Wirex is a new Bitcoin-supported payment card that combines the convenience of traditional bank cards with the power of digital currency. Wirex has been designed to be convenient for anyone who currently spends in fiat currencies, as well as those people who are interested in exploring the world of cryptocurrency. The Wirex app and card can be used anywhere you would use your traditional bank card, but they also allow you to spend your Bitcoin wherever it is accepted. You can use Wirex for online shopping, withdrawing cash from ATMs and banks, paying bills, and transferring funds between accounts – all with just one account number.
In this article we will explore how Wirex works, where it excels, possible areas of improvement, and how Wirex compares to traditional bank cards.
What is Wirex?
Wirex is a Bitcoin-supported card that has been gaining traction since its release in 2014. Wirex cards and accounts are issued by E-Coin Limited, which also provides a way to exchange Bitcoin currency into fiat money without any fees or commissions. The company is regulated under EU law as an Electronic Money Institution (EMI) but it’s important to note that this does not make it the same thing as a bank account.
A Wirex card can be used like most other debit or credit cards with contactless payments enabled at millions of locations worldwide. You may pay some small transaction fees when using your Wirex card for purchases in your own country, but you won’t get charged anything for cross border transactions in Euros, US Dollars, British Pounds or Russian Rubles. This is possible due to the currency exchange service provided by E-Coin Limited.
The cards can be used at any place that accepts contactless payments so you can use it confidently all around the world. Wirex doesn’t even need an Internet connection which means it will work anywhere even without WiFi or cell phone reception.
How does Wirex Work?
Wirex is a hybrid e-wallet and card provider that works like any other debit or credit card – with the exception of being powered by Bitcoin instead of government currencies. You fund your account using Bitcoin, then use it to pay bills, withdraw money, or shop at retailers which accept contactless payments.
Wirex also offers virtual cards for online shopping purposes and a mobile app for managing all aspects of your finances on the go! These features make Wirex an excellent choice when you’re looking for ways to spend Bitcoin in everyday life without needing to convert it back into fiat currency first.
What are the Main Advantages of Wirex?
Wirex has many advantages, including the fact that it is a cheaper option than traditional bank cards. Wirex also offers an unlimited number of virtual currencies and provides access to global markets from anywhere in the world. Wirex is ideal for both business and personal use and you can choose to separate the two with two accounts or control both from the same Wirex account.
Risk-averse users who want their money protected will enjoy using Wirex because there are no credit or overdraft facilities attached to these cards. This means you don’t have to worry about overspending your limit on any account linked to the card but will still have access to all of your funds when needed.
Many people find Wirex more convenient than other types of payment methods because they don’t need to give their name or password to use the card. Wirex is also very secure because it has a PIN system that locks the device and provides an extra layer of protection for your funds.
What are the Main Disadvantages of Wirex?
The main disadvantages of Wirex are its lack of customer support, the high cost of transactions, and the very limited number of countries it is available to.
The lack of customer support is a particular issue, because if any problems arise, it will be up to you to try and solve it.
To open a Wirex account you have to be over 18 years old, live in one of the select few nations, and also pay an annual fee between $100-$200 USD.
Another disadvantage for some people is that you can’t spend all your Bitcoin at once, because there’s a small percentage kept on-hand by Wirex for security purposes. This means if you have $1000 worth of Bitcoin in your account, you’ll only be able to spend or withdraw about $950 USD.
How does Wirex Compare to Traditional Bank Cards?
Wirex is much like a traditional bank card, but it has some key differences. Wirex cards are cheaper than traditional cards and don’t have any credit or overdraft facilities attached to them. With the Wirex Visa you’ll need to input your PIN every time you want to make a transaction with the card rather than just at the point of sale like many debit cards require. Furthermore, you can use your Wirex account for making purchases from merchants who accept contactless payments because there’s no Internet connection required – unlike most other types of digital payment methods today which require an access point such as WiFi or cell phone reception.
Wirex does not require you to have a checking account with the company or any other third party provider as part of its verification process. Additionally, you can use your card online and at any ATM in the world without paying out-of-network fees.
Users are also able to withdraw up to $1000 per month free of charge from any ATM in Europe, plus unlimited withdrawals inside ATMs within Russia & the Asia Pacific region for just $20 a month. Other international transaction fees are usually between 0 and 12% depending on where you are using the card, while some domestic purchases carry no surcharges whatsoever.
Is Wirex Safe?
Using Wirex is just as safe as using a traditional debit card. Wirex uses the same 128-bit encryption and works on a platform that is already regulated by local authorities, meaning it adheres to strict data security standards. There is no sensitive information stored by Wirex on its app or website, and so even if someone was able to get their hands on your account number, they couldn’t take money from your card without having access to your phone too.
