Last update: May 11, 2022

Wirex Review

While crypto technology has been rapidly evolving in the last decade, it has always been relatively difficult to use cryptocurrency as your primary payment method. Due to the lack of vendors currently accepting Bitcoin (BTC) and Ethereum (ETH), making purchases with crypto can be more complicated than you’d think. This Wirex review will give you information about a service that attempts to simplify this process.

  • Wirex


    1. Operating Since 2014
    2. Cryptocurrencies Supported 59
    3. Fees Depend on the currency on your account
    4. Deposit Methods e-wallets, credit/debit cards, and bank transfer
    5. Fiat Currencies 9
    6. Verification Methods SMS and ID verification
    7. Margin Trading No
    8. Futures Trading No

Wirex Overview

While crypto is rapidly increasing in popularity worldwide, it still has a small user base compared to many fiat currencies. For this reason, most vendors still do not accept crypto online or in person. This complication means that users are typically required to transfer funds from their crypto wallet to their bank account before making a purchase.

Fortunately, the team at Wirex is working to change that. With an intuitive mobile-based platform and an included debit card, Wirex can help you start using crypto in the real world. By allowing crypto users to use their assets anywhere Visa is accepted, Wirex has expanded the reach of cryptocurrency and increased its usability. To put it simply, the team behind Wirex designed it to be an effective and intuitive payment solution for crypto users, serving a similar function to services like PayPal and Zelle.

While Wirex is not a traditional cryptocurrency exchange, the platform can be a valuable tool for anyone with significant holdings in any digital currency. Quickly accessing and using your funds is crucial, and Wirex accomplishes this effectively without excessive fees or effort. Read the rest of this Wirex review to learn more about the company and determine whether or not Wirex fits your needs.

About Wirex

Based in the London, United Kingdom, Wirex is an experienced crypto platform operating since 2014. Under the leadership of its founders, Pavel Matveev and Dmitry Lazarichev, Wirex has since grown into a worldwide operation, with offices in multiple countries worldwide. In this Wirex review, we’ll discuss some of the service’s essential features so you can determine whether the platform is the right choice for you.

The primary function of Wirex is as a payment solution. By keeping crypto or fiat currency (traditional currencies) in their Wirex accounts, users receive instant access to these funds through an included debit card. Users can use this card identically to a standard debit card, with the system simply deducting the funds from their Wirex balance rather than a bank account.

Wirex also provides a simple currency exchange platform for crypto traders, allowing users to buy, sell, and trade cryptocurrencies and fiat currencies on the same marketplace. The service also provides users with an intuitive Wirex wallet, which functions similarly to a bank account, but for your crypto.

Users can enable notifications within the app to give updates about the balance and status of their accounts. Savvy traders can use this feature to ensure that they are never taken off guard by developments in the market and continually monitor the location and status of their portfolios.

Wirex supports the following fiat currencies US Dollars (USD), Australian Dollars (AUD), British Pounds (GBP), Canadian Dollar (CAD), Swiss Franc, Singapore Dollar, New Zealand Dollar, Mexican Peso, Japanese Yen, Euro (EUR), Hong Kong Dollar, and more.

The Wirex trading platform is mobile-based, making it accessible to all types of users, even if you have a busy schedule. Signing up is simple, as all you need to do is download the app and register with your email address. There is a short verification process that requires a photo, but it shouldn’t take long. With impressive functionality and design, Wirex is one of the most useful mobile apps (available on Android Google Play and iOS App Store) available for crypto management.

Multicurrency Wirex Card

Wirex will also provide you with a Wirex payment card when you sign up for the platform. This card functions similarly to a debit card and allows you to use your cryptocurrency to pay for various items and services. The card is just as versatile as a typical Visa card, a huge step up from the functionality of most competing financial services.

The biggest advantage available to Wirex Visa card users is the potential for 8% cryptoback rewards. But keep in mind that these crypto rewards are handed out in the form of X-Points.

