Wirex Review: Full Analysis

/Wirex Review: Full Analysis

Wirex Review: Full Analysis 2018-05-22T15:48:23+00:00
Wirex Review: Full Analysis

Full Wirex Review

Quick inner navigation:

  1. What is Wirex?
  2. Here is a detailed review of Wirex
  3. Wirex Fees
  4. Wirex Verification
  5. Is Wirex Safe?
  6. How to Use Wirex?

Cryptocurrencies are gaining more ground and acceptance as the technology advances and become easier to use for the ordinary person. More developments are being made with new coins and systems coming into play that are enabling the less tech-savvy individuals to join the bandwagon. With time, anyone with an access to any type of computer with internet access will be in a position to use digital currencies.

As more and more people use cryptocurrencies, there will be a need to ensure that these people’s wealth is protected from unscrupulous individuals. Considering that most of the digital coin transactions are carried out online, most people will be at risk of getting hacked and losing their coins. However, companies like Wirex are developing technologies to keep up with this industry creating crypto wallets that will enable users to keep their coins safe away from the con artists. In this review, we’ll look at Wirex.

What is Wirex?

Wirex is a start-up fintech that aims to combine the power, speed, and flexibility of the blockchain technology with traditional financial and monetary systems. The company was initially known as E-Coin which was a virtual card provider but has since expanded to other services hence the change in name. It rebranded in February 2016 to Wirex to incorporate other services.

The company is based in London, United Kingdom, and has more offices in Tokyo, Japan, and Kieve, Ukraine. Its founders are Dmitry Lazarichev and Pavel Matveev.

Wirex card is not available in the United States but supports about 130 countries. These countries include all those that are part of the BRICS apart from India (Brazil, Russia, India, China and South Africa). Here are some of the services that Wirex account provides to its clients.

Wirex Main Features

  • You can buy Bitcoins and altcoins with high limits and favorable exchange rates from Wirex.
  • You can link up your debit and credit cards to your Wirex account.
  • Acts as storage for Bitcoins and other cryptocurrencies.
  • You can exchange your cryptocurrencies or covert them into fiat currency in this wallet.
  • Allows you to deposit funds into your account using UK local transfer or through IBAN for international transfers.
  • You can transfer money using digital currencies to other Wirex users anywhere in the world free of charge. You can also send money to directly to any person without the need of traditional money sending services for very low fees.

Here is a detailed review of Wirex

Wirex began as a virtual card provider before upgrading to other services. In March of 2016, they introduced the Bitcoin debit cards. It is possible to buy Bitcoin directly using your app and exchange the same for fiat currency. You can also spend your Bitcoins in stores that accept fiat currency using your card. This card instantly converts Bitcoin into fiat currency enabling you to spend at physical stores that accept Bitcoin.

  • You can buy Bitcoins through bank transfers
  • It’s possible to use alternative payment methods as well as PayPal.

In terms of support, Wirex has a wide array of coins that it supports, Litecoin, Ethereum and Bitcoin are the main digital currencies supported as well as fiat currencies.

It is vital to understand the wallet’s charges to avoid unnecessary fees. Let’s look at what you have to spend when using this wallet

Wirex Fees

You can order a Wirex card free of charge, but you will pay a monthly fee for account maintenance. The fees depend on the currency that you will be using. In case of any extra bank charges, then those will be added to your overall fees.

The currency account monthly fee is deducted from your account every month irrespective of your transaction activity. If your card or account runs out of cash, then it may go to a negative and you will be required to top-up. If you fail to top-up for two consecutive months both the card and account are deactivated. You can only create a new account once you pay the outstanding balance.

If you want a Wirex virtual card, you’ll part with just $3, and you can start using it immediately. A debit card, on the other hand, costs you $17 inclusive of shipping fee.

Both virtual and physical debit cards allow domestic and international bank transfers directly to users’ accounts. The company has partner banks in more than 68 countries. Among those partners, banks include Barclays, the Royal Bank of Scotland, Lloyds, and ING.

It also offers a non-physical virtual debit card that allows you to shop online using fiat currency.

Wirex Special Features

  • You can use Wirex to convert your Bitcoins into fiat currencies such as USD, EUR, and GBP.
  • You can withdraw fiat currencies at the ATMs as Bitcoins are instantly converted to traditional currencies.
  • You can send money anywhere and to any person without the need of a bank and at a very low fee.
  • The wallet features Shapeshift integration allowing you to send most of the major digital currencies to your Wirex account.

Wirex Verification

Like many wallets online, you will need to carry out a verification process before using the special features in Wirex and even when operating on the platform’s exchange. Basically, verification is confirming your personal information and area of residence. You need various documents to confirm your personal details.

  • Open an account for free
  • Install the application either on your desktop or mobile
  • Have 2-factor authentication
  • You will need Proof of Residence (POR) and Proof of Identity (POI).

POR should be a document that is not more than 3 months old. It must have your official name, date of issuance and residence address.

The following documents are suitable for POR

  • Utility Bill (Water, Electricity or any other utility bill)
  • You can upload a bank statement. Don’t use online statements. Go to the bank and ask for one and scan it, then upload the scanned version.
  • You can also use a council tax bill that is not more than a year old

POI documents must show your full name, date of birth, your photo and expiry date.

The following documents are suitable for POI

  • Government-issued passport showing the MRZ code
  • Driver’s license
  • Identity card
  • A work permit or a resident card

When you have these document in place

  1. log in to your Wirex account
  2. click on the getting started on the left
  3. click get verified now.
  4. Alternatively, you can click on your name, then click on verify my profile.
  5. Ensure that you key in information that corresponds your documents.
  6. Verify your phone number.
  7. When uploading POI documents, choose the type of documents from a drop-down menu then upload. If you are using a phone, you will have to take a selfie for verification of the documents you will upload.
  8. For the POR documents, select document type from the drop-down list then upload the required documents.
  9. Once you submit the documents, you should see a confirmation message showing you that the documents have been successfully uploaded.
  10. Not that the documents must not exceed 10 MB.
  11. Verification will take about 7 to 10 days. You will receive an email confirming whether your documents have been verified or not.

Is Wirex Safe?

The key factor in choosing a wallet is security. People have varied reviews of this wallet. Here is what they have to say.

Before using this service, it is important to get the views of others who have tried it. In Reddit, a popular site, there are a lot of complaints of people losing their Bitcoins after having their accounts blocked on WIrex. Attempts to reach the Wirex support by most of these individuals have been so far futile.

Wirex has responded on a few occasions asking the complainants to use social media for quicker response. It is still not clear if they have resolved the issues raised.

Away from that, the system has these security features;

  • Multi-Sig technology – Wirex wallets use BitGo multi-signature technology. This feature ensures that no transfer of funds can occur without being signed by all parties involved. Users have 2 or 3 multi-sig wallets with unique codes that only you can use on your own wallet.
  • Email Address Confirmation –Your account is connected to your personal email address. You will be notified of any activity in your Wirex account through your email. As long as your email is secure, a hacker can never cause any serious damage to your account since you are always in full control.
  • SSL encryption – Secure Sockets Layer is a security system that ensures there will be no “middle man attack”. It provides an encrypted link between the server and the browser. Wirex uses 256-bit SSL.
  • Two-factor authentication – This is an added-on security feature that requires one to have access to his or her username, password and more data such as a physical token or a code that is sent to your phone. If you do not have your phone, then you cannot log in even if you have your password and username.
  • Personal wallet – Wirex never holds your cryptocurrency on their servers. You are given a personal wallet with 3 private keys that are stored on different devices to ensure that no hacker can access them.
  • Support Security –Wirex support carries out stringent verification and carry out strict verification if you want to change your 2-factor authentication or change any other personal information like your email address.
  • Access to Card Details – None of the Wirex employees has any access to your card details. This information is secured by card proxies. Data is stored with Wirex bank.

Despite these security features, take extreme caution before using Wirex. A lot of people are complaining about losing Bitcoin and cash on this site. Some are even complaining that the cards they requested were never delivered. It might seem like a reliable and convenient service, but with all the complaints, it is good to hold back your horses.

