Wirex is part of the new generation of Neobanque with Revolut and N26 especially. Although already existing since 2014, the British company founded by … accelerated its development only in 2019. Indeed, 2019 was the year of many achievements for Wirex: launch of their own cryptocurrency, WirexToken (WXT), an establishment in many countries, etc.
A Crypto friendly bank card
Before focusing on the crypto component, we must remember that Wirex is a neobank. One of the characteristics of neobanks, which differentiate them from traditional banks, is the ease of use of their platform. On this point, Wirex is no exception to the rule, whether on mobile or on your PC, the Wirex application is intuitive and very simple to use.
Wirex’s offer is defined in 3 services:
- Buying cryptocurrencies: On Wirex, unlike Revolut for example where you buy a contract, you can buy real bitcoin. Currently, the only bank cards offering this equivalent are crypto.com, Coinbase and Crypterium. However, like on exchanges, you do not have your private keys.
- Cryptocurrency storage: You can leave your cryptocurrencies on the Wirex platform. Several wallets are integrated into it allowing you to store several cryptocurrencies directly on the platform.
- Spend your cryptocurrencies: Wirex provides you with a Visa debit card compatible in more than 200 countries. You can use it to make your purchases. We have already devoted an article explaining how to transform your cryptocurrencies into euros to use them in everyday life. Indeed, today, although new solutions are emerging, it remains difficult to concretely use its cryptocurrencies in everyday life. Wirex, thanks to its debit card, allows you to pay for your groceries, clothes or anything else with your cryptocurrencies. What is more, on each purchase, you receive a Bitcoin Cashback, enough to encourage consumers to use the Wirex card.
Buy bitcoins on Wirex
Wirex therefore allows you to spend your cryptocurrencies but also to buy and from to exchange. And other advantages, the list of available cryptocurrencies is quite rich: bitcoin (BTC), Ethereum (ETH), ripple (XRP), Stellar (XLM), Dai (DAI), Nano (NANO), Waves (WAVES) and Wollo ( WLO). Purchasing and sales operations are done in a few clicks.
The cashback system
The systems of cashback are becoming more common and Wirex has been pretty smart about this feature. By using the Wirex debit card for your purchases, you benefit from a 0.5% bitcoin cash. If this rate seems derisory, add up to all of your expenses, the operation can quickly become interesting. In addition, for those who believe in the future of cryptocurrencies, this model can accumulate a handful of bitcoin, in a completely passive way. This cashback can even become more attractive and go up to 1.5% under certain conditions detailed a little further down in the article.
How much does it cost to use Wirex? Well it depends on what you do. The costs of the bank card amount to € 1.20 per month. The credit card is completely optional and if you don’t order it, managing a classic account is 100% free.
Then, there are fees on the supply, 1% for a top-up via another bank card and no fees for a top-up by bank transfer. For cryptocurrency transfers, the only fees applied are those of the blockchain (necessarily for the operation of the network).
Presentation and objective
In June 2019, Wirex launched his own cryptocurrency, the WirexToken ((WXT). The objectives of this cryptocurrency are detailed in the whitepaper (we invite you to take a look at it for those who want more complete information). In summary, the goal is to bring benefits to WXT holders on Wirex services. These benefits are mainly focused on lowering costs and increasing the cashback rate presented above. Thereafter, other advantages will open up to Wirex customers, in the whitepaper, we can for example read that thanks to WXT, you could benefit from a reduction in partner brands, a more extensive support service, a preview access to some features,… at the moment, we don’t have more information.
Less fees, more Cash-back!
Wirex has set levels, depending on the number of WXT you have, you have access to more or less cost advantages under the following conditions:
- From 50,000 WXT, the user benefits from a 25% reduction on fees
- From 100,000 WXT, the user benefits from a 25% reduction on fees
- From 500,000 WXT, the user benefits from a 25% reduction on fees
And on Cashback, under the following conditions:
- From 50,000 WXT, the user benefits from 0.75% Cashback
- From 100,000 WXT, the user benefits from 1% Cashback
- From 500,000 WXT, the user benefits from 1.5% Cashback
Where can I get my WirexToken?
There are different ways to acquire WirexToken. The simplest method and if you want to benefit from the advantages mentioned above, you can buy them directly on the Wirex platform, the operation is carried out very simply, in a few clicks. You can also get them on some exchanges like OKEx or Huobi if you are used to using this type of platform.
Finally, to conclude, if you decide to embark on the Wirex adventure, do not forget to secure your account (strong password, double authentication, etc.). If you do not master these mechanisms well, we refer you articles explaining how to secure your cryptocurrencies and the mistakes to avoid. Also, if we have omitted certain information about Wirex, do not hesitate to mention it in the comments.