Beginner's Overview of VirWox Exchange: An In-Depth Review

VirWoX An exchange dedicated to virtual currency transactions, VirWoX was established in Austria back in 2007, well before Bitcoin even came on the scene. It was initially designed as a platform to buy and sell virtual currencies in a centralized manner. online games. Despite its early years being under the radar, VirWoX has gained fame for its unique loophole that allows users to purchase Bitcoin via PayPal , although this method includes a few additional steps.

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VirWoX History

The story of VirWoX dates back to 2007, when it was primarily a marketplace for Second Life Lindens, SLL, among other virtual currencies. Fast forward to today, it has expanded to include other virtual currencies like Second Life's Linden Dollars, Open Metaverse Currency (OMC), and Avination's C$. In August 2015, VirWoX stopped Linden Dollars withdrawals to Second Life avatars due to platform exclusivity, but SLL still sees high trading volumes. By September of that same year, trading for MVC V$ from the OpenSim-based virtual world My Virtual Community was introduced.

VirWoX expanded into mainstream cryptocurrency in April 2011 by accepting Bitcoin. Users found they could acquire SLL or other virtual currencies via PayPal, then swap these on VirWoX for Bitcoin.

How Popular Is VirWoX?

There are multiple ways to gauge VirWoX's reach, but the sheer number of registered users is a strong indicator. With 1,087,462 users and 269 online during this check, it's clear that participation fluctuates based on various factors.

For those monitoring trading volume on VirWoX, SLL and ACD are among the top currencies. At the time of this writing, SLL had a 24-hour trading volume of 123,628,158 and a 30-day volume of 4,079,041,865, with a cumulative total of 217,739,498,511. The 24-hour volume for ACD was 92,844, with a 30-day total of 1,923,566, and an overall total of 514,755,585.

How Do You Make a VirWoX Account?

Opening an account with VirWoX is incredibly easy. You will find a Customer Login option at the top-left corner of the homepage with links for forgotten passwords and registration. Once registered, a temporary password will be sent to your email, which must be used to log in within 24 hours and changed to activate your account. any page of the domain VirWoX equips users with charts on the homepage, showing current rates for popular currency pairs. Bid and Ask prices for combinations like USD/SLL, EUR/SLL, and BTC/SLL are visible. The page also features 14-day rate movements for these pairings in graphical form.

What Analysis Tools and Data Representation Does VirWoX Provide?

Click any graphs of currency pairs, and you'll be directed to a Market Depth view, showing the volume of active buy orders and detailed offer information, including rate and volume. This insight helps make informed trading choices.

VirWoX offers two trading approaches: a market order for quick execution at current rates or a limit order for better rates if willing to wait. A limit order specifies a desired rate and will fill only when the market reaches it.

Which Categories of Orders Can You Execute with VirWoX?

Once you've logged in, you'll need to fund your account through methods like PayPal, cards, or Skrill. Then, navigate to the 'Exchange' section to buy or sell pairs by filling the necessary forms for market or limit orders.

How Do You Trade with VirWoX?

VirWoX's trade-matching system operates automatically to find opposing orders at identical rates. Thus, if you offer USD for SLL and someone does the reverse at that rate, your orders will match. Partial matches may occur with multiple orders to fulfill your desired quantity.

As the crypto community uncovered, there is a method on VirWoX

Buying Bitcoin with PayPal

that enables Bitcoin purchasing using PayPal , which stands out as a rare option among exchanges. The process involves funding your VirWoX account with PayPal, buying SLL, then trading SLL for Bitcoin, and withdrawing to a personal wallet. This workaround has its costs due to fees, yet if PayPal is all you have, it offers a nifty solution.

PayPal is widely favored on VirWoX but comes with fees. VirWoX transfers these costs from PayPal to users, presenting variable charges based on factors like payment channel, location, and transaction size. Also, fees from credit/debit cards and Skrill apply. Currently, EU customers face a 0.39 EUR plus 3.5% fee, while Paysafe cards incur a steep 20% fee.

What Are Deposit Methods and Fees?

