VIRTUAL PROPERTY Review 2023: Exchange experience, offer, fees, instructions, discussion

Online exchanges are the best way to buy and sell cryptocurrencies. But the trade-off for convenience is often bad exchange rates, so it’s not a bad idea to learn a little bit about how to exchange offices work. We wrote a review of Virtual Property, which is one of the cheapest places to trade crypto in the Czech Republic, to make your work easier.

Virtual Property review at a glance

Virtual Property is an internet exchange between the Czech Republic and Slovakia. It has been running since 2019. The exchange lets people use CZK or EUR to buy and sell four of the most popular cryptocurrencies. Bitcoin, Bitcoin Cash, Ethereum, and Litecoin are all examples of these.

It’s easy to buy and sell through Virtual Property, but there are two small problems. The first problem is that bank transfer payments can take a long time. Traders also need their own crypto wallet because VP does not support storing cryptocurrency.

The least you can spend to place an order is 21 crowns. You can trade up to 14,500 euros per day, but only if your account has been verified. Customers who haven’t signed up can only order up to 1,000 euros per week.

One of the best things about the exchange office is that the fees aren’t too high. The total cost per order doesn’t go over 2.5%, which is really low compared to other exchange offices. But it’s still more than what you’d pay on an exchange (eg Coinmate or Binance ).

Advantages:

Czech-Slovak exchange office
Buying and selling cryptocurrencies for CZK and EUR
Very simple
Purchase without registration

Disadvantages:

Small orders will be more expensive
€1,000 weekly limit for unverified clients
You need your own crypto wallet

Virtual Property – Basic Information

Virtual Property is a Czech-based cryptocurrency exchange, founded in 2019, that allows users to buy and sell 4 cryptocurrencies (BTC, BCH, LTC, ETH) using 2 fiat currencies (CZK, EUR) via bank transfer or crypto, with no cryptocurrency storage provided.

The exchange supports purchasing without registration and has a minimum order of 21 CZK (€1), but has trading limits of 1,000 euros/week for unverified clients and 14,500 euros/day for verified clients. Virtual Property charges a buy/sell fee but does not have any additional charges or discounted fees.

You can use crowns or euros to buy or sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash through Virtual Property. VP does not allow the exchange of one cryptocurrency for another.

Virtual Property is not a crypto wallet, and this point needs to be made clear. The exchange will send the coins that a customer buys to a wallet that the customer sets up. Setting up a wallet is not hard, but it is something new users will have to worry about.

ORDERS AND PAYMENTS

The smallest order is 21 CZK, which is about 1 euro. Small orders of tens or hundreds of crowns, on the other hand, are bad because traders have to pay a fee to the exchange office (at least 20 CZK) and a fee to the miners for the transaction to be processed (usually tens of crowns). The best thing to do is to buy at least a thousand.

Orders that don’t need to be registered can’t be more than €1,000 per person per week. Customers who have been verified can buy and sell cryptocurrencies up to a daily limit of €14,500 per person. Larger orders can only be placed after talking to customer service.

Every payment is made through a bank transfer. The payment needs to be made as soon as possible, preferably as an immediate payment. If you don’t, the exchange office might cancel your order or the exchange rate might change a lot.

SERVICES IN ADDITION

Virtual Property supports four cryptocurrencies, but you can ask to buy one that isn’t in the standard offer through the order form. The details of each transaction are worked out with customer service, but the order must be worth at least CZK 3,000.

If you want to save some of your income in crypto, or if you want to save regularly in crypto, you will like the repeated purchase of crypto function. When you enter a classic order, you can turn on the function by checking the box next to the button “Opakovat placebo kad MSC.” If you enter an order this way, it will be repeated every month with the same variable symbol, so you can pay for it with a standing order.

INSTRUCTIONS PURCHASE VIA VIRTUAL PROPERTY

Click NAKOUPIT on the exchange website.
On the order form, you choose the cryptocurrency you want to copy, the amount you want to copy (at least 21 CZK), and the currency you want to pay with (korunas or euros).
You must also enter the address of the wallet where you want the cryptocurrency to go.
Now you can sign in to your account or keep shopping without signing up. If you don’t want to sign up, you just need to put in your email address and phone number.
The last step is to go over the order again. Here, you can see the details of the order and the information you need to pay for it.
Now you have to send a bank transfer to pay for the order. Don’t forget to write the variable symbol and a message for the recipient when you pay (“Purchase www.virtualproperty.cz”). With the link you’ll get in an email, you can check on the status of your order.
Once the exchange gets paid for the order, the cryptocurrency will be sent to your wallet. Depending on how busy the network is, it can take anywhere from tens of minutes to several hours for the payment to be put through.

