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Wirex Review

Last Updated on May 21, 2024

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Written by
Adam Headshot
Edited by
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The Bottom Line Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Wirex provides a financial platform that combines traditional banking features with cryptocurrency management. Wirex’s simultaneous provision for crypto and fiat users gives it a unique position among other crypto exchanges.

Despite negative feedback on their customer support, including slow response times and account issues, Wirex is continuously working to improve its service.

Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Pros

  • Supports multiple cryptocurrencies
  • Offers a Visa card for cryptocurrency spending
  • Enables fiat currency exchange alongside crypto
  • Provides strong security features
  • Offers rewards through its Cryptobacku2122 program

Cons

  • Higher fees compared to some other exchanges
  • Limited customer support options
  • Account verification can be slow
  • Limited advanced trading features for professional traders
  • Some users report issues with account locking and funds access

Quick Summary

Headquarters Location Liverpool, UK
Fiat Currencies Supported USD, AUD, GBP, CAD, EUR, NZD + 12 others
Total Supported Cryptocurrencies 250+
Trading Fees Not Listed
Deposit Methods Bank Transfer, Debit Card, Credit Card, Cryptocurrency
Support Facebook, Twitter, Instagram, Help Center Articles, Support Ticket
Mobile App Yes - iOS, Android

Wirex merges conventional banking services and digital currencies in an easy-to-use platform. With tangible and virtual cards that can be used at over 61 million outlets accepting Visa or Mastercard, the company boasts widespread usability.

Wirex homepage

Wirex emphasizes providing diverse, accessible, and cost-effective services. The Wirex app allows users to exchange currencies or buy cryptocurrencies with their Wirex account.

Those who handle traditional fiat and digital currencies will find the platform appealing. Perks such as zero-fee ATM withdrawals and rewards further enhance the appeal of using a Wirex Card.

About Wirex

Founded in the UK by Pavel Matveev, Dmitry Lazarichev, and Georgy Sokolov, Wirex aims to enhance the accessibility of both traditional and crypto currency for users worldwide. With an international following, the Wirex team has accomplished its goal.

The Wirex platform provides various financial services, allowing users to transmit funds, convert currency types, and spend resources using either digital or traditional forms of money. This consolidated approach offers Wirex users simplicity when dealing with different monetary assets.

Wirex features

Wirex’s commitment to excellence involves close attention to customer insights and transparently addressing negative reviews.

Wirex has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Discord, Reddit, TikTok and YouTube.

Wirex has a mobile app on both the Apple App Store and Google Play.

Trading Experience

The Wirex platform simplifies digital asset management with an intuitive and user-friendly interface. It provides straightforward access to X-Accounts, where Wirex users can earn interest and leverage the benefits of Wirex’s X-tras debit card rewards system.

On mobile devices, the Wirex app presents a simple dashboard for quick transactions while on the move. This emphasis on a great mobile experience shows Wirex’s dedication to offering its customers uninterrupted service while using its platform.

The Wirex app can be relied on for various financial activities, such as cryptocurrency trading, peer-to-peer fund transfers, and detailed transaction tracking.

Wirex exchange marketing

Wirex Fees

The Wirex platform is known for its transparent fee structure and account limits. However, these may change based on the level of verification an account has achieved or the user’s location.

Wirex showcases its no-fee policy for several services, including monthly maintenance, opening an account, obtaining a Wirex card, and using the Wirex wallet. However, exchange fees and certain charges apply to their other services.

Also, there are no charges on ATM cash withdrawals each month (up to pre-set limits when using their wire-equipped bank card).

Type Fee
Deposit Fee (Bank Transfer) 0%
Deposit Fee (Credit/Debit Card) 0%
Trading Fee Not Listed
Withdrawal Fee (Bank Transfer) 0%

Wirex supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, they don't charge anything above the standard Bitcoin network fee. Across all the crypto exchanges we've reviewed, the average Bitcoin transaction fee charged is 0.000415 BTC compared to the actual network fee of 0.000067 BTC. This means you are saving 83.76% on Bitcoin transactions by using Wirex instead of other exchanges.

Security - Is Wirex Safe?

Wirex has strict security protocols to safeguard its users’ funds. The platform also uses two-factor authentication (2FA) to provide a secondary verification step for account protection.

To assure the safety of cryptocurrencies owned by its customers, Wirex takes several initiatives, such as using cold storage and allocating all customer funds into separate client bank accounts. The company also employs multi-signature technology to ensure that only users have direct control over their financial resources.

Wirex prioritizes the confidentiality and integrity of user personal information by employing identity verification procedures. Their security protocols include complying with regulations against money laundering, fraud prevention practices, and anti-terrorism financing mandates.

If there are unauthorized access or other security issues, customers must contact the dedicated Wirex support team immediately.

Wirex Customer Support

Wirex offers various customer support options, such as submitting support tickets and using a specific email for urgent matters. The company strives to resolve complaints within fifteen business days and commits to updating customers should there be any delay in the resolution.

Wirex also ensures that every complaint is assigned a reference number and the name of the responsible staff member (to maintain transparency and responsibility within its support operations).

