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Wirex enables cryptocurrency users to manage digital and fiat currency in one place. Using the Wirex Cryptoback™ rewards card, users can seamlessly spend crypto anywhere card payments are accepted, making Wirex ideal for people who want to use crypto as money. However, experienced crypto investors looking to manage a large portfolio of crypto assets will be disappointed by the limited number of assets and a lack of interconnectedness to the DeFi market.
- Pros & Cons
- Company Overview
Seamlessly manage digital and traditional currencies in one place
Spend cryptocurrency everywhere debit cards are accepted
Earn double-digit interest on a selection of digital assets
Users must complete an identity verification process
The changing regulatory landscape may affect the usability of your crypto debit card
Founded in 2014, Wirex is a digital payments company that aims to make cryptocurrency accessible to everyone.
The London-based company initially launched a Bitcoin mobile wallet and one of the first Bitcoin debit cards in the market in 2015, before adding more products and services to become a hybrid financial services platform that enables users to seamlessly manage cryptocurrencies and fiat currencies in one place.
Available in over 130 countries and used by over 5 million people, Wirex now offers a multi-currency wallet, a cash back debit card that pays up to 8% rewards in cryptocurrency, interest-bearing crypto accounts, and the ability to buy, sell, and exchange crypto assets.
In addition to the Wirex platform, the company also offers a non-custodial mobile wallet called Wirex Wallet for users who want to access decentralized applications (dApps), decentralized finance (DeFi) protocols, and non-fungible tokens (NFTs).
In February 2022, Wirex launched in the United States, enabling U.S. customers in all states (except New York and Hawaii) to buy, hold, send, exchange, and sell 59 different cryptocurrencies and make payments using the Wirex Cryptoback™ Visa card.
|Type of wallet||Web, Mobile|
|Price||Free (paid Premium and Elite plans also available for Wirex Card holders)|
|Fees||Free to set up - No exchange commission, only spread - Card fees vary depending on location|
|Number of Cryptocurrencies Supported||59+|
|Bitcoin and Ethereum Support||Yes|
|Earn (Staking/Rewards)||Yes, interest accounts and cash back rewards for Wirex card holders|
|Customer Service||Help center, community forum, support tickets, live chat|
|In-App Features||Buy, sell, exchange, earn, spend|
|SPV or Full Node||Simplified Payment Verification (SPV)|
|Mobile App||Yes (Android, iOS)|
- Seamlessly manage digital and traditional currencies in one place: Accessible on the web and mobile, Wirex acts as a one-stop-shop for cryptocurrency and fiat currency money management and payments.
- Spend cryptocurrency everywhere debit cards are accepted: Wirex’s debit card enables users to spend digital and fiat currency while receiving up to 2% cashback paid in cryptocurrency.
- Earn double-digit interest on a selection of digital assets: By tapping into the DeFi market, Wirex provides interest-bearing accounts for crypto holders who want to earn interest on their investments.
- Users must complete an identity verification process: To register for an account with Wirex, all users need to complete an onboarding process that requires users to trust the company with personal information.
- The changing regulatory landscape may affect the usability of your crypto debit card: Should regulations change in your geographical location, your Wirex card may suddenly stop working as the company has to comply with laws and regulations.
Wirex Wallet Features
Wirex provides a payments platform that enables individuals to manage and use digital and traditional currency in one place. Available on the web and mobile, Wirex enables crypto users to store, send, receive, buy, sell, and spend 59+ crypto assets.
Additionally, Wirex allows users to spend cryptocurrency and receive crypto cashback rewards using the Wirex crypto debit card, enabling individuals to integrate crypto payments into their daily lives.
Wirex users can also earn double-digit interest on their crypto asset investments by placing funds in Wirex X-Accounts or DUOs. To be able to provide high-interest rates to its users, Wirex taps into DeFi liquidity pools, DeFi lending pools, and institutional lending liquidity, making it easy for beginners to earn DeFi yields without having to deal with the complexities of the DeFi market directly. Wirex does not charge account fees for X-Accounts or DUOs.
Moreover, Wirex also enables users to instantly borrow stablecoins by depositing cryptocurrencies as collateral, starting at 0% APR. No credit checks are required to secure crypto-backed stablecoin loans.
Users who want to explore decentralized applications (dApps) can use Wirex Wallet, the company’s decentralized wallet that supports 100+ digital assets across numerous blockchains and comes with an in-app DApp Browser. However, Wirex Wallet is separate from the Wirex app, so Wirex Wallet users can’t use the company’s other services.
Top 5 supported cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Solana (SOL)
- Dogecoin (DOGE)
Wirex Wallet Security
Wirex puts a strong emphasis on security, encouraging all users to set up two-factor authentication (2FA) for their Wirex accounts.
Moreover, users can pre-authorize devices they plan to use the Wirex app as an additional security layer, and all wallets are secured using multi-signature technology to ensure only the user can access their funds.
Wirex Wallet Privacy and Anonymity
Wirex requires all users to complete an identity verification process to set up an account. As a result, Wirex wallet users cannot use their cryptocurrency anonymously and the level of privacy that Wirex offers is very limited.
Wirex Wallet Setup
The Wirex app can be accessed online and on mobile, and the setup process is essentially the same on both. Let’s take a look at each one.
Access the official Wirex website at wirexapp.com and click on “Open an account.” Next, type in your location, email address, and password. Then, you will need to fill in personal information, including your full name and address, upload a copy of an ID document, and share a selfie to complete the identity verification process.
Setting up a Wirex account on mobile works the same way as on the web with the only difference being that you first need to download the Wirex app on your smartphone and open the app to set up your account.
Wirex Wallet Usability
The web version of the Wirex app provides a user-friendly dashboard that both beginners and advanced cryptocurrency users can seamlessly navigate. On the platform, users can manage their digital assets, earn interest in X-Accounts, review their Wirex X-tras debit card rewards, and more.
The mobile version of the Wirex app comes with all the features and capabilities as the web version, enabling Wirex users to manage their money and make payments on the go.
However, users have pointed out in app store reviews that the mobile version can be buggy at times and there are numerous complaints about mobile verification not working properly.
Wirex Wallet Customer Service
According to the company, users can receive 24/7 customer service. However, this assistance is only available via support tickets or the in-app live chat function.
But third-party reviews of the Wirex app paint a different picture. A lack of responsiveness from customer support combined with the inability to resolve issues in a timely manner has been cited by numerous users, suggesting that Wirex needs to improve its customer support.
Wirex Wallet Cost & Fees
Wirex doesn’t charge any account opening fees, so you can set up a cryptocurrency wallet for free. Users also don’t pay any commission on crypto exchanges but Wirex charges a spread.
There are no card issuance or replacement fees, at least for U.S. Dollars within the U.S. Moreover, there is no monthly account maintenance fee for Wirex card users. However, there is a 1.49% funding charge when topping up the Wirex card with crypto.
Wirex enables individuals to manage their cryptocurrencies online and via mobile devices. In addition, users can make payments using the app’s crypto debit card.
Crypto users looking to “live off crypto” will appreciate the Wirex debit card as it enables them to spend digital currency anywhere card payments are accepted. However, investors looking to explore the vast crypto investment universe will be disappointed as Wirex primarily targets beginners by offering a limited number of crypto assets and beginner-friendly services.
Moreover, the Wirex app comes with a custodial wallet. That means users have to trust Wirex with their wallets’ private keys (and thus their funds), which seasoned crypto users tend to shy away from.
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