Wirex Wallet Review
In this Wirex Wallet Review we give a non biased review of a popular Crypto Wallet. We share details about this crypto wallet’s security features, functionalities, costs and usability.
Disclaimer: Trading and storage of your private keys is always at your own risk
This post was last updated on:20 May 2020
Wirex Wallet Review – QUICK NAVIGATION
QUICK FACTS – Wirex Wallet
Available on: Mobile and desktop wallet
Wallet Type: cold storage
Key Type: non-custodial
Holds: BTC, LTC, ETH, XRP, and WAVES
Founder: Dmitry Lazarichev
Headquarters: London England
Wirex Wallet Review:
Overview of Wirex Wallet
In very basic terms, Wirex is an crypto/fiat wallet application that allows you to remain in control of traditional financial assets (fiat) and also cryptocurrencies. Wirex is available in 130 countries but not yet available in the US.
Wirex started off as a virtual card provider that was called E-Coin. It eventually expanded to be called Wirex in February 2016.
The company offers a banking solution which is a hybrid one between traditional banking services and cryptocurrencies. Wirex claim to be the first to combine fiat currency acceptance with blockchain’s flexibility. Secure wallets for Bitcoin and Litecoin are also provided with support from mobile and online applications.
Headquartered in London, where most of their team is based, Wirex also has offices in Asia, more specifically in Tokyo and Japan as well as Ukraine and Kiev. and there are additional offices in Kiev, Ukraine and Tokyo, Japan.
Getting Started & Sign up
The onboarding process is quite simple, if you are on desktop we do recommend you onboard from your mobile as it is much easier and less interuptive when adding verification details.
To get started you will need to:
- Select country of residence
- Add valid email address
- Create a strong password
- Confirm via verification link
If you did start on desktop, you will be prompted to doownload the Wirex app, to complete verification steps.
Once you are in the onboarding process you will be asked what currency account you want, you can pick from EUR, GBP etc, but you can also add more currency accounts later so no stress here at this point in time.
Connecting credit/debit cards
With the Wirex, you can connect your credit and debit cards whilst the app allows you to store crypto. One can also use the wallet like an exchange to purchase Bitcoin and other altcoins with good exchange rates and relatively high limits. You can also exchange crypto for fiat.
Sending crypto is free with wirex, and sending fiat comes at a very small fee.
Wirex Visa Card
Wirex also offers a VISA card that is contactless and allows you to make payments whilst using your Wirex account. This innovative feature allows you to spend cryptocurrency just as if you’re using fiat in restaurants, stores or public transport.What is happening here is that wirex take crypto convert it into fiat directly using live rates, to enable you to make a payment.
Ordering the Card is completely free however users are charged a month fee for the card is €1.20
Instant Crypto to Fiat Conversions
Converting crypto could not be easier, especially within their app, you select your fiat account, click on the exchange icon, enter the value you want to transfer and click transfer. You can also see immediate conversions of the value into crypto before you click transfer.
An additional perk is that every time you use your card, wirex credits your account with Cryptoback rewards of up to 1.5% in Bitcoin. Whilst cash back for transactions is not new in the credit card space, getting bitcoin certainly is.
Refer a Friend programme
Wirex also offers a Refer-a-Friend program. This allows you to earn Bitcoin for free by inviting family and friends to join Wirex. Through this programme, you and your friends can earn up to a maximum of $10 in Bitcoin
To participate in the program you simply push out your refer a friend link, once that friend signs up and purchases $100 worth of crypto you get your $5 worth of BTC into your account.
Same kind of reward is given once your friend makes their first in store purchase. Irrespective of what they buy, if they use Wirex you will get another $5 BTC kick back.
Using the Wirex Wallet
Exchanging Currencies on Wirex
Coverting Fiat to Crypto on Wirex is super simple….
Once your account is debited with fiat (which you can do via bank transfer or credit card), go to the app or website and click on your EUR or fiat account. In the app at the bottom of the screen click on the exchange icon. At this point you will be able to specify which crypto account you want to exchange your EUR to. Select the account for example Bitcoin Account add the value you want to transfer and click transfer.
Upon completion you will get a notification that the transaction has been made and that you have BTC in your account.
Wirex Money Transfers
If you need to send money around the globe, wirex does this simply and stress free without hidden fees, commissions or high charges. It is almost instant as well!
To transfer click on the SEND arrow, in the case of BTC, add the bitcoin address or to be safe that you’ve got it correct, scan the QR code. Click send and you are done.
If transferring cross currency all you will pay is a currency conversion rate not a transfer free.
Pros and Cons
Wirex Wallet Fees
The USD card has a $1.50 monthly fee (1.2 EUR p/m), and is currently free to order (including delivery).
The Wirex wallet uses SSL and this completely eliminates the possibility of a so-called man in the middle attack.
Wirex uses 2FA/Two-Factor Authentication (2FA), meaning it goes beyond the usual username and password for account access. 2FA is an additional feature which can or cannot be used, it’s up to the account holder (highly recommended).
On the app, PIN is also allowed to be set alongside the usual biometric thumbprint.
Since Wirex users essentially have a bitcoin wallet within their wirex account, Wirex provides BitGo’s multi-sig technology to encrypted each account. This does not mean that customers are given their own private keys, so this is still a non custodial provision, but the private keys to each users account are held by Wirex offline.
Wirex Wallet FAQs
Why you need to verify yourself?
All legitimate finance related companies will ask you to verify your identity. Wirex will not let you transact unless you have verified your ID, your phone number and your address.