A comprehensive review of Wirex
Exchange, debit card, tradable assets and wallet features
Wirex allows you to spend your cryptocurrency anywhere with a crypto debit card, and exchange between multiple crypto and fiat currencies within your account. Their aim is to make real-world spending of cryptocurrencies achievable by offering services such as a digital currency wallet (with support for Bitcoin, Ethereum, Litecoin, and Ripple/XRP), and their cryptocurrency exchange service that supports almost 50 cryptocurrencies. At present, Wirex have amassed 1.5 million users on their platform, who have collectively produced a transaction volume of over £1.1billion.
Pros & Cons
Account Options & Regulation
|Forex Majors Spread|
|Min. Trade Size|
|Free Demo Account||No|
|Day Trading Account||Yes|
|Payment Options||Bank Transfer, Credit/Debit Card|
|Crypto Coins||BTC, ETH, XRP, LTC|
What can I do on Wirex?
Wirex operates as a wallet, exchange, and debit card. They are all integrated with each other through the mobile app. Here’s a quick summary of what the platform offers:
- Cryptocurrency exchange. Allows you to exchange up to 50 altcoins (including Dash, Monero, and others) into Bitcoin, Litecoin, Ethereum, and XRP/Ripple through the mobile app.
- Multi-crypto and fiat currency wallet. Enables users to store and exchange between Bitcoin, Litecoin, XRP/Ripple, ETH, GBP, USD, and EUR on the mobile and desktop wallet.
- Visa debit card. Wirex can be used to complete offline and online payments, as well as use ATMs, just like a regular debit card. Wirex uses the funds stored in your Wirex wallet to conduct all transactions.
All of these features are explained in more detail below.
What cryptocurrencies are supported?
The Wirex wallet currently supports the storage of Bitcoin, Litecoin, Ethereum, and XRP/Ripple. However, through the mobile app (available on iOS and Android), you can convert up to 50 recognised altcoins into the above currencies. Here is a list of the most recognised cryptocurrencies supported:
- Basic Attention Token
- Bitcoin Cash
- LBRY Credits
If you are in the UK, you can transfer funds to your Wirex account from your bank account using a Fast Payment System (FPS). Users from other European countries can also make wire transfers to deposit funds via SEPA (Single Euro Payment Area).
Credit and debit card
You can fund your Wirex wallet through your regular debit and credit cards, however, there is a daily deposit limit of £1000.
You can exchange Bitcoin, Ethereum, Litecoin, XRP/Ripple, and up to 50 other recognised altcoins on Wirex. Wirex does not charge a fee for cryptocurrency deposits but a Blockchain network transaction fee might apply. This is usually a small, negligible cost (under £2) associated with verifying your transaction on the Blockchain used to reward miners.
What devices can I use Wirex on?
You can access the Wirexapp through a web browser on any software operating system. However, it comes with less functionality than the mobile app, which is available for both Android and iOS users. Regardless, here are the devices supported:
- Desktop computers
How easy is it to use Wirex?
Wirex is very easy to use thanks to its simple, user-friendly design. Their mobile app has the best functionality, integrating access to the exchange, wallet, and debit card services all into a single interface. In regards to using the debit card itself, it operates the exact same way as a ‘normal’ debit card would, and supports contactless payments.
The Wirex debit card can be used worldwide as it acts exactly as a regular debit card would. However, the exchange, wallet, and debit card services are not available to users in all countries yet, such as the USA. Here are the countries that are currently able to enjoy all Wirex’s features:
- Czech Republic
- United Kingdom
Account verification is necessary for access key features of the Wirex platform such as its exchange, debit card, and wallet features. This is a recent change due to necessary compliance with FCA (Financial Conduct Authority) regulation. Therefore, in addition to submitting details like your full name, email address, full address, and date of birth, you will need to submit documents proving your identity (POI) and residence (POR).
Proof of Identity
For proving your identity you’ll need to provide one of the following:
- A valid government issued driver’s license
- A valid state issued passport
- A national identity card
- A work permit or a resident card for aliens and non-residents.
