In business since end of 2007, VirWoX is today a leading independent exchange for trading virtual currencies, both in terms number of users (about 800,000), and trading volume (2012: 29 million Euro / 38 million US$).
Currencies traded are Linden Dollars (the virtual currency used in Second Life), Avination's C$, and the Open Metaverse Currency (OMC). In April 2011, VirWoX started accepting Bitcoin and enabled to trade bitcoins for Linden Dollars (both ways), which are in turn convertible to EUR, USD, GBP, CHF, and the other virtual currencies traded on VirWoX.
VirWoX is run by the company Virtual World Services GmbH, which is located in Austria. The service is available in five languages (English, German, French, Spanish, Italian).
How to buy bitcoins
Technically, VirWoX only supports the exchange BTC for Linden Dollars. However, you can first buy Linden Dollars for real-world currency, and then buy BTC for your Linden Dollars. It is not necessary to open a Second Life account to do this.
After you have opened an account, deposit money into your VirWoX account (on the "Deposit" page) using one of the payment methods in the table below:
|Bank Wire||Yes||Yes||Yes||Yes||unlimited||free (if from EU in EUR)|
|PayPal||Yes||Yes||Yes||Yes||variable (see "Limits")||EUR 0.35 + 3.4%|
|Credit/Debit Cards (Moneybookers)||Yes||Yes||Yes||No||variable (see "Limits")|| EUR 0.39 + 3.5%
|SOFORTbanking / Sofortüberweisung||No||Yes||No||No||variable (see "Limits")||2.5% (min. EUR 0.25)|
Then you need to enter an order to sell your money (e.g. USD) for SLL (=Linden Dollars), e.g. on the "Exchange USD/SLL" page. Next, buy BTC on the "Exchange BTC/SLL" page. Depending on the type of order (Market or Limit), this will convert the Linden Dollars to BTC immediately or at some later time.
Finally use the "Withdraw" page to send the BTC to a Bitcoin address. You can also use VirWoX as a eWallet and keep your BTC there for later use.
Full details of the process can be found on dedicated website VirWoX.
How to sell bitcoins
After your have opened an account, go to the "Deposit" page, scroll down to the "Bitcoin" section and click on the "Create my Bitcoin address" button. This will create a unique bitcoin address associated with your account. You then send the bitcoins you wish to sell to this address. As soon as the bitcoin network has confirmed the payment (5 blocks), the bitcoins are booked to your account, and an email is sent to you.
For Linden Dollars
To exchange bitcoins to Linden Dollars, go to the page "Exchange BTC/SLL", and enter an order to sell your bitcoins. Depending on your order (Market or Limit), this will be executed instantly or at some later time. You may then withdraw the Linden Dollars to your Second Life avatar or continue as described below.
For other currencies (USD, EUR, etc.)
Technically, VirWoX only supports to sell BTC for Linden Dollars. However, you can first do that (as described above) and then buy some real-world cash for your Linden Dollars. It is not necessary to open a Second Life account to do this. Just go to the corresponding exchange page (e.g. USD/SLL for USD, EUR/SLL for EUR), and buy the real-world currency for the Linden Dollars. Then proceed to the "withdraw" page and send the money using one of the supported withdrawal methods:
|Bank Wire||Yes||Yes||Yes||Yes||2-3 days||unlimited||1 EUR (if from EU in EUR)|
|PayPal||Yes||Yes||Yes||Yes||instant||2500 EUR/day||1 EUR/USD/GBP/CHF|
|Skrill/Moneybookers||Yes||Yes||Yes||No||instant||2500 EUR/day|| 1 EUR/USD/GBP/CHF
VirWoX charges 50 SLL (currently about $0.20) plus 2.9% for BTC/SLL market orders. The fee for limit orders depends on the previous trading volume of the account, and varies between 0.78% and 3.9%.
VirWoX charges 0.01 BTC for BTC withdrawals. Deposits in BTC are free.
Limits and Restrictions
Because of the risks involved, VirWoX restricts deposits via PayPal and Moneybookers (i.e. Credit/Debit Cards) depending on the age of the account. As of May 26, 2013, there are the following limit tiers:
|PayPal/Moneybookers Limit Tier||Per 24 hours||Per 30 days|
|0 - Upon Registration||60 EUR||180 EUR|
|1 - After 10 Days||100 EUR||500 EUR|
|2 - After 60 Days||200 EUR||2,000 EUR|
|3 - After 90 Days||300 EUR||3,000 EUR|
|4 - By Request Only||8,000 EUR||80,000 EUR|
For security reasons some bitcoin withdrawals (in particular of new accounts) are subject to a delay and manual review. Specifically, the first withdrawal of bitcoins paid for using PayPal, or credit card is delayed by 48 hours.