Wirex Review: Is It Worth It?

In this Wirex review, we will be examining whether or not the Wirex Card and the Wirex Platform are worth your time!

Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.

Table Of Contents
    Wirex Review 3

    Background and History

    Unlike many counterparts grappling with the intricate integration of conventional 'fiat' currencies and the realm of cryptocurrencies, Wirex distinguishes itself with its adept focus on this very fusion.

    However, Wirex's significance transcends the confines of a mere cryptocurrency product; it proudly champions a crypto-affable ethos. Its substantial user base of 3.1 million individuals employs Wirex not only for conventional and blockchain-driven transactions, but also as a conduit for the fluid interchange between their crypto and fiat holdings in their everyday engagements.

    Evidently defined by its mission, Wirex is steadfastly committed to the creation of a global landscape where the swiftness, simplicity, and inclusivity of purchasing, retaining, swapping, and utilizing both fiat and cryptocurrencies are paramount.

    This resolute commitment is epitomized by the inherent ability to execute operations encompassing the transmission, receipt, conversion, and expenditure of any among the 31 diverse traditional and digital currencies, spanning across an impressive expanse of over 54 million locations spanning the globe.

    Notably, Wirex's pervasive influence extends across 130 countries, with a trajectory of expansion that resonates with judicious yet swift growth, reflecting a strategic approach to its global reach.

    Features

    Wirex Card

    Wirex offers a prepaid debit card, which is perfect for people who don't have access to traditional banking services. The card can be used anywhere for withdrawing cash from any ATM with just a swipe or tap. With Wirex, it's easy to manage your spendings and save money at the same time.

    X-Accounts

    X-Accounts let you earn up to 16% AER on selected currencies. You can withdraw your funds at any time at no extra cost and create up to 10 different X-Accounts in-app. Interest is accumulated daily and paid weekly, so all you have to do is sit back and watch your savings grow!

    X-tras Rewards Programme

    X-tras allows customers to get more out of their Wirex accounts than ever before. Three flexible price plans – Standard, Premium, and Elite – offer different tiers of rewards and benefits, including supercharged Cryptoback™ rewards, annual Savings Bonuses on WXT account balances, and exclusive merchant offers.

    Hassle-Free Sharing

    Send money to your contacts in seconds, no wallet address or account details are required.

    Compliance

    Wirex is defined by its proactive approach towards regulatory compliance, an attribute that underpins its operations in the financial domain. Evidencing a stance that aligns with prudence and adherence, Wirex actively navigates the landscape to secure the requisite licenses wherever they are established. Even in instances where regulatory frameworks are still evolving, Wirex steadfastly adheres to a paradigm of stringent standards, mirroring the due diligence one would expect in the presence of established regulations.

    The acquisition of an e-money license in the UK in 2018 marks a seminal achievement in Wirex's commitment to regulatory alignment. This milestone not only exemplifies the platform's dedication to complying with established norms but also serves as a testament to its positioning as a responsible and accountable player in the industry.

    As part of its ongoing trajectory, Wirex's endeavors extend to the global front. The pursuit of licenses within the European Economic Area (EEA), Japan, and Singapore serves as a pivotal illustration of Wirex's ambition to adhere to regulatory stipulations on a cross-jurisdictional scale. By embracing this multifaceted regulatory landscape, Wirex endeavors to not only fortify its own standing but also to foster an environment where its customer base can interact with financial services that bear the hallmark of transparency, security, and reliability.

    Fees

    Wirex's approach to fees is unequivocally straightforward, aimed at delivering utmost value to its users while negating the nuances of unnecessary charges.

    A defining facet of Wirex's fee structure is its commitment to a "Zero Exchange Fees" policy. This policy affords users the liberty to seamlessly transition between their cryptocurrency and conventional currency holdings without incurring any exchange fees. The use of Over-the-Counter and interbank rates, coupled with the absence of fees, manifests as a clear advantage, allowing users to preserve up to 3% more in savings when compared to competing platforms. In an arena where hidden charges and obscured fees are often par for the course, Wirex's unembellished stance on this matter resonates as a beacon of transparency and pragmatism.

