Wirex is one of the most exciting start-ups to have come up in the cryptosphere lately. The service started in life in 2014 and was initially known as E-Coin, only to be later rebranded as Wirex in 2016 to incorporate other types of services.
What is Wirex?
Wirex is a completely digital money solution firm that aims to bridge the gap between traditional personal finance services and cryptocurrencies by combining the power, speed, and flexibility of the blockchain with traditional monetary systems.
The company is the brainchild of Dmitry Lazarichev and Pavel Matveev and is based in London, UK, with various offices in other parts of the world such as Kiev, Ukraine, and Tokyo, Japan. It’s estimated that the service now has over 1,5 million users from well over 130 countries, the U.S. not included.
What makes Wirex special?
The fact that it is designed to serve a wide range of customers is probably what makes Wirex be such a well-rounded product. The service can be split into three main products: Bitcoin payment cards, currency accounts, and cryptocurrency wallets. What’s more, the service also offers a Bitcoin exchange. To conclude, with the help of Wirex you can buy, spend, send, and convert Bitcoin and fiat currencies such as GBP, USD, and EUR.
The Wirex Debit Card allows you to spend your Bitcoins in stores that accept fiat currencies just like you would do with a typical debit card. The card is fueled by your account (or, in this case, your crypto wallet). You can buy almost anything from your morning coffee to furniture or airplane tickets with Bitcoin in a swift and unrestricted manner. Another interesting feature is the Shapeshift exchange integration. This means that you can effortlessly convert over 50 altcoins into either fiat or Bitcoin.
The previously mentioned currency accounts in the same way as a regular bank account, meaning that you can make or receive deposits and use the linked debit card to process regular payments. Wirex offers SegWit-enabled cryptocurrency wallets for both mobile and desktop.
The Wirex account is a free one. By far the most appealing feature of Wirex is the fact that international transfers are free. The monthly account fee is deducted from your account every month regardless if you perform transactions or not. The account management fee is $1,50 per month. Online transactions cost $0,28 for USD accounts and are free for other types of accounts.
If you want a Wirex virtual card, you will have to pay $3,00, while a debit card costs $17,00 (shipping fee included).
Wirex card limits
Wirex allows you to have an account balance of $10,000 without any spend or load limits. Verified account holders can even make transactions of up to $10,000 transactions per day. You can load and spend up to $250 per day on Bitcoin. There are no limits for ePOS and POS transactions. Wirex allows for up to five ATM withdrawals per day, with an individual withdrawal limit of $1000 and a 24-hour withdrawal limit of $2000.
The sign-up procedure on Wirex is a very simple one, as you just need to provide your name and email address. Once the details have been summited, you should receive a confirmation email. For extra functionality, you will have to provide the service with your real-life address and various forms of proof of identity.
Is Wirex Debit Card secure?
The quick answer is: yes! Wirex has always been careful with its security and has always been quick to respond on the very few occasions users complained about on social media.
Wirex also boasts multi-sig technology, more specifically, BitGo multi-signature technology for all its wallets. Apart from the generic email address confirmation, Wirex also uses SSL encryption and two-factor authentication. Wirex also has PCI DSS certification (the highest level of security certification for the payment card industry). What’s more, Wirex claims that none of its employees has actual access to your card details as the information is secured by card proxies.
Wirex Debit Card Review – Conclusion
When it first came out, Wirex was a game changer in the crypto sphere as it allowed anyone to spend their digital currencies instantly anywhere in the world. As a service, Wirex has a lot going for it. It’s fully regulated and registered with all the relevant authorities, it has partnerships with a lot of the world’s top banks, it has competitive fees and transparent pricing schemes, as well as enough security features to make users trust the brand.