Wirex allows you to spend your cryptocurrency anywhere with a crypto debit card, and exchange between multiple crypto and fiat currencies within your account. Their aim is to make real-world spending of cryptocurrencies achievable by offering services such as a digital currency wallet (with support for Bitcoin, Ethereum, Litecoin, and Ripple/XRP), and their cryptocurrency exchange service that supports almost 50 cryptocurrencies. At present, Wirex have amassed 1.5 million users on their platform, who have collectively produced a transaction volume of over £1.1billion.
Wirex operates as a wallet, exchange, and debit card. They are all integrated with each other through the mobile app. Here’s a quick summary of what the platform offers:
All of these features are explained in more detail below.
The Wirex wallet currently supports the storage of Bitcoin, Litecoin, Ethereum, and XRP/Ripple. However, through the mobile app (available on iOS and Android), you can convert up to 50 recognised altcoins into the above currencies. Here is a list of the most recognised cryptocurrencies supported:
If you are in the UK, you can transfer funds to your Wirex account from your bank account using a Fast Payment System (FPS). Users from other European countries can also make wire transfers to deposit funds via SEPA (Single Euro Payment Area).
You can fund your Wirex wallet through your regular debit and credit cards, however, there is a daily deposit limit of £1000.
You can exchange Bitcoin, Ethereum, Litecoin, XRP/Ripple, and up to 50 other recognised altcoins on Wirex. Wirex does not charge a fee for cryptocurrency deposits but a Blockchain network transaction fee might apply. This is usually a small, negligible cost (under £2) associated with verifying your transaction on the Blockchain used to reward miners.
You can access the Wirexapp through a web browser on any software operating system. However, it comes with less functionality than the mobile app, which is available for both Android and iOS users. Regardless, here are the devices supported:
Wirex is very easy to use thanks to its simple, user-friendly design. Their mobile app has the best functionality, integrating access to the exchange, wallet, and debit card services all into a single interface. In regards to using the debit card itself, it operates the exact same way as a ‘normal’ debit card would, and supports contactless payments.
The Wirex debit card can be used worldwide as it acts exactly as a regular debit card would. However, the exchange, wallet, and debit card services are not available to users in all countries yet, such as the USA. Here are the countries that are currently able to enjoy all Wirex’s features:
Account verification is necessary for access key features of the Wirex platform such as its exchange, debit card, and wallet features. This is a recent change due to necessary compliance with FCA (Financial Conduct Authority) regulation. Therefore, in addition to submitting details like your full name, email address, full address, and date of birth, you will need to submit documents proving your identity (POI) and residence (POR).
For proving your identity you’ll need to provide one of the following:
To show POR, the document you submit must not be more than 3 months old (with the exception of a council tax bill) and must contain your name, address, and full address. For this procedure, you will be required to have one of the following documents:
Wirex offers its two basic forms of customer support: a ticket system and Facebook. Their ticketing system operates via email, which can be accessed through the mobile app or web-based platform. Alternatively, users can contact the customer support team through their Facebook page. Usually, the support team gives prompt responses to queries, so you can expect an answer within 3 working days. Users might also be able to find answers to regular queries within their FAQ section.
The Wirex app allows for users to exchange between Bitcoin, Ethereum, Litecoin, XRP/Ripple, GBP, USD, and EUR. The mobile platform also allows for the additional option of trading with upwards of 50 altcoins. Exchanges happen in an instant, are straightforward to make on either platform, and the balance you have in each currency is clearly displayed. In terms of security, users have the option of including Two Factor Authentication (2FA) via the mobile app.
Yes. Wirex are a transparent and secure exchange that aims to provide users with a safe and hassle-free experience whilst using their app. They have been awarded a Level 1 PCI DSS (Payment Card Industry Data Security Standards) certification for their security systems, and are regulated by the FCA (Financial Conduct Authority). Wirex also utilises the Visa Verification system, which further aims to protect the identity of its users.
Yes, there are fees attached to the exchange. There is a £1.00 / €1.20 / $1.50 monthly maintenance fee associated with the use of the Wirex app. In addition, users should note that when exchanging between cryptocurrencies, or from cryptocurrency to Fiat and vice versa, Wirex will add a slight premium above the market rate. This is how Wirex generates income, as opposed to imposing direct trading fees.
Although not associated with Wirex, users should also expect to face a negligible transaction fee (under £2) used to reward miners for verifying their transaction if moving or exchanging cryptocurrencies.
Wirex does not provide limits for the depositing or withdrawal of cryptocurrencies on its exchange or debit card. However, the fiat currency account wallets can only hold up to a maximum of £7,500, €8,000, and $10,000. If you are depositing fiat currency into Wirex with a regular credit or debit card, there is a daily deposit limit of £1000. Furthermore, there is a daily withdrawal limit when withdrawing fiat currency from an ATM, which is set at £250.
