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Virwox Review: Is it Legit or a Scam? Since Virwox is currently one of the main ways people buy Bitcoin with Paypal it attracts a lot of attention. Many people consider Virwox to be a scam while others say it’s legit. In this post I would like to share my own opinion of the site after buying and selling through them for almost 4 years. As of writing this post the site has over 740K registered users. My personal experience with Virwox I have personally bought and sold Bitcoins through Virwox in order to convert them to my Paypal account several times.
At least once a month I conduct a transaction through the site for several years now. The site is legit, I never had a time when my money was stolen or withheld. So you can tell I have some reference. However since I run a Bitcoin blog I do know a lot of people have issues with the site so I do want to cover that aspect as well. I’ll address the high fees shortly. I’ve read and heard through my blog readers, people who got their account banned always got their money refunded.
Why does Virwox ban so many accounts? I can only assume that since they have a high risk of fraud by selling Bitcoins via Paypal they are more cautious than other exchanges. However this does not make them a scam. Virwox fees and a fee calculator Yes, Virwox takes high fees for converting Bitcoin to Paypal and vice versa. The site wasn’t built for buying Bitcoins directly with Paypal. You need to first buy SLL and then convert it to BTC.
Each action on the site has an additional fee which makes the process pretty expensive at the end. If you were able to buy BTC directly it would probably be cheaper. Bitcoins with Paypal so they allow themselves to request high fees. In order to make it easier for you to understand just how much you’re going to pay in fees I’ve created a Virwox fee calculator. This calculator is only good for Buying Bitcoins with Paypal and not for selling it or using other methods. Just enter the amount of Bitcoins you want to buy or USD you want to spend and you’ll get the matching result.
Keep in mind that this calculator was built and updated on January 10th 2017 so it’s relevant for the fees listed at that time and they may change. Yes, Virwox is legit in my opinion. It may not be the best site to conduct business on due to high fees, long transaction times and their laggy support but if it’s your only option it will do. If anyone reading this has had a different experience than what I’ve just covered I’d love to hear it in the comment section below. Exmo Review: Is It a Legit Exchange? Bitcoin Video Crash Course Join over 94,000 students and know all you need to know about Bitcoin. One email a day for 7 days, short and educational, guaranteed.
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One of the biggest issues today in Bitcoin is the fact that you can’t buy it very easily. This method is only valid if you live outside of the US. So if you’re only looking to profit from price swings and don’t require the actual Bitcoins this is probably the easiest and cheapest way to go. If however, you need the actual Bitcoins to buy stuff or send them to another person, keep on reading. Also, Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. So keep in mind that your capital is at risk.
A reliable method that has been around for a long time. This process holds more transaction fees than usual. This may still be a valid solution since the soaring numbers of BTC compensate for this. It’s important for you to be aware of the different transaction fees. Virwox is delaying new user transactions for up to 48 hours.