    In alignment with its user-centric approach, Wirex extends an array of benefits with regards to transactions and withdrawals. The offer of free ATM withdrawals up to SG$400 per month stands as a testament to Wirex's dedication to facilitating user convenience. This allowance is seamlessly paralleled by unrestricted spending opportunities and the absence of monthly maintenance fees, reaffirming Wirex's commitment to fostering a financial ecosystem that revolves around user empowerment and financial autonomy. Furthermore, the assurance of unlimited fee-free foreign exchange (FX) transactions substantiates Wirex's resolve to keep users unburdened by the complexities of transactional costs, regardless of the global context.

    Plans and Pricing

    Standard
    $0
    • 0.5% Cryptoback™ (in-store)
    • Merchant Offers
    • Free fully-featured cryptocurrency wallets
    • Free Wirex card
    • Spend in over 150 currencies at the interbank exchange rate
    • NO FEE UNLIMITED interbank exchange rates
    • UNLIMITED Access to OTC (Over-the-Counter) crypto exchange rates
    • Payments: UNLIMITED Cryptocurrency external transfers
    • Withdrawals: NO FEE ATM withdrawals up to €400 per month, then 2% fee
    • Subscription Type: Free, unlimited
    $0
    Premium
    €119.88/yr €102/yr
    • 4% annual Savings Bonus on WXT balance!** (Usual rate 2%)
    • 1% Cryptoback™ (in-store)
    • 1% Cryptoback™ (online)
    • Merchant offers
    • Free fully-featured cryptocurrency wallets
    • Free Wirex card
    • Spend in over 150 currencies at the interbank exchange rate
    • NO FEE UNLIMITED interbank exchange rates
    • UNLIMITED Access to OTC (Over-the-Counter) crypto exchange rates
    • Payments: UNLIMITED Cryptocurrency external transfers
    • Withdrawals: NO FEE ATM withdrawals up to €400 per month, then 2% fee
    • Subscription Type: Annual, 90-day break clause
    €119.88/yr €102/yr
    Elite
    €359.88/yr €306/yr
    • 12% annual Savings Bonus on WXT balance** (Usual rate 6%)
    • 2% Cryptoback™ (in-store)
    • 2% Cryptoback™ (online)
    • Curated elite offers from merchant partners
    • Free fully-featured cryptocurrency wallets
    • Free Wirex card
    • Spend in over 150 currencies at the interbank exchange rate
    • NO FEE UNLIMITED interbank exchange rates
    • UNLIMITED Access to OTC (Over-the-Counter) crypto exchange rates
    • Payments: UNLIMITED Cryptocurrency external transfers
    • Withdrawals: NO FEE ATM withdrawals up to €400 per month, then 2% fee
    • Subscription Type: Annual, 90-day break clause
    €359.88/yr €306/yr

    Wirex Pros & Cons

    Wirex: Pros

    • Many features
    • Available in 130 countries
    • Very low fees
    • Earn high interest on balances
    • X-accounts offer an unbeatable 16% interest on traditional currencies and up to 10% on BTC, ETH, LTC and other major cryptocurrencies
    • Takes compliance very seriously
    • The Standard card plan is free
    • Supports 29 cryptocurrencies
    • 24/7 live chat support

    Wirex: Cons

    • Many complaints regarding slow customer support
    • Cashback is low when compared to competitions (although competitors require staking).
    • Instead of having an annual fee, it would be nice to have tiered benefits based on WXT staking instead of an annual fee, that could raise the value of the token as well as making Wirex more competitive when compared to competition

    Wirex Review: Verdict

    After our Wirex review, we've concluded that this is one of the most innovative and solid companies in the crypto universe.

    Wirex was established in 2018 and has been steadily expanding ever since, it takes compliance very seriously and abides by every regulation.

    At the time of writing, Wirex is available in 130 countries and supports 29 cryptocurrencies + 9 traditional currencies, these numbers are likely to keep increasing in the near future.

    Fees are very low, and Wirex offers a free card option, unfortunately, the cashback rewards are lower than most of its competition.

    Although Wirex offers 24/7 live chat support, there are many complaints regarding the slow response time when resolving open tickets.

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    • OVERALL SCORE

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    Wirex Review 2
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