This is our detailed Wirex Review - app and payment card that allows you to hold, send, receive or spend crypto and fiat currencies.
We use different platforms that allow us to manage our crypto and traditional currencies easily, and Wirex is one of them. Therefore, we decided to do an in-depth review of this platform and get all the necessary information in one place for you to decide if this is the best solution for you.
We recently published a review of Nuri Bank, which is a similar solution available for the EEA market. You can check the in-depth review here.
Wirex is a borderless digital payments platform for fiat and cryptocurrencies founded in 2014 with headquarters in London, UK.
They offer a straightforward and flexible solution that allows you to spend, send/receive, and exchange various crypto and fiat currencies.
They've been growing, but at the moment, clients in the US are only able to use Wirex Account and Crypto account, while cards, X-accounts, and the local top-up card are not available yet. You can see supported countries here. They operate in 130 countries worldwide.
Wirex is bridging the crypto world with real-life transactions and is enabling users to keep their fiat and digital currencies in one place, ready to use at any time.
The crypto wallet is custodial (multi-sig), so you don't hold the private key or seed phase.
You can transfer your funds to other users of Wirex fast and free of charge. You can top-up your account quickly using your debit/credit card, bank transfer, or crypto and easily manage your transactions with their mobile app.
The sign-up process is quick and hassle-free, with steps like some other similar platforms have, which means uploading your personal information, document, and selfie. Additionally, you can enable two-factor authentication and PIN in-app settings.
You can get a contactless multi-currency Visa or Mastercard Debit Card and earn up to 2% cashback in their native token Wirex (WRX) when you use your Wirex card in-store or online.
Main Features: Wirex Review
The availability of all features depends on your location and the pricing plans you opt for. Check the supported countries and features here.
X-Accounts is one of the most promoted features of Wirex. So they seem to be very excited about this one.
In a nutshell, it's an Interest Account that allows you to earn interests on selected currencies. We dug deeper on this one to see what exactly this means.
You can open a maximum of 10 X-accounts, and depending on the currency you select; you can start earning up to 16% AER interest compounded daily. You can earn stakes on cryptos (BTC, ETH, DAI, XLM, LTC, AAVE, MKR, LINK) and fiat currencies (AUD, HKD, USD). You calculate your potential earnings for up to 4 years in the chart here.
Once you top up your Wirex account by crypto or using the linked card, where this is supported, you can select X-Accounts on your app and follow the instructions. In addition, you can re-name your x-account to make it easier to track.
Your earnings will be calculated daily and paid out weekly. You have no fees or additional charges when withdrawing your earnings. You can withdraw at any time.
Wirex Payments and Wirex Card
With a Wirex multi-currencies debit card, you can pay internationally without (hidden) fees and additional charges.
Besides that, you can earn rewards in their native token WXT for every online and in-store purchase. Wirex promises 2% in WXT on all spending.
When paying in a foreign currency, the card automatically converts to the local currency when a purchase is made under the OTC (Over-the-Counter) exchange rates. This allows you to spend any fiat and crypto money for your everyday life.
Here are the accounts that can be linked to the card:
Crypto transfers are only free when you are transferring to another Wirex user. If you transfer your crypto to an external address, fees will apply.
The Wirex Wallet is a keyless, non-custodial crypto wallet with SMPC encryption. You can store your digital assets and easily swap your tokens and earn staking rewards.
The app is easy and straightforward to use, some users saying even too basic. It's designed to make your borderless payments simple. The app offers in-app notifications to keep track of your transactions and all related activities.
Fees and Limits: Wirex Review
Let's look at some most essential fees that come with a Wirex account and card. Note that some fees differ depending on your location and currency.
Monthly maintenance fees
Crypto exchange services
OTC rates + commission
Fiat money exchange services
Between Wirex users: Free External: Blockchain fees apply
Up to 400 EUR (or currency equivalent)/month: Free Above 400 EUR: 2%
Fiat money exchange limit
Crypto Exchange limit
The limit depends on the currency from which the conversion is performed.
1400 EUR per day
Safety: Wirex Review
Wirex is safe; they have a partnership with asset custody firm Fireblocks to ensure secure funds. Additionally, Wirex is PCI DSS level 1 compliant.
Every Wirex account is protected by BitGo's multi-signature technology (multi-sig), providing more protection to hot wallets.
Like other apps, they also support 2FA, which is almost a bare minimum for protection nowadays.
They protect your personal and sensitive data using TLS and 256-bit AES encryption.
Despite these safety measures, users point out that their accounts have been frozen for unknown or trivial reasons.
So let's check their ratings and online reviews and dig deeper into this.
The average result is not so concerning, but it sounded pretty concerning when we were going through the negative experiences that people faced.
Quite some users report that their account was blocked for no reason, and they lost access to all their funds. When trying to resolve the issue, users contacted customer support which was slow with responding to the tickets or didn't provide proper solutions.
Users also reported some issues with transactions that stayed pending for a long time. Some also experienced troubles with withdrawing their funds from the ATMs abroad.
The bottom line is that most frustration comes from users being left in the dark as their tickets are not adequately addressed, even though they promise 24/7 customer support via their website.
Account opening: Wirex
Account opening with the Wirex app is easy. First, you need to go through the traditional verification process (uploading your personal details, ID document, and taking a selfie). The verification process can be pretty lengthy, and you need to wait for some time before your account gets verified.
After that, you need to select your password and a memorable word, which you will have to enter when, e.g., you need to recover your password, sign in from a different device, etc.
You should also enable multi-factor authentication and PIN in the app's settings for an extra layer of security.
Conclusion: Wirex Review
We hope that our detailed review gave you all the information you need to decide if Wirex is a good choice for you.
Wirex is a solid choice if you are looking to have an option to spend and transfer your fiat and crypto assets with ease under one account. It's beginner-friendly with a simple mobile app. The available features depend on the pricing plan and location you are in, so make sure you check them out too.
They offer reasonable rates, high limits, and access to OTC and interbank rates. You can earn rewards with in-store and online purchases.
Their Visa and Mastercard give you access to borderless international transactions with low fees.
Wirex is putting importance on security and making sure your funds are protected.
Customers, however, do report some negative experiences with customer support and troubles with frozen funds. Still, on the other hand, many of them had nothing but a great experience with the app.
They also support fewer currencies than some other solutions and are a bit less transparent with the fees and external transfers - transfers between the Wirex users are quick and free.
Weirdo.Rocks would recommend this app if you are a beginner in the crypto space if you are interested only in bigger cryptocurrencies or looking for a simple way to send, buy, and spend your funds anywhere around the world.
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