| Type of wallet | Web, Mobile |
|---|---|
| Price | Free (paid Premium and Elite plans also available for Wirex Card holders) |
| Fees | Free to set up - No exchange commission, only spread - Card fees vary depending on location |
| Number of Cryptocurrencies Supported | 37+ |
| Bitcoin and Ethereum Support | Yes |
| Earn (Staking/Rewards) | Yes, interest accounts and cash back rewards for Wirex card holders |
| Customer Service | Help center, community forum, support tickets, live chat |
| In-App Features | Buy, sell, exchange, earn, spend |
| Hardware Compatible | No |
| SPV or Full Node | Simplified Payment Verification (SPV) |
| Mobile App | Yes (Android, iOS) |
Pros Explained
- Seamlessly manage digital and traditional currencies in one place: Accessible on the web and mobile, Wirex acts as a one-stop-shop for cryptocurrency and fiat currency money management and payments.
- Spend cryptocurrency everywhere debit cards are accepted: Wirex’s debit card enables users to spend digital and fiat currency while receiving up to 2% cashback paid in cryptocurrency.
- Earn double-digit interest on a selection of digital assets: By tapping into the DeFi market, Wirex provides interest-bearing accounts for crypto holders who want to earn interest on their investments.
Cons Explained
- Users must complete an identity verification process: To register for an account with Wirex, all users need to complete an onboarding process that requires users to trust the company with personal information.
- The changing regulatory landscape may affect the usability of your crypto debit card: Should regulations change in your geographical location, your Wirex card may suddenly stop working as the company has to comply with laws and regulations.
Wirex Wallet Features
Wirex provides a payments platform that enables individuals to manage and use digital and traditional currency in one place. Available on the web and mobile, Wirex enables crypto users to store, send, receive, buy, sell, and spend 37+ crypto assets.
Additionally, Wirex allows users to spend cryptocurrency and receive crypto cashback rewards using the Wirex crypto debit card, enabling individuals to integrate crypto payments into their daily lives.
Wirex users can also earn double-digit interest on their crypto asset investments by placing funds in Wirex X-Accounts or DUOs. To be able to provide high-interest rates to its users, Wirex taps into DeFi liquidity pools, DeFi lending pools, and institutional lending liquidity, making it easy for beginners to earn DeFi yields without having to deal with the complexities of the DeFi market directly. Wirex does not charge account fees for X-Accounts or DUOs.
Moreover, Wirex also enables users to instantly borrow stablecoins by depositing cryptocurrencies as collateral, starting at 0% APR. No credit checks are required to secure crypto-backed stablecoin loans.
Users who want to explore decentralized applications (dApps) can use Wirex Wallet, the company’s decentralized wallet that supports 100+ digital assets across numerous blockchains and comes with an in-app DApp Browser. However, Wirex Wallet is separate from the Wirex app, so Wirex Wallet users can’t use the company’s other services.
Top 5 supported cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Solana (SOL)
- Dogecoin (DOGE)
Wirex Wallet Security
Wirex puts a strong emphasis on security, encouraging all users to set up two-factor authentication (2FA) for their Wirex accounts.
Moreover, users can pre-authorize devices they plan to use the Wirex app as an additional security layer, and all wallets are secured using multi-signature technology to ensure only the user can access their funds.
Wirex Wallet Privacy and Anonymity
Wirex requires all users to complete an identity verification process to set up an account. As a result, Wirex wallet users cannot use their cryptocurrency anonymously and the level of privacy that Wirex offers is very limited.
Wirex Wallet Setup
The Wirex app can be accessed online and on mobile, and the setup process is essentially the same on both. Let’s take a look at each one.
Web
Access the official Wirex website at wirexapp.com and click on “Open an account.” Next, type in your location, email address, and password. Then, you will need to fill in personal information, including your full name and address, upload a copy of an ID document, and share a selfie to complete the identity verification process.
Mobile App
Setting up a Wirex account on mobile works the same way as on the web with the only difference being that you first need to download the Wirex app on your smartphone and open the app to set up your account.
Wirex Wallet Usability
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Web
The web version of the Wirex app provides a user-friendly dashboard that both beginners and advanced cryptocurrency users can seamlessly navigate. On the platform, users can manage their digital assets, earn interest in X-Accounts, review their Wirex X-tras debit card rewards, and more.
Mobile App
The mobile version of the Wirex app comes with all the features and capabilities as the web version, enabling Wirex users to manage their money and make payments on the go.
However, users have pointed out in app store reviews that the mobile version can be buggy at times and there are numerous complaints about mobile verification not working properly.
Wirex Wallet Customer Service
According to the company, users can receive 24/7 customer service.However, this assistance is only available via support tickets or the in-app live chat function.
But third-party reviews of the Wirex app paint a different picture. A lack of responsiveness from customer support combined with the inability to resolve issues in a timely manner has been cited by numerous users, suggesting that Wirex needs to improve its customer support.
Wirex Wallet Cost & Fees
Wirex doesn’t charge any account opening fees, so you can set up a cryptocurrency wallet for free. Users also don’t pay any commission on crypto exchanges but Wirex charges a spread.
There are no card issuance or replacement fees, at least for U.S. Dollars within the U.S. Moreover, there is no monthly account maintenance fee for Wirex card users. However, there is a 1.49% funding charge when topping up the Wirex card with crypto.
Final Verdict
Wirex enables individuals to manage their cryptocurrencies online and via mobile devices. In addition, users can make payments using the app’s crypto debit card.
Crypto users looking to “live off crypto” will appreciate the Wirex debit card as it enables them to spend digital currency anywhere card payments are accepted. However, investors looking to explore the vast crypto investment universe will be disappointed as Wirex primarily targets beginners by offering a limited number of crypto assets and beginner-friendly services.
Moreover, the Wirex app comes with a custodial wallet. That means users have to trust Wirex with their wallets’ private keys (and thus their funds), which seasoned crypto users tend to shy away from.
Methodology
Before you transact in and store cryptocurrencies, you should have a suitable crypto wallet in place. We conducted a comprehensive review process of the top cryptocurrency software wallets to help you determine the wallet that fits your needs.
Our review process is built around a quantitative ratings model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.
Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as supporting a large number of crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.
Read our full methodology.
