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Virwox REVIEW
Summary
Created for trading Bitcoin and other virtual currencies
Virwox is a new breakthrough exchange for trading digital currencies, including SecondLife Lindens (SLL)
Read 100% Free Virwox Review by Scamorno Team
Details
| System | Virwox |
|---|---|
| Website URL | www.Virwox.com |
| Trial | Start Trial |
| Overall Score | 9.3/10 |
FULL REVIEW OF Virwox
Virwox is a virtual currency exchange set up on late 2007 for the purpose of trading Second Life Lindens (SLL) and other virtual currencies including those used in online gaming. Currencies traded other than Linden Dollars also include Avination’s C$, and the Open Metaverse Currency (OMC).
In April 2011, VirWoX started accepting Bitcoin and basically opened a loophole for people to buy Bitcoins with Paypal by first buying SLL via Paypal and then converting that SLL to Bitcoins. As of writing this review the site has over 745K registered users. Our personal experience with Virwox we have personally bought and sold Bitcoins through Virwox in order to convert them to our Paypal account several times.
Review Verdict: Virwox is a legitimate service that works
Is Virwox Really A Legitimate Exchange?
First of all we will admit – you don’t find many (or any) positive reviews about Virwox online. However the negative reviews usually are one of 2 categories: People complaining about the high fees Virwox takes (we’ll get to this in a second). People complaining about the fact that their account got banned and they don’t understand why. Regarding the account ban – from what we researched and found, people who got their account banned always got their money refunded.
Sometimes it can take a few days for the money to come back but we’ve never heard of someone who got his money “stolen” by the exchange. Why does Virwox exchange ban so many accounts? We can only assume that since they have a high risk of fraud by selling Bitcoins via Paypal hence they are more cautious than other exchanges. However this does not automatically make them legit.
Yes, Virwox appears to charge rather high fees for converting Bitcoin to Paypal and vice versa. Why? Well, due to several reasons: Because of the reason we have mentioned before – they have a high risk of fraud and need to cover their losses with a premium. The site was not built for buying Bitcoins directly with Paypal. Members need to first buy SLL and then convert it to BTC. Each action on the site has an additional fee which makes the entire process pretty expensive at the end. If you were able to purchase BTC directly it would probably be cheaper. Because they can – there’s not enough competition at the moment of sites allowing members to buy Bitcoins with Paypal so they allow themselves to request high fees. The only worthy alternative is LocalBitcoins but we think that prices there are even higher.
Review Verdict: Virwox is a legitimate service that works
Conclusion about Virwox
Virwox is legit in our opinion. Support has been responsive to our queries and we were able to complete our purchases without much problems through the payment channels that they accept.
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