VirWoX is a global virtual exchange created in late 2007 for the purpose of trading Second Life Lindens - a virtual currency also known as SLL.
VirWoX is today the leading exchange for virtual currencies, both in terms of the number of users (around 100,000) and trading volume (over € 29 million).
In 2011 VirWoX opened the first cryptocurrency exchange trades for another virtual currency BTC / SLL (Linden dollars from Second Life game).
VirWox acts as an intermediary for the purchase of Bitcoin with a credit card.
VirWoX is operated by Virtual World Services GmbH, based in Austria.
VirWoX takes security and privacy seriously. The company requires your personal information to transfer money to your bank accounts. In addition, this information becomes available when you deposit money using PayPal or Skrill. VirWoX notes that they ensure the safety of customers' personal information, except when required by government authorities.
How VirWoX works
The client needs to open an account and replenish it with the currency that he wants to exchange.
There are two main ways to exchange:
Immediate Exchange: In this case, the client takes the current best available rate and places a "market order".
The most profitable exchange: in this case, the client places a "limit order" and indicates the desired rate. The order will only be executed if someone wants to accept the offer.
Technically VirWoX only supports exchanging BTC for SLL. Even though the client cannot buy BTC with PayPal directly. There is another way, the process itself is quite complicated, and the main disadvantage is that the commission for all operations can reach up to 10%. A short step-by-step guide to buying bitcoin with PayPal via VirWoX:
Fund your VirWoX account with PayPal using USD or EUR. For the deposited USD or EUR, buy SLL. Exchange SLL to BTC via VirWoX. Withdraw BTC to your own Bitcoin wallet.
VirWoX charges 50 SLL (currently around $ 0.20) plus 2.9% for BTC / SLL market orders. The fees for limit orders depend on the previous trading volume of the account and range from 0.78% to 3.9%.
VirWoX charges 0.01 BTC for BTC withdrawals. BTC deposits are free.
Ways of payment
PayPal: the system charges us a fee for its services, which is deducted from the client's deposit. The size of the commission depends on the currency, the client's location, the size of the transaction, so the exact amount is known only after the transaction has been completed. For example, the current fee for Euro deposits for customers with their PayPal account held in Euros is € 0.35 plus 3.4% of the transaction.
Credit / Debit Cards, Skrill (Moneybookers): Skrill also charges a fee for its services, which is deducted from the deposit. The current fee for EUR deposits for customers with their Skrill account held in EUR is EUR 0.39 plus 3.5% of the transaction.
Paysafe: There is a 20% deposit fee.
SOFORTbanking: charges a fee of 2.5% of the transaction value with a minimum value of € 0.25 (if the transaction value is below € 10), which will be deducted from the client's deposit.
Sending virtual currency (SLL, ACD or OMC) is free.
VirWoX registration fee is not charged. However, if the customer has not used their account for more than 12 months, the company will charge a fee of € 2 (or the equivalent in another currency) per month.
The easiest and arguably the only reliable way to buy Bitcoins with PayPal or Skrill.
high commission, up to 10%.
VIRWOX is a brokerage company whose task is to provide intermediary services to traders. Brokers provide access to currency trading in the first place. Many of them also provide an opportunity to transact with company stocks, bonds, commodities, precious metals, indices, cryptocurrencies and other assets. A private person can make transactions with all these instruments only on the trading platform, which the broker provides access to.
In addition, thanks to the brokerage company, an individual can operate on the market with amounts that significantly exceed the size of their own funds. This is called providing leverage. For example, having a deposit of 1,000 USD with a 1: 400 leverage, a trader can make deals for 400,000 USD.
The broker also opens access to analytics, auxiliary tools, and trading signals. Modern trading is impossible without all this.
The broker VIRWOX makes profit from traders' transactions, as a rule, in two main ways.
The first is the most common. Using spreads. This word refers to the difference between the best prices for buying and selling a particular asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between a broker and users of the Forex market - another. The mediator takes the difference for himself.
The second way is easier to understand. This is the collection of a commission for each transaction performed. Most often it has a standard value, but it can be measured as a percentage.
Thus, the brokerage company is interested in attracting as many clients as possible and for them to conduct active trading.
We have found out how honest brokers should work and how they work. Now let's look at how scammers operate, they are also called the kitchen.
The most common way to cheat is to tweak quotes. The broker provides the trader with quotes that differ from the real market ones. Data substitution occurs in order to make operations unprofitable. The deposit is reduced, and then completely zeroed out. At the same time, the trader thinks that his operations were carried out in the market, but in fact - only on the site of scammers.
Bonuses are traps. They are generously distributed for anything: for registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money, mixed with bonus money, it will be necessary to fulfill a number of virtually impossible conditions. For example, conduct trading operations for an amount tens of times greater than the size of the deposit.
In the User Agreement, a clause can also be disguised that allows the broker to manage the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points is the place of registration and regulation of the company's activities.
Let's talk about registration first. As a rule, brokers from either their own country or from an economically developed country, for example, a member of the European Union, are more credible to traders. Of course, compliance with UK legislation is reassuring, and compliance with the legislation of an unknown island in the Indian Ocean does not mean anything to most.
However, most brokerage companies are registered offshore. And it's not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are offshore zones popular among brokers. By registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has any claims against such a company, then it is likely that he will have to deal with it in accordance with the legislation of that very conditional Belize. It is possible to be physically present there at the court sessions. And this is extremely expensive and difficult.
But is it worth running like fire from just the word "offshore"? As an answer, we will give the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes through offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point - this is the regulation of the broker's activities. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokerage activities. So, in Russia it is the Central Bank of the Russian Federation. A trader can find permissive documentation on the websites of such bodies. But there are also supranational structures. For example, the International Financial Commission (The Financial Commission), which is an independent self-regulatory organization, considering disputes between its members - brokers and their clients.
If the broker's website does not contain information about the regulation of its activities, then these are almost certainly scammers. Or the site contains information about a certain license issued to him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, study its history. Check out the links to her experts. If one of the leading TV channels in economic news for 5 years in a row refers to the opinion of the analyst of the broker in question, this is good. If a broker claims to have been working for 15 years, but there is no information about him on the Internet at all, this is bad.
It's important to pay attention to company reviews. And read them not only on the website of the broker itself. In the kitchen, they will probably only be laudatory. It is best to browse as many sites as possible.
Pay attention exclusively to the specifics in the offers on the brokers' websites. Honest companies openly write about interest, spread size, minimum deposit, etc. Fraudsters lure with loud, streamlined phrases about a rich tomorrow, stable income, misleading with incomprehensible terms about multi-sites, super functions, and so on.
Find out the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers sometimes hold social promotions. Fraudsters will definitely not do this.
Thus, the process of choosing a broker is complex. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich all over the world.
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Brokers who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the broker. VIRWOX received a score of 1 of 5 on our resource.