Fast recording: Wirex has everything users expect from a cryptocurrency platform, including a wallet, a card, and an exchange. It has a partnership with Mastercard and even offers an interest-earning product for users. One feature that needs further attention, however, is the patchy customer support.
- offered services
- user friendliness
- Customer service
How did we calculate that?
- 70 tradable cryptocurrencies and fiat currencies
- Users have access to multiple products
- highly secure
- Poor customer support
- Weaker brand reputation than some competitors
Wirex wallet overview
Wirex is a cryptocurrency platform with its own wallet, card and exchange. It also offers interest income and credit services.
Recent changes in the cryptocurrency landscape have highlighted the importance of choosing reliable third-party crypto services. This is how the Wirex wallet works.
Wirex has an interest-bearing product called the X-Account. These accounts can be set up in minutes and interest accrues every week. X accounts allow users to earn up to 12% interest on USD. An additional 4% is earned when claiming rewards in Wirex’s native token WXT. If clients decide to use the decentralized finance system, they can earn more than 25% annual percentage returns with Aave and Compound.
Wirex also has a cryptocurrency exchange to meet its users’ buying and selling needs. It offers its clients a handpicked lineup of 70 top cryptocurrencies, stablecoins, and traditional fiat currencies to trade. Wirex charges no exchange fees and claims to save users up to 4% compared to similar options.
Wirex has partnered with Mastercard to allow users to spend their crypto too. It charges no monthly or foreign transaction fees, can be used in more than 80 million locations worldwide, and rewards customers with 2% cashback in WXT on all purchases.
The Wirex wallet enables crypto transfers that take as little as 15 minutes. Contacts can be synced from phone books, and unique wallet addresses and QR codes are used to make it easy to add or send funds to another wallet or person.
The last service Wirex offers is crypto credit. A line of credit is granted to the Wirex cards by using existing account balances as security. Up to 80% of collateral can be borrowed and users are free to choose how to use it, be it for spending or crypto staking. Credit can be repaid at any time.
Wirex integrates 256-bit SSL to encrypt data and protect against possible attacks. It also uses email verification and two-factor authentication to secure user accounts. Wirex uses multi-signature technology to verify transmissions and security architecture to eliminate every single point of failure in the event of an attack. In addition, all card details are hidden on each profile.
Wirex supports Chrome and Safari on desktop, mobile and tablet devices for web use. It also has a downloadable app on the Apple App Store and Google Play Store, each with ratings of 3.7 stars. However, Trust Pilot scores Wirex with a rating of just 3.0.
Overall, Wirex’s reviews are mixed. While the majority of customers seem happy with the service, others have shown disdain regarding the sign-up process, the identification procedure, and the inability to withdraw funds from accounts.
Wirex operates a help center, a community forum and reports to a customer support team if problems cannot be resolved. Wirex online reviews claim that customer service falls short of established standards and that new features like live chat should be incorporated to improve the overall service. Wirex itself has acknowledged these issues in the past, saying it is hiring and making changes to improve support.
How the Wirex wallet stands out
Wirex stands out from the competition because there are no fees for foreign exchange transactions. This simplifies remittances, trades and payments for its customers.
Comparable Wirex options
Here’s how Wirex compares to some of its close competitors.
Coinbase charges fees for its exchange, while Wirex charges none. However, Coinbase’s customer base is one of the largest in the crypto space and has a better known reputation for accountability, security, and trust.
Wirex offers higher rewards through Earn products than Crypto.com. On the other hand, Crypto.com gives its customers up to 5% cashback on card purchases, compared to Wirex’s 2%. Crypto.com also includes exclusive deals with Netflix, Spotify, and Airbnb.
How to apply
The signup process for Wirex is as follows:
- Download the application.
- Open it and click “Register”.
- Enter a name, email address and password.
- Confirm the activation link via email.
- Go back to the app and select Next.
- Enter a phone number and verify the account via SMS.
For whom the Wirex Wallet is best suited
Wirex is best suited for those who regularly exchange cryptocurrencies and fiat currencies and actually want to use their crypto assets for purchases.
Wirex seems to be a jack of all trades for crypto services. Nevertheless, the customer service is lacking. Problems emerging with similar platforms — like Voyager Digital’s bankruptcy — should also encourage consumers to remain vigilant. Investing only an amount that can afford to lose remains a key thought in the crypto environment.
Here are some questions that are frequently asked about the Wirex wallet.
- Is Wirex Legit?
- The company hosts millions of users and seems to be trustworthy. However, people should approach cryptocurrency platforms with caution while ongoing regulation is taking place. It should be noted that Wirex has not yet received approval from the UK Financial Conduct Authority.
- What will happen to Wirex?
- Wirex was recently launched in the US. The product range is further expanded through partnerships with large companies such as Booking.com.
- What is Wirex and how does it work?
- Wirex is a cryptocurrency platform with an integrated wallet for digital assets. Users can buy, sell, earn interest, get credit, and make purchases with their products and services.
- How do I withdraw money from Wirex?
- Users can send money to themselves from the Wirex dashboard. To do this, the user logs in, selects the account to be used for the transfer, selects the middle box and clicks “Send”. From there, the user clicks “To Myself”, enters the required details and confirms the transaction details.
Information is correct as of August 1, 2022.
Editor’s Note: This content is not provided by Wirex. Any opinion, analysis, review, rating, or recommendation expressed in this article is solely that of the author and has not been reviewed, approved, or otherwise endorsed by Wirex.
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