Wirex Review 2022: In recent years, the world has seen a surge of blockchain-based digital solutions that promise to bring users enhanced safety and security. Yet, many of these solutions fail to deliver on their promises. While some may be more secure and convenient than cash or credit cards (at least for now), most are just an easier way for companies and businesses to collect your personal information. As you probably know by now, there’s no such thing as a free lunch. Many ICOs ask for your personal information in exchange for “free tokens,” which is basically them selling your data. It is why so many people are avoiding investing in new solutions that use blockchain technology as a gimmick to collect user data.
If you’re reading this, you probably want to know whether Wirex is worth it before investing or not. So scroll down this Wirex Review, read more about this digital payment platform.
Table of Contents
What Is Wirex?
Wirex is a London-based digital payment platform that was established in 2014 and specialized in online financial management. It provides a digital banking solution that allows users to manage their money online. This solution is available for desktop, web, and mobile devices.
Wirex offers a wide range of financial products, such as payment cards, Wirex credits, and cryptocurrency wallets. Its main product is a virtual payment card that can be funded with a user’s account balance, cryptocurrencies, and debit cards. This virtual payment card is linked to an online account that can be accessed via web and mobile apps. The account can be linked to a user’s bank account, allowing them to transfer money between accounts quickly.
How To Register On Wirex
- To start signup on Wirex, visit wirex official website.
- Enter your email address, country of residence, and password. Click “Continue” after accepting the terms and conditions.
- You will receive an email on your registered id; verify the email to proceed with the next step.
- Enter your email address, your country of residence, and password. Click “Continue” after accepting the terms and conditions.
- Then you need to confirm your phone number and your personal information.
- After verifying your phone number, you will be redirected to verify identity page, where you need to verify your identity to proceed.
- After successful identity verification, you are all set to set up your wirex account and start using the website.
How Does Wirex Work?
Wirex works like any other banking app. You have a virtual account that you can connect to your bank account or debit/credit card to transfer funds. You can also use the app to pay people like you would with a PayPal account. The twist comes from the fact that you can fund this virtual account with Bitcoin or one of a few other cryptocurrencies. You can also exchange (sell) these cryptocurrencies for free traditional currencies like U.S. dollars.
Compared to other money management apps, this gives you a valuable advantage: You never have to pay any fees for transferring or exchanging currencies. The app also offers a debit card that you can use for online payments. You can load the card with dollars or cryptocurrencies and use it at online shops or physical stores that accept debit cards. The app can also set up regular crypto or dollar transfers between your accounts.
Wirex Key Features
Crypto-friendly debit card:
The app offers a virtual debit card that can be funded with your cryptocurrency account balance, bank account, and debit cards. It makes it easy to spend money at physical and online stores accepting debit cards.
Wirex allows you to transfer your cryptocurrency to your traditional bank account or another person’s bank account. It makes it easy to transfer money to people who don’t own cryptocurrencies.
No fees for transfers and exchanges:
Unlike other money management apps, Wirex doesn’t charge anything for transferring or exchanging currencies. It includes cryptocurrency transfers and exchanges.
Strong security features:
The app has security features like two-factor authentication and multi-signature wallets to protect your funds from hackers.
Top cryptocurrency supported by Wirex
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Solana (SOL)
- Dogecoin (DOGE)
Pros of Wirex
- Controlled by the Bank of Lithuania, the MAS, and the FCA
- Simple Registration & fast verification process
- You don’t pay any fees for crypto-to-crypto transfers or crypto-to-dollar exchanges. It is a significant advantage over other money management apps, as many of them charge fees.
- The app has robust security features to protect your funds from hackers.
- There’s no upper limit on the amount you can deposit into your account. Unfortunately, most banks limit how much you can deposit into your account.
- You can connect your account to a wide range of payment methods, including Mastercard, Visa, and American Express. This makes it easy to transfer funds between your accounts.
- Wirex app available for both Android and iOS users
Cons of Wirex
- The app is only available in a few countries. You can’t use the app if you live outside the supported countries.
- The app allows you to deposit a limited range of cryptocurrencies.
- If you own a rare or obscure altcoin, you can’t deposit it into your account.
- Some Wirex users have reported problems with customer support.
Final Words: Is Wirex Worth the Hype?
Overall, we concluded from this Wirex Review that Wirex is a fantastic tool for managing your finances in a digital age. It’s advantageous if you own cryptocurrencies and want a convenient way to spend them. The app has a wide range of valuable features and is available in a number of countries. While it has its flaws, it’s definitely a dedicated app. If you’re looking for an easy and convenient way to manage your finances online, you should definitely try it.
Wirex is one of the best cryptocurrency wallets, and hopefully our Wirex review has shown you that.