We test the latest trading providers on a daily basis
We test the latest trading providers on a daily basis
Ever since Alexander got his first stock savings account, he’s also taken a keen interest in the financial markets. Now a full time writer and contributor to TradersBest.com, he uses his experience in the world of finance on a range of different topics, from investment strategies to reviews of new brokers.
Wirex Review & Rating 2022 Australia: Is Wirex legit?
Is Wirex Safe & Legit?
With over 30 tradable cryptocurrencies and a rewards programme that is seriously hard to beat, Wirex is an OTC cryptocurrency exchange making waves in Australia. Wirex offers seriously superior exchange rates with no FIAT exchange fees offering a 4% saving.
Australians will love that their exchange account can be funded using Australian dollars and users can effortlessly buy, sell and exchange cryptocurrencies on a simple platform. Wirex is feature-packed with a crypto debit card, a dedicated token, and next-level security. But is Wirex safe? Join us at TradersBest to learn everything about the Wirex crypto exchange platform in Australia.
Go to Wirex
9th Floor, 107 Cheapside, London, EC2V 6DN, United Kingdom
Offers and New Customer Experience – Bonus Rewards
Wirex crypto exchange has a load of bonuses and rewards on offer to its customers. Firstly, there is the Cryptoback Rewards programme – billed as the world’s first rewards programme that offers cryptocurrency as its payout. Users of Wirex online can earn as much as 2% in Wirex Tokens (WXT).
Users who enjoy Wirex services can earn up to $10 USD in WXT for every friend they refer to Wirex. The moment you sign up to Wirex, you’ll be given a unique referral link to share with as many contacts as you choose. During our Wirex reviews, we also noted a savings bonus. It varied between the account types, but users could earn up to 12% of their total Wirex account balance per year – all that you need to do is maintain a Wirex account with a positive balance.
Finally, there are exclusive Visa offers for using the Wirex debit card including shopping at retailers and extra gifts when staying at selected hotels. For example, a Wirex visa offer is typically anywhere from 5 to 10% off the price of selected products at a merchant. We were able to access all these offers upon sign up during our Wirex review for Australia.
Usability – Wirex Crypto Trading
The user interface during our Wirex review could have been better. It’s not the slickest looking platform we’ve ever reviewed, but it certainly does the job. A few seconds in and you can tell the website was designed with mobile users in mind – which isn’t bad considering that many retail investors leverage their mobile device for trading and using cryptocurrencies in 2021.
Traders can easily use Wirex to trade cryptocurrencies, without the need for any other exchanges or platforms. Wirex offers OTC cryptocurrency exchanges of 30 popular digital assets including bitcoin, Ethereum, dogecoin, Ripple, and many more – that’s on par with the major exchange, Coinbase. Our Wirex review found the platform incredibly easy to use, but rather limited in any trading tools.
9th Floor, 107 Cheapside, London, EC2V 6DN, United Kingdom
Year of Founding
Accounts – Wirex Crypto Accounts
Our Wirex review noted only one account type – you gain access to both a crypto account or a FIAT account on sign up – but with several different plans unlike multi-account exchanges like in our Blueberry Markets review and Multibank review. The account is called an x-account and is determined by its base currency. Australians will be pleased to see you can open an account in Australian dollars. The 3 account plans are Standard, Premium, and Elite.
The standard account costs nothing to open but only has 0.5% cashback and merchant offers as a bonus. However, the Premium account plan costs $9.99 USD per month and receives slightly more bonuses. Finally, the Elite plan is charged at $29.99 per month and gets the full range of bonuses. All plans can also be paid in a yearly price point that is cheaper than paying per month.
All the accounts have no account fees, card maintenance fees, and fiat exchange services are free of charge too. There are no limits to how many FIAT exchanges can be performed per month and there is no limit to your maximum account management.
Trading Platforms – Mobile Crypto Exchange
Wirex is all about their mobile app. Available on both Android and iOS devices, the WirexApp is clearly where the company has dedicated their focus. We tested the Wirex App on an Android device for the purpose of this Wirex review. We opened an account using the Android app and found the process to be smooth and seamless. Once our details were provided, we were emailed a 6-digit verification code. Once inputted, we had to provide some basic KYC documents such as ID and proof of funding.
The platform itself is fairly simple and basic – not ideal for advanced cryptocurrency traders but more than sufficient for a beginner to moderately experienced retail investors. We found it only took a couple of clicks to make a trade and the rates were incredibly responsive. In total, Wirex offers over 2000 Fiat/Crypto and Crypto/Crypto pairs for trading. All Wirex features are accessible through the Wirex app, and you’ll never need to open up your laptop to gain anything extra.
Trading Payments – How to deposit at Wirex
For our Wirex review, we noted 3 ways to fund your Wirex X-account – debit cards, credit cards, and cryptocurrency transfers. This is far less than other exchanges like in our FX Open review. There is no limit to how many FIAT deposits you can make to your Wirex account, but cryptocurrency transfers are limited to $10,000 USD per transaction and $50,000 USD per day – this is actually quite high.
During our Wirex review, we were very impressed with the speed in which we were able to make a crypto transfer to friends in our contracts list through Wirex payments. Payments to our account were deposited instantly and we were able to send money to our friends in several simple clicks. Wirex allows users to build an address book and live notifications informed us of any incoming or outgoing transactions.
Withdrawals can be made by simply transferring money to an external bank account, with free FIAT transactions and a 1% crypto charge. For those who wish to withdraw actual cash, you can use the Wirex debit card. ATM withdrawals during our Wirex review were free up to a maximum of $400 AUD per month and limited to a maximum of $1400 AUD per day.
Fees – What’s it going to cost?
As noted earlier in our Wirex review, there are no account management fees. This extends to crypto accounts, FIAT accounts, and includes all card management fees too. Making a deposit using debit or credit card is completely free but crypto top-ups are charged at 1%. FIAT exchanges services during our Wirex review were completely free. ATM withdrawals are free up to $400 AUD per month while any further cash per month is charged a fee of 2%.
Transaction fees will vary but are charged at OTC rates + commission. OTC rates are determined by 3 OTC institutions and the Wirex platform is integrated into 10 different exchanges. Essentially, Wirex searches for the best bid and ask prices from these sources and then offers that OTC rate at the time of the transaction. Unlike many other exchanges, like our XM.com review, there are no further additional fees besides commission.
Customer Service – Wirex Experience and Rating
The first port of call for any issues at Wirex should be the Wirex Help Centre. Even before you sign up for the crypto service you can access the Wirex Help Centre by clicking Customer Support at the bottom of the page. Our Wirex review was totally impressed by the amount of content and the search function means even the most novice trader can access helpful information. The Help Centre covers everything from account management and security to fees and common FAQs.
Contacting customer support depends on how you access Wirex. The first way to contact support is by submitting a request from the Wirex website – first, you can choose your topic and then you’ll get a detailed help form. You can provide as much information in the request as you prefer and can submit JPG, JPEG, PNG, or PDF files to help with your query. We also found during our Wirex review that Wirex suggest users consult the “Community” section before querying Wirex directly. The Community section is like a forum, and we did find a lot of useful information and helpful users – including Wirex agents too.
You can also quickly open up a ticket from within the Wirex app and a Wirex agent will contact you to assist with your query. Now it has to be said that customer support is one of Wirex’s weaker points and many Wirex reviews online mention poor customer support. However, using the ticket form through the Wirex App, we were able to find assistance almost 24/7 and the advice was useful and to the point.
Regulation and Deposit Insurance – is Wirex safe?
Wirex regulation can vary depending on which jurisdiction you reside in. The crypto exchange is based in Lithuania and is authorised by the Bank of Lithuania. Unfortunately, there is no deposit insurance at Wirex unlike a larger broker like that of our eToro review – this can be dangerous as your money isn’t protected should the company face financial troubles. Our Wirex review uncovered that only FIAT transactions are regulated by the Bank of Lithuania and cryptocurrency transactions are unregulated.
Regulation is important. Without a licence from a regulatory body and some form of insurance, users are completely relying on the reputation of the company. Thankfully, Wirex does have a solid reputation and our in-depth review determined that Wirex scams should not be a concern.
Additional Features – Is Wirex Reliable?
Our Wirex review noted excellent security features. Most brokers and exchanges use 128-bit SSL encryption, but Wirex takes it one step further. Wirex keeps user personal data and documentation safe via 256-bit AES encryption and allows users to activate Two-Channel Authentication (2CA) to prevent fraudulent activity.
Trader education is clearly a priority at Wirex, since the Wirex blog is packed full of information. Head to the Wirex Blog and you’ll see a huge variety of cryptocurrency and financial topics – not only in written format but also videos too. Videos at Wirex are all about important topics in the industry and are accompanied by incredible articles too. Educational articles include lessons on different technical aspects of cryptocurrencies, information on the state of the markets, and full spotlight articles on specific cryptocurrencies.