Wirex provides a solid exchange service, particularly for users who need to trade between cryptocurrencies and fiat currencies on the go. This is facilitated by an intuitive and easy to use mobile interface, which also gives the added feature of trading with upwards of 50 altcoins. However, users should understand that coins are bought at a premium above the market rate.
The Wirex wallet is a solid choice for users who are looking for a simple and secure online wallet, which can store Bitcoin, Litecoin, Ethereum, and Ripple/XRP.
The Wirex wallet allows for the enabling of Two Factor Authentication (2FA), which provides an additional layer of security for users if they wish. Additionally, all Wirex communications are built on a 256-bit Secure Socket Layer (SSL), which is the industry standard certificate for encryption security online.
Further, unlike most online wallets that hold all customer funds in one hot wallet, Wirex secures each cryptocurrency wallet individually with 3 keys that are generated and stored on different devices to provide for additional security and fraud protection. Ultimately, users should be wary that their funds are still less secure online than in cold storage, such as in a hardware wallet.
No, there are no fees associated with the storing of cryptocurrency or fiat currency on the wallet. However, since the wallet is linked to the exchange, users should expect to incur the £1.00 monthly maintenance fee.
There are no deposit or withdrawal limits for the Wirex cryptocurrency wallets. However, there is a maximum account balance for the fiat currency wallets, which are £7,500, €8,000, and $10,000 respectively. As long as the account balance is not exceeded, users can enjoy unlimited daily spending and load limits, with the exception of ATM withdrawals and credit card withdrawals. These have a daily limit of £250/€250/$250 and £1000/€1000/$1000 respectively.
The Wirex wallet is convenient for users looking for a more secure online wallet option that can store Bitcoin, Ethereum, Litecoin, XRP/Ripple, and fiat currencies (GBP, EUR, USD) all in one place. As an online wallet, users should note that Wirex wallets will still be less secure than having funds in cold storage. However, this is traded off with the ability to access funds on the go, and spend with the Wirex card.
Wirex debit cards are a convenient way of being able to hold your cryptocurrency through the Wirex wallet and spend it as fiat currency, just like a ‘normal’ debit card would do, meaning you can spend your cryptocurrency when carrying out regular online and offline transactions. The debit card is superior to most cryptocurrency related cards as it allows for the spending of Bitcoin, Ethereum, Litecoin, and XRP/Ripple with the same card. The cards come denominated in the fiat currency of your choice, including GBP, EUR, and USD.
Yes, the Wirex card can be easily managed through the web-based platform, as well as the mobile app (supported on both iOS and Android devices). You can also use the Wirex app to exchange between cryptocurrencies, cryptocurrency and fiat, and vice versa on the go, as well as look at your card’s transaction history.
Yes, you can use the Wirex card worldwide, at any ATM, offline store, and online store that accepts VISA debit cards. When conducting transactions that are not in the fiat currency that your card is denominated in, you will be paying for your transactions at a slight premium (wholesale forex exchange rate). USD denominated cards also incur an additional flat fee of $0.28 per such transaction.
Yes, the Wirex Card comes with a different set of fees according to the denominated currency your card comes in.
Here are the fees for a regular GBP denominated card:
There are no deposit limits on the Wirex card. However, the fiat currency account can only hold a maximum balance of £7,500, €8,000, and $10,000 at any given time. This does not apply to the cryptocurrency wallets. There are no loading or spending limits, but there are daily ATM and credit card withdrawal limits of £250/€250/$250 and £1000/€1000/$1000 respectively.
Yes, you can add your Wirex card to your Apple Pay or Google Pay wallet. You can also simply use Wirex’s virtual card through the mobile app.
The Wirex card is ideal for anyone looking for an easy and convenient way of spending cryptocurrencies on a regular basis. Although it comes with several fees, it provides the kind of flexibility that is hard to come by considering its features. Ultimately, this is a tremendously versatile card as it can support the spending of Bitcoin, Ethereum, Litecoin, and XRP/Ripple all at once, which is unique to any cryptocurrency related debit card on the market.
Wirex has successfully combined an online wallet, exchange, and a crypto debit card all into one place, through the use of their mobile platform. This makes the spending and exchange of multiple cryptocurrencies possible, which is easy for users on the go. Furthermore, the debit card’s ability to spend Bitcoin, Ethereum, Litecoin, and XRP/Ripple all at once puts Wirex in a unique position amongst other cryptocurrency debit card rival competitors.
Decided to register a Wirex account? Great, here’s how it’s done: