Wirex Review (2018)

Wirex Card
  • Ease of Use
  • Beginner Friendly
  • Payment Options
  • Speed
  • Fees
4.5

Summary

I’ve been impressed by Wirex. It’s a crypto-friendly account, which has minimal fees, competitive exchange rates, and a great user interface. There’s not much to complain about.

Wirex is a crypto-friendly currency account which allows you to store, transfer, and exchange between bitcoin (BTC), litecoin (LTC), ripple (XRP), GBP, EUR, and USD.

With Wirex’s GBP Visa Debit card, you can also shop in-store and online.

Want to find out more? Check out this Wirex review.

Advantages & Disadvantages

Advantages

  • Quick verification (< 5mins).
  • 4* Trustpilot rating (200+ reviews)
  • Hold a UK FCA e-money licence.
    • Only two other crypto and fiat payment platforms hold this.
  • 24/7 customer support.
  • Buy and sell bitcoin (BTC), ether (ETH), litecoin (LTC), and ripple (XRP) at competitive rates.
  • Contactless Visa Debit cards (issued and delivered for FREE).
  • Browser-based and mobile apps (iOS & Android).
  • Excellent interface.

Disadvantages

Who Is Wirex?

Pavel Matveev and Dmitry Lazarichev.

Wirex was established in late-2014 by Dmitry Lazarichev and Pavel Matveev. They’re based in the UK but have offices around the world. They were previously known as ‘E-Coin’ but rebranded in 2016.

Wirex has over 1.5 million users across over 130 countries.

To sum up their mission statement, Wirex is aiming to.

  • Expand the availability of banking services.
  • Get more people involved in the ongoing financial revolution.
  • Remove the geographic limitations of finance.

Main Features

Crypto Features

Wirex’s bitcoin (BTC) wallet interface.

  • Store bitcoin (BTC), litecoin (LTC), and ripple (XRP) in their web wallets.
  • Send and receive from/to these cryptocurrency web wallets.
  • Buy supported cryptocurrencies with GBP (at competitive rates).
    • You can also sell supported cryptocurrencies for GBP.
  • Deposit and exchange over 50 alternative cryptocurrencies (at competitive rates).
    • e.g., Dash (DASH), Dogecoin (DOGE), & Monero (XMR).
    • Achieved through integration with Shapeshift.

Card Features

Wirex’s account dashboard.

Supported Cryptocurrencies

You can buy, sell, and transfer the following cryptocurrencies on Wirex:

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ripple (XRP)

You can also exchange over 30 alternative cryptocurrencies for bitcoin (BTC). When I checked, the rates were quite competitive too (about 1% above the best price on Binance).

What coins can be exchanged for bitcoin (BTC) on Wirex?

Last checked: 11/08/2018

  • Basic Attention Token (BAT)
  • Aragon (ANT)
  • Binance (BNB)
  • Bancor (BNT)
  • Bitcoin Cash (BCH)
  • Blackcoin (BLK)
  • Civic (CVC)
  • Dash (DASH)
  • Decred (DCR)
  • DigiByte (DGB)
  • Dogecoin (DOGE)
  • Edgeless (EDG)
  • Ether (ETH)
  • Ether Classic (ETC)
  • GameCredits (GAME)
  • Gnosis (GNO)
  • Golem (GNT)
  • Matchpool (GUP)
  • Komodo (KMD)
  • LBRY Credits (LBC)
  • Neo (NEO)
  • Numeraire (NMR)
  • OmiseGo (OMG)
  • Potcoin (POT)
  • Qtum (QTUM)
  • Augur (REP)
  • Reddcoin (RDD)
  • RCN (RCN)
  • iExec (RLC)
  • Salt (SALT)
  • Siacoin (SC)
  • Status (SNT)
  • Storj (STORJ)
  • Swarm City (SWT)
  • Wings (WINGS)
  • Monero (XMR)
  • Zcash (ZEC)
  • 0x (ZRX)

Payment Methods

You can fund your GBP account with:

  • Credit/debit cards (3D Secure)
  • UK bank transfer
  • SWIFT

If you’re using a credit or debit card, you can only top-up your GBP account with £1000/€1000/$1000 per day. I wouldn’t recommend using a credit card, as it’ll probably be considered a cash advance (not good). It’ll be simpler to just use a debit card.

This limit doesn’t apply to UK bank transfers. However, the maximum GBP account balance is £7500/€8000/$10000. The transfer might get bounced if you try to deposit more than that.

Deposits with a debit or credit card are instant, but my bank transfers weren’t credited for about an hour (even though they support Faster Payments). Unless you’re looking to deposit more than £1000, it’s quicker and easier to just use your debit card.

Fees

Wirex Card Fees

Setting up a Wirex account is FREE.

You can also get a physical card issued and delivered for FREE.

Unfortunately, there is a £1/€1.20/$1.50 per month account management fee. It’s not a significant amount, but it’s still an annoying financial consideration. Regardless of your account activity, you’ll pay this account management fee.

These are the other fees/limits I picked out…

Fee or LimitCharge
ATM charge (in Europe)£1.75/€2.25/$2.50
ATM charge (outside Europe)£2.25/€2.75/$3.50
ATM withdrawals£250/€250/$250 per day
Cashback (in-store)£50 per day
Credit/Debit card top-up£1000/€1000/$1000 per day
Maximum card balance£7500/€8000/$10000

I wouldn’t make a habit of withdrawing cash with the Wirex card, as the ATM charge will add up.

If I needed the raw cash, I’d just transfer the funds to my main bank account, and then withdraw via that (without paying any fees).

More information available here.

Buying Bitcoin With Wirex

The BTC to GBP exchange rate is competitive.

Although it varies, Wirex’s BTC exchange rate is usually about 1.5% above the real BTC to GBP exchange rate. It’s possible to get equivalent or better rates elsewhere, but it’s still pretty damn good.

It’s possible to buy, send, and receive bitcoin (BTC), litecoin (LTC), and ripple (XRP) on Wirex without ordering a Wirex card. If that’s all you want to do, check out this post.

How can I check how competitive Wirex’s exchange rate is?

When you’re buying bitcoin (BTC) with Wirex, it’ll clearly show you the exchange rate. However, the competitiveness of this exchange rate isn’t explicit.

To understand how competitive Wirex prices are, check out BittyBot. It ranks the exchange rate offered by bitcoin (BTC) sellers in the UK (cheapest first).

When you hover over ‘Price’, you’ll see a little pop-up.

This shows you how much the offered exchange rate is above the BPI (or Bitcoin Price Index).

Although it’s possible to get better rates, anything less than 1.5% above the BTC to GBP exchange rate is competitive.

Interface

Wirex’s browser and mobile app interface are excellent.

It’s clean, intuitive, and easy-to-use.

Summary: Best Bitcoin Debit Card?

When I first heard about Wirex, I wasn’t expecting much.

But I’ve been pleasantly surprised.

Why? A few reasons:

  • You can buy and sell bitcoin (BTC), litecoin (LTC), and ripple (XRP) at competitive rates.
    • Prices are usually between 1 – 1.5% above the BPI.
  •  It’s convenient and beginner-friendly.
  • Wirex GBP Visa Debit cards are accepted most places I tested.
  • 0.5% cashback on your purchases is competitive.

Want to give Wirex a shot? Signup in less than 5 minutes.

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