Allows us to instantly buy bitcoins by paying through bank and also allows to exchange btc in my local currency at the present rate.?
If you're looking a way to buy bitcoins without providing ID identification beforehand, then you're out of luck. Few places offer that feature, but virvox exchange is one of them. Maybe you could do the same with some local exchange that your country has. You can also use localbitcoins. Bring a gun just in case if you use the last option.
Virwox has a strange way around it because you are basically buying second life lindell dollars and then converting this into BTC.. this way you don't ave to present ID. You can do it with paypal. Of course, get ready to get scammed with super high fees. I don't know the exact %'s but the fees are really high.
The Virxox fees are quite high, and complicated. There are fees for converting second life lindell dollars into BTC and back, fees for converting second life lindell dollars into fiat and back, and deposit fees. If you intend to leave your account unused for over 12 months leave your account empty because there is an inactivity fee of of 2 EUR per month until your account is empty.
A copy of their fee structure is below.
https://www.virwox.com/help.php#_InactivityFees
Exchange Commissions and Discounts
Market Order:
A small commission will be charged for the service of matching and executing your order against others. The commmission for market orders consists of a fixed fee plus a variable percentage, according to the following table:
Currency Fixed Variable
EUR/SLL 50 SLL 2.90%
USD/SLL 50 SLL 2.90%
GBP/SLL 50 SLL 2.90%
CHF/SLL 50 SLL 2.90%
EUR/ACD 50 ACD 3.90%
USD/ACD 50 ACD 3.90%
SLL/ACD 25 ACD 3.90%
SLL/OMC 25 OMC 1.90%
EUR/OMC 50 OMC 2.90%
USD/OMC 50 OMC 1.90%
BTC/SLL 50 SLL 2.90%
EUR/MVC 50 MVC 2.90%
No discounts are applied for market orders, but the commission paid counts towards discounts for limit orders (see below).
Limit Order:
The commission will only be charged if your order is actually executed. If executed partially, commission will only by paid on the part that has been executed. The base commission rate for all currently exchanged currencies is 3.9%. However, the more you exchange, the less you pay: The effective commission rate is determined by the base commission rate and your current discount on commission. The discount in turn is based on your trading activity (more precisely, the amount of SLL commission already paid) in the previous 30 days, according to the following table:
Commission paid
(last 30 days) Discount Effective
Commission
0 SLL 0% 3.90%
1,000 SLL 10% 3.51%
2,000 SLL 20% 3.12%
5,000 SLL 30% 2.73%
10,000 SLL 40% 2.34%
20,000 SLL 50% 1.95%
50,000 SLL 60% 1.56%
100,000 SLL 70% 1.17%
200,000 SLL 80% 0.78%
Please note that the discount rate applied to a specific order is the one that was in effect at the time when you have entered the order. If your discount rate changes after that time to your favour, you may of course cancel the order and re-enter it to take advantage of the higher discount level. Your current commission paid in the last 30 days and discount levels are displayed on the Account Overview page.
Deposits
PayPal: Unfortunately, PayPal charges us fees for its services, which are deducted from your deposit. Also, the fee varies with currency, location of customer, payment method used, transaction size, and the size of our previous transactions with PayPal; so the exact fee is only known to us after the transaction has taken place. As an example, the current fee for deposits in Euro for customers with their PayPal account kept in Euro is 0.35 Euro plus 3.4% of the transaction.
Credit/Debit Cards, Skrill (Moneybookers): Similar to PayPal, Skrill charges us fees for its services, which are deducted from your deposit. The current fee for deposits in Euro for customers with their Skrill account kept in Euro is 0.39 Euro plus 3.5% of the transaction.
paysafecard: The fee for paysafecard deposits is 20%.
SOFORTbanking: For this service, SOFORT AG charges us a fee of 2.5% of the transaction value, with a minimum of 0.25 Euro (if the transaction value is below 10 Euros), which will be deducted from your deposit.
Other Deposits: Other deposits (i.e. deposits of MVC from My Virtual Community) are free.
Withdrawals
SLL withdrawals to your Second Life account and ACD withdrawals to your Avination account are free of charge.
A handling fee of 0.005 BTC per bitcoin withdrawal will be charged.
A handling fee of 1 EUR (1 USD, 1 CHF, 1 GBP) + 2% PayPal Fee per PayPal withdrawal will be charged.
A handling fee of 1 EUR (1 USD, 1 CHF, 1 GBP) per withdrawal will be charged for all other types of withdrawals (Skrill, Bank Transfers).
Send virtual currency to other user
Sending virtual currency (SLL, ACD, or OMC) is free of charge.
Inactivity Fee
There is no fee just for maintaning your VirWoX account. However,
if you have not used your VirWoX account for more than 12 months, we will charge an inactivity fee of 2 EUR (or the equivalent in other currency) per month, but only if there is a positive balance on the account.
