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Wirex Singapore Review 2023: Multi-Currency Card & More
Swen Keller
- URL: https://wirexapp.com/en-sg
- Headquarter: London, UK
- Year Founded: 2014
- Platform App: Desktop/Mobile
- No. of Cryptos: 50+
- Fiats Available: SGD/CAD/USD/GBP/ EUR/HRK/PLN/HUF/RON/CZK
- Withdraw Method: Bank Transfer/PayPal/Credit & Debit Cards/Crypto
- Payment Method: Credit and Debit Card/Wire transfer/Crypto
Wirex Singapore Review: Our Opinion
Wirex makes buying and selling crypto and traditional currencies easier but the platform conceals a lot. For example, most Wirex users do not know the app is not regulated for crypto services or that it charges crypto-to-crypto fees. Unlike most of its competitors, its crypto-to-crypto exchange fees aren’t clearly stated. Users also complain about abrupt account blocks. However, Wirex has proven to be a legit and safe exchange app and debit card service.
In this Wirex Singapore review, we will take a deep dive into the platform’s exchange fees, security, debit card, regulation, and much more.
An Overview of Wirex
Founded in 2014, Wirex is an app and card service that allows users to buy, sell, send, and receive crypto and fiat currencies.
The company is based in the United Kingdom and boasts over 4 million active users, 150+ crypto and fiat currencies, and $3 billion in processed transactions.
Wirex is popular for being one of the first crypto debit card options. And like most crypto cards Wirex offers rewards for using the debit card for in-store and online purchases.
That said, only its fiat currencies are regulated by the FCA (UK ‘s Financial Conduct Authority). Wirex does not have regulations for its cryptocurrency services.
Pros
- Earn up to 2% cashback in WXT for every purchase with the platform's card
- Zero monthly maintenance fees
- Wirex holds your crypto in cold storage
- Fiat currency services are regulated by the FCA
- Zero exchange fees between crypto and fiat currency
- Unlimited fee-free FX
- Wirex is available in 130 countries and still expanding
- Up to 12% interests on savings deposits
Cons
- Wirex is not regulated by the Monetary Authority of Singapore
- Cryptocurrency services are not regulated
- The platform does not offer a demo account
- Wirex does not offer tools like charts and indicators for advanced users
- Wirex has daily limits for crypto transactions
- Crypto exchange limits change depending on the currency used
Key Features of Wirex
Wirex Visa Card
Wirex has a multi-currency visa card you can use in more than 80 million locations across 150+ countries.
The card features real-time point of sale conversion, as well as Over-the-Counter exchange rates and exclusive interbank rates. Fiat to fiat exchanges with the card is free. Cardholders can also make free ATM withdrawals with zero maintenance fees.
At the point of sale, the card effortlessly transforms into the local currency, without incurring any exchange fees, ensuring a seamless transaction experience. Moreover, it empowers you to make savings of up to 3% on international purchases.
Also, Wirex pays back up to 2% in their native token (WXT) on all spending done with the Wirex debit card both online and in-store.
Singaporean card holders can make monthly ATM withdrawals of up to $400 (USD).
Cards are only issued to users who have successfully verified their accounts. Card issuance and maintenance are free. Card delivery via DHL courier service will however cost you between SGD 5 to 25. Delivery of the plastic card takes about 4 days from the day of request.
The card can be ordered via the Wirex web application or the Wirex Android and iOS app.
Below are the simple steps to take when ordering a Wirex card:
How to order a card using the Wirex mobile app:
- Head to the dashboard and click “Order a Card“.
- Your delivery address will be displayed on the screen. Check to make sure that the address is correct. If you need to change the address, contact customer support.
- Once you have confirmed that your address is correct, Choose your preferred delivery option.
- To confirm your order, click “Order Card“. You will receive a success message on your screen immediately.
- Exit the page.
How to order a card on the web app:
- Sign in to Wirex and go to your dashboard.
- Scroll down and select “Order Cards“.
- A new window tagged “Order New Card” will open.
- Click ” Get the Card”
- Check your billing address and personal details to confirm that they are correct.
- Select your preferred delivery option.
- Click “Place Order“. If your request is successful, a success message will pop up.
Once the card is delivered, you will need to activate it and make one transaction. If the card is not activated, you may not be able to request a new card in the future.
Asides from the inactivation of the card, there are other reasons why you may not be able to order a new card:
- Insufficient funds in your account. You need a minimum amount in your account before applying for a card.
- Zero activity on the previous card. If your previous card was activated but never used, your request for a new card will not be granted. The previous card must have at least one transaction on it.
- Negative balance. A negative balance on one of your cards can affect your request for a new card. The best way to solve this problem is to top up your account before making a new request.
NFT Storage in Wirex Wallet
Introducing the groundbreaking Wirex wallet, heralded as the world’s pioneering mass-market non-custodial wallet. Prepare to be amazed as this revolutionary wallet not only provides you with ironclad security for your cryptocurrencies, but also bestows upon you the unparalleled privilege of non-custodial NFT storage.
The NFT storage feature on the wallet was unveiled in May 2022 after Wirex partnered with the Metaverse NFT project Tori Zero. This makes Tori Zero the first NFT project to be integrated into the Wirex Wallet. The new feature enables Wirex users to buy NFTs such as memes, collectibles, digital arts, etc on popular NFT marketplaces like OpenSea and store them in the Wirex Wallet.
The Wirex Wallet has an excellent security system that ensures that only authenticated owners can have access to the assets stored on the wallet. This is made possible by the wallet’s multi-party computation security.
Despite this excellent security feature, wallet owners can still have easy access to their NFT through the wallet’s biometric-based security system. With this security system, the user does not need private keys to access his NFT assets.
As already stated, you can buy NFT from any major marketplace using the Wirex wallet as long as your wallet is funded.
You can fund your Wirex Wallet from external crypto wallets, currency accounts, or with your card.
To fund your wallet, follow the steps below.
- Navigate to “Accounts” on your Wirex account. This is often located on the left-hand side of your screen.
- Select the account you want to fund.
- Scroll to “Action“
- Select “Add Funds”
- Choose the linked card or external account you want to use to fund your wallet.
- If you select a linked card, you will be able to complete the transaction in-app.
- If you choose an external account, you will be provided with important information like IBAN, sort code, and cryptocurrency address. This information will be needed for the funds to be sent to your wallet from an external currency account or crypto wallet.
Once the transaction is finalized, whether through the app or an external platform, you can expect your funds to gracefully arrive in your wallet within a mere 15 minutes. However, do keep in mind that this timeframe may be subject to the prevailing network load experienced by Wirex.
Wirex Token
The Wirex Token (WXT) is the native cryptocurrency of the Wirex platform. This multi-blockchain cryptocurrency is based on the Ethereum and the Stellar blockchain.
Wirex tokens can be used both on the Wirex app and on other cryptocurrency platforms. As of May 2022, the total supply of WXT in circulation is 10 billion.
In 2021, Wirex had already migrated 80% of the WXT’s total supply to the Ethereum blockchain, while the remaining 20% was migrated to the Stellar Network.
The sole aim of this split between 2 blockchains is to increase efficiency, ensure flexibility and eliminate the gap between payments and new Defi ecosystems.
WXT does not represent equity in Wirex. This means that buying WXT does not mean that you are buying Wirex stocks. WXT is a utility token. Its value is subject to market movements, and not tied to the performance of Wirex as a company.
The process of buying Wirex Token in the Wirex app is similar to how you buy other currencies. You can buy using a linked card or by exchanging crypto or fiat currencies for the Wirex Token.
How to buy WXT using your linked card:
- Log in to your Wirex account
- On the left-hand side of the screen, select “Add“. If you are using the Wirex app, the “Add” icon will be displayed on your dashboard.
- When the Add funds page opens, click or tap “From Linked Card“
- Select the card you wish to use for the transaction
- Type in the amount you will like to purchase
- Confirm your transaction
How to buy WXT by exchanging crypto or fiat currencies:
- Log in to your Wirex account.
- Scroll to the left-hand side of your screen and select “Exchange“. The exchange icon is found on the dashboard if you are using the mobile app.
- Select the source account. This will either be a fiat currency account or a cryptocurrency account.
- Select the WXT account you want to fund.
- Type in the amount you wish to exchange. This can be in crypto or fiat currency.
- Select “Use Maximum Amount“. This will calculate the maximum sum of the fiat or cryptocurrency available for exchange.
- Click Exchange.
- The details of the transaction will be displayed for you to review.
- Once you have confirmed that the details are correct, click “Confirm“.
Cryptocurrencies Available on Wirex
Wirex has a vast range of top cryptocurrencies available on its app. Users can exchange, buy or HODL different types of cryptocurrencies on the app.
Cryptocurrencies and tokens available on the Wirex app include BTC, LTC, ETH, XRP, QNT, XLM, WXT, WAVES, XNO, LINK, MKR, MANA, AAVE, UNI, UMA, OMG, BAT, ZRX, FTT, REP, BNT, BAL, SUSHI, LRC, CRV, ADA, XTZ, EOS, SOL, DOGE, YFI, DOT, CHZ, MATIC, AXS, GLM, IOST, SNT, SNX, SAND, GRT, COMP, KNC, SHIB, and 1INCH.
