A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of VirWox consists of four parts: general information, fees, deposit methods and security.
UPDATE 6 January 2020: This exchange has closed down. They announced the closure through the following message:
VirWox is an Austrian cryptocurrency exchange. To our knowledge, there are only two Austrian cryptocurrency exchanges: this one and BitPanda. Both of these exchanges are so called entry-level exchanges where you can buy cryptocurrency for fiat currency.
VirWox does not explicitly state that US-investors are prohibited from trading. Accordingly, we do believe that US-investors can trade here.
The only service that VirWox offers is trades of SLL (Second Life Lindens), MVC (My Virtual Community), OMC and ACD. If you want to trade other less known coins (Cryptonex Coin, Neutron Coin, Sequence Token, Social Send Coin, Pareto Network Token, or any coin with a similar market capitalization to those), you’ll have to look elsewhere.
VirWox Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at VirWox, from a newly started account with any funds to trade with though:
VirWox Trading fees
A trade between BTC and SLL will set you back 3.90%. This is in addition to the fixed fee of 50 SLL. Needless to say, this is extremely expensive. We actually even dare to say that this is among the highest trading fees we have ever encountered. The full list of fees are set out below:
One thing is adamantly clear, if someone were to choose to trade here, then it would not be for the competitive trading fees.
VirWox Withdrawal fees
The exchange charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is below the industry average and constitutes a market advantage for this exchange. It does not, however, in our opinion outweigh the disadvantage of the excessively high trading fees.
At this particular trading venue, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors. There are however certain max deposit limits to consider at this platform. The below describes them fairly clear:
The security score received by this cryptocurrency exchange site is C, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
As mentioned above, this exchange supports credit card deposits (alone or through the use of any of its associated payment service providers). Other cryptocurrency exchanges that also have this option include: