Global blockchain supervision and query platform

English
Download

wirex-1683449808202

wirex-1683449808202 WikiBit 2023-07-20 12:39

Wirex is a virtual currency exchange company based in the United Kingdom. It was founded in 2014 and is regulated by the UK Financial Conduct Authority (FCA). Wirex offers a wide range of cryptocurren

Aspect Information
Founded 2014
Regulation FCA, FINTRAC, MAS (Exceeded)
Cryptocurrencies offered 250+
Fees 0%-1%
Payment Methods bank transfers, debit/credit cards, and cryptocurrency transactions
Customer Support Company websitehttps://wirexapp.com/https://wirexapp.com/cnTwitterhttps://twitter.com/wirexappFacebookhttps://www.facebook.com/wirexapp/

Overview of Wirex

Established in 2014, Wirex is a regulated pioneering digital payments firm with a mission to democratize cryptocurrency accessibility. The platform provides an extensive array of cryptocurrencies for trading, encompassing major players like Bitcoin, Ethereum, Litecoin, Ripple, and a diverse range of others, facilitating a comprehensive trading experience for users.

Pros and Cons

Pros:

- Wirex offers a wide range of cryptocurrencies for trading, giving users access to a diverse market.

-

The platform provides a user-friendly trading experience through its

Wirex App and Web Platform, allowing users to conveniently manage their

trading accounts and make transactions.

- Wirex supports various

deposit and withdrawal methods, including bank transfers, debit/credit

cards, and cryptocurrency transactions, providing users with flexibility

in managing their funds.

Cons:

- While

Wirex is indeed regulated by the Financial Conduct Authority (FCA) and

the Financial Transactions and Reports Analysis Centre of Canada

(FINTRAC), it's important to note that their Monetary Authority of

Singapore (MAS) license has been exceeded.

Pros Cons
Wide range of cryptocurrencies available Exceeded MAS license
User-friendly trading experience
Multiple deposit and withdrawal methods

Regulation Compliance

Wirex operates under the regulatory oversight of multiple agencies in different countries. The regulatory agencies include:

1. Financial Conduct Authority (FCA): Wirex Limited is regulated by the FCA in the United Kingdom (Regulation Number: 902025). It holds an EMI License, allowing it to provide electronic money and payment services.

2. Financial Transactions and Reports Analysis Centre of Canada (FINTRAC): WIREX CANADA INC is regulated by FINTRAC in Canada (Regulation Number: M18946201). It holds an Investment Advisory License.

3. Monetary Authority of Singapore (MAS): WIREX PTE. LTD. is registered with MAS in Singapore (Registration Number: 201731976E). It operates under the Company Registration License.

These regulatory agencies ensure that Wirex complies with relevant regulations and operates within the legal framework of each respective country. The regulation status for Wirex is “Regulated” for the FCA and FINTRAC, while it is listed as “Exceeded” for MAS.

Security

At Wirex, a comprehensive array of security measures is meticulously implemented to bolster the safeguarding of your assets and personal information. A paramount focus on security is evident through Wirex's proactive encouragement for users to activate two-factor authentication (2FA) for their accounts, an effective layer of defense.

Enhancing security further, users have the capability to pre-authorize specific devices for Wirex app usage, bolstering the protective shield around their accounts. The security of all wallets is fortified through multi-signature technology, an assurance that access to funds remains exclusively under the user's control.

Significantly, Wirex upholds the practice of maintaining client funds in segregated bank accounts, distinctly separate from Wirex's own holdings. This distinctive approach ensures client money resides in 'ring-fenced' bank accounts, safeguarding it from potential turbulence. In the unfortunate event of Wirex encountering financial challenges, clients remain shielded – their funds are safeguarded from becoming entangled in bankruptcy proceedings. This resolute commitment to security offers users a profound peace of mind, minimizing concerns of their assets becoming ensnared in any legal intricacies.

