Wirex Review 2023: The Complete Guide
Cryptocurrency trading (with Bitcoin and other cryptocurrencies) is at its high these days. Despite the inherent risks associated with them, traders all over the world are showing keen interest in the crypto investment and trading. Just like stock trading, which is done through a stock exchange, for cryptocurrency trading also, traders need to register themselves in a reliable cryptocurrency exchange. Many cryptocurrency exchanges in the world cater to the needs of the traders but finding the one that suits both your needs and budget (in case of high fees) is tough.
|Headquarters||London, United Kingdom|
|Listed Cryptocurrency||BTC, LTC, WXT, XRP, ETH, WAVES, WLO, DAI, NANO, XLM|
|Supported Fiat Currencies||AUD, CAD, EUR, CHF, CZK, GBP, HKD, JPY, MXN, SGD, USD|
|Supported Countries||37 countries globally, including the UK, Europe, New Zealand, and Australia|
|Withdrawal Fees||Depends on Currency|
|Application||iOS and Android|
|Customer Support||24/7 via Live Chat and Email Support|
Wirex is the best cryptocurrency exchange Germany platform that comes with an innovative mobile application and a next-gen Wirex card in-store, which allows users to buy, spend money, store, and exchange a wide range of popular cryptocurrencies and traditional currencies effortlessly. In other words, it provides cryptocurrency characteristics with traditional currency accounts. Signing up on a Wirex account is certainly beneficial for crypto enthusiasts. Read on to this article on Wirex review to get all the information about the platform.
Wirex Review – Platform Interface
What Is Wirex and How Does It Work?
Wirex is a digital payment platform that focuses on equalizing traditional currencies and cryptocurrencies and making them accessible. It was founded in 2014 by Dmitry Lazarichev and Pavel Matveev and is presently operating all over the world with over 250 employees.
The platform has more than 3.5 million cryptocurrency users across 130 countries in the world. The platform was founded to make banking services available to everyone, thereby getting more people involved in the current financial revolution by removing the geographical barriers to finance.
In the last few years as per reviews of Wirex, the Wirex has developed significantly, starting from launching its first-ever crypto debit card -the Wirex card to reaching over 500,000 active users, followed by its joining in the SBI Group Investment and partnership, Japan.
Soon after these developments, It bagged the e-money license offered by FCA for releasing the world’s first-ever business-to-business (B2B) crypto-friendly accounts. Then again, in 2021, the exchange launched its first-ever MasterCard Principal Membership in the US. Wirex also has one centralized mobile app. The Wirex app makes the transaction process seamless.
Wirex Card – A Brief Introduction
Wirex Card (Bitcoin Debit Card)
While making this Wirex card review, we found the following:
Wirex EUR or GBP cards are Mastercard debit cards that can be used at over 61 million outlets all over the world, allowing contactless payments to users. Moreover, cardholders are entitled to a maximum of 2% cashback in Wirex tokens when they use the card in various online stores.
It is a multi-currency account that allows users to spend on digital currencies and fiat currencies with the advantage of instant conversion at any PoS at zero exchange fees. The list of crypto and traditional accounts that can be linked with the card include USD, GBP, CZK, EUR, HUF, PLN, CAD, RON, and HRK and WXT, BTC, LTC, XRP, ETH, WAVES, DAI, NANO, XLM, MKR, LINK, AAVE, UNI, and YFI.
Wirex Review – Services Offered by Wirex
The Wirex exchange continues to develop its product in line with its innovative market development strategies. Some of the services offered by Wirex exchange are:
Contactless Credit or Debit Card
The Wirex Mastercard and Visa card offer contactless payment options facilities to users, which lets them spend numerous digital currencies as well as traditional currencies in millions of locations globally.
Wirex boasts of its novel bitcoin reward program, which is the first in the world that allows users to earn a maximum of 1.5% cashback in Bitcoin on every purchase in-store, which they make with the Wirex debit card.
Wirex instantly converts money between any of its supported cryptocurrency as well as traditional currency live at over-the-counter and interbank rates.
Quick Money Transfer
With Wirex, users can easily transfer cryptocurrencies globally for free and take advantage of the various integrated banking channels like Swift, SEPA, and other Faster Payments.
Key Features of Wirex
Wirex Review – Explore the Key Features
Wirex offers the following features to its users:
- The Wirex website has an easy-to-use interface and offers an easy verification process
- Supports deposits, withdrawal, spending, and exchange of both fiat and cryptocurrencies.
- Mobile compatible apps for both iOS and Android devices.
- Offers competitive pricing without any unreasonable exchange fees.
