Wirex Review 8.8/10⭐

A unique application and payment card supporting fiat and crypto as well as a user-friendly crypto exchange platform!

Effortlessly exchange 70 traditional and cryptocurrencies in the Wirex app at exclusive OTC and interbank rates.

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Background & Overview

 

Wirex is a digital payments company founded in 2014 focusing on making digital and traditional currencies equal and accessible to everyone. The company provides a hybrid financial service exchange in managing both fiat and crypto currency in one place. It offers a multi-currency wallet, and a cashback debit card for earning rewards in crypto, interest-bearing crypto accounts, and trading crypto assets. There is also a non-custodial mobile wallet of Wirex for accessing decentralized applications, decentralized finance protocols, and non-fungible tokens.

Some of the cryptocurrencies it supports include Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple (XRP), Limen (XLM), Wirex token (WXT), WAVES, DAI, and NANO. You can make payments to the exchange with various fiat currencies. Some include U.S Dollar (USD), British Pound (GBP), Euro, Canadian Dollar, Hungarian Forint (HUF), Czech Koruna (CZK), Romanian Leu (RON), and Polish Zloty (PLN).

It supports a wide array of payment methods, including debit and credit cards and e-wallets. The exchange recently launched its MasterCard Principal Membership for its United States clients where they buy, hold, send, and exchange crypto and pay using the Wirex Cryptoback Visa card. Visit Wirex now!

›› Not a customer yet? Register with Wirex today, it's quick and simple!
 

Advantages at Wirex

+ The FCA, MAS, and the Bank of Lithuania regulate the exchange to protect users from fraud.
+ It offers a multicurrency wallet that users manage both fiat currency and cryptocurrency.
+ It provides a competitive fee with free multicurrency and zero exchange fees.
+ Access to reliable and responsive customer support where users raise a support ticket.
+ It offers an attractive reward program of up to 2% back on crypto in-store and online transactions with a Wirex card.
+ It has mobile compatibility via its app making it convenient to trade fiat and crypto. 

Disadvantages

- It requires you to issue personal information as part of its identification process upon registration.
- Users are not presented with a demo account to familiarise themselves with the exchange's features.
- There are limitations on daily and per transaction spending limits for its users.
- The exchange does not provide charts and indicators necessary for technical analysis.
- It supports a limited number of cryptocurrencies accessible to users. 

KYC & Registration

The registration process with Wirex is simple. You are only required to follow these steps: Go to the homepage and click the 'Open an Account button on the top right corner of the screen. Fill in your country of residence, email, and password. You will receive an email with the activation link and click on it. You can enable the two-factor authentication to have your account secured especially for large crypto transactions.

It is a regulated exchange and hence adheres to Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and Know Your Customer (KYC) regulations. KYC regulations require financial service providers to identify their customers hence the need for profile verification. A government-issued document matching the personal information given when opening an account suffices. One can provide a valid government-issued passport, identity card, or driving license. Non-residents must present a work permit, a resident card, or a document issued by the host country. The profile verification document must include:

- Your Full names
- Your Date of Birth
- Your Photo
- The document's expiration or validity date

The exchange occasionally requires its customers to send additional information on their address and source of wealth. Customers must provide an appropriate source of wealth documentation to explain the origin of a bank or crypto asset deposit. It temporarily restricts access to your account for a couple of days as it verifies the documentation you provide.

 

Company Account

You can apply for a corporate account simply and easily, following the individual registration steps and the expected extra ones needed for a business. It's a great account to have for a business, since they support such a wide range of deposit methods.

 

Leverage

Leverage isn't available on Wirex as its main selling point is simple transactions, payments, and basic trading functionality.

 

Costs

▪ Rated at 9/10

Wirex charges a 1% fee on trades alongside relevant spreads. The spread between the asking price and the bid price is low. Deposits using credit cards and debit cards incur a 1% fee with a $25,000 individual transaction limit but no limit on holdings. Users can also utilise external crypto wallets and incur the respective blockchain fees. Paypal deposits funds to your crypto card free of charge and purchases crypto assets on the exchange.

There are multicurrency card fees and rates. You can withdraw up to 400 euros in a month for free. Further withdrawals incur a 2% charge for ATM international and ATM domestic. Some ATM operators have additional charges that users must be wary of. There are SWIFT transfer fees when transferring funds into a bank account and blockchain fees when withdrawing into a crypto wallet. There are no additional charges to exchange fiat to fiat, crypto to fiat, or crypto to crypto.

Wirex offers flexible pricing plans to ensure its users pay a low fee when using its services. The standard package is free while the most popular is the premium package at 9.99 Euro/month. It offers extra services including a 4% annual Savings Bonus on WXT - its native Wirex Token - balance, 1% Cryptoback (in-store), 1% Cryptoback (online), and merchant offers. The Elite package goes for 29.99 Euro/month with a 12% annual Savings Bonus on WXT balance, 2% Cryptoback (in-store), 2% Cryptoback (online), and curated elite offers from merchant partners. Plan payments are in WXT only and users access a 15% discount when paying upfront for the whole year.

