- User Experience
- Customer Service
Wirex Review Summary
Excellent customer service and competitive fees make Wirex the best place to buy cryptocurrency in the UK.
The wallet supports a handful of different coins, and incorporates an innovative VISA payment card that allows you to spend them in real time at over 40 million locations worldwide. With a debit card , including a designated account number, sort code and support for numerous world currencies, Wirex is also a decent competitor for challenger banks like Monzo and Revolut.
Bitcopy Rating: 8.5 of 10
- Fees: 8.5
- User Experience: 8
- Security: 8
- Customer Service: 10
Is Wirex legit?
- FCA Licenced global leader in digital money solutions with more than 3 million registered customers across 130 countries
- The world’s first contactless Visa debit card for cryptocurrency that supports more than 150 world currencies and is accepted at more than 54m locations worldwide
- Get Cryptoback™ on card purchases with a rewards programme that pays card users 1.5% back in Bitcoin on point of sale purchases
- Supports GBP (Great British Pound), USD (United States Dollar), EUR (Euro), and more world currencies: AUD (Australian Dollar), CZK (Czech Koruna), JPY (Japanese Yen), SGD (Singapore Dollar), MXN (Mexican Peso), CHF (Swiss Franc), CAD (Canadian Dollar), HKD (Hong Kong Dollar)
- Supports Bitcoin, Litecoin and XRP, Ethereum, Waves, Wollo, Dai, Stellar, and Nano
- Access all crypto and traditional currency wallets from one customisable dashboard
- Top up your crypto wallets by card, bank transfer, or cryptocurrency transfer
Wirex Fees: 8.5
Wirex has extremely competitive fees. Setting up an account is completely free, and you can get a debit card delivered with no charge.
Small fees are charged for deposits, exchanges, and withdrawals in line with other exchanges.
Wirex has its own token (WXT) on the stellar blockchain. WXT Holders are entitled to lower fees, and enhanced rewards from the Wirex VISA card.
Wirex Token discount:
Hold this number of Wirex Tokens (WXT) and get a discount on exchange fees, bank transfer fees, withdrawal fees (crypto transfers), and card top up fees:
- 500,000 WXT — 100% fee discount
- 100,000 WXT — 50% fee discount
- 50,000 WXT — 25% fee discount
Wirex Deposit Fees
- SEPA, FASTER PAYMENTS and SWIFT transfers are all free for deposits.
- Faster payments should arrive on the same day., usually within a few hours.
- You will pay a 1% fee for topping up your cryptocurrency with a debit card, and a 1-2% commission
Wirex Trading Fees
- Exchange fees for cryptocurrency are 1%, plus a 1-2% commission
- Exchanges between fiat currencies are made at the interbank rates with a commission
- Internal transfers between Wirex users are completely free
Wirex Withdrawal Fees
- There is no fee for Faster Payment transfers
- Transferring funds out using SWIFT will cost you a minimum of £12
Wirex Card Fees
- There is a card account maintenance fee of £1 per month for card holders, but issuance and delivery are free.
User Experience: 8
The signup process is smooth but not light on security. New customers have to pass several checkpoints, reflecting Wirex’s status as a licenced e-money wallet.
You will first need to verify your phone number with SMS, then your address. Once you have finally managed to signup, you are asked to do KYC (Know Your Customer) immediately. You need to prove your identity with a passport and driving licence, or equivalent documents. (The driving licence doesn’t actually appear in the list of accepted documents, but you can use it. Just remember to scan both sides.)
The good news is that there is friendly support available 24/7 to guide you through the process.
NOTE: You will need your phone at hand during signup to download the app, and you should setup 2FA for maximum security.
Even with KYC complete, Wirex still imposes limits on card top ups until you have verified ownership of the linked card. To do this you will need to sign in to your online banking and input to Wirex the transaction code of your recent top-up.
How to add a new currency wallet:
- Navigate to: Preferences > Accounts > Inactive Accounts
- Select the symbol of the currency you wish to add
- Go back to the home screen, and you will see the chosen wallet has been added to the Accounts Overview.
How to change the currency to GBP:
- Tap the settings cog in the corner on the app
- Change Reference Currency
The Wirex app looks very similar to the web interface (pretty damn ugly TBH), and shares all of the same features — including being able to contact customer support 24/7.
Wirex uses a combination of cold-storage and hot wallets protected by BitGo‘s multi-signature technology “like a digital Fort Knox.” According to support, funds are not commingled, and every Wirex user has their own multisig crypto wallet with a unique set of private keys.
Customers are advised to protect their own accounts by using 2FA and secure passwords, etc. The Wirex card itself is protected by standard challenger bank features like spending notifications, and being able to freeze and unfreeze the card with the click of a button.
Wirex does not offer any insurance for funds at this stage, but the company is PCI DSS Level 1-certified by the PCI Security Standards Council — a body governing security standards for debit and credit cards.
Customer Service: 10
Wirex has top notch customer service, provided mostly by a team in Kyiv, Ukraine (at least according to the slavic names of the helpful customer support reps). These guys helped through the signup process and were quick to answer my extensive questions.
Customer support is available 24/7 from both the mobile app and the web interface. More in-depth requests sent via the help page are processed within business hours.
Wirex Review: What else should I know?
- Wirex launched the world’s first contactless cryptocurrency debit card, allowing users to spend their crypto wherever Visa is accepted. Since then, a slew of competing companies have released their own offerings, but Wirex remains one of the most popular.
- Prior to February 2016, Wirex was known as E-Coin — a successful startup that won 100,000 users in year one.
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