Usable at over 50 million vendors around the globe, this feature is not a gimmick and represents a core part of what makes the Wirex platform so impressive. If you’ve ever been frustrated when attempting to make purchases with crypto, Wirex can help.

This shows that, Wirex account owners and wirex cardholders will have all the benefits of being part of a worldwide, crypto-friendly e-money institution.

One downside of the card’s functionality is that it does not currently support contactless payment, which is certainly a concern in the current health crisis. While we hope Wirex responds by adding this feature soon, it’s hard to overlook the sheer utility that this card already offers in its current state.

Another drawback of the Wirex card is that it isn’t that useful when it comes to ATM withdrawals. This is due to the fact that they charge almost $2 for any time you take out cash. This withdrawal fee is even higher if you are not in the country you are based in.

Wirex Fees and Account Minimums

Getting the corresponding current account and your Wirex card is free. However, different limits and fees will apply depending on the currency of your account. Card delivery fees, card replacement, card maintenance fees, card issuance, multi-sig fiat accounts, multi-sig crypto accounts, and accounts fees are $0. Wirex does not charge its users extra fees for processing transactions. The platform calculates its exchange rates based on 3 OTC institutions and 10 different exchanges.

Features of the Platform

With such a wide array of options currently on the market, consumers should understand each crypto platform’s intended purpose and features before making a selection. Therefore, the next section of this Wirex review will explain the core features on offer in Wirex’s application.

Dedicated Token

Users of Wirex receive access to the Wirex Token (WXT), a utility token that grants holders a range of benefits on the platform. If you’re interested in bonuses such as 2% crypto back and savings on fees, you may want to look into purchasing WXT yourself.

The dedicated token is purchasable through the Wirex app, and you can use crypto or fiat to fund the transaction. Simply enter the quantity you want to purchase, choose your payment method, and the system will do the rest. WXT works on the Stellar blockchain.

If you’re wondering if Wirex Token is available on Binance, unfortunately, it’s not.

X-Account

While crypto investment is notorious for requiring a lot of attention, there are effective ways to generate passive income. For example, Wirex’s X-Account allows you to earn interest on your crypto portfolio, a low-risk option to generate profit without too much active engagement.

X-account owners avoid the complicated registration procedures and fees they encounter with other DeFi and yield farming services.

Wirex’s platform connects users to trustworthy borrowers and offers competitive interest rates on both crypto and fiat deposits. Accepting payouts in WXT can increase your rates even further, so consider this option if what you’ve read so far in this Wirex review has you interested.

Signing up to a crypto platform can be complicated, so it’s crucial to consider this factor when choosing an exchange. However, creating an X-Account is simple, as all users need to do is navigate to the related tab in the application. From there, you can decide how much of your funding you want to transfer and start receiving your weekly interest payouts.

Mastercard Support

A recent addition to the Wirex digital payment platform is Mastercard support. A valuable option for consumers in areas where Visa cards are less commonly accepted, the Wirex Mastercard debit card is currently only available in limited countries, so check the website to determine whether it’s available in yours.

This offering allows customers to use crypto at an even wider variety of vendors and, paired with the existing Wirex Visa card, covers nearly any vendor that accepts electronic payment. Unfortunately, it is currently only available in the UK and EEA, but Wirex is a rapidly evolving company, so check their website (wirexapp.com) for updates if you’re in a different location.

Security Features and Privacy

Wirex is a safe option that consumers can trust and currently holds a license from the Financial Conduct Authority or FCA. In addition, Wirex submits to regulation by the governments of the UK and Lithuania and maintains PCI Level 1 certification. Actively pursuing certification in several other countries, it’s clear that the team at Wirex dedicates itself to providing a platform customers can trust.

While many users may feel safe even when using unregulated exchanges and platforms, the fact that Wirex is government-regulated offers some valuable peace of mind. In addition, when users choose Wirex, they know they’re gaining access to a platform that values its reputation as a privacy- and security-focused company.

