Wirex Review 2022: The Complete Guide

Trading in cryptocurrencies (including Bitcoin  and other cryptocurrencies) is at an all-time high right now. Despite the inherent hazards involved, traders from all over the world are demonstrating a strong interest in investing in and trading cryptocurrencies. Similar to stock trading, which takes place on a stock market, cryptocurrency traders must register with a reputable cryptocurrency exchange. There are many cryptocurrency exchanges worldwide that serve the needs of traders, but it might be difficult to locate one that meets your goals and budget (in the event of high costs).

With its cutting-edge mobile app and cutting-edge Wirex card in-store, Wirex is the greatest cryptocurrency trading platform in Germany that enables users to easily purchase, spend, store, and trade a variety of well-known cryptocurrencies and conventional currencies. In other words, it combines regular currency accounts with cryptocurrency features. Creating a Wirex account is undoubtedly advantageous for crypto aficionados. Continue reading this Wirex review article to learn everything there is to know about the platform.

How Does Wirex Function and What Is It?

The goal of the digital payment network Wirex is to equalize and make available both fiat money and cryptocurrency. It was established in 2014 by Dmitry Lazarichev and Pavel Matveev, and it currently employs over 250 people worldwide.

More than 3.5 million cryptocurrency users from 130 different countries utilize the platform. The platform was created to remove geographic obstacles to finance and make banking services available to everyone, thereby involving more people in the current financial revolution.

According to reports of Wirex, during the past few years, the company has grown dramatically. It started by introducing its first-ever cryptocurrency debit card, the Wirex card, which has grown to have over 500,000 active customers. Next, it joined the SBI Group Investment and Partnership, Japan.

Following these advances, It was awarded the e-money license by FCA for introducing the first business-to-business (B2B) cryptocurrency-friendly accounts ever. The exchange did, however, introduce its first-ever MasterCard Principal Membership in the US in 2021. Wirex provides a single, unified mobile app as well. The transaction process is seamless thanks to the Wirex app.

Wirex Card: A Quick Overview

This is what we discovered while researching the Wirex card:

Mastercard debit cards called Wirex EUR or GBP cards allow consumers to make contactless payments at more than 61 million merchant locations worldwide. Additionally, when cardholders use the card at different online retailers, they are eligible for a maximum 2% reward in Wirex tokens.

With the benefit of rapid conversion at any PoS and no exchange costs, it is a multi-currency account that enables users to spend both fiat and digital currencies. USD, GBP, CZK, EUR, HUF, PLN, CAD, RON, and HRK as well as WXT, BTC, LTC, XRP, ETH, WAVES, DAI, NANO, XLM, MKR, LINK, AAVE, UNI, and YFI are among the traditional and crypto accounts that can be linked with the card.

Services by Wirex

The Wirex exchange keeps improving its offering in accordance with its cutting-edge market expansion methods. Services provided by Wirex Exchange include:

Credit or debit card that is contactless

Users of the Wirex Mastercard and Visa cards have access to contactless payment options, allowing them to utilize both traditional and digital currencies in millions of locations throughout the world.

CryptobackTM Bonuses

Wirex takes pride in its innovative Bitcoin  rewards program, the first of its kind in the world to let users earn up to 1.5% cashback in Bitcoin  on each in-person purchase they make using their Wirex debit card.

Quick Exchange

With real over-the-counter and interbank prices, Wirex instantaneously converts money between any of the supported cryptocurrencies and conventional currencies.

Quick Transfer of Funds

Users can take use of the numerous integrated banking channels like Swift, SEPA, and other Faster Payments with Wirex and effortlessly move cryptocurrency across the globe for free.

Characteristics of Wirex

The following functionalities are available to users of Wirex:

• The Wirex website offers a simple authentication process and a user-friendly UI.

• Allows for the exchange, spending, withdrawal, and deposit of both fiat money and cryptocurrencies.

• Mobile applications for Android and iOS smartphones.

• Provides affordable prices without excessive exchange fees.

• Simple top-up

• There are no charges to keep an account.

