VirWoX

In business since end of 2007, VirWoX is today a leading independent exchange for trading virtual currencies, both in terms number of users (about 800,000), and trading volume (2012: 29 million Euro / 38 million US$).

Currencies traded are Linden Dollars (the virtual currency used in Second Life), Avination's C$, and the Open Metaverse Currency (OMC). In April 2011, VirWoX started accepting Bitcoin and enabled to trade bitcoins for Linden Dollars (both ways), which are in turn convertible to EUR, USD, GBP, CHF, and the other virtual currencies traded on VirWoX.

Other payment methods (deposit and withdrawal) include PayPal, Credit/Debit Cards via Skrill/Moneybookers, paysafecard, Ukash, SOFORTbanking, and bank transfers.

VirWoX is run by the company Virtual World Services GmbH, which is located in Austria. The service is available in five languages (English, German, French, Spanish, Italian).

Instructions

How to buy bitcoins

Technically, VirWoX only supports the exchange BTC for Linden Dollars. However, you can first buy Linden Dollars for real-world currency, and then buy BTC for your Linden Dollars. It is not necessary to open a Second Life account to do this.

After you have opened[1] an account, deposit money into your VirWoX account (on the "Deposit" page) using one of the payment methods in the table below:

Payment Processor USD EUR GBP CHF Limit Fees
PayPal Yes Yes Yes Yes variable (see "Limits") EUR 0.35 + 3.4%
Credit/Debit Cards (Moneybookers) Yes Yes Yes No variable (see "Limits") EUR 0.39 + 3.5%
SOFORTbanking / Sofortüberweisung No Yes No No variable (see "Limits") 2.5% (min. EUR 0.25)
paysafecard Yes Yes Yes Yes 300 EUR/day 20%

Then you need to enter an order to sell your money (e.g. USD) for SLL (=Linden Dollars), e.g. on the "Exchange USD/SLL" page. Next, buy BTC on the "Exchange BTC/SLL" page. Depending on the type of order (Market or Limit), this will convert the Linden Dollars to BTC immediately or at some later time[2].

Finally use the "Withdraw" page to send the BTC to a Bitcoin address. You can also use VirWoX as a eWallet and keep your BTC there for later use.

Full details of the process can be found on dedicated website VirWoX.

How to sell bitcoins

After your have opened[3] an account, go to the "Deposit" page, scroll down to the "Bitcoin" section and click on the "Create my Bitcoin address" button. This will create a unique bitcoin address associated with your account. You then send the bitcoins you wish to sell to this address. As soon as the bitcoin network has confirmed the payment (5 blocks), the bitcoins are booked to your account, and an email is sent to you.

For Linden Dollars

To exchange bitcoins to Linden Dollars, go to the page "Exchange BTC/SLL", and enter an order to sell your bitcoins. Depending on your order (Market or Limit), this will be executed instantly or at some later time. You may then withdraw the Linden Dollars to your Second Life avatar or continue as described below.

For other currencies (USD, EUR, etc.)

Technically, VirWoX only supports to sell BTC for Linden Dollars. However, you can first do that (as described above) and then buy some real-world cash for your Linden Dollars. It is not necessary to open a Second Life account to do this. Just go to the corresponding exchange page (e.g. USD/SLL for USD, EUR/SLL for EUR), and buy the real-world currency for the Linden Dollars. Then proceed to the "withdraw" page and send the money using one of the supported withdrawal methods:

Withdrawal Method USD EUR GBP CHF Delay Limit Fees
Bank Wire Yes Yes Yes Yes 2-3 days unlimited 1 EUR (if from EU in EUR)
PayPal Yes Yes Yes Yes instant 2500 EUR/day 1 EUR/USD/GBP/CHF
Skrill/Moneybookers Yes Yes Yes No instant 2500 EUR/day 1 EUR/USD/GBP/CHF

Fees

VirWoX charges 50 SLL (currently about $0.20) plus 3.9% for BTC/SLL market orders. The fee for limit orders depends on the previous trading volume of the account, and varies between 0.78% and 3.9%[4].

VirWoX charges 0.0005 BTC for BTC withdrawals. Deposits in BTC are free.

Limits and Restrictions

Because of the risks involved, VirWoX restricts deposits via PayPal and Moneybookers (i.e. Credit/Debit Cards) depending on the age of the account. As of July 1, 2018, there are the following limit tiers:

PayPal/Moneybookers Limit Tier Per 24 hours Per 30 days
0 - Upon Registration 90 EUR 270 EUR
1 - After 10 Days 120 EUR 900 EUR
2 - After 30 Days 200 EUR 2,000 EUR
3 - After 60 Days 400 EUR 5,000 EUR
4 - By Request Only 1,000 EUR 15,000 EUR

For security reasons some bitcoin withdrawals (in particular of new accounts) are subject to a delay and manual review. Specifically, the first withdrawal of bitcoins paid for using PayPal, or credit card is delayed by up to 48 hours.

See Also

References
  1. VirWoX user registration
  2. In case of a limit order, you will receive an email when the order is completely filled.
  3. VirWoX user registration
  4. VirWoX Fees
This article is issued from Bitcoin. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.