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Wirex Review 2023
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Sinead Burgess
When cryptocurrencies first appeared on the market, the only way to spend them was to cash them out for fiat and use that money to purchase goods and services, and later on, buy some more crypto and repeat the process. As mainstream adoption grew, many different cryptocurrency products and projects were developed for further utilization of crypto assets.
The list includes products like crypto wallets, platforms, Bitcoin cards, and Bitcoin ATMs to name just a few. Today’s review focuses on one such crypto service provider – the cryptocurrency platform Wirex and its revolutionary crypto card.
Although there are many companies that offer users a Bitcoin debit card, most of them limit their support to Bitcoin transactions only. Wirex takes the next step in crypto debit card utilization by providing users with a wide range of features along with support for numerous cryptocurrencies. These debit cards are linked to a mobile app and can be used to conduct global crypto transactions.
Keep reading our review to find out more about Wirex and its crypto card!
About the Wirex Cryptocurrency Service
Wirex (wirexapp.com) is an online payment platform whose main goals are creating a link of equality between fiat and cryptocurrencies and providing access to both of them to users around the world. The company was launched in 2014 by Dmitry Lazarchiev and Pavel Mateev. The creators of the platform have more than 15 years of experience in financial services, having both worked for companies like Morgan Stanley, Solid Bank, Barclays, and Credit Suisse.
The team’s main interest is to provide cryptocurrency services to average traders without involving additional devices like wallets and third-party exchanges. Currently, the company has more than 250 employees and operates in almost every country in the world, counting more than 3.5 million users.
The company made its start when cryptocurrency was still a bit of a novelty, especially to people who didn’t have much interest in the world of technology. Their hard work has definitely paid off, as the company flourished in the last couple of years. This can be credited to the launch of the first cryptocurrency debit card. After the card was launched, Wirex joined the SBI Group Investment and Partnership in Japan, a move that attracted more than 500,000 active users.
Soon after, they acquired an e-money license by the FCA (Financial Conduct Authority) for launching the first business-to-business crypto accounts and, in 2021, Wirex launched the first Mastercard Principal Partnership in the United States.
Ease of Use
Wirex users can enjoy the Wirex products and services with ease as they are developed on a simple-to-use and beginner-friendly user interface both on the main desktop platform and the Wirex mobile app.
The Wirex platform is customizable in terms of app alerts and notifications and users can enjoy features like asset management, finance monitoring and placing market orders through the intuitive user interface.
The main features of Wirex include cryptocurrency storage in their native Wirex wallets, sending and receiving crypto from and to the wallets, and selling and buying crypto using fiat currencies like GBP and EUR using their native Wirex crypto exchange.
The Wirex mobile app has all of the functionality of the desktop platform and it’s very easy to use. Users need only transfer some money into their card and everything can be accessed through the app. Features like account information, personal balances, and pending or completed transactions can be easily accessed and monitored through the app panels.
Other Wirex features include:
- Deposits, withdrawals, and exchanges in both crypto and fiat currencies.
- A mobile app that’s available on both Android and iOS devices;
- Competitive pricing and affordable fees;
- Card top-ups;
- No inactivity fees or account holding fees;
- Easy ATM crypto and fiat withdrawals;
- Security and 24/7 customer support.
Bitcoin and Other Supported Currencies
The Wirex debit card is a multi-currency card that can hold both cryptocurrencies and fiat currencies. The same goes for spending digital assets and withdrawing fiat currencies from ATMs. Wirex supports up to 9 different cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Waves Tech (WAVES), Dai (DAI), Nano (NANO), Stellar (XLM), and the Wirex native token (WRX).
In terms of fiat currencies, Wirex supports a wide range of fiat currencies, some of them a bit unexpected. These include the US dollar (USD) European Euro (EUR), Global Pound Sterling (GBP), Czech Koruna (CZK), Hungarian Forint (HUF), Polish Zloty (PLN), Romanian Lev (RON), and the Croatian Kuna (HRK). There is no support for Australian dollars (AUD) but users from Australia can convert their AUD into some of the supported currencies before they conduct transactions. Each of these currencies is automatically converted to the local currency where the PoS device is located and no hidden exchange rates or additional fees apply.
The Wirex token (WRX) is the service token of the Wirex platform. The token was developed on the Stellar blockchain. The WRX token applicability can be utilized in order to unlock more favourable cashback rates or to upgrade users accounts. The cashback system is limited to the type of account users have. Currently, there are three: Standard, Elite, and Premium.
Wirex Card
Wirex provides users with a centralized app from which all features can be utilized and a physical debit card that can be used in every PoS (point of sale) terminal worldwide.
The Wirex cards are Mastercard debit cards and can be used anywhere that Mastercard is accepted. Currently, the cards can be used at more the 60 million outlets in the world including ATMs and retailers. Contactless payments are also included at some terminals along with cashback features with up to 2% cashback in Wirex tokens.
The account that the card is issued to is a multi-currency account that contains both users’ cryptocurrencies and fiat currencies. Cryptocurrencies can be instantly converted to the user’s desired fiat currency at any PoS (point of sale) terminal with no exchange and conversion fees.