• Easy withdrawals from ATMs

• Makes sure that Wirex clients’ money and data are secure

• Constant customer service

Benefits and Drawbacks of Wirex

Like other reputable cryptocurrency exchanges, Wirex has advantages and disadvantages. Therefore, traders should read the Wirex review to understand about the benefits and drawbacks of utilizing this platform before making any snap decisions.

Pros

Governed by the Bank of Lithuania, MAS, and FCA.

Enables both fiat and cryptocurrency.

More than 130 nations worldwide are included in the global reach.

An affordable and competitive cost structure

The mobile-compatible Wirex software makes trading crypto and fiat money simple.

Easy registration

The Wirex debit card has enticing referral and rewards programs.

Wirex places a high priority on the platform’s security and it has advanced security features.

Utilizes the Wirex Help Center, Wirex Community, and Wirex Blog to offer educational resources.

There is no monthly account maintenance fee.

Services for responsive customer support

Cons

Not a demo account

Does not include any further technical analysis charts or other indicators.

Restrictions on the daily and transactional spending caps.

Overview of Wirex Token (WXT)

The utility token known as Wirex token (WXT) is produced by the Wirex exchange and operates on the Stellar blockchain. The Wirex token can be used to upgrade the Wirex account or unlock higher cashback rates. The cashback rates are paid in WXT, and the maximum amount of cashback to which a user is entitled is based on the account type—Premium, Standard, or Elite—and is capped.

For Standard accounts, the maximum cashback that may be earned each month is 1000 WXT, Premium accounts, 3000 WXT, and Elite Accounts, 8000 WXT. The most cashback that may be earned per transaction on the Standard, Premium, and Elite Accounts, respectively, is 100 WXT, 750 WXT, and 2000 WXT.

However, users have the option to upgrade to a Premium or Elite account while trading, and if they do, they are qualified to receive interest payments on their WXT balance. Additionally, as a Premium user or Elite user, they are eligible to get 2% or 6% interest on the WXT balance, respectively.

Sign up with Wirex

It’s quite easy to log into Wirex. Here is a step-by-step manual to help traders become familiar with the registration procedure.

Creating an Account

Users can sign in to the platform using the desktop version of Wirex or the Wirex mobile app to create an account. When someone visits a website and clicks the “Open an account today” button in the top right corner of the screen, a registration form with some required fields, like an email address, a password, and their country of residence, will open.

Users are sent a confirmation code to the email address they provide on the form as soon as they enter their email address, and they are then asked to confirm their email address ( with a 6-digit verification code). They are led to the page for identification verification. Users must upload the necessary documents at this location in order to access all of the Wirex platform’s features.

Deposit of Funds

Users can now log into their accounts using the newly created credentials after successfully creating an account on Wirex. They will be taken to the “pass some KYC verification” page as soon as they log in. There is no way to avoid this page; even if users select “Continue Later,” their session will end when they do so. Users can deposit the necessary funds into their accounts after the KYC verification is complete. It enables users to add and send money to their cryptocurrency wallet and other external currency accounts.

Users can therefore request money from friends or family or get their accounts funded from outside sources, such as their employment. Users must disclose their account information to the senders in these circumstances if they want to send money. Users can directly fund their accounts with a Wirex card that is already linked using the Wirex mobile app. Users will get details like the IBAN code (sort code) and crypto addresses for an external fiat currency account or crypto account.

Begin trading

At Wirex, KYC verification is required at the registration level itself, which is why it is popular with those looking to trade in the cryptocurrency industry, in contrast to the majority of top crypto exchanges that allow their users to confirm the verifications at any time before purchasing crypto assets. As a result, it adds an additional layer of security to the consumers’ financial information and data. Users can start trading cryptocurrencies without any restrictions once they have successfully completed all KYC verifications and email confirmations.

Trading platforms allow users to quickly trade one cryptocurrency for another by pressing a few buttons. All the essential information is displayed on the dashboard, and traders can simply check the exchange rates on the Wirex platform before confirming to trade. They must first choose the cryptocurrency they want to convert, and then they must choose the one they want to exchange it to. Always consider whether the prices offered by Wirex make it worthwhile to exchange your coins.

