Wirex exchange review
Cryptocurrencies:
Fees:
Security system:
Deposit methods:
Cryptocurrencies
Wirex offers a wide range of over 250 cryptos, including some of the biggest ones on the market such as Bitcoin, Ethereum and Solana.
| Bitcoin (BTC) | Available |
| Bitcoin Cash (BCH) | Available |
| Ethereum (ETH) | Available |
| Ripple (XRP) | Available |
| Solana (SOL) | Available |
| Dogecoin (DOGE) | Available |
| Polkadot (DOT) | Available |
| Polygon (MATIC) | Available |
| Cardano (ADA) | Available |
| Litecoin (LTC) | Available |
| Tether (USDT) | Available |
In contrast, Gemini has over 100 cryptos on its platform, while Bitstamp lists more than 80. However, compared to its competitors, Wirex offers a free debit card to all three Standard, Premium and Elite account holders.
Payment methods
You can deposit and withdraw in CAD. The Wirex debit card has a low daily ATM withdrawal limit of $700 and $2,700 for the month. You can spend up to $5,500 a day or $13,000 a month and unlike most other cards on the market, there’s no maximum balance limit.
Daily withdrawal limit
| Payment method | Limits |
|---|---|
| VISA | $700 requires KYC verification, ID check and a selfie |
| MasterCard | $700 requires KYC verification, ID check and a selfie |
| Bank transfer | $700 requires KYC verification, ID check and a selfie |
| PayPal | $700 requires KYC verification, ID check and a selfie |
| Google Pay | $700 requires KYC verification, ID check and a selfie |
| ApplePay | $700 requires KYC verification, ID check and a selfie |
Monthly withdrawal limit
| Payment method | Limits |
|---|---|
| VISA | $2,700 requires KYC verification, ID check and a selfie |
| MasterCard | $2,700 requires KYC verification, ID check and a selfie |
| Bank transfer | $2,700 requires KYC verification, ID check and a selfie |
| PayPal | $2,700 requires KYC verification, ID check and a selfie |
| Google Pay | $2,700 requires KYC verification, ID check and a selfie |
| Apple Pay | $2.700 requires KYC verification, ID check and a selfie |
Daily purchase limit
| Payment method | Limits |
|---|---|
| VISA daily purchase limit | $5,500 requires KYC verification, ID check and a selfie |
| MasterCard daily purchase limit | $5,500 requires KYC verification, ID check and selfie |
| Google Pay daily purchase limit | $5,500 requires KYC verification, ID check and selfie |
| Apple Pay daily purchase limit | $5,500 requires KYC verification, ID check and selfie |
Monthly purchase limits
| Payment method | Limits |
|---|---|
| VISA monthly purchase limit | $13,000 requires KYC verification, ID check and a selfie |
| MasterCard monthly purchase limit | $13,000 requires KYC verification, ID check and selfie |
| Google Pay monthly purchase limit | $13,000 requires KYC verification, ID check and selfie |
| Apple Pay monthly purchase limit | $13,000 requires KYC verification, ID check and selfie |
Gemini requires KYC verification to buy, sell and trade cryptos and the company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement.
On the other hand, Bitstamp requires multi-step KYC verification to buy, sell and trade cryptos and the company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement. In addition, you must provide information such as country of birth, tax residency as well as a Proof of Funds (POF) document such as an annual income statement.
CashtoCode eVoucher
You can’t fund your account with a CashtoCode eVoucher as this isn’t offered at Wirex.
Trading fees
To open a Premium or Elite account, you need to pay a $9.99 monthly fee for the former, while the latter comes with a $29.99 monthly fee. The Wirex card has no annual, transaction or issuance fees but you need to pay a $1.50 monthly maintenance fee. ATM withdrawals are only free up to $200 and thereafter you need to pay a 2% fee.
Staking
Wirex doesn’t offer a staking program.
Is Wirex exchange safe?
As a regulated digital payment platform, Wirex has been in operation since 2016 and amassed over four million users across the world. The company has a range of security measures in place that offer a high level of security for users, from state-of-the-art facial verification technology to holding customers' assets offline in multi-signature cold storage vaults.
A relatively high percentage of users (52%) rate Wirex with five stars on Trustpilot, which is a good indicator of safety. The company hasn’t been linked with any known scandals. In fact, when Wirex became officially licensed as an e-money issuer with the FCA in 2018, it was only the third company in the world to do so at the time.
| Trustpilot | 3 star |
The most common issues raised are related to customer service, accounts and deposits. However, people praise them for their wallet and annual savings bonus.
Security
Wirex has a variety of security measures in place such as accounts being secured with state-of-the-art facial verification and biometric technology, as well as 256-bit AES data encryption. The majority of assets deposited onto the platform are held in multi-signature cold storage vaults and Wirex adheres to both Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) guidelines. The company is a licensed e-money issuer with the UK’s Financial Conduct Authority (FCA) and is also regulated by the Croatian Financial Services Supervisory Agency.
| Safe coins storage | A majority of deposits are held in multi-signature cold storage vaults |
| Two-factor authentication | Two-factor authentication via SMS verification is required at Wirex. |
| Information security | Accounts are secured with state-of-the-art facial verification and biometric technology, as well as 256-bit AES data encryption. |
| Platform security | Wirex monitors all transactions on the platform. |
| Network security | Annual third-party audits. |
In contrast, Gemini has advanced security measures in place such as annual third-party penetration tests, running a private bug bounty program, a coordinated disclosure program related to hacking research and a digital multi-signature scheme. The company is secured by PCI DSS, has SOC 1, SOC 2 and ISO 27001 certifications and is regulated by the NY Department of Financial Services, Monetary Authority of Singapore (MAS) and Financial Conduct Authority (FCA). In addition, Gemini maintains $100 million insurance coverage for the digital assets it holds on behalf of customers.
