Wirex first launched in 2014 as a way to facilitate crypto payments. The company prided itself on providing customers with a borderless payment method that could be used to buy goods and services via crypto; a type of transaction that was fairly difficult at the time.
Now, this crypto platform has blossomed to be a one-stop shop for many crypto adopters, and it has a few unique features that set it apart from other exchanges in meaningful ways.
Let’s dive into this Wirex Review and figure out if this crypto platform is right for you.
- Wirex Ease of Use
- Cryptocurrencies Available on Wirex
- Wirex Supported Countries
- How to Open a Wirex Account
- Wirex Features
- Wirex Trade Experience
- Wirex Fees and Limits
- Is Wirex Safe and Secure?
- Wirex Customer Support
- Wirex Wallet
- Wirex Pro Crypto Trading App
- Is Wirex Right for You?
Summary of Wirex Review
|Supported Crypto Assets||More than a dozen of crypto assets, Bitcoin, Ethereum, Litecoin|
|Platform||Yes, (iOS, Android)|
|Withdrawal Fee||Depends on currency|
Wirex Ease of Use and Design
The Wirex app is more user-friendly than many other exchange options. It loads quickly, maintains responsiveness across all of its features, and despite its mind-boggling number of features, everything is simply and accurately labeled to make navigating the app a breeze.
However, it can be a little confusing for people who are new to crypto. With 38 coins, almost every type of fiat, and multiple ways to use all of those on the platform, it might take a brief period to get used to all the options available.
Luckily, Wirex is popular enough that there are tons of third-party guides specifically designed to help you work your way through every small detail of the site’s operation. If you find yourself confused, you’re typically a 30-second Google search away from a useful answer.
On the plus side, that overwhelming set of features is also the platform’s strong suit. Unless you want a type of currency that isn’t supported, you can easily make Wirex the home for all your crypto needs.
Cryptocurrencies Available on Wirex
Wirex has a fair selection of crypto coins available for you to buy and spend, but they also support quite a few fiat currencies. We’ll cover each of those categories in this section; starting with crypto.
On Wirex, you can buy and spend the following cryptocurrencies.
- Wirex Token
These are the fiat currencies supported by the platform. You can use them to purchase crypto, or they can be used with the Wirex card that we’ll talk about later.
- United States Dollar
- Great British Pound
- Romanian Leu
- Canadian Dollar
- Hungarian Forint
- Polish Zloty
- Czech Koruna
- Croatian Kuna
Every currency, both fiat, and crypto, that we listed can be used on the exchange, in the Wirex wallet, or with the Wirex card. This is a huge step above the versatility of other exchanges, and it should be seen as a major pro for the platform.
Wirex Supported Countries
Wirex is supported and used in more than 130 countries as of the time of this writing. With that being said, it’s still banned in some places that aren’t particularly crypto-friendly.
Wirex is banned or otherwise unavailable in a number of countries. There are other territories where Wirex isn’t supported, but these are the major locations. As an added note, Wirex no longer supports UK customers as of 2020.
This might change in the future, but for now, Wirex has been forced to cut off service due to the UK’s ongoing battle to control crypto. Luckily, Wirex is one of the major crypto companies working with the UK government to help change that for the better.
How to Open a Wirex Account
Opening an account with Wirex is just about as easy as it is for any social media site or other popular services. We’ll cover the basic steps here, but keep in mind that you’ll have to follow their identity verification steps, which are outlined well within the app, once you start trading.
Step 1) Download: To get started, you’ll have to navigate to the Wirex app in your app store. Download it, and allow it to automatically install. Once it’s installed, tap the shortcut on your phone’s home screen.
Step 2) Create an Account: When you open Wirex for the first time, you’ll be prompted to log in or make an account. Choose “Create an Account”, and make sure you have your basic information ready to go.
Step 3) Fill out the Basics: This is just like every other app. You’ll need to provide your name, birthday, address, and other bits of basic info. You’ll also need to submit your phone number.
Step 4) Verify Your Email: After this step, an email will be sent to your email address. Go there and simply click the link to verify your email and continue.
Step 5) Verify Your Phone Number: To finish creating your account, you’ll need to verify your phone number.
At the end of the registration process, you’ll be sent a text message with a short numeric code, and your Wirex app will have an empty pop-up window.
Put the code sent to you into the pop-up window, and click “Submit”. Now, you’re ready to browse the Wirex app!
Before you can trade and start making the most of Wirex, you will have to verify your identity.
This is a simple process that begins once you have access to the app. Just have your ID at the ready and follow the on-screen prompts.
Verification is fast, easy, and most importantly, crucial for creating a secure trading environment for everyone.
Notable Wirex Features
Wirex truly does stand out from the pack. It’s not just an exchange. It’s a payment option and an e-wallet, too. Naturally, this gives it some unique features. Let’s go over those.
The Wirex Card
The Wirex card is Wirex’s most notable feature. Rather than having to withdraw your crypto and convert it to fiat at your bank, you can take the Wirex card to any store, website, or service that accepts Visa or Mastercard, and you can use your funds seamlessly.
Want to impress your date by paying for dinner with Bitcoin? Poof. Wirex lets you do that. Want to purchase a few Christmas presents with the Ethereum you’ve held onto all year? You can do that, too.
More importantly, you get rewarded for using the card. You can earn up to 1.5BTC every time you purchase with the Wirex card. Like all your other crypto assets, that reward can gain value.
