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Wirex review
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Get crypto-rewards and take control of your money with this prepaid debit card.
Wirex is a digital banking platform and prepaid debit card that gives you control over your money across the globe, making it easy to spend at a minimal cost while you travel. It lets you convert and spend cryptocurrencies anywhere that Visa is accepted and you can earn cryptocurrency rewards as you spend. But it’s not available in the US until end of 2020.How does Wirex work?
Wirex is a digital payment platform that helps you spend your virtual and traditional currencies at home and abroad at a low cost. The account allows you to buy, store and convert your virtual currency into USD. You can load money onto your Wirex prepaid card and start spending across the world. You can use your card online, in shops, over the phone or use it to withdraw cash from an ATM.What features are included with Wirex?
Once Wirex launches in the US, you can enjoy these features:
- Crypto-enabled prepaid card. This means you can easily convert your digital currencies while using your card.
- Supports four cryptocurrencies. The account supports XRP, Bitcoin, Litecoin and Ether.
- Competitive exchange rates. Wirex states that they’ll offer “world-class exchange rates.”
- Transparent fees. In a press release, Wirex mentioned that they will have zero hidden fees.
- Cryptoback rewards program. Earn up to 0.5% back in your Bitcoin account when you use your Wirex card. Then choose what you do with it — spend, save or exchange.
How do cryptocurrencies work with Wirex?
It’s unclear how cryptocurrencies will work in the US once it launches. But here’s how it currently works in Europe:
- Easily transfer supported cryptocurrencies to your Wirex account using the Wirex mobile app.
- Look at real-time cryptocurrency data which shows you current rates.
- Use the Exchange Currencies feature to buy or sell cryptocurrency, convert your traditional money to crypto or transfer crypto from your Wirex wallet to your account. This can then be spent using your card.
Is Wirex safe?
Yes. While it has not yet launched in the US, Wirex has made security its top priority for its European users. To note, they use 256-bit SSL for all communications and require a two-factor authentication. Also, Wirex received their money transmission licence from the State of Georgia Department of Banking in July 2020, which means that they’re adhering to banking regulations.
