The world is suddenly ablaze with the realization of cryptocurrency. Hence, the pursuit of crypto-friendly accounts is at an all-time high. If you are an investor or trader who is after one such account as well, then you can stop fretting about this problem. For in this discussion, we familiarize you with Wirex, a crypto-friendly account that allows you to store, transfer & even exchange between different cryptocurrencies and fiat currencies. Not only that, through its special spec set, Wirex allows a user to shop online as well. How Wirex works? What are some of its perks? Is it safe? In this discussion, we talk about these finer points of this next generation multicurrency card!
Wirex working
Before we talk about the key features of Wirex in detail in the next sections, let us put the Wirex methodology under a microscope for a minute. Well, on the face of it, Wirex accounts are pretty much the same as your traditional banking accounts. You can set up a Wirex account using a smartphone from your home, and it comes with a card as well, making the user’s life easy just like a credit card issued by a bank does. So, you must ask, where does the difference lie? Well, With Wirex, a user has the option of storing cryptocurrencies apart from the fiat currencies. We will talk about these supported cryptocurrencies separately in a minute, but that is the primary difference between Wirex and traditional banking accounts.
Getting things started with Wirex is pretty simple as well. Apply for the Wirex debit card, the max it will take is a week before you receive it. Then, once it is received, it is connected to the Wirex wallet which the users have installed on their phone. Users then have to transfer their money into the wallet, which is then changed into the user’s local currency, depending upon the place of their residence. Once this converted money is transferred onto the Wirex card, users can use it in any way they like.
Key features
In this section of the discussion, we are going to highlight the key features that are associated with Wirex. We are going to talk about both crypto and card features, so pardon us for not delving into too many details. Now then, Wirex allows the crypto community to make transactions to and from popular crypto wallets like BTC and XLM. Not only that, but it also allows a user to engage in trading of cryptocurrencies with fiat money as the medium of transaction. You will not be charged too much for this buying and selling either. The rate is set at 2.5% fixed. Coming towards the Wirex card features, the GBP card is a Visa debit card. On the other hand, the euro and dollar cards are prepaid in nature. What does this information mean for the users? They can use it anywhere the Visa is accepted. Folks, we are talking about 50 million-plus outlets here! Also, things are quite professional at Wirex, there is an account number designated to the user, and sort codes as well.
Currencies that Wirex supports
As promised earlier, we are going to mention the cryptocurrencies that Wirex supports in this section of the discussion. Of course, at the number one is everyone’s darling, the Bitcoin. Then, there is Ethereum, Litecoin, Ripple, WAVES, WLO, Dai, and Nano, and of course, the Wirex Token. Yes, yes, we know you are wondering about the XLM! Good news for the Stellar Lumens community, Wirex supports Stellar as well. A key thing to note here is that access to all of these cryptocurrencies is possible within the EU only. The support list might vary concerning different countries that are outside the EU domain. For those who are wondering about which fiats are supported by Wirex, the list includes AUD, CAD, CHF, CZK, HKD, HRK. HUF, JPY, MXN, NZD. PLN, RON, and SGD. This is of course in addition to the traditional GBP, EUR, and USD.
Pros
If the features which we have talked about so far in this discussion have sounded the regular stuff to you, maybe reading this section of the discussion will change your opinion about Wirex. In the following lines of discussion, we have outlined the plusses that the users get with Wirex:
1- Complications-free experience overall since all of the money a user has can be stored in one place.
2- Visa card, so acceptance almost anywhere in the world.
3- The fees set are very low when compared to other services in the market.
4- Contactless support.
5- Expansion plans, so the future is quite bright at Wirex as well.
Cons
There are a couple of wrinkles that Wirex needs to iron out. We talk about these in the following lines:
1- The feedback about moving the money out of Wirex is not as great as for moving the money in.
2- Some interface issues have been reported as well.
3- More than one verification request can be quite frustrating at times.
Security
It is frustratingly brilliant. We did not know any other way of summing it up, such as the rigorous nature of security steps that Wirex has setup. Users have to go through an automated process when they are setting up their account, and then, through a verification check. This means that account authorization will take a little longer than you might be expecting.
Wirex reward program
The Wirex reward program is quite a special one. It is called Cryptoback and pays back 1.5% for using a Wirex card in any store. The reward is given in the crypto form, which intrigues and interests crypto users all over the world.
Conclusion
That would be all from this discussion then. While we are fully cognizant of the fact that there are a few alternatives available to Wirex, and yet we are rooting for it! Our support for Wirex primarily stems from the dual nature of the account, which makes any user’s life so easy. Also, the Wirex expansion plans like the MasterCard collaboration makes us believe that Wirex is a force to watch out for in the future for sure!