Have some friends that are looking to get into crypto? Give them a Wirex referral code from your account. You’ll be paid up to $10 in Bitcoin, which can gain value over time, for everyone who uses your referral code.
In-Store Rewards and 1% Flat Fees
Wirex transactions have a 1% flat fee. That’s not the lowest, but it is highly competitive when compared to other high-end exchanges. Also, that fee is offset if you use the Wirex card because it gives you up to 1.5% BTC every time you buy something in-store. This is a great way to offset transaction fees and maybe even earn big ROIs.
You usually need an e-wallet, an account on an exchange, and a bank account willing to accept crypto withdrawals to use all the crypto you stockpile. With Wirex, you don’t have to.
You can use your crypto to top up your Wirex account and purchase crypto coins on the Wirex exchange, make on-platform transactions with other users for free, hold your crypto in a built-in wallet, and even spend your assets wherever you want with the Wirex card.
Wirex Trade Experience
We have to put Wirex’s trade experience near the very top of all other platforms. It’s extremely versatile, its fees are user-friendly, and you get plenty of options for facilitating trades.
This includes timed recurring orders, instant conversion from crypto to fiat with the Wirex card, no-fee peer-to-peer trading, and a simplistic buying and selling experience.
However, the platform does fall behind slightly when it comes to offering the latest advanced trading features.
While some of the most advanced exchanges offer extremely complex manual ordering and routing options for professional investors, Wirex has opted to keep its options aimed at the intermediate crowd.
Again, the overall experience is fast, smooth, and enjoyable, but very experienced investors may want to look elsewhere for their more complex order preferences.
Wirex Fees and Limits
For starters, peer-to-peer crypto transactions are free. This is great for paying for commissioned work with other users, simply trading assets with known users, and other personal things.
Beyond that, there’s a 1% fee associated with purchasing crypto on the platform, but Wirex’s coin can be purchased without paying the 1% fee.
Beyond that, the Wirex card comes with its own 1% transaction fee, but it’s offset by the 1.5% BTC reward for in-store purchases. It can also be noted that domestic purchases get that fee waived entirely if you spend less than $400.
However, there is an optional 29.99-Euro monthly fee if you want to enroll in the highest tier reward program. This pays for itself if you use the card often, though.
Is Wirex Safe and Secure?
Wirex uses some of the best security features in the crypto world, and widespread hacks aren’t heard of on the platform. That’s a huge achievement for a platform of its size and age.
This doesn’t mean it’s impenetrable, though. If you do a simple Google search, you’ll find various examples of individual users complaining of being hacked. Luckily, every example we could find had absolutely nothing to do with Wirex’s on-site security.
Instead, they were the result of clever thieves getting login credentials from users or their cellphone providers. Check the link above to see what we’re talking about.
Hacks are very rare on Wirex, and when they do occur, there’s a third-party or user mistake involved. The platform itself is safe.
Wirex Customer Support
Unfortunately, customer support is one area where Wirex lacks, and in some cases, that lack of genuine support undoes all of the platform’s benefits.
Users have reported having issues with their accounts, and Wirex has taken days to get back to them. On some, admittedly rare, occasions, Wirex has flat-out ignored customers suffering from major issues such as lost funds.
This is completely unacceptable, and it’s something every user has to take into account before making an account.
Luckily, these issues seem to be few and far between. The platform does have an excellent overall rating with several consumer report platforms for a reason, and it has an exceptional reputation with the vast majority of its userbase. This should also be considered before you decide to look the other way.
Wirex does have an e-wallet. This is how you hold your on-site assets and fiat funds, and it’s what the Wirex card pulls from when you use it for purchases.
It’s not the most detailed wallet, and it doesn’t have the most features, However, it does its job well, and it has plenty of security features to keep your assets safe.
Wirex Pro Version
The Wirex app does not have a pro version. However, the Wirex card, which most users will want to take advantage of to enjoy its many benefits, does have a monthly subscription option.
Of course, the main card is free and it has the same transaction fees applied to it as we detailed earlier, but if you pay 29.99-Euro per month, you can unlock the best of its reward benefits and potentially make money off it.
This is a worthwhile option if you plan on using the Wirex card often, but more casual users will probably want to stick to the base version.
Who is Wirex Best for?
Wirex is for everyone to one extent or another. Beginners will love it due to its simplistic, one-stop-shop setup. Intermediate users will enjoy the rewards offered by the Wirex card, and of course, there’s plenty to keep them interested when it comes to the supported coins and transaction options.
Pros will get less out of Wirex. It doesn’t have some of the extremely complicated features of other high-end platforms, but it has enough to cover the basics of a pro’s portfolio.
A pro will likely enjoy the platform for purchasing and holding their main assets: Bitcoin, Litecoin, and Ethereum, while using the Wirex card to spend them without all the hassles associated with traditional exchanges they use for more complex orders.
Wirex is an amazing platform tainted by one potential setback. For that reason, it should be a worthy option for all crypto enthusiasts, but you should be cautious if you plan to invest large sums.
For most people, Wirex is a one-stop-shop and near-perfect crypto option. However, Wirex doesn’t dedicate the time and attention it should to the people that make its company profitable: Its customers.
This is a serious drawback, and it should be considered before creating an account. Otherwise, we recommend at least giving it a good ol’ college try before writing it off.