If you so decide to use the wallet, you need to know how to navigate through the platform. Let’s now go through on how to use the wallet.

How to Use Wirex?

Using Wirex is quite easy. You will do everything at the comfort of your desk as long as you have a good internet connection as everything is cloud-based.

Here is a step by step guide on how to create a Wirex account;

  1. Go to Wirex website and click register.
  2. Check your email for an account activation link and click to confirm your account.
  3. Once your account is confirmed, log in using your email and password.
  4. Verify your phone number through a simple process. You will enter your country code and phone. number, then wait for the verification code. Ensure your phone is on so as to get the code. Once you receive the code, key it in and click submit. Your account is now ready.

Buying, selling and storing as well as transferring digital currency is also swift on this platform. Let’s see how to carry out a simple Bitcoin transaction.

If you want to fund your account with Bitcoins, here is how to go about it;

  1. Using your email and password, log in to your Wirex On the left side of the panel, click on Bitcoin account and expand to other options using the “Down” icon and select funds.
  2. Select the digital currency you want to fund your account with. In our case, it will be Bitcoin, but you follow the same process for all the other coins.
  3. Generate your Bitcoin address for this wallet and QR code. You can either copy and send your Bitcoin address to others to send you Bitcoins or scan the QR code and use it to receive Bitcoins.
  4. If you already have another Bitcoin wallet, you can send the funds yourself using the address to your Wirex wallet. If in case you had bought an altcoin, it will be converted to Bitcoin by the ShapeShift feature and then added to your wallet.

Alternatively, you can also fund your account using your local debit or credit card. Here is how to do it;

  1. Select “Link new card” on the payment options.
  2. Enter your card details.
  3. Confirm your billing address.
  4. Confirm your card. It is now ready to fund your account with fiat currencies.
  5. You can then add funds to your Wirex account using your card. The minimum you can add is $25, and the total daily limit is $500. This also applies to the limits of buying Bitcoins.
  6. Please, not that your card must be 3D secure. Most visa and master cards have this feature.

You can as well exchange digital currencies using these simple steps;

  1. Log in to your account and click on “Exchange Currencies” on the left side.
  2. Select either BTC or card as the source account.
  3. Select the currency you wish to sell on the Exchange.
  4. Choose the target account.
  5. Enter the amount of money you wish to spend from your card or BTC.
  6. Once you have done that, select ‘Exchange’, confirm your transaction details, then click ‘Confirm Exchange’.

Spending your money on your Wirex account should be instant if you have a Wirex debit card.

Follow these simple steps to get your Wirex card;

  1. Choose the type of card you wish to order. Fill in your personal details and other required information
  2. Enter your billing address. If you want a plastic card, enter a delivery address and select delivery type
  3. Click next and select a payment method. If you want your card to be placed immediately, select it as the payment method. If you choose an external payment option, ensure that you pay within 24 hours to have your card. If you fail to do so, then it will be canceled.
  4. Review the card and personal details on the See Summary icon. If you want to change anything, click on change order details. Once you are satisfied, click on place order and wait for your card.
  5. The virtual card is delivered instantly, and you can start using it while the plastic card takes a while. As of the moment, though, Wirex is not delivering the cards.

In a nutshell

Wirex seems to be a game changer in the cryptocurrency world. Allowing people to spend their digital currencies instantly anywhere in the world was a much-needed service. You now do not have to sweat through various exchanges trying to find a client for your digital coins.

However, some red flags have already been raised concerning this platform.

  • Despite its convenience in currency exchange and money transfer, people are complaining that the platform is freezing their money and giving slow responses.
  • It is not as rosy as they put it on their website, some people have had their coins frozen for months some giving up on them.
  • Others are complaining that Wirex is not delivering their cards.

It is important that you take precaution before using their services. You can try using a small amount to see if they are effective before trusting them with a lot of money.

As always, we are grateful that you took your precious time to go through our review. We hope that we have given you as much information as possible. We will continue researching everything about the crypto space to ensure that you stay informed. Continue checking out our site for more.

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