Costs and Fees for Using Wirex

The following fees are assessed against Wirex users who have registered an account.

Transaction Costs

When using Wirex to acquire Bitcoin s, traders are subject to a fixed fee of 1%, which is collected at the moment of exchange. This fee is paid when using Wirex to buy other cryptocurrencies. Traders do not need to have a Wirex card in order to purchase Bitcoin s directly from Wirex; nevertheless, if they do not have a Wirex card, they will not have access to the functions that are available to cardholders. Cardholders have the opportunity to earn up to 1.5% of the purchase price in Bitcoin  for each and every transaction done in-store. Additionally, traders are eligible to get a referral bonus of up to ten dollars in Bitcoin for every successful recommendation they make. There are not any additional costs that were not disclosed.

Pricing for the Wirex Card

The rates for using a Wirex card are not just competitive but also reasonable. Traders are not required to pay any fees in order to open a Wirex account, and there is no cost associated with the issuance of a physical card either. It does not collect any fees for domestic transactions, nor does it assess any fees for loading content, as these are not applicable.

In the past, Wirex demanded a monthly administration fee from its users, however following the most recent update to the platform, this payment was removed entirely. Traders will only be required to pay a monthly fee of up to £29.99 9 (maximum) if they choose to take advantage of the highest cashback or savings rates offered by the platform.

If users choose to use the free account, they will only be eligible for a maximum reward of 0.5 percent, and it will only apply to purchases made in physical stores. When you use your Wirex card overseas, you won’t be charged any foreign transaction fees, and your money will be converted to the local currency at the best available over-the-counter and interbank exchange rates. This information is provided by Wirex, which is also our best cryptocurrency exchange.

To reiterate, the Wirex card features the following fixed independent slabs for a variety of different card transactions:

It is free for transactions up to €400 per month that are made within the country. On top of this, a transaction fee of 2% will be applied to the total amount.

The maximum amount that can be withdrawn from an ATM each day is capped at €250 (or its equivalent), while the maximum amount that can be withdrawn monthly is €2000. (or equivalent).

• The maximum amount that can be spent each day is capped at €2000, and the maximum amount that can be spent each month is €10000.

The daily maximum load limit for both the debit cards and the credit cards is set at €2500. This amount is not subject to change.

On the other hand, the greatest amount of money that can be held in a Wirex account is not subject to any kind of cap.

Options for Making Deposits and Withdrawals Using Wirex

Both cryptocurrency and traditional currencies, such as dollars, can be deposited and withdrawn using the Wirex platform.

Regarding Deposits

Users are able to make deposits on the exchange using both fiat currency (through crypto cards such as Visa or Mastercard) and cryptocurrencies (such as Bitcoin  or Ethereum). A bank transfer, often known as a wire transfer, is an acceptable payment method for Europeans. Users will need to navigate to the “Dashboard” page, select their favorite fiat currency or cryptocurrency that is supported by Wirex, and then click on the “Add Funds” tab in order to add fiat currencies or cryptocurrencies to their Wirex accounts.

To Account for Withdrawals

According to the evaluation of Wirex, traders have the ability to withdraw fiat currency or cryptocurrencies that are supported by Wirex from the exchange. Traders have to go to the Dashboard and select the amount of fiat or cryptocurrency money they wish to send either to themselves or to another individual or organization before they can send the money.

Currency Types That Can Be Used With Wirex

Traders are able to swap cryptocurrencies for fiat currencies (buy, sell, and spend supported coins):

Cryptocurrencies

• Wirex Token (WXT)

• What is Bitcoin? (BTC)

• Litecoin (LTC)

• Ripple (XRP)

• Ether (ETH)

• Waves (WAVES)

• Dai (DAI)

• Nano (NANO)

• Stellar (XLM)

• Maker (MKR)

• Chainlink (LINK)

• Aave (AAVE)

• Uniswap (UNI)

• The Annual Finance (YFI)

Fiat Currencies

• 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)

A variety of available trading options made available by Wirex

In comparison to its rivals in this market, Wirex unquestionably provides a smaller selection of trading options. To begin, there are no futures markets or options available, nor is there an interactive trading platform available. You just make purchases of assets at the current exchange rate offered by Wirex, and you can also trade assets in exchange for either fiat currency or other cryptocurrencies.