Still, customers’ experiences with Wirex’s customer service are mixed. Some have had satisfactory encounters, while others experience issues like long wait times or even having their accounts unexpectedly blocked.

Despite some negative reports, improving customer relations remains a priority at Wirex.

Wirex support

Wirex Support Channels

  • Facebook
  • Twitter
  • Instagram
  • Live Chat
  • Help Center Articles
  • Support Ticket

Wirex Debit Card Features

The Wirex card is designed to provide many advantages, such as eliminating yearly and foreign transaction fees, a simple funding process through the app, and international acceptance across any location that accepts Visa or Mastercard.

The platform also incentivizes through promotional offers, such as offering up to 8% back on purchases via its Cryptoback rewards program. Moreover, users enjoy free ATM withdrawals up to a certain limit. The card imposes various transaction limits depending on the user’s geographical location (there are also daily spending caps and maximum ATM withdrawals).

Wirex X-Accounts

Wirex’s X-Accounts offer individuals a method for earning passive income. Wirex account holders can accumulate interest on their cryptocurrency and fiat currency balances. They can also set up a maximum of ten distinct (and customizable) X-Accounts. The good news is that you can open an account with only 1 USD or its equivalent in another currency.

Wirex calculates interest daily in these X-Accounts and disburses it weekly without imposing additional fees, enabling users to earn up to 16% APY.

Wirex Wallet

Wirex provides a mobile wallet known as the Wirex Wallet, designed specifically for those engaged with dApps, DeFi, and NFTs. This cryptocurrency exchange and wallet, targeted at mobile users, integrates conventional crypto transactions and a unique in-app DApp Browser.

Customers can use the Wirex wallet to transfer digital currencies into or out of their Wirex account. They can also acquire cryptocurrencies via credit or debit card purchases on this platform.

To ensure heightened security measures on the Wirex wallet, the company has implemented advanced biometric safeguards such as fingerprint identification and facial recognition technology.

How to Sign Up on Wirex

  1. Create Account - Visit the Wirex website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
  2. Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
  3. Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below.
  4. Start Trading Crypto - That's it! You should now have everything in place to start trading.

Deposit Methods

  • Bank Transfer
  • Debit Card
  • Credit Card
  • Cryptocurrency
  • Paypal
  • Apple Pay
  • Google Pay

Wirex Alternatives

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3.23
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
394+

Trading Fees
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Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others

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Kraken logo

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Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
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Trading Fees
0.08% - 0.40%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other

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OKX logo

OKX

3.57
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
365+

Trading Fees
0.08% - 0.10%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others

Visit OKX

Final Thoughts

Wirex provides a solution for handling various currencies, including fiat and cryptocurrencies. Its intuitive design, transparent fee structure, and strong security protocols make it a dependable option for global users.

The platform caters to everyone from occasional users to hardcore crypto traders, pioneering offerings like the Wirex Card, X-Accounts, and the Wirex Wallet.

Wirex FAQs

Yes, Wirex is a legitimate company that emphasizes security measures such as two-factor authentication (2FA) and cold storage for crypto assets. Wirex adheres to regulatory compliance standards, is headquartered in Hong Kong, and operates in various countries.

To withdraw funds from your Wirex account, you can transfer money to an external wallet or bank account, make ATM withdrawals using the Wirex Card, or spend your funds directly with the card.

The process involves logging into your Wirex account, selecting the amount of money you wish to withdraw, and choosing your withdrawal method.

Remember that there may be a fee structure associated with different types of withdrawals, such as ATM withdrawal fees or card fees.

Yes, Wirex requires an identity verification process to comply with financial industry regulations and ensure the security of its customers and their funds. This process includes providing a government-issued ID and additional documents to prevent fraud and maintain a secure trading environment.

The requirements for the identity verification process might vary depending on your region due to different regulatory compliance standards.

Yes, you can use Wirex in Australia.

The Wirex Card uses security measures such as two-factor authentication (2FA) and cold storage for crypto assets to reduce the risk of unauthorized access. The card also allows users to instantly freeze and unfreeze their card details through the app if they suspect any fraudulent activity.

However, like all financial platforms and products, it’s important for users to use the card responsibly and to be vigilant of their card and account security.

Yes, the Wirex Visa card enables cardholders to make ATM withdrawals worldwide, subject to daily withdrawal limits and an ATM withdrawal fee. This allows users to access their funds in cryptocurrencies and traditional currencies, providing them with flexibility for cash withdrawals.

Yes, you can receive money on Wirex from external cryptocurrency wallets and traditional bank accounts using the Wirex app. To receive funds, you typically need to provide the sender with your Wirex wallet address for cryptocurrencies or your account details for traditional currencies.

With the Wirex X-Account, users can earn passive income by accruing daily calculated interest on their cryptocurrencies and fiat currencies. This interest is then distributed weekly at rates as high as 16% annual percentage yield (APY).

The Wirex debit card can exempt users from annual charges or fees on foreign transactions while rewarding users with up to 8% cashback. It also provides complimentary ATM withdrawals within a specified limit.

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Methodology

At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.

About The Authors

James Headshot
Written by

Crypto Technical Writer

James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.

His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.

Check James out on:
Adam Headshot
Edited by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

Check Adam out on: