Cryptocurrency has become very popular and is now more widely accepted as an alternative payment method by many merchants and consumers. It has grown so much that there were over 5,500 cryptocurrencies in 2020 alone, with experts saying its market value is expected to reach $ 1,758 million in 2027.
If you have already invested in cryptocurrency and want to use it in your everyday life, you need a reliable app or card that can offer you this service. One popular option is Wirex, a crypto-friendly payment platform. But is it safe and legitimate? Here is our Wirex card test.
Crypto payment platform
It has become easier for everyone to trade and sell cryptos. Anyone with access to a computer and the Internet can trade digital currencies. This led to the rise of crypto payment platforms, which are limitless payment networks that enable the smooth transfer of crypto and enable merchants to conduct transactions using Bitcoin and other altcoins.
Wirex is one such platform. Formerly known as E-Coin, it has been renamed Wirex to suit other services and a wider audience. Here’s what you should know about it.
How does Wirex work?
Wirex is like any other online bank account that you can set up on your phone and it comes with a card that you use to spend whatever money you have. The main difference between Wirex and a traditional bank account is that Wirex allows you to store cryptocurrency funds in addition to other currencies. Wirex currently supports a total of 15 cryptocurrencies, including Bitcoin, Ethereum and Litecoin.
The way the platform works is simple. You start by applying for your own multi-currency debit card, which you will receive within a week. The USD card is free and after delivery your card will be linked to your Wirex bank account, where you can deposit money by credit, direct debit or wire transfer. You can use the card anywhere Visa cards are accepted.
Is Wirex Safe?
As a provider of depot wallets, Wirex takes security and protection very seriously. Wirex is currently PCI-DSS certified and offers the highest possible level of protection. The platform also offers secure 3D registration which guarantees everyone’s safety both online and offline.
Wirex also uses a cold room multi-signature safe to protect its digital currencies and has an e-money license in the UK. For the security of customers, Wirex implements 2-factor authentication and stores customer data with TLS and 265-bit AES encryption, while all of their wallets use multi-signature technology to ensure that no transfers are made without the signature of everyone involved Parties take place.
Is Wirex Legit?
With headquarters in London and branches in Kiev and Singapore, Wirex has already built a good reputation in just a few years. It has processed more than $ 3 billion in transactions from its millions of users.
Wirex is also licensed by the Financial Conduct Authority and regulated by the Bank of Lithuania, Monetary Authority of Singapore and the Central Bank of Ireland. With all of this in mind, it’s safe to say that Wirex is a legitimate crypto platform that is trustworthy and reliable.
Is Wirex available in the US?
Wirex is not currently available in the United States. However, the London-based fintech company plans to enter the US market soon. A few months ago, Wirex partnered with Zero Hash to support their upcoming launch in the US. Through this partnership, Wirex plans to bring its revolutionary product to market in 51 jurisdictions across the country.
Additionally, Wirex announced in June that it had received its first U.S. money transfer license and was preparing to offer its services in the country shortly.
Is Wirex a Bitcoin wallet?
Wirex is a cryptocurrency platform with its own free wallet. The digital wallet is available for download for both Android and iOS and has an easy-to-navigate user interface, even for new users.
Transferring funds to your wallet is also intuitive, and the app gives you easy access to your account information, balance and all of your transactions. Wirex prioritizes security and makes their crypto wallet a great place to store your bitcoins and any other altcoins you may have. The simple app integration also gives you more convenience as you can check all your available funds at any time through your phone.
Wirex fees and charges
The prices for buying and selling crypto assets on Wirex are among the most competitive on the market.
There are no domestic transaction fees and no loading fees. Wirex has also cut monthly account management fees. While topping up traditional currencies from an external debit or credit card is free, there is a 1% charge for digital cryptocurrencies. Internal transfers between Wirex users are also free, while network fees are charged for external transfers with crypto.
Bank transfers are completely free, but take up to 2-3 days to process and are only available to users with a Fiat account. Once your account is topped up, the rate for the purchase of cryptocurrency according to our calculations is between 0.4% and 1%, with prices varying depending on the type of cryptocurrency you use. In addition, Wirex is constantly connecting with a number of OTC desks to help you find the best price for any trade.
Wirex also has its own rewards program called Cryptoback. As a result, users get up to 1.5% back and are paid out via Wirex’s own crypto currency, the Wirex token. Although not required, you can use this token to update your Wirex account to unlock higher cashback rates.
All in all, Wirex is an appealing crypto platform. In just a few years, the company has managed to make Wirex useful to millions of users, with plans to reach more markets in the future. Wirex is also perfect if you’re the type of person who uses a debit card for everyday transactions.
With low fees, excellent security measures, intuitive crypto wallet, mobile app and its cashback program, Wirex is an excellent crypto debit card and bitcoin payment processor that will continue to grow in the years to come.
You can open your Wirex debit account today by clicking here.