GOBankingRates Score
Quick Take: Wirex has everything users have come to expect from a cryptocurrency platform, including a wallet, card and an exchange. It has a partnership with Mastercard and even offers an interest-earning product for users. One feature that requires further attention, though, is its spotty customer support.
- Services Offered
- Security
- Usability
- Customer Service
How did we calculate this?
Pros
- 70 tradable cryptocurrencies and fiat currencies
- Users have access to multiple products
- Highly secure
Cons
- Lackluster customer support
- Weaker brand reputation than some competitors
Wirex Wallet Overview
Wirex is a cryptocurrency platform with its own wallet, card and exchange. It also offers interest-earning and lending services.
Key Features
Recent changes to the cryptocurrency landscape have highlighted how important it is to choose reliable third parties for crypto services. Here’s how the Wirex wallet performs.
Services Offered
Wirex has an interest-earning product called X-Account. These accounts can be set up in minutes and interest accrues each week. X-Accounts allow users to earn as much as 12% interest on USD. An additional 4% is earned when rewards are claimed in Wirex’s native token, WXT. If customers opt to use the decentralized finance system, they can earn more than a 25% annual percentage yield with Aave and Compound.
Wirex also has a cryptocurrency exchange to meet the buying and selling needs of its users. It provides a hand-selected lineup of 70 top cryptocurrencies, stablecoins and traditional fiat currencies for its customers to trade. Wirex doesn’t charge any exchange fees and claims to save users as much as 4% when compared with similar options.
Wirex has partnered with Mastercard to allow users to spend their crypto, too. It charges no monthly or foreign transaction fees, can be used at more than 80 million locations worldwide and rewards customers with 2% cash back in WXT on all purchases.
The Wirex wallet permits crypto transfers that take just 15 minutes. Contacts can be synced from phonebooks and unique wallet addresses and QR codes are used to simplify the process of adding or sending funds to another wallet or person.
The final service Wirex provides is crypto credit. A credit line will be granted to Wirex’s cards by using existing account assets as collateral. Up to 80% of the collateral can be borrowed, and users are free to choose how to use it, whether it’s for spending or crypto staking. Credit can be paid down at any time.
Security
Wirex incorporates 256-bit SSL to encrypt data and protect against possible attacks. It also uses email confirmation and two-factor authentication to secure user accounts. Wirex takes advantage of multi-signature technology to verify transfers as well as security architecture to eliminate any single point of failure if an attack was to occur. Additionally, all card details are hidden on each profile.
Usability
Wirex supports Chrome and Safari on desktop, mobile and tablet devices for web usage. It also has a downloadable app on the Apple App Store and the Google Play Store with ratings of 3.7 stars on each. Trust Pilot, however, scores Wirex with a rating of just 3.0.
Overall, reviews of Wirex are mixed. While the …….
Source: https://www.gobankingrates.com/investing/crypto/wirex/