- Easy top-up
- Zero fees for holding an account
- Smooth ATM withdrawals
- Ensures Wirex security of customers’ funds and data
- 24/7 customer support
The Pros and Cons of Wirex
Like other top crypto exchanges, Wirex also has its benefits and drawbacks. Therefore, before jumping to any conclusion, traders should read the Wirex review to learn about the pros and cons of using this platform.
|Regulated by FCA, MAS, and the Bank of Lithuania.||No demo account|
|Supports fiat along with cryptocurrencies.||Does not offer charts or other indicators to conduct any further technical analysis.|
|Global reach across more than 130 countries in the world||Limitations on daily and per-transaction spending limits.|
|Competitive and decent (low) fees structure|
|Mobile compatible Wirex app offers easy trading of crypto and fiat.|
|Wirex debit card offers attractive rewards and referral programs|
|Wirex strongly emphasizes the platform’s security; has robust security features|
|Provides educational resources via the Wirex Help Center, Wirex Community, and the Wirex Blog.|
|No monthly account maintenance fee is charged|
|Responsive customer support services|
Wirex Token (WXT) – Overview
Wirex token or WXT is the utility token issued by the Wirex exchange and works on the Stellar blockchain. The Wirex token can be used to unlock higher cashback rates or to upgrade the Wirex account. The cashback rates are paid in WXT, and the total of cashback that a user is entitled to is limited and depends on the type of account- Premium, Standard, or Elite.
The maximum cashback that can be earned per month is as follows- for Standard account -1000 WXT, for Premium account – 3000 WXT, and for Elite Account- 8000 WXT. Similarly, the maximum cashback that can be earned per transaction is 100 WXT, 750 WXT, and 2000 WXT, respectively, on the Standard, Premium, and Elite Accounts.
However, during their course of trading, users can upgrade to a Premium or Elite account, and if done so, they are eligible to earn interest on their WXT balance amount. They are also entitled to earn 2% interest on the WXT balance as a Premium user or 6% interest as an Elite user.
Register With Wirex
Wirex Review – Registration Process
The Wirex login process is quite simple. Here is a step-by-step guide to help traders get acquainted with the sign-up process.
To create an account on Wirex, users can either use the desktop version or log in to the Wirex mobile app to access the platform. Once they visit the website and click on the “Open an account today” button on the top right corner of the page, a registration form will open up, which has some mandatory fields like email id, password, and country of residence.
As soon as the users feed up the email id on the form, they are sent a confirmation code to the given email id and are prompted to confirm the email ( with a 6-digit verification code). They are directed to the identity verification page. Here users are required to upload the required documents, which allow them to access all the features on the Wirex platform.
After successfully creating the account on Wirex, users can now log into their accounts with credentials created. As soon as they log in, they will be directed to the “pass some KYC verification” page. This page cannot be skipped by any means; even if the users choose to “Continue Later,” the page will be automatically logged off. After the KYC verification is done, users can credit their accounts with the required funds. It allows a user to add and send funds to external currency accounts and the crypto wallet.
Thus, users can get their accounts funded from external sources, maybe from their employers, or request funds from friends or relatives. In such cases, users must share their account details with the senders where they will send the funds. However, if users intend to fund their accounts with an already linked Wirex card, they can directly do that from the Wirex mobile app. For an external fiat currency account or crypto account, users will receive information like the IBAN code (sort code) and crypto addresses.
Wirex Review – Confirm Your Email and Start Trading
Unlike most top crypto exchanges that allow their users to confirm the verifications at any time before buying crypto assets, at Wirex, KYC verification is mandatory at the registration level itself, which is why it is popular among people willing to trade in the crypto industry. Therefore, it provides an extra layer of security to the users’ data and funds. Thus, after users have passed all the KYC verifications and email confirmation, they can start trading cryptocurrency without any restrictions.
Traders can easily exchange one crypto for another by simply clicking on a few buttons. They need to first select the crypto that they want to exchange and then select the one that they would like to exchange it to; all the necessary details are provided on the dashboard, and traders can easily verify the exchange rates on the Wirex platform before confirming to trade. Traders should always check whether the rates provided by Wirex are worth exchanging their coins.
Wirex Fees and Charges
Wirex charges the following fees from its registered users.
Fixed Wirex fees of 1% are charged from traders for buying bitcoins using Wirex, which is paid at the time of exchanging cryptocurrencies using Wirex. However, traders can also directly buy bitcoins on Wirex without using the Wirex card, but then they cannot avail the functionalities that the card offers to the cardholders. Like, cardholders can earn up to 1.5% in Bitcoin for every transaction made in-store. Also, traders are entitled to a reward of up to $10 in Bitcoin on every referral they make. There are no hidden fees.
Wirex Card Fees
Wirex card fees are competitive but reasonable. Setting up a Wirex account charges zero fees from the traders, and also getting a physical card issued is done for free. There are no loading fees charged as such, and also it does not charge any fee for domestic transactions.
There was a monthly management fee charged by Wirex previously, but that too has been waived by the platform in its recent update. There is only a monthly charge of £29.99 9 (maximum) charged from traders if they want to avail themselves of the highest cashback or savings rates.
However, if they stick to the free account, they can only avail a maximum of 0.5% cashback that too purchases done in stores only. Also, according to our best crypto exchange – Wirex, no exchange fees are charged when the Wirex card is used abroad; it automatically gets converted to the local currency at the best possible Over-the-counter rates and interbank rates.
Again, the Wirex card has fixed separate slabs for various card transactions as follows:
- For domestic transactions up to €400 per month, it is free. Above this, a transaction fee of 2% will be charged.
