Wirex is an all-in-one e-wallet application that can hold both fiat currencies and cryptocurrencies in a single account making it suitable for cryptocurrency investors.
Wirex card lets you buy, store, exchange and spend a wide variety of conventional and digital currencies quickly and securely, with no hidden fees and zero fuss.
It is an exchange platform established in 2014 by Dimitry Lazarichev and Pavel Matveev with the goal to solve the geographic limitations of finance by creating cross-border payments.
The first Wirex crypto-enabled VISA card launched in 2018, which offers users the ability to buy, trade and manage fiat and cryptocurrencies in the same account — making it ideal for traders who frequently buy and sell their holdings as markets move.
Furthermore, Wirex is supported by its own cryptocurrency token known as Wirex Token or WXT. Wirex Token gives you benefits within the Wirex ecosystem upon ownership, such as a reduction in fees and higher cashback payouts.
The company is based in the UK and has offices in Singapore, Atlanta, Kyiv and Japan, allowing it to offer its services to 130 countries across the world. In this review, you will learn everything you need to know about this exchange platform and figure out if it is the right one for you.
Table of Contents
Wirex Pros and Cons
Wirex allows you to store many cryptocurrencies within its web wallet, including Bitcoin, Ethereum, Litecoin, Ripple, Waves and many more.
As a user of Wirex, you also have the ability to buy and sell supported cryptocurrencies through the use of fiat currencies, such as EUR GBP.
The best part about this card is that it can be used anywhere where Visa Debit is accepted, which translates to around 54 million ATMs globally.
If you are still unsure that this is the solution you are looking for, there are always alternative options out there that might be more tailored towards your specific needs.
History of Wirex
Wirex has seen a number of significant developments in the last few years; in 2015, Wirex released the world’s first Bitcoin debit card. In 2016 they reached over 500,000 customers in total and the following year they joined the SBI Group Investment and Partnership in Japan.
Since then, the exchange earned an FCA e-money licence for releasing the world’s first B2B (business to business) crypto-friendly accounts.
In 2021, Wirex launched the world’s first MasterCard Principal Membership in the US and has further plans for the following year.
Wirex Regulation and Security
Wirex is PCI-DSS level 1 certified and provides the highest possible protection as a result. It has 3D secure enrolment that can ensure everyone is protected both online and offline.
Fort Wirex is a cold-storage multi-signature vault from virtual Fort Knox for crypto and traditional currency. Wirex implements 2-factor authentication to add an additional layer of protection and stores all customer private data with TLS and 265-bit AES encryption.
In addition, Wirex wallets use multi-signature technology so no fund transfers can take place without the signature of all of the parties involved.
To add to its credentials, the exchange applied for an e-money licence in the UK back in 2018 and has also applied for the following EEA Japan and Singapore licences: Their current licences include:
- Financial Conduct Authority (FRN: 902025)
- PCI Level 1 Service Provider
- Supervised by the Bank of Lithuania
- Monetary Authority of Singapore
- Central Bank of Ireland
Is Wirex Safe?
Wirex is extremely safe, and in many cases, has plenty of security measures in place to protect your information and funds from fraudsters.
Wirex also allows customers to have up to three debit visa cards, all of which can be assigned to a single fiat currency and can be used at ATMs around the world.
Given the fact that Wirex has been around for a good few years now and has millions of users, it has a tremendous reputation. Not only has it processed more than $3 billion in transactions, but it has fair fees and security measurements that truly make the users feel confidence in the service as a whole.
Is Wirex for Me?
The main way through which you can decide if Wirex is for you is highly dependent on the kind of person you are and what kind of expectations you have from the service as a whole. Different users will have different expectations as to what they want to receive.
I’m a Beginner
For beginners, Wirex is excellent due to the fact that they can store both fiat currencies as well as cryptocurrencies. The best reasons why newcomers might love Wirex is due to the fact that a lot of ATMs support it, in fact, over 54 million. Wirex allows you to convert Bitcoin, or other cryptocurrencies, into fiat currencies quickly and easily, and provides a path for more people to adopt cryptocurrencies.
Advanced users have probably already gone through a lot of services that offer similar functionality, so what’s on offer for them at Wirex?
Well, for advanced users, Wirex has no monthly maintenance fee as well as free transactions between Wirex members, along with free ATM withdrawals — making it an extremely convenient way for them to withdraw their funds no matter where they are in the world.
Cryptoback also rewards customers with up to 1.5% cashback in cryptocurrency for in-store and online transactions when using a Wirex card.
Wirex Wallets: Features, Supported Cryptocurrencies and Security
Wirex is the home to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Dai (DAI), Nano (NANO), Waves (WAVES), Stellar (XLM) and Wirex Token (WXT) for its supported cryptocurrencies.
Additionally, Wirex supports the following fiat currencies; EUR, GBP, CAD, CZK, HUF, PLN, RON, HRK, USD, HKD
How to Transfer your Crypto Funds From/To Wirex
Wirex cards can be topped up by sending cryptocurrency from your external crypto wallet. To do this, you simply have to log into your Wirex account, and find the “My accounts” page on the left side.
Select the account that you want to top up and scroll down to actions, followed by “Add Funds”. Here you can select the cryptocurrency you would like to transfer funds to.
You will now see your cryptocurrency deposit address, its QR code and the minimum and maximum limits alongside the offered conversion rate.