However, no system is completely immune to security risks, and users should exercise caution when trading and storing virtual currencies. The security of Wirex can be enhanced through user awareness and adherence to best practices, such as maintaining strong passwords and regularly updating security settings.

Cryptocurrencies Available

Wirex offers 250+ digital assets for trading, including BTC, ETH, LTC, XRP, XLM, WXT, DAI, XNO, LINK, MKR, AAVE, YFI, UNI, UMA, OMG, BAT, ZRX, SNX, FTT, COMP, REP, BNT, BAL, 1INCH, LRC, KNC, CRV, SUSHI, ADA, XTZ, EOS, DOGE, SOL, DOT, CHZ, MATIC, AXS, APE, ALGO, HBAR, NEM, TRX, BNB,CELO, FTM, NXUSD, etc. These cryptocurrencies are subject to price fluctuations on exchanges, which means that their value can change rapidly.

The price fluctuations of cryptocurrencies are influenced by various factors, such as market demand, investor sentiment, regulatory developments, and global economic events. It is important for users to stay informed about these factors and monitor the market closely when trading cryptocurrencies.

In addition to cryptocurrency trading, Wirex also provides other products and services. These include the Wirex Visa card, which allows users to convert and spend their cryptocurrencies at any location that accepts Visa. This provides users with the ability to make everyday purchases using their virtual currencies.

Furthermore, Wirex offers a rewards program that allows users to earn Bitcoin back on their purchases. This incentivizes users to use their Wirex Visa card and participate in the Wirex ecosystem.

Trading Market

Wirex is not a traditional trading market in the sense that it doesn't offer direct access to a central order book for trading various financial instruments. Instead, it functions as a cryptocurrency platform that allows users to:

  • Buy, sell, and hold a variety of cryptocurrencies: Wirex supports a wide range of popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and many more.

  • Exchange fiat currencies for crypto and vice versa: This enables users to easily convert their traditional money into crypto or vice versa using various payment methods.

  • Spend crypto through the Wirex Visa card: Users can seamlessly spend their crypto holdings at millions of online and offline merchants worldwide that accept Visa.

  • Earn rewards on crypto purchases: Wirex offers a loyalty program called “Cryptoback™” that rewards users with up to 2% back in the form of WXT tokens for their crypto purchases made with the Wirex card.

  • Stake crypto to earn interest: Users can lock up their crypto holdings for a fixed period to earn passive income through staking.

Target Market:

  • Individuals seeking a convenient way to buy, sell, and spend crypto: Wirex caters to both beginners and experienced crypto users with its user-friendly platform and diverse features.

  • Frequent travelers who want to spend crypto globally: The Wirex Visa card eliminates the need to convert crypto to fiat currency for everyday purchases, making it ideal for international travelers.

  • Users interested in earning rewards on their crypto spending: The Cryptoback™ program incentivizes using the Wirex card for crypto purchases.

Wirex APP

The Wirex app is a multi-featured platform designed to cater to a variety of cryptocurrency needs. Here's what you can do with it:

Buy, Sell, and Hold Crypto:

  • Purchase and trade over 80 different cryptocurrencies directly within the app using various payment methods, including bank transfers, debit/credit cards, and Apple Pay.

  • Securely store your crypto holdings in the app's built-in wallet, which utilizes multi-factor authentication for enhanced security.

  • Monitor your portfolio performance and track crypto prices in real-time.

Spend Crypto Like Fiat:

  • Seamlessly spend your crypto at millions of online and offline merchants worldwide using the Wirex Visa card. No need to convert it to fiat first!

  • Enjoy competitive foreign exchange rates when spending abroad.

  • Control your spending and set limits through the app for responsible usage.

Earn Rewards and Benefits:

  • Earn up to 2% back in WXT tokens on your crypto purchases with the Wirex card through the Cryptoback™ program.

  • Stake your crypto holdings to earn passive interest income.

  • Participate in exclusive rewards and promotions offered by Wirex partners.

Additional Features:

  • Send and receive crypto instantly to other Wirex users for free.

  • Pay bills directly with crypto using the app's bill pay feature.

  • Top up your mobile phone with crypto.

  • Access educational resources and news about the crypto market.

Target Audience:

  • Individuals new to crypto: The user-friendly interface and educational resources make it easy for beginners to get started.

  • Regular crypto users: The wide range of features and supported currencies caters to experienced users as well.

  • Frequent travelers: Spending crypto globally without conversion fees is a major benefit.

  • Reward-seekers: The Cryptoback™ program and staking options incentivize using the platform.

Benefits:

  • All-in-one platform: Manage your crypto needs in one convenient app.

  • User-friendly interface: Easy to navigate for both beginners and experienced users.

  • Competitive fees: Lower fees compared to some other crypto platforms.

  • Security: Secure wallet and multi-factor authentication for peace of mind.

  • Wide range of features: Buy, sell, spend, earn rewards, and more.

Overall, the Wirex app provides a comprehensive and user-friendly platform for managing your cryptocurrency needs. Whether you're a beginner or an experienced user, Wirex offers a convenient way to buy, sell, spend, and earn rewards on your crypto holdings. Remember to conduct your own research and understand the risks involved before investing in any cryptocurrency.

How to Buy Cryptos

While Wirex is a versatile platform for dealing with crypto, it doesn't offer direct peer-to-peer or exchange-style crypto purchases within the app itself. However, you can still acquire crypto through various methods integrated into the platform:

1. Buying with Fiat Currency:

  • Supported methods: Credit/debit cards, bank transfers, Apple Pay (depending on region).

  • Process:

    • Go to the “Buy” section in the Wirex app.

    • Choose the desired cryptocurrency.

    • Specify the amount you want to buy and select your preferred payment method.

    • Confirm the transaction details and fees.

    • Your purchased crypto will be credited to your Wirex wallet.

2. Converting Existing Fiat Balance:

  • You can directly convert your existing fiat balance within the app to several supported cryptocurrencies.

  • The process is similar to buying, but you choose “Convert” instead of “Buy” and select your fiat balance as the source.

3. Receiving Crypto Transfers:

  • If you own crypto elsewhere, you can transfer it to your Wirex wallet address for safekeeping and potential spending.

  • Ensure you send the correct type of crypto to the corresponding wallet address on Wirex.

4. Cryptoback™ Rewards:

  • Earn up to 2% back in WXT tokens on your crypto purchases with the Wirex Visa card.

  • Over time, these rewards can accumulate and represent additional crypto holdings.

5. Staking Supported Cryptos:

  • Stake certain cryptocurrencies held in your Wirex wallet to earn passive interest income.

  • This option isn't available for all cryptos on the platform, so check their current offerings.

Target group analysis

Wirex targets a diverse group of individuals interested in accessing and utilizing cryptocurrencies seamlessly. Here's a breakdown of their primary market segments:

Primary Target Groups:

1. Crypto-curious Individuals:

  • Description: People wanting to explore and potentially invest in crypto but with limited prior experience.

  • Needs: User-friendly platform, educational resources, secure storage, ability to buy and spend crypto conveniently.

  • Why Wirex? App's accessibility, fiat integration, and reward program incentivize exploration.

2. Frequent Travelers:

  • Description: Individuals who travel internationally and want to leverage crypto for spending abroad.

  • Needs: Seamless global spending with crypto, competitive foreign exchange rates, convenient card access.

  • Why Wirex? Wirex Visa card eliminates currency conversion hassles and offers competitive rates.

3. Reward-Seekers:

  • Description: Individuals interested in earning rewards and passive income from their crypto holdings.

  • Needs: Attractive rewards programs, staking options, opportunities to maximize crypto value.

  • Why Wirex? Cryptoback™ program and staking options provide potential returns on holdings.

4. Budget-Conscious Crypto Users:

  • Description: Individuals seeking cost-effective ways to buy, sell, and manage their crypto.

  • Needs: Competitive fees, transparent pricing structure, cost-effective crypto spending solutions.

  • Why Wirex? Wirex generally offers competitive fees compared to some other platforms, especially for frequent small transactions.

Secondary Target Groups:

  • Tech-Savvy Early Adopters: Individuals embracing emerging technologies and comfortable with crypto concepts.

  • High-Net-Worth Individuals (HNWIs): Seeking tailored services and larger crypto allocations within their portfolios.

  • Businesses Accepting Crypto Payments: Integrating Wirex for accepting crypto payments from customers.

Key factors influencing Wirex's target groups:

  • Cryptocurrency market performance: Volatility directly impacts user sentiment and demand for Wirex's services.

  • Competition: Evolving landscape of crypto platforms and payment solutions can influence user choices.

  • Regulatory Landscape: Changing regulations surrounding crypto may affect Wirex's offerings and appeal.

  • Technological advancements: Continuous platform development and integration of new features are crucial for staying competitive.

Overall, Wirex targets a diverse audience seeking convenient and accessible ways to interact with crypto. Their user-friendly platform, integrated fiat options, and reward programs cater to various needs and preferences. However, understanding the competitive landscape, fee structures, and potential risks associated with cryptocurrencies is crucial before using any platform.

Fees

Obtaining your Wirex card and its associated current account comes at no cost, and the specific fees and limits will vary based on the currency linked to your account. There are no charges for account maintenance, multi-signature crypto accounts, multi-signature fiat accounts, card issuance, card maintenance, card replacement, or card delivery. When replenishing your account using cryptocurrency through a debit or credit card, a 1% fee is applicable. However, Wirex fiat account holders can revel in complimentary top-up services.

Account Fee Card Maintenance Fee Multi-sig Crypto and Fiat Accounts Fiat Exchange Services Crypto Account Top-up
Free 1% fee

Compare to Other Cryptocurrency Exchanges

Exchange Wirex BitGo Kraken
Fees 0%-1% 0.25% 0.16%-026%
Cryptos Available 250+ 600+ 222
Website https://wirexapp.com/ https://www.bitgo.com/ https://www.kraken.com/

Wirex

Wirex offers a seamless bridge between cryptocurrencies and traditional finances, providing a user-friendly platform for spending digital and fiat currencies in real life.

  • BitGo

BitGo stands out as a reliable and secure custodian solution, offering advanced security features to safeguard digital assets for institutions and individuals.

  • Kraken:

Kraken is a well-established cryptocurrency exchange known for its robust security measures, diverse range of supported cryptocurrencies, and user-friendly interface, making it a popular choice for both beginners and experienced traders.

Wirex User Review

User 1:

Cryptocurrencies? Solid lineup, they got all the big shots. And withdrawals? Lightning fast, which is a win in my book. But hold up, customer support can be a wild ride. One minute, they're champs, next minute, crickets. So, if you're looking for a smooth ride with some hiccups, Wirex might just be your ticket.

User 2:

Their security game is solid. And the interface? Clean as a whistle. No major issues with liquidity either, I could trade pretty smoothly. But here's the thing – their crypto offerings could use a little boost. I'm all about variety, you know?

FAQs

Q: Is Wirex regulated?

A: Yes. It is regulated by FCA, FINTRAC, and MAS (Exceeded).

Q: What is Wirex used for?

A: Wirex is a firm developed the worlds first contactless payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.

Q: How many cryptos are available on Wirex?

A: 250+.

Q: What deposit and withdrawal methods are available on Wirex?

A: Wirex supports various deposit and withdrawal methods, including bank transfers, debit/credit cards, and cryptocurrency transactions.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

  • Token conversion
  • Exchange rate conversion
  • Calculation for foreign exchange purchasing
/
PC(S)
Current Rate
Available

0.00