They give 50L$ when you sign-up but are they for real?

The banking industry of Second Life has been shaky because of what happened to Ginko. Others attempt to be different and some new banks think of new ways to attract new depositors. I think SlamX really wants to be different in attracting depositors for they got a sponsored review.

Still very new

The hardest thing to get new depositors for a bank is when they are still very new. SlamX is new to the industry. The are still in Pre-launching which was announced just a week ago. However, they offer to give advices and are ready to answer questions through their forums. (sign-up first before posting some questions away.)

The bait

SlamX is currently giving free 50L$ when you sign-up. This is what makes them sound too good to be true. Another is, they offer a referral system, where they give you another 50L$ linden dollars for every individual you invite to SlamX. A lot will bite the 50L$ free for signing up but is there a catch? There’s a confusing membership levels. You can only withdraw a limited amount of money per week depending on what level of membership you have. Sign-up and get free 50L$ here.

What makes it confusing is, this memberships are not easily accessible from their site but luckily I found them here.

Membership levels

In order to increase your withdrawal limit, you should have a minimum amount of deposit per level. The levels are bronze, silver, gold and platinum. There are also different privileges and offers that you can get once you reach a certain level of membership. I myself don’t like this membership levels but this is one way of securing that they have enough money to liquidate the withdrawals made.  The details on the membership levels and how to get them is on this page.

Withdrawals are given manually

I still haven’t experience making a withdrawal from them (the 50L$ they gave me for signing up) but it seems they will process them manually. I don’t advise this. The manual processing is a turn off. The withdrawal limits are already imposed then you will still have to wait for them to process a withdrawal. They may be excused for being new in the industry but there are no excuses if other people’s money is involved. SlamX should have automated the process already. If they are serious on their banking business, they should improve their system soon.

More on Making Money in Second Life

• Don’t pay for those stuff you can get for free in SLExchange
• Wicked blog contest – Win 10,000L$ for September 2007
• Are you not earning enough free linden dollars?

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