Now scan the QR code or simply copy to share the address with the send function on your external crypto wallet.
Fees and Costs of Wirex
After an in-depth review of the fees and costs of Wirex, we found there is no maintenance fee. Cryptoback offers up to 1.5%, and its refer-a-friend affiliate programme rewards you with $10 USD per sign up.
For a card top up from an external debit credit card, there is a 1% fee for digital cryptocurrency, but traditional currency is free. Crypto exchange services have OTC rates + commission, whereas fiat exchange services have interbank rates + commission. Internal transfers between Wirex users are free, while external transfers using cryptocurrencies will have network fees applied to them.
Following along with the ATM charges, FX fees apply for withdrawals abroad. In the UK, the fees are £1.75 / €2.25 / $2.50, while the international fees are £2.25 / €2.75 / $3.50.
Keep in mind that the WXT tokens play an important role here as well. The Cryptoback program calculates its rewards depending on the amount of WXT you have in your account.
From 0 to 49.999 WXT, you get a 0.5% cashback, from 50.000 to 99.999 WTX, you get a 0.75% cashback, from 100.000 to 499.999 WTX, you get a 1% cashback, and from 500.000 and over you have the full 1.5% cashback cap.
Payment Methods & Limits
You can fund the Wirex account through the use of credit cards, debit cards and crypto transfers. You can choose from 19 digital and traditional currencies including EUR, GBP, CAD, CZK, HUF, PLN, RON, HRK, USD, BTC, ETH, LTC, XRP, WXT, DAI, NANO and XLM.
Fiat fund exchanges are unlimited, while the limits of crypto exchanges vary depending on the fiat currency it is paired with.
- Crypto transfers out are limited to $10,000 per transaction and $50,000 per day
- Fiat exchanges have no limits
- Credit or debit card top up has a limit of $5.000 per day
- Atm withdrawals have a limit of $250 per day
Wirex Performance, Features, and Functionality
Wirex is easy to use, and has excellent iOS and Android applications that make it perform extremely quickly in terms of software compatibility. It also has quick transactions and favourable fees across its services both in fiat currencies and cryptocurrencies.
To buy cryptocurrencies you simply need to log in, select the desired account, tap on ”Exchanges”, and then select the crypto account and then click “To” to select a target account, enter the desired sum in crypto, then click on ”Use maximum amount” to calculate the maximum sum available.
Click on” Exchange” and you are good to go.
The trading platform has its own applications that are specifically developed and optimised to run flawlessly on iOS and Android that you can download and install.
Wirex features several educational resources, including:
- Wirex Help Center
- Wirex Blog
- Wirex Community
The Wirex help center provides a quick and effective solution to any question you might have. Here you can search articles by keywords, visit the forum, ask the community, or ask a personalised question by submitting a request that the support team will manage.
The blog section also has lots of posts for informing readers with everything they need to know about the world of finance, cryptocurrencies and updates for the Wirex ecosystem.
The Wirex community is a place where you can share feedback, suggest new features and even connect with like-minded enthusiasts.
There are two types of trading currencies supported on Wirex:
- Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Dai (DAI), Nano (NANO), Waves (WAVES), Stellar (XLM) and Wirex Token (WXT).
- Fiat currencies through the Wirex app at exclusive OTC and interbank rate with zero fees on fiat-to-fiat exchanges, including EUR, GBP, CAD, CZK, HUF, PLN, RON, HRK, and USD.
Wirex users have access to two different kinds of accounts:
- Cryptocurrency accounts
- Traditional fiat currency accounts
A user becomes eligible for both accounts the moment they sign up for the Wirex service.
These can be topped up with a crypto account or through local debit or credit cards.
Final Thoughts on Wirex
Wirex is an attractive option if you are a person who uses a debit card for everyday payments. The company is aiming to move financial services a leap forward for using cryptocurrencies in mainstream, retail markets. Having some of the lowest fees in the industry, as well as a user-friendly interface, anyone can sign up and enjoy the benefits of owning a Wirex card.
If you want to exchange, receive or send fiat as well as cryptocurrency, Wirex is an excellent solution that fills your mobile banking requirements. Through its high limits, low fees and excellent security measures, as well as its cashback potential, Wirex is truly an excellent service.
Frequently Asked Questions
Wirex employs several technologies in order to keep your information and funds safe. These include email confirmations for account activity, two-factor authentication (2FA) and multi-signature technology.
The multi-currency Wirex card gives you the ability to spend crypto, as well as fiat currencies, with real-time conversion at point-of-sale and for zero fees. It also earns you 1.5% cash back rewards on all of your spending and supports the following fiat currencies: EUR, GBP, CAD, CZK, HUF, PLN, RON, HRK, USD Crypto accounts: BTC, LTC, XRP, ETH, WAVES, DAI, NANO, XLM
When you first open a Wirex account, you will need to verify your phone number, identity and address. To do this, you need to submit photographic identification documentation in order to confirm the personal information you submit to Wirex. This document must contain your full name, date of birth, photo, expiration or validity date, such as a valid government-issued passport or driver’s licence.
You can link an existing Visa or Mastercard debit card to your Wirex account for topping up your account and purchasing cryptocurrency. To do this, go to “Preferences”, followed by “Linked Cards” and “Link New Card”. Here you will need to enter the card number, expiration date, CCV, and cardholder name. Finally, confirm your billing address and click on “Confirm”.