Stablecoins such as USDC, EURT, XSGD, DAI, USDT, TUSD, EURS, and USDT are also available on the app.
New tokens are regularly added to the Wirex app, so you must always check the platform for the updated list of available cryptocurrencies. For instance, USDC, SOL, AVAX, USDT, and MATIC were recently added to the Wirex Singapore app in April 2022.
In addition to cryptocurrencies and tokens, the app offers a wide selection of traditional fiat currencies, including EUR, USD, SGD, CAD, and GBP, to cater to a diverse range of user preferences.
Wirex Singapore Fees
Wirex does not charge fees for getting a card or opening a current account. But depending on the base currency of your account some fees apply:
- Opening an account is free
- Running multi-signatory crypto accounts is free
- Operating the multi-signatory fiat account feature is free
- Zero card maintenance fees
- Card issuance is free
- Replacement of a lost card is free
- Standard card delivery is free
- DHL Express courier card delivery costs SGD 5 to 25
Top-up Fees
- External debit and credit card top-up costs 1% in fees for the cryptocurrency account. But it’s free for the fiat currency account.
- Exchanging or trading crypto on Wirex will cost OTC rates and the platform’s commission, which is usually 0.20%.
- Fiat exchange services are free
- Transfers within the Wirex ecosystem are free
- External crypto transfers attract blockchain fees
Wirex, being inherently dynamic, embraces a fee structure that ebbs and flows, making it impossible to ascertain the exact charges you’ll encounter. The fee landscape morphs in accordance with your base currency, ensuring a personalized experience.
Wirex Payment Methods
Wirex offers many payment methods but the most popular include credit or debit card, bank transfer, PayPal, Apple Pay, Google Pay, and cryptocurrency.
The platform allows you to top-up your Wirex crypto account using external crypto or traditional currency accounts.
Here’s how to get your deposit details:
- Go to Wirex mobile app or website and sign in to your account
- Locate the Accounts tab on the left of your screen
- Choose the account you want to send funds to
- Move down to actions then Add Funds
- Pick the linked card or external account you want to use for the top-up
If you choose a linked credit or debit card you can finish the transaction within the Wirex app. But if you opt for an external crypto or fiat currency account, Wirex will give you the needed details to transfer cash to your Wirex account. This would be an IBAN, Sort code, or cryptocurrency address.
You can also pay using PayPal. To do so, log into your PayPal account. Then add your Wirex card as your Debit and Credit Card option.
To send funds, click or tap your PayPal balance and then Withdraw Money. Choose your Wirex card.
Hit Next and enter the amount you intend to add.
Your cash should arrive in a couple of minutes in your Wirex account.
This isn’t just for traditional currencies you can buy crypto using PayPal as well. You can also add funds to your PayPal account with the card using cryptocurrencies.
Wirex Security
Wirex offers various security measures such as:
Email Confirmation
Wirex links your account to your email. This means that for any action involving the transfer of funds out of your Wirex account, the system will require an email confirmation.
Two-factor Authentication
Wirex recommends that users add 2FA to their account and makes the feature available but it does not make this compulsory.
Multisignature Technology
All Wirex accounts are secured by BitGo’s multi-signature technology. So it is not possible to send funds out of your Wirex account without the permission of all parties.
Monitoring Software
Wirex features analysis and monitoring tools that can identify unusual account behavior.
Verification
The platform requires verification before they permit major changes to your account. For example, verification is needed before changing your email or disabling 2FA. This ensures that only you can make changes to your details or account. Also, account-related queries will be addressed by the support team only if they come from your Wirex-linked email.
3-D Secure
Wirex applies the 3-D (three-domain) Secure program to secure your online transactions from fraud. This is a protocol used to bind the financial authorization process with online authentication. The program also adds an extra layer of security for debit card transactions via a one-time password (OTP) to your mobile device when a purchase is made online using your card. This safeguards your account from authorized payments even if your Wirex debit card number is stolen or copied.
That said, the OTP will only be sent to the phone number you registered on Wirex.
Wirex Staking Rewards
Wirex allows users to earn up to 16% interest by opening an X-account. You can choose to earn-in-kind or in WXT. If you opt for the latter you’ll have +4% added to your regular interest rate. Here’s a full list of what you can earn.
Opening a Wirex Account
To create your Wirex account click Open an Account.
Next, choose your country of residence, and enter your email address and a password. Then hit continue.
Wirex will send you an email with an activation link, tap the link.
It’ll redirect you to the app, hit Continue
Wirex will require that you add your personal details and verify your mobile number. Pick your country code and add your phone digits, then tap Send.
The app will send you a 7-digit code via a text message. Note that you may experience a 10-minute delay before you see the code. But you can tap Resend the code or go back to the last page to re-add your mobile number.
