Wirex Review & Rating 2024 Australia: Is Wirex legit?

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.

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.

Company

Company	–
Headquarter	9th Floor, 107 Cheapside, London,  EC2V 6DN, United Kingdom
Year of Founding	2014
CEO	Pavel Matveev
Website	wirexapp.com
Available Languages	–
Customer Support
Email	–
Phone	–
Licence	902025
Verified by	–
Payment Methods

Show More

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.

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.

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.

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.

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.

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.