Wirex is on par with many of the current leading crypto exchanges in terms of user-side security measures. For example, you can secure your account with two-factor authentication, and the system will prompt you to create a PIN and security phrase to ensure you’re never permanently locked out of your account. These are common but effective security solutions in this space.

Customer Service

While customer service and help centre can be hit or miss in the crypto space, the team behind Wirex appears dedicated to providing users with a consistently pleasant experience. Wirex designed its application to be user-friendly and reliable. In addition, the group offers a variety of options for resolution when problems arise, demonstrating a desire to help its customers.

Wirex offers a variety of contact methods to users who run into problems with the platform. However, should you encounter any issues, your first step is to check the Wirex website’s help page, which contains a wealth of information about how to use the crypto exchange. Most of the answers users are looking for can be found there.

If you’re still struggling to solve your issue, you have a couple of options left. The Wirex customer support team is always available by chat or email, and they seem to do an excellent job of keeping response times low. If you need help even faster, checking the Wirex community forum is a great way to find out whether other users have been able to find a solution that can help.

Pros and Cons

Pros

  • Earn up to 16% on select currencies
  • Free transfers to other Wirex users
  • Earn up to 2% cryptoback or cashback in cryptocurrency
  • Multi-currency Mastercard debit card with real-time conversion at point-of-sale and instant crypto rewards.
  • Zero exchange fees

Cons

  • Lack of transparency in terms of external transaction fees and crypto exchange
  • The Wirex app is not as outstanding as the one available for Revolut, but it’s still quite user-friendly.

FAQ

While this Wirex review has covered most of the basics already, you still might have some questions about the Wirex app and the connected trading platform. Hopefully, the following sections will clear those up, but you can always check the Wirex website for the most up-to-date information.

Is Wirex Globally Supported?

Not quite yet, but it’s part of the plan. Currently supported in over 130 countries around the globe, the Wirex is working to ensure everyone on the planet can access their platform, and the platform is progressing toward expanding further. So be sure to check back if your area isn’t supported yet.

Can You Purchase Crypto on Wirex?

While you can exchange fiat currency for crypto within the Wirex application, the trading fees are higher than average, making the service less than ideal for this purpose. Wirex is designed primarily as a payment solution, so customers looking to get involved in crypto with their first wallet or trading platform may want to look elsewhere first.

What Crypto Assets Does Wirex Supports?

As of writing this, Wirex currently supports nine cryptocurrencies, which include Bitcoin (BTC), Ethereum (ETH), Dai (DAI), Tether (USDT), Litecoin (LTC), Ripple (XRP), Nano (NANO), Cardano (ADA), Stellar Lumen (XLM), and their very own native token, the Wirex Token (WXT). In relation to this, Wirex offers its users access to interbank and OTC rates for traditional currency and crypto exchanges respectively.

Who Is the Issuer Of the Wirex Visa card?

Sutton Bank, Ohio is the issuer of the Wirex Visa card. Wirex Limited itself is regulated in the UK.

What Payment Methods Does Wirex Supports?

Wirex supports three main ways to top-up your account and buy digital assets: e-wallets, credit cards, bank transfer, and debit cards.,

Wirex Cryptocurrency Exchange Review for Australia

Established in 2014 as E-coin, and subsequently rebranded as Wirex back in 2016, Wirex is a borderless, digital payment exchange platform who’s aim is to make crypto and traditional currencies accessible and equal to everyone.

Wirex’s innovative mobile app and next-gen card allows users to buy, store, trade, and spend a broad range of digital and traditional currencies securely and fast. The best thing is there’s no hidden fees and it is zero fuss.

Users can customize the mobile app the way they want it to work by selecting from more than 12 crypto and traditional currency accounts. Fast and simple money transfer options are readily available, as well as the ability to spend over 150 cryptocurrencies and fiat in more than 54 million locations around the world using the Wirex card.

Funding your account is also very easy as using crypto, bank transfer, or your credit card / debit card. For a seamless user experience, Wirex allows you track payments and manage your account with its live in-app messages.

