VirWoX is one of the first exchanges where users could go to exchange fiat for Bitcoin. VirWoX has been in business since 2007 and was initially a marketplace where users could exchange virtual tokens from online games to fiat currency. Bitcoin exchange was available since April 2014. Users initially used fiat currency via PayPal to purchase the virtual tokens for the games and subsequently used to convert to Bitcoin.
With VirWoX not being primarily for cryptocurrencies, it is not an ideal exchange for cryptocurrency market participants. Bitcoin is priced against the virtual token SLL so it means that users have to convert their fiat into SLL to trade against Bitcoin. For traders who want to speculate on the price, this means they have two pairs to track instead of one. Speculative traders would need to track the price of SLL against their fiat currency along with the price of SLL against Bitcoin. An orderbook and market depth chart are provided. The only cryptocurrency offered is Bitcoin. There is a simple registration process to use the exchange which users who wish to remain anonymous will see as an advantage.
One of the key selling points is that through using this exchange, you can use a PayPal account to buy Bitcoin. The process is not straightforward but for users whose only option is to purchase through PayPal, this will be one of the only exchanges where this is possible.
- One of the first exchanges where it is possible to purchase Bitcoin
- Users can purchase Bitcoin through PayPal
- Registration is straightforward and does not involve verification
- The process is not straightforward to purchase Bitcoin
- Only Bitcoin offered
- The exchange is primarily used for another purpose