Proof of Residence
To show POR, the document you submit must not be more than 3 months old (with the exception of a council tax bill) and must contain your name, address, and full address. For this procedure, you will be required to have one of the following documents:
- A letter issued by the government relating to your tax benefits
- A bank statement (cannot be an online statement)
- A utility bill (cannot be a mobile bill)
- A council tax bill (this cannot be more than a year old)
Wirex offers its two basic forms of customer support: a ticket system and Facebook. Their ticketing system operates via email, which can be accessed through the mobile app or web-based platform. Alternatively, users can contact the customer support team through their Facebook page. Usually, the support team gives prompt responses to queries, so you can expect an answer within 3 working days. Users might also be able to find answers to regular queries within their FAQ section.
The Wirex app allows for users to exchange between Bitcoin, Ethereum, Litecoin, XRP/Ripple, GBP, USD, and EUR. The mobile platform also allows for the additional option of trading with upwards of 50 altcoins. Exchanges happen in an instant, are straightforward to make on either platform, and the balance you have in each currency is clearly displayed. In terms of security, users have the option of including Two Factor Authentication (2FA) via the mobile app.
Is Wirex a secure exchange?
Yes. Wirex are a transparent and secure exchange that aims to provide users with a safe and hassle-free experience whilst using their app. They have been awarded a Level 1 PCI DSS (Payment Card Industry Data Security Standards) certification for their security systems, and are regulated by the FCA (Financial Conduct Authority). Wirex also utilises the Visa Verification system, which further aims to protect the identity of its users.
Are there fees for using Wirex’s exchange?
Yes, there are fees attached to the exchange. There is a £1.00 / €1.20 / $1.50 monthly maintenance fee associated with the use of the Wirex app. In addition, users should note that when exchanging between cryptocurrencies, or from cryptocurrency to Fiat and vice versa, Wirex will add a slight premium above the market rate. This is how Wirex generates income, as opposed to imposing direct trading fees.
Although not associated with Wirex, users should also expect to face a negligible transaction fee (under £2) used to reward miners for verifying their transaction if moving or exchanging cryptocurrencies.
What are the withdrawal and deposit limits?
Wirex does not provide limits for the depositing or withdrawal of cryptocurrencies on its exchange or debit card. However, the fiat currency account wallets can only hold up to a maximum of £7,500, €8,000, and $10,000. If you are depositing fiat currency into Wirex with a regular credit or debit card, there is a daily deposit limit of £1000. Furthermore, there is a daily withdrawal limit when withdrawing fiat currency from an ATM, which is set at £250.
Summary of Wirex exchange
Wirex provides a solid exchange service, particularly for users who need to trade between cryptocurrencies and fiat currencies on the go. This is facilitated by an intuitive and easy to use mobile interface, which also gives the added feature of trading with upwards of 50 altcoins. However, users should understand that coins are bought at a premium above the market rate.
The Wirex wallet is a solid choice for users who are looking for a simple and secure online wallet, which can store Bitcoin, Litecoin, Ethereum, and Ripple/XRP.
What are the security features?
The Wirex wallet allows for the enabling of Two Factor Authentication (2FA), which provides an additional layer of security for users if they wish. Additionally, all Wirex communications are built on a 256-bit Secure Socket Layer (SSL), which is the industry standard certificate for encryption security online.
Further, unlike most online wallets that hold all customer funds in one hot wallet, Wirex secures each cryptocurrency wallet individually with 3 keys that are generated and stored on different devices to provide for additional security and fraud protection. Ultimately, users should be wary that their funds are still less secure online than in cold storage, such as in a hardware wallet.
Are there fees associated with a Wirex wallet?
No, there are no fees associated with the storing of cryptocurrency or fiat currency on the wallet. However, since the wallet is linked to the exchange, users should expect to incur the £1.00 monthly maintenance fee.
What are the deposit and withdrawal limits?
There are no deposit or withdrawal limits for the Wirex cryptocurrency wallets. However, there is a maximum account balance for the fiat currency wallets, which are £7,500, €8,000, and $10,000 respectively. As long as the account balance is not exceeded, users can enjoy unlimited daily spending and load limits, with the exception of ATM withdrawals and credit card withdrawals. These have a daily limit of £250/€250/$250 and £1000/€1000/$1000 respectively.
Summary of wallet
The Wirex wallet is convenient for users looking for a more secure online wallet option that can store Bitcoin, Ethereum, Litecoin, XRP/Ripple, and fiat currencies (GBP, EUR, USD) all in one place. As an online wallet, users should note that Wirex wallets will still be less secure than having funds in cold storage. However, this is traded off with the ability to access funds on the go, and spend with the Wirex card.
