Cryptocurrency has become very popular and is now more accepted as an alternative mode of payment by many merchants and consumers. It has grown so much that in 2020 alone, there has been over 5,500 cryptocurrencies, with experts saying that 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, then 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 legit? Here's our Wirex card review.

Screen Shot 2021-06-16 at 4 Wirex is a London-based crypto debit card platform. Photo: wirexapp.com

Crypto-payment platform

It has become easier for everyone to trade and sell cryptos. Anyone with access to a computer and internet can trade digital currencies. This led to the rise of crypto payment platforms which are borderless payment networks that allow the smooth transfer of crypto and enables merchants to do transactions in bitcoin and other altcoins.

Wirex is such a platform. Formerly known as E-coin, it was renamed to Wirex to accommodate  other services and a wider audience. Here’s what you should know about it.

How Does Wirex Work?

Wirex is just like any other online bank account that you can set up on your phone and comes with a card that you use to spend the funds you have. The main difference between Wirex and a traditional bank account is that Wirex lets you store cryptocurrency funds in addition to other currencies. At the moment, Wirex supports a total of 15 cryptocurrencies, including Bitcoin, Ethereum and Litecoin.

Screen Shot 2021-06-16 at 4 Some of Wirex's offered features. Photo: wirexapp.com

The way the platform works is simple. You start by applying for their own multi-currency debit card, which you’ll receive within a week. The USD card is free and once delivered, your card will be connected to your Wirex bank account, where you can put funds via credit, debit or wire transfer. You can use the card anywhere that takes Visa cards.

Is Wirex Safe?

As a custodial wallet provider, Wirex takes security and safety very seriously. Currently, Wirex is PCI-DSS level certified and provides the highest possible protection. The platform also provides 3D secure enrollment which guarantees everyone’s safety both online and offline.

Wirex also uses a cold-storage multi-signature vault to protect its digital currencies and holds an e-money license in the UK. For customer safety, Wirex implements 2-factor authentication and stores customer data with TLS and 265-bit AES encryption, while all their wallets use multi-signature technology to ensure no fund transfers take place without the signature of all involved parties.

Is Wirex Legit?

Headquarted in London with offices in Kiev and Singapore, Wirex has already earned a good reputation in just a few years. It has processed more than $3 billion in transactions from its millions of users.

Screen Shot 2021-06-16 at 4 Opening a bank account in Wirex is completely free and easy Photo: wirexapp.com

Wirex is also licensed by the Financial Conduct Authority and is supervised by the Bank of  Lithuania, Monetary Authority of Singapore and the Central Bank of Ireland. Given all that, it’s safe to say that Wirex is a legit crypto platform that is trusted and reliable.

Is Wirex Available in the U.S.?

Currently, Wirex isn’t available in the U.S. However, the London-based fintech company plans to enter the U.S. market soon. A few months ago, Wirex has partnered with Zero Hash to support their upcoming U.S. launch. Through this partnership, Wirex plans to launch their revolutionary product in 51 jurisdictions in the country.

Furthermore, Wirex also announced in June that it has received its first U.S. money transmission license and is preparing to offer its services in the country soon.

Is Wirex a Bitcoin Wallet?

Wirex is a cryptocurrency platform with its own free-to-use wallet. Available for download on both Android and iOS, the digital wallet has an easy-to-navigate UI even for new users.

Transferring funds to your wallet is also intuitive and the app gives you easy access to your account information, your balances and all of your transactions. Wirex prioritizes security, making their crypto wallet a great place to store your Bitcoin and any other altcoins you might have. The easy app integration also gives you more convenience, letting you check all your available funds through your phone at a moment’s notice.

Screen Shot 2021-06-16 at 4 Wirex's cashback program lets you earn as much as 2% in the platform's own token with every use or purchase. Photo: wirexapp.com

Wirex Fees and Charges

The rates for buying and selling crypto assets on Wirex are one of the most competitive in the market.

There are no domestic transaction fees and no loading fees. Wirex has also removed the monthly account management fees. While topping up traditional currency from an external debit or credit card is free, there is a 1% fee for digital cryptocurrencies. Internal transfers between Wirex users are also free, while network fees are charged for external transfers using crypto.

Bank deposits are completely free of charge but take up to 2-3 days to settle and are also only available to users with a fiat account. Once your account is topped-up, the rate for buying cryptocurrency is between 0.4%-1% according to our calculations, with varying rates based on the type of cryptocurrency you use. Additionally, Wirex also constantly connects to a range of OTC  desks to help you find the best rate for every trade.  

Wirex also has their own rewards program called Cryptoback. Through this, users get up to 1.5% back and is paid out via Wirex’s own cryptocurrency, the Wirex Token. While it’s not required, you can upgrade your Wirex account using this token to unlock higher cashback rates.

Screen Shot 2021-06-16 at 4 Wirex's pricing plans are as follows. Photo: wirexapp.com

Conclusion

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 on reaching more markets in the future. Wirex is also perfect if you’re the type of person who uses a debit card for everyday transactions.

Through 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.