Before making any purchase, it is highly recommended that you check the current exchange rate so that you can determine whether or not the expenditure will be worth the money that will be reimbursed to you.

On Wirex, is it possible to trade using leverage?

No, there is no leveraged trading of any kind available with Wirex.

Where can I get the spreads?

Wirex generates the majority of its revenue via spreads, which is also how the company is able to maintain its “no additional fee” policy when customers are making transactions. The “bid” price and the “ask” price are also referred to as the “buy” price and the “sell” price, respectively. Spread costs are the little sums of money that exist between these two prices.

Because it might be challenging to accurately calculate the spreads, we strongly advise you to do so before you engage in any kind of transaction. If an exchange advertises cheap transaction fees, then the spreads will most likely be wider. Additionally, the spread will change depending on the relevant market values, as stated in the Wirex documentation; hence, it is imperative that you double check the rate at the time of the transaction.

Wirex’s Fee Structure, Transaction Limits, and Available Payment Methods

What are the fees, limits, and transfer speeds for making deposits and withdrawals?

When compared to other companies on the market, Wirex provides a payment method selection that is not quite as extensive. However, it does support bank transfers for users located in Europe, and it accepts Mastercard and Visa payments from all users. You will be required to pay a flat cost of 1% for transactions, but before you do so, we recommend examining the spread that is applicable to that deal. There have been several reports of withdrawals taking a long time and being unreliable, despite the fact that speeds are advertised to be fast. In general, Wirex operates at a level that is between between ordinary and below average.

Various Methods of Deposit

The following is a list of the deposit options that are supported by Wirex:

• Deposits made using an external credit or debit card will carry a fee of 1%, and the maximum amount that can be spent on a single transaction is $25,000; however, there is no cap on the total amount that can be held.

• Secure digital card

• Bank transfer (for those living in Europe)

• If you have a PayPal account, you can transfer money to and from your cryptocard, which you can then use to make purchases on the platform. Transferring money to and from your cryptocard is free of charge.

• External cryptocurrency wallet; costs for using the blockchain will apply.

There is never a charge to make a deposit, however it is always a good idea to research any applicable fees charged by third parties. The speed of the transfer is dependent on the method that is selected.

In addition, there are KYC recommendations that are obvious on the platform, which is mostly owing to the fact that it is regulated; nevertheless, you can deposit up to $50 using a credit or debit card that has not been confirmed.

Withdrawal Methods

Because Wirex’s principal job is to be a payment platform not dissimilar to a typical bank, withdrawals operate in a manner that is less conventional compared to those offered by other platforms in this market.

You have four options available to withdraw your funds:

• You should have a person receive them (P2P)

• Take them to a commercial establishment.

• Transfer them to an external wallet. There have been innumerable incidents of people’ cash becoming stranded in their Wirex wallets, despite the fact that Wirex claims it takes between 30 and 60 minutes for this option to become effective.

• At a cryptocurrency ATM utilizing the native card; however, there are withdrawal limits associated with this method.

For cryptocurrency withdrawals, the maximum amount that can be withdrawn in a single transaction is capped at $10,000, while the daily maximum is set at $50,000.

What Are the Fees and Commissions That Wirex Charges?

Wirex’s fees consist of their spreads, OTC fees (which include a 1% commission on all trades), and some tiny fees for depositing money into your account.

Even though Wirex’s fees are particularly low, we strongly suggest that you verify the relevant spreads and exchange rates to ensure that you are receiving a decent deal. This is because the fees are embedded in these two factors.