If you lose your phone, there are many ways of checking the balance of your mobile wallet online through other devices such as your tablet or personal computer. You can even buy a temporary unlock code that lasts just a few minutes after logging into the Wirex app so that you can get into the account and make the necessary security changes.
Like any other form of banking services, Wirex is only as safe as the bank or company that backs it up. That’s why Wirex has partnered with a number of reputable organizations to guarantee funds are kept secure no matter where you use the card. For example, the Bank of England and Lloyds Banking Group insure most UK balances up to £85,000, while KPMG acts as auditor and trustee during the day-to-day operations at Wirex Ltd headquarters in London.
How is Wirex Regulated?
Wirex is regulated by the Financial Conduct Authority (FCA) which has issued a series of guidelines for the company. For example, Wirex must not have more than €100 billion in assets under management and it can never invest customer money on behalf of customers or offer any other investment service.
Wirex also complies with all data protection regulations set out by both European Union law and UK law. It’s important to note that as Wirex is based in London, the company is subject only to legislation in place within those two jurisdictions.
Wirex is governed by the same laws as traditional banks, which means it has to adhere to strict regulations on money laundering. These include:
- Know Your Customer (KYC) requirements – Wirex cannot open an account for anybody without checking their identity and verifying that they are who they say they are
- Anti-Money Laundering (AML) policies – These protect businesses from being used for illegal activity such as terrorist financing or large scale criminal activities like drug trafficking. Wirex must check the source of funds deposited into its accounts before allowing those funds to be withdrawn
- Know Your Transaction partner(KYT) – Wirex must have detailed information about any business partner in order to comply with KYT rules.
Is Wirex Suitable for Cryptocurrency Beginners?
Wirex is a perfect match for beginners because it provides an easy way to get started with cryptocurrency, without having to learn all about Bitcoin mining or how digital wallets work.
Wirex is not a cryptocurrency, but it is one of the best solutions for storing and managing Blockchain assets. Wirex was originally created to help people convert their Bitcoin into cash, but the company soon realized that there was an even greater demand for crypto wallets than just converting fiat currency. Nowadays, Wirex offers various options: you can use it as a prepaid card (similar to PayPal), or as your own personal online account where you can deposit and withdraw funds in both crypto and traditional currencies.
Is Wirex the Same as a Bank?
Wirex is not the same as a bank, as it provides none of the regular banking services, but it can be used in tandem with your current account to pay for items online or to make purchases at brick and mortar stores. It also allows you to spend money anywhere on Earth where Visa cards are accepted. This makes Wirex good for travelers who do not want to carry large sums of money around and have no need for international currency conversion. The Wirex app also supports mobile top-ups so you never run out of credit when abroad.
How does Wirex Compare to the Competition?
There are many other cryptocurrency cards like Xapo and Bitpay, but Wirex differs in its ease of use for beginners. The currency conversion rates at the time of purchase are always similar to those on Coinbase and other Bitcoin exchange websites so there’s no need for you to worry about fluctuating prices making your purchases more expensive than they should be. As well as this assurance, the exchange rate isn’t locked in until after you’ve completed your transaction which provides some level of stability when using Wirex abroad where fluctuations can happen rapidly.
Furthermore, Wirex is the only card of its kind to offer a contactless payment system. This makes it possible to spend Bitcoin, Ether and any other cryptocurrency that the Wirex platform supports.
Is it Easy to Get a Wirex Card?
Wirex card registration is free, and it takes about five minutes to sign up. When you apply for a Wirex account, the company will give you an activation code that expires in 24 hours. If your application doesn’t go through within those 24 hours, Wirex won’t be able to process your request and you will have to apply for a new code. You can activate your Wirex card on the website so that you can start using it straight away while waiting for the physical card to arrive in the mail (delivery usually takes around two weeks after approval of application.)
To Sum Up
The way we are saving, investing, and spending our money is changing all the time, and cards like Wirex are looking increasingly certain to be at the forefront of personal finances in the years to come. From low fees, extra security, and the ability to use your card anywhere in the world, there are many reasons to give Wirex a try. This is all relatively new technology so there are some improvements that still need to be made in terms of customer support and the number of countries the card is available, but for most people, the positives definitely outweigh the negatives. Wirex is an excellent entrypoint into the world of crypto, and makes spending and withdrawing your currency a whole lot easier.
I’m Jon, owner of Trade Wise at https://tradewise.community/ and https://www.youtube.com/channel/UC7VmOx8DbvX4Rbrac2pPcjw
I review forex and crypto trading products and services to find the best of what’s out there for creating a passive income without becoming a full-time trader.