SOFORT banking is an option with a 2.5% fee and a minimum threshold. Other deposits, such as MVC, carry no fees.

Account Limits

Limits in EUR		Level 0	Level 1	Level 2	Level 3	Level 4
		immediately	after 10 days	after 30 days	after 60 days	on request
PayPal/ Skrill Deposits	per 24 hours	90	120	200	400	1,000
	per 30 days	270	900	2,000	5,000	15,000

Deposit limits in VirWoX are set by account level, closely tied to account longevity. Level 0 has a cap of 90 EUR per day via PayPal/Skrill with a monthly cap of 270 EUR. Level 1 increases limits to 120 EUR daily after 10 days, and Level 3 allows up to 400 EUR daily after 60 days. Level 4 needs a special request, boosting limits significantly. USD, CHF, and GBP equivalents are also viewable in your account overview.

What Are Deposit Limits and Levels?

Withdrawals on VirWoX have no restrictions. SLL transfers to SL are quick, while bank/PayPal/Skrill withdrawals may need manual processes. Bitcoin withdrawals cost 0.0005 BTC. PayPal withdrawals have a 1 EUR/USD/CHF/GBP fee plus 2% handling; other withdrawals, including bank transfers, have a 1 EUR/USD/CHF/GBP fee.

How Can You Withdraw from VirWoX?

Fees differ for order types, detailed on VirWoX's help page. Market orders incur charges like 50 SLL or 1.90% - 3.90% based on pairs. There are no discounts, but commissions contribute to limit order discounts.

What Other Fees Does VirWoX Charge?

For limit orders, charges apply only when executed, with partial executions based solely on the filled portion. The initial fee is 3.9%, reducing according to exchange activity. Discounts rise from 10% at 1,000 SLL to 80% at 200,000 SLL in commission over 30 days.

Market Orders Fees

Currency	Fixed	Variable
EUR/SLL	50 SLL	2.90%
USD/SLL	50 SLL	3.90%
GBP/SLL	50 SLL	3.90%
CHF/SLL	50 SLL	3.90%
EUR/ACD	50 ACD	3.90%
USD/ACD	50 ACD	3.90%
SLL/ACD	25 ACD	3.90%
SLL/OMC	25 OMC	1.90%
EUR/OMC	50 OMC	2.90%
USD/OMC	50 OMC	1.90%
BTC/SLL	50 SLL	3.90%
EUR/MVC	50 MVC	2.90%

Transferring SLL, ACD, and OMC to others is fee-free. Although VirWoX lacks maintenance fees, inactivity fees of 2 EUR monthly after 12 months apply, only on positive balances.

Limit Orders Fees

Commission paid (last 30 days)	Discount	Effective Commission
0 SLL	0%	3.90%
1,000 SLL	10%	3.51%
2,000 SLL	20%	3.12%
5,000 SLL	30%	2.73%
10,000 SLL	40%	2.34%
20,000 SLL	50%	1.95%
50,000 SLL	60%	1.56%
100,000 SLL	70%	1.17%
200,000 SLL	80%	0.78%

For users trading SLL, VirWoX Terminals in the Second Life world are of interest, these validate accounts and create permanent VirWoX-SL avatar links. Activation involves logging into VirWoX and visiting a Terminal in SL, where you confirm to link accounts.

What Are VirWoX Terminals?

A Novice's Handbook to the VirWox Review 2019 - Is It Legit?

Considering using VirWox for virtual trading? Find out if it's secure by checking our detailed Beginner's Guide Review.

Novice's Handbook to Reviewing the VirWox Exchange

Is VirWox Safe?

Representing Virtual World Exchange, VirWox is a platform for purchasing digital currencies. Interestingly, it dates back to 2007 from Austria, even before Bitcoin hit the exchanges, functioning as a centralized hub for virtual currencies.

Through a particular loophole, VirWox has garnered attention by enabling users to

What Developer Resources Are Available Through VirWoX?

, though getting started requires some additional steps.

Conclusion

What Insights and Data Does VirWox Provide?

Which Order Types are Available on VirWox?

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