 

Deposit Methods

▪ Rated at 10/10
Below you can see a list of the deposit methods available on Wirex. Some of them may not be available in United States as it depends on regional regulation, but normally the most common payment methods are available across numerous countries.

There are plenty of deposit methods available to you on Wirex, including a plethora of crypto currencies. These include big hitters such as Bitcoin and Ethereum, as well as some of the smaller coins. And, you can deposit in a range of traditional/fiat currencies too, using cards as well as things like PayPal. Read more about the deposit methods at Wirex here.

 

Platforms

▪ Rated at 10/10
The following platforms are supported by Wirex:

Wirex has a user-friendly interface for its web and mobile application. Its dashboard is easy to navigate for beginners and experienced cryptocurrency users. There are positive reviews on the ease of access in conducting processes such as funding your account and submitting a support ticket. Various features and capabilities are accessible saving you time in finding what you want.

 

Automated Trading and Copy Trading

There is no autotrade or copy trade feature at present, as the company is focused primarily on ease of use and mobile application functionality.

 

Languages supported

The following languages are supported on Wirex:

Chinese, English, French, German, Italian and Russian and Spanish

 

Broker Support

▪ Rated at 8/10

There is a very extensive on-site info center that answers most questions a user may have, including which cryptos are available for deposit and exchange. Additionlly, Wirex has extensive customer support that is fast, responsive, and efficient. It caters to queries, complaints, and propositions via a dedicated 24/7 live online chat support system for its registered users. In the unlikely event that questions are unanswered, users generate a support ticket or access the Community forum for instant help. Customer support representatives are also reachable via social media including Facebook, Twitter, and Instagram.

 

Other Names for Wirex

Wirex is or has also been known under the following names: Wirex Limited, Wirex Digital D.o.o

 

FAQ

Where can I register for Wirex?

The best way is to open an account here and if you have any further questions you can get in touch with their support directly.

Is Wirex a legitimate exchange?


Yes, the exchange is regulated by three bodies to align with Anti Money Laundering, Counter Terrorist Financing, and Know Your Customer regulations. These bodies include the FCA in the UK as well as the Bank of Lithuania.

Is Wirex secure?


Yes, it is secured with SSL encryption to eliminate hackers accessing your information. It also has two-factor authentication, protection by BitGo's multi-signature technology, and multiservice architecture to prevent unauthorised access and execution of transactions.

Which cryptocurrencies are available on Wirex?


Some notable cryptocurrencies include Bitcoin, Ether, Litecoin, Ripple XRP, Cardano ADA, and DogeCoin.

Who Started the company?


Pavel Matveev and Dmitry Lazarichev are the founders of the company in 2014.

How to Get Started with Wirex?


Register your Wirex account.
Create a personal crypto account and order a debit card.
Verify your account to access the primary features.
Add funds to your Wirex wallet and order your first Wirex card for purchases.
Add funds to the card to purchase from anywhere as it is a Mastercard.

 

History of Wirex

2014 - Wirex was created in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev to make the digital economy accessible to everyone.

2015 - Wirex developed the world's first contactless crypto payment card.

March 2021 - They launched the Wirex token (WTX) to the world.

May 2022 - NFT support is added to the platform.

 

Instruments available

Find the full list of instruments available to trade at Wirex here. Wirex is primarily a fast and easy mobile platform, so doesn't have the sheer range of currencies as more advanced exchanges.

▪ Rated at 8/10

Crypto Currencies

BTC/USDT, ETH/USDT, LTC/USDT, XRP/USDT, XLM/USDT, WXT/USDT, WAVES/USDT, NANO/USDT, LINK/USDT, MKR/USDT, AAVE/USDT, YFI/USDT, UNI/USDT, UMA/USDT, OMG/USDT, BAT/USDT, ZRX/USDT, SNX/USDT, FTT/USDT, COMP/USDT, REP/USDT, BNT/USDT, BAL/USDT, 1INCH/USDT, SUSHI/USDT, LRC/USDT, KNC/USDT, CRV/USDT, ADA/USDT, XTZ/USDT, EOS/USDT, SOL/USDT, DOGE/USDT, DOT/USDT, CHZ/USDT, MATIC/USDT, AXS/USDT, GLM/USDT, IOST/USDT, SNT/USDT, SAND/USDT, MANA/USDT, GRT/USDT, QNT/USDT, AVAX/USDT, ENJ/USDT, OXT/USDT, KSM/USDT, SHIB/USDT, ALGO/USDT, APE/USDT, CELO/USDT, FTM/USDT, HBAR/USDT, NEM/USDT, TRX/USDT, ETC/USDT, QI/USDT, JOE/USDT, QUICK/USDT, VOXEL/USDT, PAXG/USDT, DAI/USDT, USDC/USDT, USDT/USDT, USDP/USDT, TUSD/USDT, EURS/USDT, EURT/USDT, NXUSD/USDT, BUSD/USDT, TGBP/USDT, EUROC/USDT

›› Sign up at Wirex here

Screenshots from Wirex

Read the Wirex Terms and Conditions here.
Wirex Review Published: Tuesday, 6 Dec 2022 9:25 am
Last Updated: Thursday, 9 May 2024 1:21 pm