Articles aren’t just written by anyone either. Our Wirex review determined that the education articles were published by managers and heads of departments from within Wirex. Wirex also offers a debit card funded by your WXT. Wirex also provides a multi-signature cold-storage vault for your crypto assets and FIAT balance.
Wirex Crypto Exchange
Trade Offer - What crypto can you trade?
There are a number of exciting crypto trading offers at Wirex. Firstly, a unique Crypto cashback program where investors can net as much as 2% Every time they make a purchase using their Wirex card both online and at a physical merchant. Referring-a-friend to Wirex can also net traders with an extra $10 USD worth of WXT cryptocurrency. You’ll also gain access to a savings bonus where investors can receive up to 12% on their total crypto balance each year. You’ll also see regular benefits and rewards for using your Wirex crypto debit or credit card.
Trading Costs – No management fees!
Account management fees at Wirex are completely free and funding your account using FIAT currencies are free too. Crypto deposits are charged at 1% while exchange transactions are charged the OTC rate plus commission. External crypto transactions may be charged blockchain fees too.
Trading Conditions – Things to keep in mind
Wirex offers OTC trading of over 30 cryptocurrencies that can be bought and sold using cryptocurrency or Australian dollars. Live rates are highly responsive, and trading is 24/7 on the OTC market. Cryptocurrencies include major names like Bitcoin, Ethereum, and Ripple, as well as smaller tokens like Doge and many DeFi players such as Maker and Reputation Token.
Product Summary – A great crypto exchange
Wirex is a cryptocurrency exchange and crypto debit card provider that offers a full range of services in the Australian market. Traders can buy, sell, and hold over 30 cryptocurrencies and can buy crypto assets using FIAT currencies like the Australian dollar. Users benefit from a vast range of Crypto rewards and fees are very low when compared to the overall market.
Over 30 tradable cryptocurrencies·
No account management fees or inactivity fees
Several unique crypto rewards
Go to Wirex
Wirex Review FAQ
💱 What is Wirex Token?
There are over 9,000 cryptocurrencies on the global marketplace, including tokens that have very specific functions, rather than simply as a virtual currency for cross-border transactions. Some cryptocurrencies can be used in very specific ways and are a requirement to complete certain processes. There are many processes at Wirex that require Wirex Token (WTX).
💶 How do FIAT and Cryptocurrencies differ?
There are many different assets that investors can trade on various marketplaces. Each asset type can be traded in different ways and there are unique factors that affect their value. FIAT and cryptocurrencies share many of the same properties but also several major differences. However, in 2021, FIAT currencies can be used to trade cryptocurrencies on exchanges and CFD brokers.
🔐 Why is Wirex a safe platform?
Wirex is a cryptocurrency exchange that has many security features and business practices that work towards keeping user data safe and ensuring that fraudulent behaviour is identified and prevented as quickly as possible. These security features are highly advanced and vital to ensuring maximum security when conducting crypto exchanges online or making purchases using crypto assets.
🏫 Can I learn to trade at Wirex?
At Wirex, there are many features and tools available to users just for signing up. Register an account and you’ll be able to reach several educational tools. These tools can be used by investors to further their education and potentially increase their knowledge of cryptocurrencies and how to use the Wirex platform safely and successfully.
🔑 What is a Cold-Storage Vault?
There are two forms of wallet that users can use to store their cryptocurrency. These wallets are known as Hot and Cold storage. One is more secure than the other and investors will need to weigh up useability and access speed against their accepted level of security to determine which wallet they prefer.
Conclusion – What is Wirex?
Wirex is a featured-packed cryptocurrency exchange with excellent rewards, a credit/debit card for cash withdrawals and payments at both online merchants and physical stores. There are no account management fees and trading fees are incredibly low when compared to the industry average. The best way to trade cryptocurrencies on the Wirex platform is via the Wirex App for both Android and iOS devices.
Payments can be made via credit card, debit card, or cryptocurrency. FIAT deposits are free, and cryptocurrencies are charged at a very minimal fee. Our Wirex review noted a rather weak customer support department when compared to many other popular alternatives in the market and phone support would have been appreciated.
The rewards programme at Wirex is truly spectacular and varied. Users can benefit from a refer-a-friend bonus, a unique annual crypto cashback reward, and an annual savings bonus too. Wirex isn’t the most dedicated cryptocurrency exchange, but a quality rewards program and low fees make it a welcome choice for novice and part-time investors.
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Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.