Wirex gives you the ability to use your money, your way, on a single borderless payment solution. Furthermore, the Wirex app also helps you save money – you can purchase, trade, and transfer 20 digital and traditional currencies with no hidden charges, high limits, and low fees. Users also have unrestricted access to interbank and over-the-counter (OTC) rates.

Overall, Wirex is your gateway to buying and selling digital assets easily and freely.

Wirex Cryptocurrency Exchange Review for Canada

Unfortunately, Wirex is not available in Canada. So, if you want to trade in Canada, we highly suggest you try other well-known Canadian exchanges such as Bitbuy or NDAX.

But just in case you want to learn more about Wirex, the company was founded in 2014 as E-coin, and later on rebranded as Wirex in 2016.

Wirex is a borderless, digital payment exchange platform who’s goal is to make both traditional currencies and cryptocurrencies accessible and equal to everyone.

The platform’s innovative mobile app and its next-gen ard enables users to buy, store, trade, and spend a wide range of digital assets and traditional currencies fast and securely. And the best thing is that there’s no hidden fees.

You can customize the Wirex mobile app the way you want it to work by choosing from over 12+ cryptocurrencies and traditional currencies accounts. Fast and simple money transfer methods are readily available. You will also be able to spend more than 150+ traditional currencies and crypto assets in over 54+ million locations worldwide using the Wirex Card.

Moreover, funding your account is super easy. You can fund your accound using debit card / credit card, bank transfer, or crypto. For a great user experience, the platform enables you to manage your account and track payments with its live in-app messages.

Aside from that, the Wirex mobile app can also help you save money, you can buy, trade, and transfer 20 crypto assets and traditional currencies with high limits, no hidden charges, and low fees. You will also have unrestricted access to over-the-counter (OTC) and interbank rates. All in all, Wirex is your gateway when it comes to buying and selling digital assets conveniently and quickly.

For a list of Canadian-based exchanges, have a look at our comparison of the Best Canadian Crypto Exchanges.

Wirex Cryptocurrency Exchange Review for UK

Wirex is a digital payment company that focuses on equalizing cryptocurrencies and traditional currencies and making them easily accessible.

Wirex was founded in 2014 by Pavel Matveev and Dmitry Lazarichev and is presently operating worldwide with more than 250 employees.

Wirex has over 3.5+ million users across 130 countries in the globe. The company was established to make banking services easily available to everyone, thus getting mroe people involved in the current financial revolution by getting rid of the geographical barriers to finance.

In the past few years, the digital payment platform has developed significantly, starting from offering its first-ever cryptocurrency debit card to reaching more than 500,000+ active users, followed by its joining in the SBI Group Investment and Partnership, Japan.

Shortly after these great developments, Wirex acquired the e-money license offered by FCA for releasing the world’s first-ever business-to-business (B2B) cryptocurrency-friendly accounts. Then in 2021, Wirex launched its first-ever MasterCard Principal Membership (not in the UK but in the US). And lastly, Wirex also offers one centralized mobile app that makes transaction processes seamless.

For a list of UK-based crypto exchanges, have a look at our comparison of the Best Crypto Exchanges in the UK 2022.

Conclusions

Wirex is one of the oldest operational crypto debit card options in existence. It gives you the ability to use your money, your way, on a single borderless payment platform. Wirex offers a variety of advantages and features that will be attractive to veterans and newcomers alike. While not an ideal choice as a primary trading platform, Wirex accomplishes its goal of serving as a payment processing service for the crypto world in an impressive fashion.

By reading this Wirex review, you’ve learned a lot about the advantages and drawbacks of the platform. If you’re ready to start using your cryptocurrency to pay for goods and services in your area, sign up at the Wirex website to receive your free Wirex card.

As a mobile-based crypto platform, Wirex is an accessible entry point to the crypto world and a valuable optimization tool for experienced traders. Regardless of your role in the crypto market, Wirex offers features that can increase the utility of crypto in your life.

 

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author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.