Wirex Trade Sizes and Limits

Your trading limits will be determined by the assets you are trading and with what, but on the whole, they are competitive with those of other companies in the business.

The following is an illustration (we used fiat currency to Bitcoin):

The minimum is one US dollar, the maximum is fifty thousand dollars per transaction, and the maximum per day is one hundred fifty thousand dollars.

Countries That Are Supported By Wirex

Wirex is currently available in 37 countries throughout the world, including the United Kingdom, Europe, New Zealand, and Australia. In April of 2021, it will also be made available throughout the United States. A number of additional nations also offer limited support for Wirex, albeit without the card capabilities.

Privacy and Safety Measures Taken by Wirex

Because it is certified by PCI DSS Level 1, the Wirex exchange offers traders the highest potential level of protection that is currently available. Its 3D enrollment features safeguard users’ safety while they are not connected to the internet. In addition, Wirex is fully licensed as an e-Money issuer under the Financial Conduct Authority (FCA), which contributes to a higher level of protection.

In addition to that, it uses two-factor authentication, which is an additional layer of safety for storing all of the customers’ personal data using TLS and 265-bit AES encryption. The Wirex wallet has a multi-signature security system, which guarantees that no fund transfers will take place unless all persons engaged in the transaction first sign their names.

Help Desk for Wirex Customers

The customer service (contact support) offered by Wirex is said to be pretty adequate, according to the many reviews that can be found online. The marketplace provides all of its registered users with access to a specialized online chat support system that is available around the clock. In order to better meet the requirements of its clientele, the Wirex support staff has established a number of distinct enquiry channels, which are as follows:

• For Press Enquiries- press@wirexapp.com

• For partnership enquiries- partners@wirexapp.com

• For Wirex business enquiries- supportescalations@wirexapp.com

• For affiliate enquiries – affiliates@wirexapp.com

• For marketing enquiries- marketing@wirexapp.com

Traders will be able to contact Wirex support at any time, 24 hours a day, seven days a week, if they run into any problems (such as adding funds, verifying their profiles, making card payments, having problems with their accounts, having questions about Wirex Rewards, fees, and rates, etc.), and they will receive immediate assistance.

It is extremely unusual that the trader’s questions will go unanswered; however, in the event that this does occur, users have the option to submit a ticket or browse the Wirex community forum (community.Wirexapp.com) in order to receive immediate assistance. At either the Google Play Store or the Apple Store, customers can obtain helpful advice from other members of the platform community.

Because the business is situated at 34-37 Liverpool Street in London, United Kingdom, the Wirex Help Centre is the appropriate place to make initial contact with the company. Additionally, the customer service representatives can be reached through a variety of social media pages, including Facebook, Instagram, and Twitter, among others.

Is Wirex a Risky Option?

Yes, traders’ information and funds are protected from thieves and other malicious actors by the numerous and stringent security procedures that Wirex has implemented.

The Wrap-Up of the Wirex Review

Therefore, Wirex allows its registered customers the ability to use money in whatever way they see fit within a single trading platform that is not restricted by borders. The exchange is home to some of the more sophisticated features that let traders combine their holdings of fiat currency and cryptocurrency into a single account. When traders use their Wirex account outside of the country, they are not subject to any costs associated with foreign exchange transactions. This makes it possible for users to save money. In addition to this, clients have the opportunity to save up to 8% compared to the majority of traditional banks and other big exchanges.

FAQs

Is One Able to Rely on Wirex?

Absolutely; we have never had a single complaint from a client about Wirex’s reliability.

Is It Possible to Earn Money Using Wirex?

Traders can, in fact, make a significant profit with Wirex.

I have some funds on Wirex; is it possible to transfer them to my bank account?

Yes, traders are permitted to withdraw funds (in either fiat currency or cryptocurrency) from the exchange and to have those funds transferred to their personal bank accounts.

Is it OK to Use Wirex?

Wirex does not violate any laws and complies with all of the regulations that are in place in the countries in which it conducts business. It possesses authorization from the FCA, the MSA, and the Bank of Lithuania.