Wirex combines digital payments with practical features that make it easy, quick, and secure to send and receive money. But is Wirex still a good option today, when there are so many competitors? This review covers everything you need to know about its features, fees, security, ease of use, customer support, and more, so you can decide for yourself.
Company Background and History
Wirex first launched in 2014 under the name E-Coin, created to address common problems in digital finance. In just a few years, it rebranded to Wirex and grew steadily. Its headquarters are in London, and the company operates under the supervision of the UK’s FCA, the Bank of Lithuania, and Singapore’s MAS.
The platform's goal is to make digital money available to a wider audience. The idea for the service was to develop a platform that would combine crypto with fiat in a convenient and easy-to-use way for users.
Wirex is not a bank, but it is one that provides services many users would associate with a bank. These are a pin-protected debit card, real-time payments, in-app transaction notifications, as well as all-day access to a wide range of cryptocurrencies and fiat currencies.
Key numbers:
Wirex was created by Pavel Matveev and Dmitry Lazarichev. They explain their idea this way:
“We envisioned a world where using crypto is as simple as using traditional currency, whether for online shopping or ATM withdrawals. Wirex is our solution.”
Since its launch, Wirex has continuously enhanced its services to better serve its users and remain competitive.
WIREX Key Features and Services
With Wirex, you can buy, store, exchange, and manage a wide range of major coins and tokens. Alongside well-known names like Bitcoin, Ethereum, Litecoin, Ripple (XRP), and DOGE, Wirex also gives you access to a broad selection of investment options such as Solana (SOL) and Polkadot (DOT), plus a variety of stablecoins including USDT, TUSD, and USDP.
The app supports around-the-clock access to the following cryptocurrencies: BTC, ETH, LTC, XRP, SAND, MANA, USDC, USDT, TUSD, USDP, EURS, EURT, etc.
In total, Wirex supports over 100 coins, including a wide variety of ERC-20 tokens.
Wirex offers fast currency exchange directly in the mobile app. You can swap between 61 traditional and digital currencies using special OTC rates that are usually better than what’s available on public exchanges. On top of that, there are no fees for foreign currency exchange.
More than 16 traditional currencies are supported, including EUR, GBP, CHF, USD, CAD, CZK, JPY, HKD, HRK, MXN, NZD, PLN, RON, SGD, and AUD. Wirex uses a non-custodial wallet model, which means you have full control over your crypto.
For added safety, your assets are kept in multisig cold storage, reducing exposure to online threats. The new Wirex card works with both crypto and traditional currencies. You can pay in the currency of your choice, whether it’s fiat or digital, with no conversion fees, and it will automatically switch to one of 150+ local currencies at checkout.
You can also pay directly from your crypto wallet. Every card purchase can earn up to 2% back in crypto. All these services are available through the Wirex mobile app, which runs smoothly on iOS and Android.
Trading and Transaction Experience
All Wirex services are available through a user-friendly mobile app with a layout that’s easy to follow. It allows you to manage your account quickly, get real-time updates, and benefit from strong security features. Even if you’re new to crypto, you’ll have no trouble getting started thanks to the simple design and clear structure.
Transaction speed depends on the blockchain and how busy the Wirex network is at the time. Most transfers are completed within 15 minutes, though it can take longer when traffic is especially heavy.
Security and Safety
The ability to grow and use your funds doesn’t mean much if your money isn’t safe. Wirex keeps your account secure with anti-fraud measures, authentication and full-recording device verification.
Wirex on the other hand, keeps the profile and private information of its users secure using TLS and 256-bit AES encryption. Your account is also secured by two-factor verification. All in all, it's a nice and well-executed security apparatus.
Customer Support
You can open a support request for app, wallet, Wirex card, and services issues. The team will respond by email in several minutes.
Wirex also has a detailed FAQ section that covers most common topics, including fees, funding, limits, account settings, and security.
That said, support options are limited. There’s no live chat, phone line, or dedicated email address for quicker access to help.
Pricing and Fees
Since Wirex offers a wide range of features and services, there are various fee structures to consider.
Wirex gives users a clear and secure way to earn up to 16% per year on select currencies. Interest is added daily, and you can access your funds at any time. There are no withdrawal fees from X-Accounts, so you’re free to move your money whenever you like.
There are also a few account plans to choose from. These include cashback on purchases, earnings of up to 20% per year on X-Accounts, and access to Merchant Offers.
Regulatory and Compliance Environment
Wirex is supervised by the FCA in the UK, the Bank of Lithuania, and MAS in Singapore. Thanks to insurance coverage through Firebricks and the regulations that apply to Wirex products, your deposits and transactions are well protected.
To use features like storing, trading, and exchanging crypto, Wirex requires identity verification (KYC). This process usually takes just a couple of minutes.
Additionally, users can enable two-factor authentication from the security settings page, adding another layer of protection. Customer funds are kept in separate bank accounts, which means they’re shielded from any claims made against the company itself. Wirex follows all required rules to provide a safe and trustworthy space for users across different countries.
Competitive Market and Differentiation
Wirex stands out from Bybit by supporting both traditional currencies and crypto, while Bybit focuses only on digital assets. Wirex also offers X-Accounts that let users earn interest on both types of funds, with automatic compounding. Bybit, on the other hand, only allows users to earn on crypto, and without compounding.
Binance also falls short in some areas. Its cashback depends on BNB and isn’t available in all regions. Wirex X-Accounts support more currencies. Binance’s Simple Earn doesn’t include fiat and doesn’t offer compounding, unlike Wirex.
Overall Pros and Cons
Pros:
Cons:
- There is no demo of the platform, although it is easy to navigate.
- It does not provide charts or tools for analyzing price.
- Your identity needs to be verified immediately.
Wirex is perfect for people who are seeking a quick and easy way to manage their acess to both crypto and fiat.
Final Verdict
Wirex is very competitive and user-friendly thanks to its diverse crypto-fiat services. With features such as Cryptoback rewards and deposit interest, it’s like traditional finance but crypto-friendly.
In the future, strategic integrations with banks or top crypto projects could help to scale Wirex’s services. Furthermore, entering new territories will enable Wirex to grow its international customer base and increase global brand presence.
