Broker ceased to exist

VirWoX_logo VirWoX 5/10 (votes 2372)

On-line since: 2007
Country of origin: Austria
Regulation: IFSC, CySEC
Payment options: wire transfer, bank cards, electronic payment systems
Minimum account size: $90
Minimum lot size: -
Leverage: -
Spreads: -

VirWoX went out of business on January 6, 2020. Prior to the closure, the company was a global virtual exchange for trading digital currencies. The key feature was the ability to buy bitcoins through PayPal. VirWoX enabled investors to trade bitcoins in 2011. Interestingly, the company was created shortly before the cryptocurrency revolution. Its platform supported the exchange of bitcoins for Linden Dollar tokens and virtual currencies used in the virtual world game called Second Life. However, users bought Linden Dollars and then used them to purchase bitcoins.

As for security, VirWoX requested scarce personal details from a client. This is extremely important for those who prefer to keep their personal information confidential.

Trading conditions

It is no longer possible to find out any information about trading conditions on the company`s official website. According to the websites of third parties, a certain picture of the company`s activities can be clearly seen. However, the fact whether it is worth to believe them or not remains in question.

VirWoX provided services to clients from all over the world. In order to buy bitcoins, users were supposed to perform a number of actions in a specific sequence. Firstly, clients were required to deposit funds into their trading accounts using PayPal. Secondly, they had to buy SLL tokens for fiat money, in other words, exchange SLL into USD. Later, clients could buy bitcoins for the purchased SLL tokens (the BTC/USD pair). After all, clients had to transfer them to the desired wallet.

The ability to deposit funds via PayPal allowed traders to choose from several different deposit methods, including both credit and debit cards, as well as PayPal customer balance. In addition, clients could use Skrill, Paysafecard, and uKash.

VirWoX charged a commission of 50 Linden Dollar tokens, about $0.20. Moreover, traders had to pay a 2.9% commission for performing deals on the BTC/SLL pair. The commission on limit orders depended on volume and ranged between 0.78% and 3.9%. The commission on bitcoin withdrawals was 0.001 BTC, while there was no charge for bitcoin deposits.

Support service

Unfortunately, it is impossible to find reliable information about the support service as the company ceased operations and took its website down. According to third-party sites, the official website of VirWoX featured a fairly detailed section of frequently asked questions. Besides, clients could use email to contact the support team.

Feedback from traders

Among few reviews about the company`s activity, there are both positive and negative ones. Customers complain mainly about high commissions, account lockouts, and lack of leverage.

Pros and cons

Third-party websites provide ample information about the company`s advantages and disadvantages.

Advantages:

  • ability to buy bitcoins through PayPal
  • high privacy standards

Disadvantages:

  • high commissions
  • negative reviews
  • primitive user interface

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