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Vircurex Review - is it scam or safe?

Vircurex Review - Is vircurex.com scam or safe cryptocurrency exchange?

RATING: 1 / 0 REVIEWS Vircurex
Vircurex is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 Unspecified Unspecified Unspecified

 

Vircurex is a cryptocurrency exchange which has went through a lot. This was one of the first Chinese trading venues to accept fiat currency deposits and facilitate crypto trading, since 2011. That being said, its glory days appear to be in the past, as nowadays volumes are low and their entire service feels very uncertain. Continue reading, to see all the key points we don’t like about the current iteration of this exchange.

 

Vircurex Advantages

 

11 coins traded – at the time of writing, Vircurex supports the following cryptocurrencies: BTC, LTC, DASH, DOGE, DGC, FRC, NMC, PPC, QRK, TRC and XPM. All trading is done against BTC. We even hesitated to put this in the negatives section, as this is a crypto-to-crypto only exchange (and these usually have even more assets), but then again it is full of content.

 

Vircurex Disadvantages

 

Offshore company, many disclaimers –  Vircurex used to be an innovative Beijing-based project, but the website is now owned by a company operating out of Belize. We don’t know much about them, except for the multiple disclaimers of liability, which they have put in the terms and conditions. One of them literally reads: “Vircurex takes no liabilities on users funds stored with Vircurex

 

Was hacked in the past  –  this exchange was allegedly hacked in the 2013-2014 period. It later blocked client withdrawals and supposedly stopped replying to their enquires. We know of at least one law suit against them, initiated by US customer.

 

Many negative reviews – this shouldn’t come as a surprise, given the previous point, but we have to mention it. The online forums are full of people complaining they can’t withdraw funds from Vircurex and while some of them are dated, the point still stands valid.

 

Doesn’t accept fiat – a website which accepts fiat currency deposits and allows you to buy Bitcoin (or other coins) with the funds is what we usually call an “entry-level” exchange. While we can’t verify it, Vircurex used to be such system in the past. As it is probably pretty clear at this point, the current state of this exchange does not make it a reliable partner, even if they did accept payments.

 

>>Where can you buy Bitcoin with a credit card?<<

 

Rather poor interface – Vircurex provides a web-based way of trading, which isn’t that impressive. Regardless of all the aforementioned issues, the charting itself is so basic, it wouldn’t attract active traders to this exchange. Here is a preview of the interface:

 

The “platform at Vircurex”

 

No leverage – while we are discussing things which the more frequently trading clients enjoy, but aren’t offered by Vircurex, we have to mention this. That beign said, most exchanges don’t facilitate margin trading, or if they do, it’s done in a complicated way.

 

>>Trade Bitcoin with a forex broker<<

 

On the other hand, some forex brokers (companies which offer fiat currency speculative trading) have included Bitcoin, Ethnereum and other major coins to their offering. They offer a CFD trading environment, which means you will be able to use leverage and take short positions, but will not get any actual coins. In essence, this is suitable for short term trading, but be sure to see our detailed explanation, for the full picture.

 

Low volumes – another not surprising fact, given the situation at Vircurex. Those of you who took a closer look at the screenshot from the trading platform would have noted this – we aren’t certain if a single transaction occurs on all the pairs at this exchange.

 

Most fees not disclosed – the “fees section” on Vircurex only states the withdrawal charges and minimums. This may mean the exchange doesn’t have trading or deposit fees, but we can’t be certain. Here is a screenshot of the fees for reference, thou we would be very surprised if you have interest in using this venue after reading the review:

 

 

Conclusion

 

Vircurex is a shadow of its former glory. The exchange used to be one of the first Chinese players in the world of crypto, but is currently not an attractive trading venue. The 2013-2014 alleged hacks weren’t handled in the best manner and have consequences to these day.

 

As a comparison, other major players, like Bitfinex and Bitstamp also suffered similar issues, but made different decisions. Currently these are two of the exchanges attracting the biggest volumes.

 

This is the thing with the cryptocurrency space, in general – very few companies are regulated by government authorities and hence can be trusted. As a comparison, some of the forex brokers, which we briefly mentioned as an alternative for active traders have solid reputations.

 

>>Regulated forex brokers, offering Bitcoin<<

 

Here is a summary of this review:

 

Pros Cons
11 coins traded Offshore company, many disclaimers
  Was hacked in the past
  Many negative reviews
  Doesn’t accept fiat
  Rather poor interface
  No leverage
  Low volumes
  Most fees not disclosed

 

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Traders` reviews for Vircurex

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