VirWoX, as initial account limits are really small. If you submit a request to increase your deposit limits to the maximum, then there is always the chance they might request ID, however, this isn't stated on their website.
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