Account Minimum: $1
Fees: All-Round Low Fees
Best For: Crypto/Fiat Debit Card
Warning: Trading in cryptocurrency is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.
Wirex is a UK-based crypto wallet app that also incorporates innovative Visa and Mastercard payment cards which you can use for your regular daily purchases and transactions backed by crypto and fiat currencies.
The company has been around since 2014 and has now grown into a global operation offering services in more than 130 countries worldwide and with payment availability at more than 54 million locations around the world. They also recently became the first crypto-friendly Mastercard principal member in the world.
- Make debit card purchases instantly using your cryptocurrency.
- Largely fee-free environment.
- Up to 1.5% Cryptoback™ Rewards on in-store payments.
- Trusted FCA regulation and protections in place.
- There is commission on exchanging crypto.
- 1000 GBP/1000 EUR ATM limit per day in EEA and $1400 SGD per day limit in APAC.
Trust is integral when deciding on a financial service to operate your transactions through as well as a place to store your cryptocurrencies. In both regards, Wirex manages to excel. They are in a unique position as one of only a few crypto-related companies to be approved an e-money license from the FCA in the UK. This is a real plus for users since the FCA is one of the most respected regulatory bodies in the financial world.
In terms of their wallet storage, the company utilizes cold storage for 99% of user funds while also ensuring these wallets are segregated and multi-signature. Overall it means your stored funds will be completely secure and only accessible by you.
With making payments using your Wirex card, the company engages all of the same top-level, secure technology facilitated by Visa and Mastercard include 3-D Secure by Visa to keep your transactions safe. They are also a PCI Level 1 certified service provide and in general deliver the highest degree of safety and security in the sector.
Investment Products & Features
Wirex is more than just a card payment or crypto storage service. You will be glad to note that you can also buy, sell, and exchange a wide range of fiat and cryptocurrencies through Wirex.
Of course, you can use Wirex to buy Bitcoin (BTC), but you can also buy, sell, or transfer Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Waves (WAVES), Dai (DAI), Nano (NANO), Stellar Lumens (XLM), and Wirex Token (WXT) through the app. The native Wirex Token is unique in that it can be used by the company to provide many discounts and other benefits to users including up to 1.5% Cryptoback™ Rewards in Bitcoin on in-store payments.
This adds to the numerous fiat currencies that are supported for payments through Wirex include EUR, GBP, CZK, CAD, HUF, PLN, RON, HRK, USD in the EEA, and AUD, CAD, CHF, CZK, USD, EUR, GBP, HKD, JPY, MXN, SGD, NZD in the APAC region.
When it comes to using the app, you can avail of either a mobile-based version or browser-based depending on your needs and both allow you to manage your account very effectively and in a most user-friendly way.
The card itself that you will receive from Wirex allows contactless payment just as with any other Visa or Mastercard and in all of the same locations with more than 3 million customers now using the service.
Commission & Fees
When it comes to Wirex fees and charges, it is another area where they remain hugely competitive.
They operate a largely fee-free environment which applies on the banking side and the crypto side. You will only find a few small fees in certain circumstances such as when you are exchanging digital currencies where you will be charged a commission and receive the OTC exchange rate. The commission depends on the region the user is in and can be seen in the app.
The only deposit or withdrawal fees you will find are if you make a debit/credit card crypto top-up which is charged at 1%.
With card and transfer limitations, the only notable points are that you will have a daily, and per-transaction card spend limit of $10,000, while the maximum ATM withdrawal per day is $250. On the crypto side, there is a $10,000 per transaction limit, and a $50,000 daily limit.
For ATM withdrawals in APAC, it is free up to 400 SGD per month and then 2% after. The daily ATM limit is $1400 SGD.
The primary resource for customer support at Wirex comes from their online support center. Here you will find an abundance of information available in an easy to navigate format that can help you answer almost any question you may have about the service. This is supported both by an active community of fellow users, and a ticketing system for you to submit any questions that are not answered.
Wirex promotes that customer support is available on a 24/7 basis, live chat is available in the UK for iOS & Android, and this will soon be released in EEA countries. You can contact the team for a fast, professional reply via email too.
In all, Wirex is an innovative and fast-evolving service with its users as top-priority. One of the first in the sector to offer this range of services and backed by the best regulation and reputation.
If you are seeking an all-encompassing, easy to use service that can allow you to buy, sell, trade, and spend your cryptocurrency or fiat at the best value rates as conveniently as possible, then Wirex is a great choice for you. Already with millions of users around the world, they seem intent on continuing to grow and add to their existing offering of first-time achievements.