VirWox- Should You Use It?

/VirWox- Should You Use It?

VirWox- Should You Use It? 2018-02-13T15:19:41+00:00

What is VirWox?

VirWox is a professional exchange site. It’s supported worldwide; anyone from around the world can use VirWox. Their headquarters are based in Austria. VirWox first started in 2007 with a basic idea to be one of the first trading sites on the internet. Currently, there are over 1,000,000 people registered on the site and over 500,000 who use it daily. They’ve promised that they will make more features available as soon as possible and you can actually see what they’re doing in the “News” section.

What payment methods are accepted on VirWox?

They accept the following payment methods:

  • Credit Card
  • PayPal
  • Sofort Banking
  • PaySafe Card
  • Money Bookers
  • Skrill
  • Okpay

It’s great for investors to have access to all the payment options, something that puts VirWox above the rest. However, each of these options has a different fee, the highest fee being in buying SLL with Paypal and then converting them to Bitcoin which is a time-consuming effort but definitely cheaper than on other websites.

What currencies does VirWox support?

SLL – BTC/SLL, EUR/SLL, CHF/SLL, USD/SLL, GBP/SLL

Currently, the only official cryptocurrency available on the platform is Bitcoin. In April 2011, VirWoX began accepting Bitcoin. This essentially opened a loophole for individuals to buy Bitcoins with PayPal by first purchasing SLL through PayPal and after that changing over that SLL to Bitcoins. While that may prove to be a disadvantage for some people who maybe want to buy Ether or any other cryptocurrency if people have their mind set only on buying Bitcoins, then, of course, VirWox is beneficial for you!

Does VirWox support Ethereum?

No, VirWox does not sell or buy Ethereum. Although you can get Bitcoins on VirWox and exchange them to Ethereum.

Does VirWox require some kind of verification?

VirWox does not require any verification.

Are there any limitations on VirWox?

VirWox restricts your deposits made through PayPal for serious security reasons. Therefore, the higher you’ve been on the website, the higher your level will be and the higher your limitations will be. The trading limits while using PayPal. For new-comers, the limitations may actually be pretty low but they’re enough for new investors to make their minds up in regards to the website.

What fees VirWox charge?

The following charges apply when you transact on Virwox:

  • Bitcoin – If you make your transactions with Bitcoin you will not be charged any fees. Also, your funds will be available as quickly as in a couple of hours.
  • PayPal Express Checkout – The available currencies of this method of a transaction are – EUR, USD, GBP, and CHF. Here the fees are 0.35 EUR and additional 3.4%.
  • Credit/debit cards – If you decide to make a transaction with debit/credit card on VirWox then the fees will vary depending on the currency you pay with. To be more precise if you do it with USD you pay $0.49 and 3.5%, in case of EUR € 0.96 and 3.5%, and for GBP £0.29 and 3.5%. Please note that the availability of funds is instant through this method.
  • OKPAY – This method of transaction does not charge extra fees. You can make transactions through OKPAY with EUR, USD, CHF, and GBP.
  • Paysafecard – The currencies accepted by this method are GBP, EUR, USD, and CHF. The fixed fee is 20% and the funds are instantly available.
  • Skrill: Skrill charges 3.5% fee and a fixed sum which varies from currency to currency as follows – in case of USD 0.49, for EUR 0.96 and for GBP 0.29. Through this method too, the funds will be instantly available.
  • Sofortbanking – This method charges 2.5% but please note that the minimum, in this case, should be at least 0.25 EUR. The funds will be available instantly if you choose this method of transaction.
  • My Virtual Community Pay Terminal: This method of transaction is free of charge as well and the funds are available instantly.

VirWox charges highly for transactions with PayPal and the other payment methods. They have a high danger of fraud and need to cover their losses with a premium. The site wasn’t made for purchasing Bitcoins directly with PayPal, which implies that you have to first buy SLL and afterward change it to BTC. Each activity on the site has an extra charge. This makes the procedure pretty costly towards the end. It would likely be cheaper if you could buy BTC directly.

Is VirWox safe?

VirWox has had mixed reviews over the years. Many users find it easy to complain about its services. It is an exchange site with poor customer support that can be used only by experienced investors.

First of all, many have asked whether VirWox is legit and safe. Yes, it is, to a large extent because so far, there are no scandals.

  • Community trust- They’re 50-50. Some people say that they’re legit and it’s awesome to make transactions with them; others say that it’s a scam. However, our research indicates it’s an average site on which you can exchange bitcoins. They’ve granted their community trust through immediate transactions and the high-security services that they provide.Virwox also earns trust through its policy of protecting the privacy of each investor through high-esteem encrypting software.
  • Security- There was never a doubt that the encryption they’re using is safe and your privacy is no harm. It’s secured through undisclosed encrypting software and after more than 10,000,000 transactions completed, no one has complained about their money being withheld or stolen.
  • Customer support- The Virwox customer support program is not the best. There are numerous complains about the response to FAQs and customer concerns. It is from such delays that many believe it is a scam. Their customer support is below average. They take long to respond to client emails and the FAQ section is rarely updated. This partial approach to users has earned it bad reviews and affects the customer satisfaction. It’s one area they need to improve going forward.
  • Handling speed- Most transactions on the Virwox site are handled quickly. All funds are available instantly beside the Bitcoin transfers which take up to 1-2 hours to complete. Their handling speed is faster than what you will see on other exchange sites as they transactions immediately, which is something you see rarely on many exchange sites.

How to use VirWox?

  • Deposit money in your account with Paypal
  • Purchase SLL by clicking the first currency exchange which is SLL/USD
  • Buy Bitcoin by using your newly-bought SLL in the BTC/USD exchange
  • Withdraw your bitcoin.

Simple as that.

Who should use VirWox?

With its high rates, it definitely suits the heavy investor type. It is not friendly for beginners as it is complicated and hard to use. Therefore, if you want to use VirWox you’d have to be a more experienced investor. After what we’ve seen, VirWox does not have a heart-warming welcome for beginners. The UI doesn’t lead you to any registration page once you click on its link. This difficulty to navigate around the site makes it unsuitable for beginners. If you are a beginner in the cryptocurrency era, VirWox is not for you. You would need a little bit of training and a complete understanding of cryptocurrency and exchange websites in order to use the full features of VirWox and fully comprehend how it works. It’s an average site, with a not so much friendly community reputation. However, you can be sure that it’s legit and very safe to use.

To sum it up

VirWox has had mixed reviews over the years. Many users find it easy to complain about its services. It is an exchange site with poor customer support that can be used only by experienced investors.

First of all, many have asked whether VirWox is legit and safe. Yes, it is, to a large extent because so far, there are no scandals.

So, what are the pros?

  • You have multiple payment options from which you can choose.
  • As said before, you have awesome privacy standards.
  • Requires absolutely no ID verification.
  • You have 4 popular currencies (EUR, USD, GBP, CHF).
  • It also allows you to buy Bitcoin with PayPal which yet again is rare.

Cons:

  • It has high fees as we’ve already seen.
  • It has a limited and poor customer support

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