What is a SL ATM and how is it different from LindeX?

I am still a basic member so when I need Lindens I go to "World" and choose "buy L$." Do I have other options? What are these ATMs I sometimes see mentioned? Are there benefits to one or the other? And what the heck is SLExchange in terms of money?

I am 5 weeks old so still making my way with the money stuff though I have no problem spending it quickly

Thanks in advance,
G Waldman

ATM=Place you can "store" your Lindens...just like with a real world bank. You put money in...earn X amount of intrest per day, and make withdrawls when you need cash.

SLExchange=Sell Lindens fro real world money. L to USD.

So where would one find these ATMs? And is SLexchange the same as how I am currently buying my money through "world" and then "buy L$" ? Thanks.

G. Waldman

Joe is incorrect about SLExchange, or at least misleading. SLExchange is a website where people buy and sell good, including money.

Several malls and large shooping centers tend to have an atm somewhere on the sim. Alternatively, in world you can go to search and simply type in ATM and you should get a list of places that have them.

As for the SLExchange, I seem to have given you the wrong info...terribly sorry. SLExchange appears to be an online shopping center. Hmmm...go figure. From the looks of it...you create an account at SLEX, buy what you want (not sure how) and then the item(s) are delivered to your avatar in world next time you log in.

Again...terribly sorry about the misinformation earlier.

Thanks to you both. That's helpful. It sounds like I can continue buying my Lindens from the toolbar in the same way I currently am. If I ever find myself with too much money, I can deposit some in an ATM. I do not need to use SLexchange unless I want to.

You probably got SLX mixed up with LindeX, the name of the currency exchange on this website.

Using SLX involves depositing money at an SLX atm to put money into your SLX account. Then you can purchase stuff on the website using that money.

I believe I did. And again I apologize. I get confused easily it seems ...but I assure you I was not trying to provide anyone with faulty info.

Only two ways to buy Lindens from the directly - via the blue-button in-world or via www.secondlife.com under your account. Anything in the game that is an "ATM" is not - to date - a direct way to buy them. Some "banks" in SL may have ATM's, but as there is not even a business registry, let alone FDIC in SL, I would probably not use these.

There are also objects in world that call themselves ATMs but merely pop open a browser window pointed to LindeX when you click 'em.

The in world ATM's aren't so bad. Personally I never liked having a lot of money on me, in games or IRL. So in world it allows me to tuck away what I have no intention of spending, while at the same time making a few extra L's per day and diffusing a wifey based shopping spree when she asks if I have X ammount on me.

"Nope. Sorry hun. I only have 2L".

The Ginko ATM's offer a .1% daily intrest, so if you have 1k "in the bank" so to speak, you'll earn a free Linden for every day that 1K sits there. 5K? 5 dollars a day. 1,000,000? 1000L per day. Not a bad deal really. But as Mr. North said, there's no FDIC in SL, so should the entire banking sytem just go belly up one day...people with large sums "in the bank" are effectively screwed. For a guy like me who only has a few hundred to a few thousand at a time...it's not so bad.

Yes, the Linden ATMs predate the UI Lindex links. You may see one at Ambat Infohub if you are curous, but I think they are another out-dated remnant like ratings.

To clarify on Slexchange.com, it is both a marketplace and a currency exchange. You can browse items for sale (it's great for finding stuff I want to buy... the in-game browser is substandard for this) and then, usually, locate the in-game store and buy the item from there. I use SLExchange to locate items but usually purchase them from in-game stores.

Once you have become a registered member of SLExchange (and verified that you control the avatar by going to an SLExchange ATM in SL and providing a passcode you received from signing up on the SLExchange website) you can then make payments to SLExchange (usually via Paypal) that put real money ($USD) on the site. You then use this real money to buy $L on the open market.

Conversely, you can deposit $L into an SLExchange ATM after opening an account. You can then put this Linden on the open market for sale. When other users buy the L$, you are credited with the $USD that was used to purchase the $L.

As far as working with the ATMs, you just walk up to one and say 'balance' (which gives you your balance), 'withdraw XXX', which pays you an amount of $L equal to XXX, provided you have it in your account, and 'deposit XXX', which pays the ATM in $L which then appears in your SLExchange account when viewed on the web (you could then sell this $L for $USD). You can also withdraw $USD directly from SLExchange.

I haven't used the LindenX exchange but I believe SLExchange operates in a similar way, allowing you to convert $USD to $L and back. I'm imagine LindenX might actually have an advantage since you can buy $L without having to make a payment through Paypal (which takes a cut off your credit card purchase). I haven't compared the two, however.

Hope that makes it clearer what SLExchange.com does.