Vircurex Review

Over the last days i’ve been testing Vircurex (www.vircurex.com).

And I have to say that its very good and deserves a try!
This exchanger accepts like all the crypto currencies available (Bitcoin, Devcoin, Geistgeld, l0coin, lxcoin, Litecoin, Namecoin and Solidcoin), providing wallets for all of them.
The funding took a little more than the 6 verifications, but quite acceptable. I’ve tried with BTC and LTC. I have to refer that this was the first service that I’ve tried that sent out an email confirming the funding. Its fantastic and lets you track the process without refreshing the website every second. Great feature. The notifying system also works for the orders. You receive a mail when your order is executed.
The customer service, which I’ve tried more than once, was in one word… FANTASTIC!
Andreas, the person in charge for the customer service (I’ll explain more on the vircurex structure later on this review). Answered all my questions in less than 1 hour, no matter at what time I’ve sent my questions to the support service. Moreover, Andreas was not only answering my questions but also explaining why, including some information regarding the procedure of vircurex.
One point that in my opinion should be changed is that whenever you place an option, you pay the fees in advance. It should be only when your option is executed and the fees should be deducted from the credited amount. Its not a big deal, but I think that it would improve the number of trades as you kept some funding at your balance. The fees are returned if you cancel your option order.

Withdraw is not automatic. You have to confirm it (release it) and change window to wallet and… its there 😉

Andreas is doing a great job and my opinion is that everyone should give a try to the service.

If so, why not to join under my ref link, as it reduces my trading fees? https://vircurex.com/register?referral_id=322-330
Vircurex has 3 trading options:
Normal orders, options and stoporders. You can choose the best using your risk and knowledge profile.
They had an innovative system that was the loan. But this needs quite some users… in order to work…
“Andreas: there are currently 330 registered users, out of which 130 have logged on to the page within the last 7 days. Google analytics shows me ~100 to 120 unique visitors daily.”
If Vircurex can improve the number of active users it can become a plus and get more real world features.
Fees are quite acceptable and as far as I know competitive regarding other exchange services:
The exchange charges a fee of
• 0.01 (BTC) for withdrawing Bitcoin
• 10.0 (DVC) for withdrawing Devcoin
• 0.01 (GG) for withdrawing Geistgeld
• 0.01 (I0C) for withdrawing I0coin
• 0.01 (IXC) for withdrawing Ixcoin
• 0.01 (LTC) for withdrawing Litecoin
• 0.01 (NMC) for withdrawing Namecoin
• 0.05 (SC) for withdrawing Solidcoin
• 0.5% on every trade. Should you have created an account using a referral code, your fees will be reduced to 0.45% for a period of 1 year from the time the referred account was created.

• 10% on the interest earned for loaning coins to other traders.

• 10% of option purchase price, note that when an option is exercised, the trading fees apply. The fee is paid by the option issuer.
• Earn 15% on all fees collected of all accounts that were created using your referral code. You will earn the fees for one year from the time the referred account was created.
• 1% for withdrawing funds via Liberty Reserve

An additional topic you might want to look into and add is the API.
https://vircurex.com/welcome/api?locale=en
Apart from the current version of the API – (which so far focused on general inquiries), – I was informed that they had completed a full trading API (Create orders, release order, delete orders, inquire on order details) and currently testing it. It should be ready for users by end of January.

Now back to the support thing that I thing that is the most important on this kind of services… At least to show the commitment with the customer and their seriousness.
Over the last 3 days I’ve been talking with CS and I’ll past here some mails (or parts) that I’ve received as answer. Look that, again, Andreas tried always to give me a better than full response.

Andreas:
“we did have the one or other improvement to our functionality and features thanks to the feedback of our users.
Some of the features we specially focus on:
– security: we prevent session hijacking, replay attacks on cooky storage, session fixation, cross site request forgery, brute force password attacks (using captchas), SQL injection, enforce strong passwords, cross-site scripting, etc.
– performance: we stick to basic HTML pages with little or possibly no graphics at all, thus improving performance especially for people accessing the internet from not so developed areas.
– flexibility: deal in any currency pairs that we support (except for “real” currency to “real” currency, as that would constitute forex trading which would require a sophisticated legal setup)
– constant development: we strive to constantly develop the features of the exchange to enhance liquidity, easy of use and functionality. We have recently introduced stop-orders and options. In the next release we will be integrating more payment options (such as SEPA transfers for European users, RMB support for Chinese users), more security features by integrating Yubikey.
– all chains: we intend to support all feasable coin chains. As of today we have BTC, LTC, NMC, DVC, IXC, I0C, GG, SC. “

Me:
“ i’m getting problem on mac loading page and i need to try it on a windows first. It loads but the right tables are at their place top right but the left ones are bottom left, below the end of the right ones. Could be a “mac error”.”

Andreas:
“Thats strange, I am developing here on a Mac, and Safari as well as Firefox look good. What screen resolution do you have? If you have a low resolution, try to decrease your font size (on Safari: View->Zoom out, on Firefox View->Zoom->Zoom Out).
And then… After I sent him a print screen.
”I now understand the layout issues you are having. If the the two tables (ask/bid/last/… and the order book) dont fit side by side (due to smaller screen resolution), then it shows the exchange info first and the order book further down.

We are discussing to show a different format: Buy and Sells first and below them the transaction history, that will reduce the requirements on the screen width but we see that more than 70% of our users have a screen width of > =1920px which is sufficient for the current layout.”

Me:
“Hello, I have a question regarding loans. Where can i find them? Is there any list of Create/fill loan?”

Andreas:
“I have recently taken the functionality offline. After two months, there was just one single transaction, looks as if the interest in the feature is very limited. I am currently recoding the function and it’ll probably come online in two weeks time.”

Me:
“Whats the size of vircurex? How many people works there?
According to our conversation i have the idea that you are planning to introduce SEPA transfers is that true? if so any ETA?”

Andreas:
“Vircurex is a team of two, I take care of the software development, the English and German (almost done) translation. My partner is doing the Chinese translation (same here, should be done in a week or so) and future support requests requiring Chinese language skills, as well as the China banking integration (Alipay, bank transfers, etc).

As for the funding options:
– Liberty Reserve EUR and USD is already available. There are plenty of service providers who offer LR EUR and LR US purchases with credit cards, SEPA, etc.
– CNY (Chinese Renminbi) will be introduced shortly after the completion of the Chinese site translation. We will then integrate into AliPay as well as the China equivalent to SEPA.
– SEPA transfers in process as I am in investigation on the legal requirements in providing such service (e.g. gather proof of identify,etc.).

In general, I would recommend LR as this gives the users the most flexibility. Easy to deposit, easy to withdraw, easy to move from Exchange to Exchange.”

Andreas is doing a great job and my opinion is that everyone should give a try to the service. Maybe implement a SEPA transfer system for European users would be a plus.

Leave a Reply