- Accepts a wide range of Altcoins for deposits
- Card can be instantly blocked using the Wirex’s App
- Competitive fees
- Issue debit card
- Powerful mobile app
- Support major fiat currencies
- Wide selection of funding methods
- Does not accept U.S customers
- Does not guarantee anonymity
- No live chat or telephone support
Originally established as E-Coin in 2014, Wirex was founded by Dmitry Lazarichev, Georgy Sokolv and Pavel Matveev. Rebranded as Wirex in 2016, the company first started off with an initial investment of $200K sourced through crowdfunding on the BanktotheFuture platform. Later in 2017, Wirex successfully raised an additional $3 million in funding from a Fintech fund established by the SBI Group.
Today, Wirex has become one of the world’s leading cryptocurrency wallet service providers. Based in London at 25 Old Broad Street, Wirex has achieved a major milestone in June 2017 when its transaction volume breached the $1 billion mark. Apart from offering a Bitcoin wallet, Wirex also provide additional services such as a Bitcoin debit card, mobile banking and remittance services. It is currently able to support transactions in Euros, pound sterling and the US dollar.
The Wirex Exchange platform is a simple platform that is designed solely for the purpose of buying Bitcoin. Before any purchases are possible, you are first required to open an account with Wirex. Signing up for an account will give you access to a Bitcoin wallet and up to 3 debit cards, one for each of the supported fiat currencies. Next, you are required to verify your identity by submitting all the required documentation. Upon verification, you will be able to fund your account through bank wire transfer or eWallets.
Your account can also be funded with Bitcoins. Once your account is funded, you simply click on the “Buy Bitcoin” button to make your Bitcoin purchase. Wirex does not charge you any fees for making a Bitcoin purchase. This means that you will receive exactly the amount that you purchased. The Bitcoin in your wallet can now be used to top up your Wirex debit card. The Wirex debit card can be used for shopping at any establishment that accepts VISA or Mastercard. It can also be used to make cash withdrawals from any ATM around the world that accepts VISA or MasterCard.
At present, Wirex is able to support the Euro, the Pound Sterling, the U.S dollar and Bitcoin. As for the supported countries, the total number exceeds more than 40 different countries. Unfortunately for U.S residents, Wirex is not available in the U.S.
Deposit and Withdrawals
Funding of your wallet can be done by the following methods:
- Fiat currencies
- Bitcoin or Altcoins
- Credit/Debit card
- As for topping up your Wirex card, you can use the following methods:
- Bank Wire transfer
- Fiat currencies
- Online payment system such as PayPal or Skrill
- Transfer from your Bitcoin wallet
Fees and Charges
Overall, Wirex’s fees are competitive. The cost of shipping for the card cost $50 (DHL) or $17 (Royal Mail). For the card, there is also a delivery charge of $3.
For domestic ATM withdrawals, the charges are $2.50, £1.75 or €2.25. For international ATM withdrawals, the charges are $3.50, £2.25 or €2.75. In addition, there is a monthly fee of are $/£/€1.00 for SMS notifications. It should be noted that on top of these fees, there is also a currency conversion fee of 3% when a transaction involves a foreign currency.
Help and Support
The support service at Wirex is provided on a 24/7 basis. However, the only way which you can contact the support team is by email or through social media. Currently, no live chat or telephone support is available at Wirex. Alternatively, you can also visit their office at 25 Old Broad Street, London.
Security and Fairness
In terms of security, Wirex has partnered with BitGo to provide security measures to safeguard the accounts of Wirex’s clients. The accounts are protected with two layers of security measures, multisig authentication security and SSL encryption. Wirex’s cards are also protected with an additional layer of security over the traditional signature and chip process by requiring the cardholder to key in their own 4 digit PIN for any over the counter transactions. For fund transfers or changes to the account details, the process requires you to confirm the transfer or changes within a specific time frame. In addition, Wirex’s clients can further secure the account by enabling 2-factor authentication. For cards that have been stolen or compromised, the card can be blocked directly by the cardholder using the Wirex’s App.
Since Wirex abides by international anti money laundering legislations, the exchange does not guarantee that it will provide anonymity to its customers. In addition according to their terms and conditions, your personal data such as your identity and address will be kept for a minimum of 6 years even after you have closed your account with them.
If you are new to cryptocurrencies and want a hassle free way to purchase Bitcoin, then the Wirex exchange will be ideal for you. The fact that they accept a wide selection of fiat currencies and altcoins means you will be able to transact in cryptocurrencies faster and safer as well. With their debit card, you can easily access your funds from your Bitcoin wallet. The only major drawback is the fact that they currently do not accept clients from the U.S.