It is a global Exchange platform where cryptocurrencies are transacted. It is one of the largest virtual digital currency exchanges this accruing from its high number of users and the high volume of trades that take place on a daily basis. It is important to note that the preferred currency of the platform is Linden dollars.
It has, however, incorporated bitcoin as a payment method. This allows trading of Bitcoins and Linden dollars in a two way process. Bitcoin and Linden dollars can then be converted to fiat currencies supported by the system such as US dollar, Euro, Great Britain Pound and many other virtual currencies transacted on the platform.
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Since the exchange only allows transactions of Bitcoins for Linden Dollars, a user initially purchases Linden dollars using supported fiat currency and then using the Linden dollars to purchase Bitcoins. It is important to note that all these exchanges and transfers can be conducted using the same account, saving money and time that would be wasted through other charges that may arise from using multiple accounts.
How to buy Bitcoins on Virwox
1. Open a VirWox account then, using the preferred method of payment, make a deposit into your account. It is important to note that all the payment processing functions do not support the same features. Some of the common supported payment processors include PayPal, Use of Credit or Debit Cards and bank wire transfer.
2. Proceed by ordering the exchange to conduct an exchange of your fiat currency for the Linden dollars, such as Great Britain Pound for Linden dollars (GBP for SLL). This is done on the exchange page.
3. Proceed to buy Bitcoins on the page that facilitates the transaction. The transaction will be executed on basis of the order (Limit, Market) the conversion can take place instantly or after a period of time.
4. On the withdraw page you can execute a command to send the Bitcoins to your preferred Bitcoin address.
5. In the event that you want to store your Bitcoins so as to withdraw at a later date, VirWox has an electronic wallet that facilitates this function.
The exchange has a very low transaction fee, hence its affordability, while the amounts charged for the limit orders accrue to the trade volume that takes place prior to this, on the same account. It is important to note that deposits from methods such as PayPal are not unlimited so as to reduce risk and illegal transfers.