Bitstamp has a number of security measures in place such as holding 95% of crypto in securely stored offline in bank-grade Class III vaults, custodians holding insurance for client assets in cold wallets, a Bitstamp Board Risk and Audit Committee and 50 licences globally, including a Money Service Business (MSB) licence from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), a Virtual Asset Service Provider (VASP) licence from De Nederlandsche Bank (DNB) and a MSB licence from the Financial Crimes Enforcement Network (FinCEN).
How to start trading at Wirex exchange?
Registration
You need to create an account in order to register with Wirex and this can be done by:
- Visiting the website and inputting your email address and country of residence so you can start the process.
- After verifying your email address, you need to enter your full name, address and date of birth.
- You then have to enter your phone number to receive an SMS verification text message.
- After verifying your phone number, you have to complete KYC verification.
- Upon successful registration and passing verification, access to all functions of the site including higher limits are available to you.
KYC
After filling in your account details, you need to go through multi-step KYC verification. This process is required for anyone who wants to buy, sell or exchange cryptos on the platform. Passing KYC checks also unlocks functionalities such as the ability to earn WXT rewards on your spending through the Wirex debit card.
You must provide a clear and visible picture of the front and back side of your documents such as proof of address and passport. In addition, you need to submit a selfie.
Customer support
Customer service options are limited at Wirex with only an online Help Center that displays FAQs and no phone support, email address or live chat.
| Live chat | No live chat |
| Phone support | No phone support |
| No email address | |
| FAQs | Available |
Wirex uses a ticketing system where you need to fill in an online form that includes a subject, description and additional attachment option. For users who are dealing with emergency account issues, there’s no way to speak with customer service on the phone or through live chat.
Conclusion
Wirex is recommended to users who are looking for a versatile debit card that offers a convenient way to spend crypto through an FCA-licensed company, all while earning rewards of up to 8%. However, there’s low ATM withdrawal limits, no phone support or live chat and crypto rewards are only available in WXT, making the service appealing for those looking to earn cryptos like Bitcoin or Ethereum back on their spending.
But if you don’t mind this, Wirex can still be a great option if you’re looking to earn annual interest on your WXT balance that’s paid to you monthly, with Elite card users getting a high 12% annual savings bonus. Wirex is one of the only crypto companies to offer a card savings bonus, which is a major differentiating factor and unique selling point (USP) for the platform. The platform could improve its service by raising its withdrawal limits and offering live chat or phone support.
Alternatives of Wirex
- VISA debit card with spending rewards in crypto
- Staking program available for 22 different cryptos
- Online Crypto.com University with educational resources for traders
- Trading fee discounts
- Top-rated mobile app
- High fees unless you use CRO in trades
- Limited payment method options
- No customer phone support
- Buy and store crypto in a wallet
- Spend crypto like cash with BitPay card
- Businesses can accept or send crypto payments globally
- Integration with 250+ merchants
- Top-rated mobile app
- High fees
- Low number of cryptos
- No ability to earn rewards on purchases
- Low trading fees
- Staking program
- Tradeview feature
- Top-rated mobile app
- Phone support available
- Modern interface
- Low number of cryptos
- Limited number of payment methods
Gemini has a popular mobile app that’s been downloaded over one million times on Google Play and is highly rated on iOS with a 4.8 star rating. The company’s safe non-custodial Gemini wallet is ideal for storing crypto as it comes with third-party insurance. In addition, you can withdraw up to $1,000 a day, while wire transfer comes with no withdrawal limits.
BitPay has a great mobile app that’s been downloaded over one million times on Google Play and is well rated on iOS with a 4.5 star rating. The company’s safe non-custodial wallet is ideal for storing crypto as it comes with key encryption and multi-factor security which enables businesses to split payments across 12 devices. In addition, customers can withdraw $2,000 a day or $25,000 a month with the BitPay card.
Bitstamp has a globally well-known mobile app that’s been downloaded over five million times on Google Play and is highly rated on iOS with a 4.8 star rating. You can conveniently store your crypto on the Bitstamp wallet with a low minimum deposit requirement of $10. Bitstamp is a unique exchange in the sense that there’s no withdrawal limits, except that you can only withdraw up to $50,000 in a single transaction for bank transfers.
FAQs
Yes, because Wirex has been in operation since 2016, amassing over four million users across the world and has a range of platform security measures in place.
WXT is the native crypto of the Wirex platform and depending on how much of it you hold in your account and your card tier level, you can earn differing percentages of WXT rewards.
You can manage your card and track spending via the Wirex website or mobile app.
You can withdraw up to $700 a day or $2,700 a month.
No, but you need to pay a $1.50 monthly maintenance fee in order to use the card.
Yes, Wirex uses 256-bit AES data encryption for user information such as credit/debit card details.
Specification: Wirex exchange review
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