- The Daily ATM withdrawal limit is fixed up to €250 (or equivalent), and for monthly withdrawal, it is €2000 (or equivalent).
- The daily and monthly spending limit is fixed at €2000 and €10000, respectively.
- The daily top-up limit for both the debit cards and the credit cards is fixed at €2500.
However, there is no limit for the maximum account balance for the registered users on Wirex.
Wirex Deposit & Withdrawal Options
Wirex allows deposits and withdrawal of funds in both crypto and fiat currencies.
Users can make both fiat currency deposits via crypto cards- Visa cards or Mastercards and cryptocurrency deposits on the exchange. For Europeans, bank transfer (or wire transfer) is also allowed. For depositing fiat currencies or cryptocurrencies, users need to visit the “Dashboard” page, select their preferred fiat currencies or cryptocurrencies supported by Wirex, and then click on the “Add Funds” tab.
As per the review of Wirex, Traders can withdraw Wirex supported fiat currencies or cryptocurrencies from the exchange. To send fiat/ crypto money, traders need to visit the Dashboard and select the amount they want to transfer either to themselves or another person or business.
Wirex Supported Currencies
Wirex Review – Supported Currencies
Traders can exchange cryptocurrencies and fiat currencies (buy, sell supported cryptocurrencies, and spend):
- Wirex Token (WXT)
- Bitcoin (BTC)
- Litecoin (LTC)
- Ripple (XRP)
- Ethereum (ETH)
- Waves (WAVES)
- Dai (DAI)
- Nano (NANO)
- Stellar (XLM)
- Maker (MKR)
- Chainlink (LINK)
- Aave (AAVE)
- Uniswap (UNI)
- Yearn.Finance (YFI)
- GBP (Great British Pound)
- USD (United States Dollar)
- EUR (Euro)
- RON (Romanian Leu)
- CAD (Canadian Dollar)
- HUF (Hungarian Forint)
- PLN (Polish Złoty)
- CZK (Czech Koruna)
- HRK (Croatian Kuna)
Wirex Supported Countries
Wirex supports 37 countries globally, including the UK, Europe, New Zealand, and Australia. It will also be released across the US in April 2021. Some other countries also partially support Wirex without the card features.
Wirex Privacy and Security
Secure Your Assets With Wirex
The Wirex exchange is certified by PCI DSS Level 1, providing the highest possible protection that traders can enjoy. Its 3D enrolment features ensure protection both online and offline. Moreover, Wirex is fully licensed under the FCA as an e-Money issuer that contributes to better protection.
It also implements two-factor authentication, thereby adding an additional layer of protection to store all confidential data of the customers with the TLS and 265-bit AES encryption. The Wirex wallet uses multi-signature technology to ensure that no fund transfers take place without the signature of all the parties involved in it.
Wirex Customer Support
Wirex Support Team
According to the various Wirex reviews, the exchange covers customer support (contact support) quite well. The exchange offers a dedicated 24/7 online chat support system to all its registered users. For catering to the needs of its customers, the Wirex support team dedicates different inquiry channels as follows:
- For Press Enquiries- [email protected]
- For partnership enquiries- [email protected]
- For Wirex business enquiries- [email protected]
- For affiliate enquiries – [email protected]
- For marketing enquiries- [email protected]
Thus, whatever issues traders might face, (for adding money, for profile verification, Card payments, account-related issues, Wirex Rewards, fees, and rates, etc.) they will be able to contact Wirex support at any time 24/7 and receive immediate assistance.
It is very unlikely that the trader’s queries are kept unanswered, but in case if it is so, users can create a ticket or scroll through the Wirex community forum (community.Wirexapp.com) to get instant help. Clients can access useful assistance from the platform community at the Google Play Store or the Apple Store.
The company is located at 34-37 Liverpool Street, London, UK, and therefore the point of contact should be the Wirex Help Centre. Moreover, the customer support representatives can also be contacted on various social media pages like Facebook, Instagram, or Twitter.
Is Wirex Safe?
Yes, Wirex is 100% safe with plenty of robust security measures in place to protect traders’ information and funds from hackers.
Wirex Review: Conclusion
Thus, Wirex gives the power to its registered users to use money in their way across a single borderless trading platform. The exchange hosts some of the advanced features that allow traders to mingle fiat and cryptocurrencies under one account. It also helps users save their money as there are no foreign exchange transaction fees levied when traders use their Wirex account abroad. Moreover, they can also enjoy up to 8% savings compared to most traditional banks and other leading exchanges.
Is Wirex Trustworthy?
Yes, Wirex is 100% trustworthy without any customer complaints.
Can You Make Money From Wirex?
Yes, traders can make huge money from Wirex.
Can I Transfer Funds From Wirex to My Bank Account?
Yes, traders can withdraw money (in both fiat and cryptocurrencies) from the exchange and send money to individual bank accounts of the traders.
Is Wirex Legal?
Yes, Wirex is legal and complies with all the local regulatory procedures of the countries where it operates. It is licensed under FCA, MSA, and the Bank of Lithuania.