Wirex Wallet Review: Is It The Right Cryptocurrency Wallet For You?

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GOBanking rate score

Quick grip: Wirex has everything users expect from a cryptocurrency platform, including wallet, card, and exchange. It has a partnership with Mastercard and even offers a product that generates interest for users. One feature that needs attention, however, is its unpredictable customer support.

  • Offered services
  • Safety
  • Usability
  • Customer service

How did we calculate it?

Benefits

  • 70 tradable cryptocurrencies and fiat currencies
  • Users have access to multiple products
  • Highly Safe

The drawbacks

  • Poor customer support
  • A weaker brand reputation than some competitors

Presentation of the Wirex portfolio

Wirex is a cryptocurrency platform with its own wallet, card and exchange. It also offers clearing and loan services.

Main features

Recent changes in the cryptocurrency landscape have highlighted how important it is to choose reputable third parties for cryptocurrency services. This is how the Wirex wallet works.

Offered services

Wirex offers an interest-generating product called X-Account. These accounts can be set up in minutes and interest accrues weekly. X accounts allow users to earn up to 12% interest on USD. An additional 4% is earned when rewards are claimed in Wirex’s native token, WXT. If customers choose to use the decentralized financial system, they can earn over 25% annual percentage return 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 range of 70 hand-picked cryptocurrencies, stablecoins and traditional fiat currencies for its clients to trade. Wirex doesn’t charge exchange fees and claims to save users up to 4% compared to similar options.

Wirex has partnered with Mastercard to also allow users to spend their cryptocurrencies. It does not charge monthly or overseas transaction fees, can be used in over 80 million locations worldwide, and rewards customers with a 2% refund in WXT on all purchases.

The Wirex wallet allows cryptocurrency transfers that take only 15 minutes. Contacts can be synchronized from directories and addresses of a single wallet, and QR codes are used to simplify the process of adding or sending funds to another wallet or person.

The latest service provided by Wirex is crypto credit. A line of credit will be extended to Wirex cards using existing account resources as collateral. Up to 80% of the guarantee can be borrowed and users are free to choose how to use it, whether for shopping or staking. The credit can be repaid at any time.

Safety

Wirex integrates 256-bit SSL to encrypt data and protect it from possible attacks. It also uses email confirmation and two-factor authentication to protect user accounts. Wirex leverages multi-signature technology to verify transfers and the security architecture to eliminate every single point of failure in the event of an attack. Also, all card details are hidden on each profile.

Usability

Wirex supports Chrome and Safari on desktop, mobile, and tablet for use on the web. It also has a downloadable app on the Apple App Store and Google Play Store with 3.7 stars on each. Trust Pilot, however, rates Wirex with a score of just 3.0.

Overall, Wirex’s reviews are mixed. While most customers seem satisfied with the service, others have shown contempt regarding the registration process, the identification process and the inability to withdraw money from accounts.

Customer service

Wirex operates a help center, community forum, and sends to a customer support team if issues cannot be resolved. Wirex’s online reviews state that customer service is not up to the standards set and that new features such as live chat should be incorporated to improve overall service. Wirex itself has acknowledged these issues in the past, saying it was hiring staff and making changes to improve support.

Wirex sets itself apart from the competition by having zero commissions on foreign currency transactions. This simplifies transfers, exchanges and payments for its customers.

Comparable Wirex options

Here’s how Wirex fares against some of its closest competitors.

Coinbase

Coinbase charges a fee for its exchange while Wirex doesn’t charge any. However, Coinbase’s customer base is one of the largest in the crypto space and has a best-known reputation for accountability, security, and trust.

Crypto.com

Wirex offers higher rewards through “Earnings” products than Crypto.com. On the other hand, Crypto.com offers its customers up to 5% cashback on card purchases, compared to Wirex’s 2%. Crypto.com also includes exclusive deals with Netflix, Spotify, and Airbnb.

The Wirex registration process is as follows:

  1. Download the app.
  2. Open it and click “Register”.
  3. Enter a name, email address and password.
  4. Check the activation link by email.
  5. Go back to the application and select “Continue”.
  6. Enter a phone number and verify the account via SMS.

Who is the Wirex wallet for?

Wirex is the best solution for those who wish to regularly trade cryptocurrencies and fiat currencies and use their own crypto assets to make purchases.

Final shooting

Wirex seems like an all-rounder for crypto services. Despite this, it falls short when it comes to customer support. The problems highlighted with similar platforms, such as the failure of Voyager Digital, should also encourage consumers to remain vigilant. Only investing an amount that you can afford to lose remains a fundamental principle in the crypto environment.

Frequent questions

Here are some frequently asked questions about the Wirex wallet.

  • Is Wirex legit?
    • The company hosts millions of users and looks reliable. However, users should approach cryptocurrency platforms with caution during ongoing regulations. One point to note is that Wirex has so far not received approval from the UK’s Financial Conduct Authority.
  • What’s happening with Wirex?
    • Wirex was recently launched in the United States. It continues to expand its product offering through partnerships with major companies such as Booking.com.
  • What is Wirex and how does it work?
    • Wirex is a cryptocurrency platform with an integrated digital asset portfolio. Users can buy, sell, earn interest, obtain credit and make purchases using its products and services.
  • How can I withdraw money from Wirex?
    • Users can exchange money via the Wirex dashboard. To do this, the user must log in, choose the account to be used for the transfer, select the central panel and click on “Submit”. From there, the user clicks “To myself”, enters the required details and confirms the transaction details.

Information is accurate as of August 1, 2022.

Editorial Note: This content is not provided by Wirex. Any opinion, analysis, criticism, evaluation or recommendation expressed in this article is the author’s only and has not been reviewed, endorsed or otherwise approved by Wirex.

Our in-house research team and on-site financial experts work together to create accurate, unbiased and up-to-date content. We check every statistic, quote and fact using reliable primary resources to ensure that the information we provide is correct. You can read more about GOBankingRates processes and standards in our editorial policy.

About the author

David is a qualified financial advisor in the Republic of Ireland. He holds a bachelor’s degree in business and entrepreneurship, as well as more than five years of investment experience.

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