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.
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 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.
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: