Wirex is UK-based startup that that offers cryptocurrency wallets linked to debit cards, digital currency and fiat currency. The firm also offers payment solutions. Wirex services are accessible through its website and mobile applications. In this article, we’d present an unbiased Wirex review. Wirex cards are probably the most easy to use solution to store and spend cryptocurrency in day-to-day life.
The firm which was formally known as E-Coin provides a Visa card that lets you convert and spend digital currencies just like traditional money. You can use the card in any Visa accepted outlets. Furthermore, the Wirex mobile application is used to convert, send and manage accounts and funds.
The Wirex platform is set on a state-of-the-art blockchain technology to enhance effective digital money transactions. Wirex supports the British Pound, the Euro and the US Dollar under the fiat category. On the other hand, the service supports Bitcoin, Litecoin, Ethereum, WAVES and XRP under cryptocurrencies. Wirex services are available in about 130 countries with a plan to expand in the United States soon.
Opening an account with Wirex is free. All you need is a valid email address and mobile phone for verification. Customers can register through the Wirex website, mobile or desktop application. Before enjoying certain features, customers are required to provide Proof of Residence (POR) and Proof of Identity (POI).
For POR, customers can use a utility bill or a bank statement. For Proof of Identity, you can use a state-issued passport, driver’s licences, identity card or a work permit. All POI documents should indicate the customer’s full names. The authentication of documents lasts between seven and ten days.
Once verified, users can then apply for a Wirex Visa card. The card is connected to any of the supported cryptocurrency wallets. Users who apply for a GBP or EUR card, are given an associated currency account.
Users with verified accounts can use Wirex to convert cryptocurrencies into fiat and send also send money anywhere without the need of a bank. Lastly, the Wirex wallet comes with Shapeshift integration which supports the deposit of major cryptos to the Wirex account.
The success of online wallets majorly depends on security. Wirex is PCI DSS certified, a unique security feature that is beyond current industry standards. Wirex has other exciting security features that are attractive to customers.
The dashboard allows customers to view transaction of their accounts the card. This feature makes it easy to identify any suspicious activity on the online wallet and card.
Customers can block a card anytime if it’s lost or stolen from the website and the application. The card also is activated with ease once recovered. Notably, none of the Wirex employees has access to a customer’s card detail. This information is secured by card proxies stored with Wirex bank.
All Wirex wallets feature the Multi-Sig technology. The system ensures that all parties involved approve the transfer of funds. The technology generates unique codes that can be used by each user.
Furthermore, Wirex website eliminates intervention of intermediaries through SSL encryption. Wirex platform uses the 256-bit SSL. On the other hand, we have the two-factor authentication that requires a user to have their phone before accessing their username and password.
Personal wallets created by Wirex are not stored on the platform’s servers. A customer gets an own wallet with three private keys stored on various devices. This model is attractive to customers because it minimizes the chances of being hacked.
Any Wirex account holder is required to pay a monthly fee for maintenance. The amount is payable regardless of the account activity and is deducted from your funds. In the event your card or account has no funds, it automatically goes to negative figures, and a customer is required to top up. Failure to pay the fees after two months leads to account and card deactivation. The customer must pay the pending charges before opening another account.
The Wirex Virtual card is available for $3 and is usable immediately. A debit card goes for $17 inclusive of all charges like shipping.
You can add funds to a Wirex account using credit/debit cards, UK bank transfers, SWIFT and exchanging the cryptocurrencies into fiat. Wirex only supports a maximum of £5000/€5000/$5000 per day when making a deposit using debit or credit cards. Deposits made through this channel are instant.
For UK bank transfers we don’t have limits. However, the maximum account balance is £15000/€16000/$20000. If the deposit exists the account limit, the transaction will bounce off. This mode of deposits takes about an hour to reflect. Customers can also fund their Euro accounts with a primary bank transfer after Wirex linked the accounts with an IBAN.
If you are holding cryptos in a specific wallet, you can easily make the exchange within the Wirex account.
It is important to note that any Wirex card linked to a currency account have the same balance. The card can be used for online payments while the account is essential in transacting cryptocurrencies, top-ups using traditional banking methods.
Wirex makes purchasing multiple cryptocurrencies easy. Multi-cryptos are bought instantly after loading your account or card using services like PayPal. The transaction is free of charge. The process of buying cryptocurrencies entails verification of identity. A customer is required to upload an ID and physical address to aid the Know-Your-Customer process. The purchased cryptos are stored in a wallet provided by Wirex. A customer can send, save or convert the cryptos to fiat currency.
Just like major financial platforms, Wirex has bonuses for customers. For every completed transaction, a customer gets 0.5% of the purchasing value in bitcoin. The revenue from this bonus can accumulate into a considerate amount if you keep collecting cash backs. The crediting is instant.
The Wirex platform is simple and easy to use. The design is user-friendly. Wirex mobile application has a unique functionality. The app integrates access to the exchange, card services, wallet all in one interface. Additionally, the Wirex debit card operates just like any other card.
Wirex combines an online wallet, exchange, and a crypto debit card in one place. This feature makes spending and transfer of multiple cryptocurrencies possible. It is suitable for users on the move. Additionally, the debit card’s ability to spend significant cryptocurrencies all at once puts Wirex in a unique position amongst other cryptocurrency debit card rivals.
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