Wirex debit cards are a convenient way of being able to hold your cryptocurrency through the Wirex wallet and spend it as fiat currency, just like a ‘normal’ debit card would do, meaning you can spend your cryptocurrency when carrying out regular online and offline transactions. The debit card is superior to most cryptocurrency related cards as it allows for the spending of Bitcoin, Ethereum, Litecoin, and XRP/Ripple with the same card. The cards come denominated in the fiat currency of your choice, including GBP, EUR, and USD.
Can I manage my card through an app?
Yes, the Wirex card can be easily managed through the web-based platform, as well as the mobile app (supported on both iOS and Android devices). You can also use the Wirex app to exchange between cryptocurrencies, cryptocurrency and fiat, and vice versa on the go, as well as look at your card’s transaction history.
Can I use Wirex’s card abroad?
Yes, you can use the Wirex card worldwide, at any ATM, offline store, and online store that accepts VISA debit cards. When conducting transactions that are not in the fiat currency that your card is denominated in, you will be paying for your transactions at a slight premium (wholesale forex exchange rate). USD denominated cards also incur an additional flat fee of $0.28 per such transaction.
Are there fees for using my card?
Yes, the Wirex Card comes with a different set of fees according to the denominated currency your card comes in.
Here are the fees for a regular GBP denominated card:
- Monthly service/maintenance fee. £1.00 per month
- Declined transaction fee. £0.05 per transaction
- ATM withdrawals outside of the EU. £2.25 per transaction
- ATM withdrawals within the EU. £1.75 per transaction
- Balance enquiry at ATM. £0.20
- Standing order payment. £0.30 per transaction
- Chargeback payments via admin support. £20.00 per transaction
- Tracing payments via admin support. £20.00 per transaction
- Recalling payments via admin support. £20.00 per transaction
- Change of pin. £0.35
- Spending in a foreign currency. wholesale forex rates apply
Are there deposit and withdrawal limits?
There are no deposit limits on the Wirex card. However, the fiat currency account can only hold a maximum balance of £7,500, €8,000, and $10,000 at any given time. This does not apply to the cryptocurrency wallets. There are no loading or spending limits, but there are daily ATM and credit card withdrawal limits of £250/€250/$250 and £1000/€1000/$1000 respectively.
Can I connect my Wirex card to my mobile wallet?
Yes, you can add your Wirex card to your Apple Pay or Google Pay wallet. You can also simply use Wirex’s virtual card through the mobile app.
Summary of card
The Wirex card is ideal for anyone looking for an easy and convenient way of spending cryptocurrencies on a regular basis. Although it comes with several fees, it provides the kind of flexibility that is hard to come by considering its features. Ultimately, this is a tremendously versatile card as it can support the spending of Bitcoin, Ethereum, Litecoin, and XRP/Ripple all at once, which is unique to any cryptocurrency related debit card on the market.
Wirex has successfully combined an online wallet, exchange, and a crypto debit card all into one place, through the use of their mobile platform. This makes the spending and exchange of multiple cryptocurrencies possible, which is easy for users on the go. Furthermore, the debit card’s ability to spend Bitcoin, Ethereum, Litecoin, and XRP/Ripple all at once puts Wirex in a unique position amongst other cryptocurrency debit card rival competitors.
How to set up an account
Decided to register a Wirex account? Great, here’s how it’s done:
- Sign up for an account on Wirex with your email and password
- An activation link will be sent to your email. Click on it to confirm your registration. You will be redirected to the login page, giving you access to your account’s dashboard.
- Next, you will need to verify your phone number. This can be entered on the prompt where you can submit your phone number and select your country
- After you have submitted your phone number, you will then receive an SMS with a 7-digit code. Type in the code to verify your phone number.
- You will now need to submit further personal details, including your full address, full name, and date of birth. Additionally, you must provide documents that show proof of identity and residence. You can refer to the section on account verification for more specific guidance on this.
- At this stage, you may wish to download the Mobile app and register for Two Factor Authentication (2FA) security. This can be done through the ‘Account Settings’ menu on the mobile app.
- After your documents are approved, you can now use the full extent of features on the Wirexapp platform, including the exchange and wallet. You can now order your debit card as well!