Cryptocurrency

Wirex Wallet Review: Is It The Crypto Wallet For You?

Wirex Wallet Review: Is It The Crypto Wallet For You?

GOBankingRates score

Quick recording: Wirex has everything users expect from a cryptocurrency platform, including a wallet, card and exchange. It has a partnership with Mastercard and even offers a product that earns interest for users. However, one feature that requires additional attention is its lack of customer support.

  • Services offered

  • Security

  • Usability

  • Customer service

How did we calculate that?

Avg

  • 70 tradable cryptocurrencies and fiat currency
  • Users have access to multiple products
  • Very safe

Against

  • Poor customer support
  • Weaker brand reputation than some competitors

Wirex Wallet Overview

Wirex is a cryptocurrency platform with its own wallet, card and exchange. It also offers interest earning and lending services.

Key features

Recent changes in the cryptocurrency landscape have highlighted the importance of choosing trusted third parties for crypto services. Here’s how the Wirex wallet works.

Services offered

Wirex has an interest earning product called the X-Account. These accounts can be set up in minutes and interest accrues weekly. 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 clients choose to use the decentralized financial system, they can earn more than 25% annual percentage returns with Aave and Compound.

Wirex also has a cryptocurrency exchange to meet the buying and selling needs of its users. It provides a hand-picked lineup of 70 premium cryptocurrencies, stablecoins, and traditional fiat currencies for its customers to trade. Wirex does not charge any exchange fees and claims to save users as much as 4% compared to similar options.

Wirex has partnered with Mastercard to allow users to spend their cryptocurrencies as well. It charges no monthly or foreign transaction fees, can be used in over 80 million locations worldwide and rewards customers with 2% WXT cash back on all purchases.

Wirex wallet allows crypto transfers that take only 15 minutes. Contacts can be synced from phone books, and unique wallet addresses and QR codes are used to simplify the process of adding or sending funds to another wallet or person.

The last service that Wirex provides is crypto credit. The line of credit will be approved by Wirex cards using existing account funds as collateral. Up to 80% of the collateral can be borrowed, and users are free to choose how to use it, be it spending or investing in crypto. The loan can be paid off at any time.

Security

Wirex includes 256-bit SSL to encrypt data and protect against possible attacks. It also uses email verification and two-factor authentication to protect user accounts. Wirex uses multi-signature technology to verify transmissions, as well as a security architecture to eliminate any single point of failure in the event of an attack. In addition, all card information is hidden on each profile.

Usability

Wirex supports Chrome and Safari on desktop, mobile and tablet devices for web use. It also has a downloadable app on the Apple App Store and Google Play Store with 3.7 star ratings on each. However, Trust Pilot gives Wirex a rating of just 3.0.

Overall, reviews of Wirex are mixed. While most users seem to be satisfied with the service, others have shown disdain for the login process, the identification process and the inability to withdraw money from the account.

Customer service

Wirex operates a help center, community forum, and submits to the customer support team if issues cannot be resolved. Online reviews of Wirex claim that the customer service is not up to standard and that new features like 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 making changes to improve support.

How the Wirex wallet stands out

Wirex stands out from the competition in that there are no fees for foreign exchange transactions. It simplifies transfers, trading and payments for its customers.

Comparative Wirex Options

Here’s how Wirex stacks up against some of its close competitors.

Coinbase

Coinbase charges fees for its exchange, while Wirex charges nothing. However, Coinbase’s user base is one of the largest in the crypto space and has a better reputation for accountability, security and trust.

Crypto.com

Wirex offers higher rewards through the “Earn” product 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.

How to apply

The application process for Wirex is as follows:

  1. Download the application.
  2. Open it and click on “Registration”.
  3. Enter your name, email address and password.
  4. Confirm the activation link via email.
  5. Return to the application and select “Continue”.
  6. Enter your phone number and confirm your account via SMS.

Who is the Wirex wallet best for?

Wirex is best for those who want to exchange crypto and fiat currencies on a regular basis as well as use their crypto assets to make purchases.

Final Take

Wirex seems to be the jack of all trades for crypto services. However, it lags behind when it comes to customer support. Issues highlighted with similar platforms – such as Voyager Digital’s bankruptcy – should encourage consumers to remain cautious as well. Only investing an amount that can be lost remains a fundamental principle in the crypto environment.

Questions

Here are some frequently asked questions about the Wirex wallet.

  • Is Wirex Legit?
    • The company hosts millions of users and seems to be reliable. However, people should approach cryptocurrency platforms with caution while regulation is ongoing. It is important to note that Wirex has not yet been approved by the UK Financial Conduct Authority.
  • What’s going on with Wirex?
    • Wirex recently launched in the US. It continues to expand its product offering through partnerships with large companies such as Booking.com.
  • What is Wirex and how does it work?
    • Wirex is a cryptocurrency platform with an integrated digital asset wallet. Users can buy, sell, earn interest, get credit and make purchases using its products and services.
  • How to withdraw money from Wirex?
    • Users can send money to themselves through the Wirex dashboard. To do this, the user would log in, select an account to use for the transfer, select the middle panel and click “Send”. From there, the user clicks on “Sebi”, enters the required information and confirms the details of the transaction.

The information is correct as of August 1, 2022.

Editorial Note: This content was 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 is accurate, unbiased and up-to-date. We check every single statistic, quote and fact using reliable primary sources to ensure that the information we provide is accurate. You can learn more about GOBankingRates processes and standards in our editorial policy.

about the author

David is a qualified financial adviser in the Republic of Ireland. He has a bachelor’s degree in business and entrepreneurship and more than five years of experience in investing.

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