VirWox is one of the oldest virtual currency exchanges in the world and it even gives every user the unique opportunity to buy Bitcoins using PayPal. Virtual World Currency (VirWox) started its operations way back in the year 2007 when it was used for trading Second Life Lindens and different types of virtual currencies. Only after 2011 did VirWox expand its operations to Bitcoin and tapped into the cryptocurrency market. The company is based in Austria and primarily helped users trade in different virtual currencies, including the SLL. Though the company originally support exchange for the Linden Dollars, you can start by purchasing the Linden Dollars and the using it to purchase Bitcoin.
Here is the process for buying Bitcoin on VirWox:
- You have to deposit money into your PayPal account
- Next you need to purchase SLL using the PayPal balance
- Now, you can purchase Bitcoin using the SLL
Since VirWox has been involved in the virtual currency business for quite a long time, it has adopted to different types of market changes. The different types of virtual currencies and cryptocurrencies that you can buy or sell on this platform include OMC, Avination C$, Linden Dollar and Bitcoin. You can exchange the currencies in lieu of fiat currencies such as US Dollar, Swiss Franc, US Dollar, Euro and British Pound. Bitcoin is the only currency available for exchange on the platform. VirWox also supports worldwide operations across all the nations.
PayPal is the only payment mode that you can use for transacting on VirWox as you can fund your PayPal account using all the major debit cards and credit cards.
Fees for using VirWox
Yes, you’ll have to pay 50 Linden Dollars or $0.20 along with 2.9% for every Linden Dollar/Bitcoin market orders. You will also be charged anywhere from 0.78% to 3.9% for the limit orders, depending on the volume. For every Bitcoin withdrawal, VirWox will charge you 0.001 BTC; however, deposits are free.
Since all the Bitcoin withdrawals undergo manual review, so the withdrawal process isn’t as quick as the other cryptocurrency exchanges. The first Bitcoin Withdrawal for a user will take around 48 hours. There are limits on transfers and you need to check the company’s website for further information on this. The company has a very robust security system. So you can often hear stories of users being banned because of suspicious account activities. Every user needs to furnish substantial financial information while creating an account with VirWox.
- The oldest virtual currency exchange
- Users can buy Bitcoin using PayPal
- Higher standards of privacy
- Fees are too high
- Random blocking and suspension of account
- Very poor user interface
VirWox Affiliate Program
VirWox has a very well-established affiliate program and offers great commissions to affiliate partners. Affiliates can expect to get a 20% lifetime revenue share for every successful referral. VirWox has a monthly payout system and you can accumulate a decent number of Bitcoins. Another the company has a very strong customer support. Hence you can expect good support after registering as one of their affiliates.
VirWox Affiliate Review
As one of the oldest companies around they have a stellar reputation along with a great affiliate program. However it’s time to update their interface to make it a more pleasant experience for the user.