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  • Is Wirex Safe, Legitimate, and Available in the United States? Answers to 6 questions about the cryptocurrency payment platform

Is Wirex Safe, Legitimate, and Available in the United States? Answers to 6 questions about the cryptocurrency payment platform

By on June 16, 2021 0



Cryptocurrency has become very popular and is now more accepted as an alternative payment method by many merchants and consumers. It has grown so much that in 2020 alone there have been more than 5,500 cryptocurrencies, with experts saying its market value is expected to reach $ 1,758 million by 2027.

If you have ever invested in cryptocurrency and want to use it in your daily life, you need a reliable app or card that can offer you this service. One popular option is Wirex, a cryptocurrency-enabled payment platform. But is it safe and legitimate? Here is our review of the Wirex card.

Wirex is a London-based encrypted debit card platform. Photo: wirexapp.com

Crypto-payment platform

It has become easier for everyone to trade and sell cryptos. Anyone with access to a computer and the Internet can trade digital currencies. This has led to the rise of crypto payment platforms which are borderless payment networks that allow the smooth transfer of crypto and allow traders to transact in bitcoin and other altcoins.

Wirex is such a platform. Formerly known as E-coin, it was renamed Wirex to accommodate other services and a wider audience. Here’s what you need to know about it.

How does Wirex work?

Wirex is like any other online bank account that you can set up on your phone and comes with a card that you use to spend the funds you have. The main difference between Wirex and a traditional bank account is that Wirex allows you to store cryptocurrency funds in addition to other currencies. Currently, Wirex supports a total of 15 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

Screenshot 16/06/2021 at 4 Some of the features offered by Wirex. Photo: wirexapp.com

The operation of the platform is simple. You start by applying for your own multicurrency debit card, which you will receive within a week. The USD card is free and once delivered your card will be connected to your Wirex bank account, where you can deposit funds by credit, debit or wire transfer. You can use the card anywhere Visa cards are accepted.

Is Wirex Safe?

As a custodian wallet provider, Wirex takes security and safety very seriously. Currently, Wirex is PCI-DSS certified and offers the highest possible protection. The platform also provides secure 3D registration which ensures everyone’s safety online and offline.

Wirex also uses a multi-signature cold storage vault to protect its digital currencies and holds an e-money license in the UK. For customer security, Wirex implements 2-factor authentication and stores customer data with 265-bit TLS and AES encryption, while all of their wallets use multi-signature technology to ensure that no funds transfer occurs. ‘takes place without the signature of all parties involved.

Is Wirex legitimate?

Based in London with offices in Kiev and Singapore, Wirex has already gained a good reputation in just a few years. It has processed over $ 3 billion in transactions from its millions of users.

Screenshot 16/06/2021 at 4 Opening a bank account on Wirex is completely free and easy Photo: wirexapp.com

Wirex is also authorized by the Financial Conduct Authority and is supervised by the Bank of Lithuania, the Monetary Authority of Singapore and the Central Bank of Ireland. Considering all of this, it is safe to say that Wirex is a legitimate crypto platform that is trustworthy and reliable.

Is Wirex available in the United States?

Currently, Wirex is not available in the United States. However, the London-based fintech company plans to enter the US market soon. A few months ago, Wirex partnered with Zero Hash to support their upcoming launch in the United States. Through this partnership, Wirex plans to launch its revolutionary product in 51 jurisdictions across the country.

In addition, Wirex also announced in June that it has received its first money transfer license in the United States and is preparing to offer its services in the country soon.

Is Wirex a Bitcoin Wallet?

Wirex is a cryptocurrency platform with its own free wallet. Available for download on Android and iOS, the digital wallet has an easy-to-navigate user interface, even for new users.

Transferring funds to your wallet is also intuitive and the app gives you easy access to your account information, balances and all your transactions. Wirex prioritizes security, making its crypto wallet a great place to store your Bitcoin and any other altcoin you may have. The easy app integration also gives you more convenience, allowing you to check all of your available funds through your phone at any time.

Screenshot 16/06/2021 at 4 Wirex’s cash back program allows you to earn up to 2% in the platform’s own token with each use or purchase. Photo: wirexapp.com

Wirex fees and charges

The prices for buying and selling crypto assets on Wirex are among the most competitive in the market.

There are no domestic transaction fees or loading fees. Wirex has also eliminated the monthly account management fees. Although reloading in traditional currency from an external debit or credit card is free, there is a 1% fee charged for digital cryptocurrencies. Internal transfers between Wirex users are also free, while there is a network fee charged for external transfers using cryptography.

Bank deposits are completely free but take up to 2-3 days to settle and are also only available to users with a trust account. Once your account is recharged, the cryptocurrency purchase rate is between 0.4% and 1% according to our calculations, with varying rates depending on the type of cryptocurrency you are using. In addition, Wirex also constantly connects to a range of OTC offices to help you find the best rate for each transaction.

Wirex also has its own rewards program called Cryptoback. Thanks to this, users get up to 1.5% cashback and get paid through Wirex’s own cryptocurrency, the Wirex Token. Although it is not mandatory, you can upgrade your Wirex account using this token to unlock higher refund rates.

Screenshot 16/06/2021 at 4 Wirex’s tariff plans are as follows. Photo: wirexapp.com

Conclusion

Overall, Wirex is an attractive crypto platform. In just a few short years, the company has succeeded in making Wirex useful to millions of users, with the intention of reaching more markets in the future. Wirex is also perfect if you are the type who uses a debit card for everyday transactions.

With low fees, excellent security measures, an intuitive crypto wallet, a mobile app and its redemption program, Wirex is an excellent crypto and bitcoin debit card payment processor that will continue to grow in the years to come. come.

You can open your Wirex debit account today by clicking here.