Wirex Fees and Limits
There are several fees that the Wirex platform incurs for its products and services. These fees can include crypto top-ups, withdrawals, card fees, etc. There are no fees for using the Wirex app to send and receive traditional currencies through SEPA and no hidden maintenance fees. Using the app and sending money is free but there are fees for other features and we’ll list the different fees below. A disclaimer, we won’t be able to list every single fee variation but you can see the full list of Wirex fees here.
Card Fees
Wirex is among the rare finance platforms that offer a crypto debit card free of charge, except for the maintenance fee of 1.20$ per month for using the card. Other fees include a 3% fee per card swipe for using Euros and 2.25 EUR per transaction when using other fiat currencies.
Cash withdrawals within Europe cost 2.25 EUR, plus 3% of the total withdrawal value. For cash withdrawals in foreign currency outside of Europe, the fee is 0.06 EUR per withdrawal.
Top-Ups and Deposits
Cardholders who want to deposit funds to their Wirex card can do it from almost anywhere but the cheapest model would be through a bank that doesn’t charge fees for depositing fiat currencies.
For crypto deposits, users will have to pay a 1% fee of the total deposited amount. This fee could sound like a steep fee when compared to other cryptocurrency exchanges like Coinbase and Binance where the fee for deposits is usually 0.1% per transaction along with a blockchain fee for withdrawals.
Withdrawal Fees
UK users can withdraw fiat currencies from a wallet using SEPA or Faster Payments without having to pay fees. For international money withdrawals using Swift, Wirex charges a fixed fee of $15.
For ATM withdrawals, using the Wirex Visa and Mastercard debit cards incurs a 2% fee when the threshold of 400 GBP or EUR is exceeded within a month. This threshold is rather low and most likely is a creative design decision. This withdrawal fee is competitive as the competing crypto platforms have similar fees for card withdrawals.
Creating a Wirex Account
You can create your Wirex account through the main desktop platform or from the Wirex mobile app. We’ll use the main platform as an example but the principle is the same for the mobile app. Once you’ve opened the website, you will be greeted by a sign-in prompt and an “Open an Account” prompt. Click on the account creation prompt and you will be redirected to a registration window. This window contains some obligatory blanks for providing information like a valid email address, strong upper and lower case password, and residence area.
Upon completion, users will receive a confirmation email to verify their identity and email through a 6-letter verification phrase. Once users have verified their email address they will be redirected to another panel where they will have to verify their identity. A picture from both sides of a government-issued ID card or a bank account statement should suffice. After this users will be verified and ready to start using the features of the Wirex platform.
Wirex Rewards Program
Digital currencies have come a long way in terms of bonuses and cashback features. For instance, Wirex offers a reward program called cryptoback. This program operates by giving back a percentage in Wirex tokens after using the card in any store. The cryptoback program gives back crypto up to 1.5%.
Is Wirex Safe to Use?
The Wirex platform has a PCI DSS 1 Level 1 security certificate. This security feature provides one of the highest possible security options that users can utilize. The 3D enrolment features enable asset safety both online and offline. To top it off, Wirex is licensed under the FCA as a legitimate e-money service provider.
The platform and the app both offer two-factor authentication (2FA) adding an additional layer of security on top of the high-end features. Users’ data and assets are always encrypted using the TLS and 256-bit AES encryption.
The Wirex native wallet is programmed to use multi-signature technology to provide the safest environment for assets and to ensure users that no transfers and transactions have been conducted without the signatures from the parties within those transactions.
Customer Support
Customer support has been the bane of cryptocurrency platforms but Wirex takes the next step when it comes to caring for its customers. The platform offers a 24/7 customer support team along with a live chat feature for all registered customers. For different needs of different types of customers, the support team is divided into several inquiries:
Press inquiries can be contacted at [email protected]
Partnership inquiries can be contacted at [email protected]
Business inquiries can be contacted at [email protected]
Affiliate inquiries can be contacted at [email protected]
Marketing inquiries can be contacted at [email protected]
The company is headquartered at 34-37 Liverpool Street London UK and users can go to the contact centre located there if they have any questions in person.
Additionally, users can contact the Wirex support team on social media platforms like Facebook, Twitter, and Instagram.
A Few Words Before You Go...
Wirex basically spearheaded the financial revolution that cryptocurrencies have created on the financial market and provides users with crypto banking services without geographical limits. If you’re in need of a platform that has features that suit every type of user, then Wirex is the place for you.
Wirex provides a native mobile app for any remote trading, has its own crypto token Wirex token (WXT), and last but not least, Wirex is the first company in the world to offer crypto-enabled debit VISA cards and Mastercard debit cards. The cashback and cryptoback features are another great addition to the overall user experience and a decent percentage is available to go back to the user’s wallet.
The downsides of the platform include higher exchange fees than some other competitors but these can be overlooked as the features outweigh the cons by a long shot.
frequently asked questions
The Wirex platform is growing rapidly in trading volume and users. Currently, the platform is available in more than 130 countries including Australia, New Zealand, and Singapore. You view the full list of supported countries on their website.
Yes, Wirex is free to use with their basic plan that includes a crypto debit card and the full functionality of the platform. Advanced plans include Elite and Platinum, which have a monthly payments system and offer different perks to users such as higher cashback percentages, premium offers, and discounts from selected vendors.
Yes, Wirex provides a mobile app for free and can be downloaded for both Android devices and iOS devices from their designated app stores. The app comes with all of the features and the same user interface as the main desktop platform.