Cryptocurrencies have successfully launched into the limelight, and they appear poised to stay there for good. Today, there are thousands of digital assets for people to choose from, with many of them focusing on improving payments and providing innovative settlement solutions.
Although the digital asset space has yet to fulfill its potential for optimizing payments, there is little to no doubt that there is a lot of progress being made on that front. One of the companies leading the charge is Wirex - a manufacturer of debit cards and payment solutions that aims to simplify crypto payments and improve the utility of digital assets for everyday holders.
In this review, we will look into Wirex and what they do, and the best ways to get the most out of their solutions.
An Overview: What is Wirex?
Wirex began operating in 2014. Pavel Matveev and Dmitry Lazarichev started the company, and it is based in the United Kingdom. However, the firm has offices worldwide. The firm began operating under the name "E-Coin," but it rebranded two years into its operation.
With over three million customers, Wirex is primarily looking to improve financial inclusion and provide banking services to regions with predominantly unbanked people. The firm is also looking to spark a financial revolution and take out all geographical barriers to finance.
Wirex currently supports over 30 countries, most of which are in Europe. It has its head office in the U.K., and it also has a presence in Singapore. The company is working on entering the U.S. market, but that should come later in the future.
Wirex supports a wide array of fiat currencies. It began with support for the U.S. dollar, British Pound, and the Euro. However, it has since expanded and now has available support for the following:
- Australian dollar
- Canadian Dollar
- Croatian Kuna
- Czech Koruna
- Hong Kong Dollar
- Hungarian Forint
- Mexican Peso
- Singapore Dollar
- Swiss Franc
One of the most innovative things about Wirex is that it allows you to buy, sell, and make cryptocurrency transfers. With your simple credit card solution, you too can be a part of the crypt revolution. The service currently supports the following digital assets:
- DAI, etc.
In addition, the firm has its Wirex token, which it uses for settlement and other functions.
Supported Payment Methods
To make payments to your Wirex account, you can use the following:
- Bank transfers
- Credit and debit cards
- Different e-wallet options
- SWIFT transfers
Note that the charges for each could vary based on your carrier and supporting bank.
Wirex does have some service limits. If you're using a debit or credit card, the service allows you to top your account up to a limit of $5,000 per day. Note that there are no restrictions on the amount you can deposit if you're using a U.K. bank transfer.
Wirex also has a maximum card balance of $20,000 (or £15000, or €16000). That seems more than enough. Note that there are no restrictions on your account balance - which is different from the card balance.
The service will make instant deposits with your credit or debit card. However, bank transfers might not get acknowledged for about an hour.
Fees on Wirex
Generally, the fees on Wirex are pretty competitive. You can set up a Wirex account at no cost at all, and you can also get your physical card free of charge. You'll also love the fact that Wirex doesn't charge any loading fees or domestic transaction costs.
However, you will need to pay an account management fee - just £1/€1.20/$1.50 per month. The free might not be so significant, but consider that you will need to yat it regardless of your account activity.
Along with the account maintenance fee, other associated prices for select services include:
ATM charge (for European transactions)
ATM charge (transactions outside Europe)
Withdrawals from ATMs
$250 per day (or, the equivalent in whatever supported local currency)
$5,000 daily (or the equivalent in your local currency)
Daily spending limit
$10,000 (or the equivalent in your supported local currency)
Transfer limits (for U.K. banks)
Quick Tutorials With Wirex
Here is a quick step-by-step guide to register and trade on Wirex:
- Log on to the Wirex home page and click on "Register."
- Fill in the form and confirm your account through the activation link.
- Go through the mobile phone verification step by entering the code you get
- You will need to show your proof of identity and proof of residency. Wirex requires that the documents you provide be less than three months old.
- Upload the documents, and you're ready to go.
Deposits and Withdrawals
- Click on "Link new card" in the payment options you see
- Confirm your card and your billing address
- You can make deposits using Bitcoin by generating an address directly for your Wirex wallet
- You can send your Bitcoin address to get BTC
- Note that if you have another wallet and would like to use it to fund your Wirex card, you can send the funds to your Wirex address directly
- Go to your Wirex account and hit "Exchange Currencies"
- Select "BTC" or "Card" as the source, depending on what you want
- Choose the required amount you want to spend from your wallet or card and hit "Exchange"
- Click on "Confirm Exchange"
Storing Your Cryptocurrencies
- Wirex has several web wallets. You can choose from each of them to but, store, and transfer your digital assets.
- Your wallet will be displayed on your dashboard, and you can use it to manage your funds from anywhere.
Wirex Review: Conclusion
When it comes to crypto cards, Wirex is definitely up there with some heavy hitters. It allows you to sell and buy cryptocurrencies at reasonable rates, and it has a user-friendly interface. Its debit cards are also accepted pretty much anywhere since VISA backs them.
With so much in terms of functionality, there are very few drawbacks to Wirex.