INSTRUCTIONS FOR SELLING THROUGH VIRTUAL PROPERTY

Open the website for the exchange and click on PRODAT.
On the order form, you choose the type of cryptocurrency you want to sell, how much you want to sell, and the number of the bank account where you want the money to go.
Next, you give your phone number and email address. The exchange office will send you a link that lets you check on the order’s progress.
In the third step, you will see a summary of the order and the address of the Bitcoin wallet where you should send the cryptocurrency. You should put in the payment as soon as possible because the order will be canceled after 30 minutes if you don’t.
Once the coins get to the wallet you told the exchange about, the money will be sent to your bank account. Depending on the bank of the exchange and the bank of the client, the transfer could take minutes, hours, or a whole day.

Virtual Property Fees

The VIRTUAL PROPERTY asset is one of the cheapest exchanges in the Czech Republic, especially when it comes to fees for altcoins. The total cost varies from 2 to 2.5%. Of this amount, 2% is the exchange fee and you lose 0-0.5% due to the exchange rate.

But there are a few things we need to highlight:

EXCHANGE FEES

The exchange office charges 2% for each negotiated transaction, but at least 20 CZK for each order. Orders up to a thousand are therefore a bit more expensive.

DIFFERENCE BETWEEN BUY AND SELL RATE (SPREAD)

The spread shows us how favorable or unfavorable the exchange rate is. To know the size of the spread on Virtual Assets, we compared the bid and ask rates the exchange displays when placing an order. Incidentally, the exchange indicated that the rate included the aforementioned 2nd rate.

Spreads on virtual assets range from 4% to 5%. So you lose that percentage for a two-way transaction (i.e. buy and sell crypto). The cost of buying or selling will be half – about 2-2.5%.

THIRD-PARTY FEES

All third-party costs are paid by the customer. Pay special attention to the transaction fees for cryptocurrencies that you pay miners to process transactions. The transaction fee amount varies depending on the network load. For example, in January 2022, the average fee for a Bitcoin transaction was $2, while a year earlier the average fee was $8.

COMPARE FEES

Is it worth trading crypto through virtual assets or buying from a more profitable competitor? Judge for yourself! In the table below you can see how much it costs to buy Bitcoin through Virtual Assets and how much popular exchanges charge for the same service:

Account registration and verification

If the value of your orders exceeds 1,000 euros per week or if the trader considers them suspicious, you will need to create a trading account and verify your identity.

Creating an account and verifying it takes about 10 minutes.

INSTRUCTIONS STEP-BY-STEP REGISTRATION

Registration form: First, you fill out a short form where you enter your name, email, phone number, and password.
An active account: Immediately after registration, you will receive an email with a link to activate your account. Once your account is activated, you can log in.
Account settings: Once logged in, you can enter your bank account number and crypto wallet address so you don’t have to manually enter each order.
Fill in personal data: Now comes the account verification part. In the first step, you enter your residential address as well as your date and place of birth.
Verify data: In order for the exchange to verify your data, you must upload to your account copies of 2 identification documents (citizen identification card, driver’s license, passport, or birth certificate) and a selfie photo. Your face must show in the selfie and you must have ID + a piece of paper with your signature, the date, and the sentence “I buy crypto from the exchange www.virtualproperty.cz”.
LMA Questionnaire: Finally, you complete the AML questionnaire, where you specify your source of income and the purpose of the application. Ideally, you should print the questionnaire and sign it by hand, but if you don’t have a printer at home, you can insert it into your records without signing. DO! Now all you have to do is wait for the exchange to approve your account. Virtual Asset indicates that verification must take place within one business day.

Experience with Virtual Property

ALTURAS s.r.o., a company based in Prague that was founded in 2018, is in charge of running Virtual Property. Since 2019, the exchange office has been open, and reviews on the official Facebook page say that it is a fair and reliable service.

Clients like how clear the website is, how easy it is to place an order, and how clear the fees are. Also, everything is in Czech, and you can pay with crowns so you don’t have to worry about changing money.

We also have to give thanks for the helpful customer service, which can be reached by phone, email, or Facebook. Support is available Monday through Friday from 9 a.m. to 8 p.m., but it’s likely that you can get help on the weekend, too.

Virtual Property is a member of the Czech Cryptocurrency Association (KMA), which also includes the Coin Mate exchange and the ccShop and SimpleCoin exchanges.

WATCH OUT FOR WHAT?

To buy cryptocurrencies at Virtual Property, you need your own wallet to hold the coins you buy.
If you don’t order more than 1,000 euros a week, you don’t need to sign up.
Prices will go up for small orders. The at least CZK 20 network transaction fee and exchange office fee are to blame.

Final summary

Virtual Property is a great option for people who want to buy cryptocurrency online in an easy way. The exchange doesn’t have the most options, but it does support Bitcoin and Ethereum. And most traders will be happy with that.

The exchange is a lot like a competitor called SimpleCoin in a lot of ways, but VP has slightly lower fees. Trading through cryptocurrency exchanges is even cheaper, but it is a bit more complicated.

So, if you’re looking for a good crypto exchange in the Czech Republic, Virtual Property will not let you down.

The views and opinions expressed in these articles are those of the source ForexIndustry.com and do not necessarily reflect the official position of ‘xBTCh,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.

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