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Wirex is a cryptocurrency platform with its own wallet, card and exchange. It also offers interest-earning and lending services.
Recent changes to the cryptocurrency landscape have highlighted how important it is to choose reliable third parties for crypto services. Here’s how the Wirex wallet performs.
Wirex has an interest-earning product called X-Account. These accounts can be set up in minutes and interest accrues each week. X-Accounts allow users to earn as much as 12% interest on USD. An additional 4% is earned when rewards are claimed in Wirex’s native token, WXT. If customers opt to use the decentralized finance system, they can earn more than a 25% annual percentage yield with Aave and Compound.
Wirex also has a cryptocurrency exchange to meet the buying and selling needs of its users. It provides a hand-selected lineup of 70 top cryptocurrencies, stablecoins and traditional fiat currencies for its customers to trade. Wirex doesn’t charge any exchange fees and claims to save users as much as 4% when compared with similar options.
Wirex has partnered with Mastercard to allow users to spend their crypto, too. It charges no monthly or foreign transaction fees, can be used at more than 80 million locations worldwide and rewards customers with 2% cash back in WXT on all purchases.
The Wirex wallet permits crypto transfers that take just 15 minutes. Contacts can be synced from phonebooks and unique wallet addresses and QR codes are used to simplify the process of adding or sending funds to another wallet or person.
The final service Wirex provides is crypto credit. A credit line will be granted to Wirex’s cards by using existing account assets as collateral. Up to 80% of the collateral can be borrowed, and users are free to choose how to use it, whether it’s for spending or crypto staking. Credit can be paid down at any time.
Wirex incorporates 256-bit SSL to encrypt data and protect against possible attacks. It also uses email confirmation and two-factor authentication to secure user accounts. Wirex takes advantage of multi-signature technology to verify transfers as well as security architecture to eliminate any single point of failure if an attack was to occur. Additionally, all card details are hidden on each profile.
Wirex supports Chrome and Safari on desktop, mobile and tablet devices for web usage. It also has a downloadable app on the Apple App Store and the Google Play Store with ratings of 3.7 stars on each. Trust Pilot, however, scores Wirex with a rating of just 3.0.
Overall, reviews of Wirex are mixed. While the majority of customers appear to be happy with the service, others have shown disdain in relation to the sign-up process, identification procedure and inability to withdraw money from accounts.
Wirex operates a help center, a community forum and submissions to a customer support team if issues can’t be resolved. Online reviews of Wirex claim that the customer service is not up to its set standards and that new features such as live chat should be integrated to improve the overall service. Wirex itself has acknowledged these issues in the past, stating that it is hiring staff and enacting changes to improve support.
Wirex stands out among the competition for having zero fees on foreign exchange transactions. This simplifies transfers, trading and payments for its customers.
Here’s how Wirex performs against some of its close competitors.
Coinbase charges fees for its exchange whereas Wirex charges none. However, Coinbase’s customer base is one of the largest in the crypto space, and it has a more well-known reputation for accountability, security and trust.
Wirex offers higher rewards through “Earn” products than Crypto.com. On the other hand, Crypto.com gives its customers up to 5% cash back on card purchases compared to Wirex’s 2%. Crypto.com also includes exclusive deals with Netflix, Spotify and Airbnb.
The process to sign up for Wirex is as follows:
Wirex is best for those who want to exchange cryptocurrencies and fiat currencies regularly as well as actually use their crypto assets for making purchases.
Wirex appears to be a jack-of-all-trades for crypto services. Despite this, it falls short when it comes to customer support. Issues highlighted with similar platforms — such as the bankruptcy of Voyager Digital — should encourage consumers to remain vigilant, too. Only investing an amount that can afford to be lost remains a core tenet in the crypto environment.
Information is accurate as of Aug. 1, 2022.
Editorial Note: This content is not provided by Wirex. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Wirex.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.
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