That’s it, you’ve created your Wirex account.
After creating your account, Wirex will require you to verify your identity and in some cases, your address.
The Proof of Identity document you submit must be a valid government-issued document and has to match the personal details you entered when registering your account.
It must have:
- Your legal full name
- Date of birth
- Your photo
- A validity or expiration date
- Clear quality color images
- If it is a passport, you must show the page with the machine-readable code. For a valid government identity card, you must show both sides.
- If you’re not a resident of the country you must show a resident card or work permit.
- All documents must be in English.
To verify your Wirex account follow these steps:
When you log in after registration the app will automatically redirect you to the Verify Your Identity page. But if that’s not the case for you, go to verification under Preferences – Profile.
Click Verify Identity
Complete the fields on Confirm Personal Information. Then tap Next.
Enter the SMS code on the Confirm Mobile Phone page. Wirex will send an SMS code to the number registered.
On the Identity Verification page, tap Choose document and pick the document you’ll use for verification.
Take a picture of the document and ensure that the image isn’t blurred, does not show glare, and is not cropped. Once you’re done, tap the ‘My document is readable’ button to send the image.
After this, you’ll be redirected to the Selfie Verification page, tap Take a selfie. The selfie must capture your entire face. Once you’re done, tap Confirm My Selfie.
You should see a confirmation stating that your documents were successfully submitted.
Wirex states that the verification takes under a minute but in reality, the process may take up to 30 minutes or more. You will get to know your status via email and an in-app message.
Trading Experience on Wirex
Wirex offers an easy-to-use trading interface. To start trading, locate the Exchange currencies tab. The function allows you to buy and sell over 50 currencies (the Hong Kong dollar for example), exchange your traditional currency to crypto and back, and top up your card.
The trading process just takes a couple of clicks and doesn’t include any complex steps. The trading interface is also clean and straight to the point. You can view the amount you’ll receive after each exchange as you carry out the transaction.
To trade log into your account and pick the account you want to exchange from. Next, tap Exchange on the left of your screen if it’s the mobile app. Choose the account and press the Exchange button on your dashboard.
Under Exchange, choose the source account (traditional account or crypto account).
Next, choose a target account (either crypto or traditional account).
Add the amount either in your card’s currency or crypto. Tap Use Max to calculate the max amount available for your transaction.
Tap Exchange and preview the transaction details, then confirm.
Wirex Customer Support
Wirex offers 24/7 customer support. Users with complaints can contact customer service by opening the “Support” page and creating a support ticket.
Response to complaints is often within minutes. Alternatively, customers can use the chat box which is located on the right-hand side of the page to file complaints.
Wirex also has a Help Center, where answers to common complaints from clients have been provided. There is also a community forum where customers can give feedback, make suggestions and connect with other customers.
Customer Satisfaction
On Trustpilot, a lot of users complain about having their accounts locked without notice and an extremely long verification process. There are also complaints about delayed withdrawals for extended periods with no replies from support. However, customers express satisfaction concerning the use of the platform. Most users are satisfied with the trade experience and ease of use.
Education on Wirex
Wirex does not offer crypto education.
Is Wirex Right For You?
Wirex is the best option for crypto traders who don’t mind using an unregulated platform that’ll provide a fast way to buy and use cryptocurrencies for day-to-day transactions.
Final Thoughts
Wirex is an app that enables users to exchange digital assets and traditional currencies. It offers multiple security measures but its crypto service is not under regulation.
Our extensive analysis of the Singaporean Crypto Exchanges doesn’t stop here. You can also read about our AscendEX Singapore review as an alternative to Wirex or you can check out our list of what we think are the best Cryptocurrency exchanges in Singapore.
FAQ
Most frequent questions and answers
Yes, Wirex is available in Singapore. Singaporeans can open Wirex accounts and Wirex crypto accounts. The Wirex X-Accounts are, however, not yet available in Singapore.
Wirex cards are also available in Singapore. Users can do local card top-up, as well as spend all available 20 crypto and fiat currencies with the Wirex Visa card.
Wirex is headquartered in London, England, but its services are available in over 120 countries.
Coinbase has a smoother and better user experience than Wirex, based on average user reviews.
Wirex is not a bank account. It is an app that allows you to move traditional currencies and cryptocurrencies.
Yes, you can use your card at any ATM that supports MasterCard and Visa.
Based on a comparison of user reviews and hands-on experience Wirex has a cleaner and smoother user experience than Revolut.
Yes, you can buy Bitcoin with Wirex.
The Wirex card automatically converts local currency during overseas transactions to save you money on fees. It also has zero exchange fees and allows you to carry out local transactions using cryptocurrencies.
Yes, with an X account you can earn up to 16% in interest comp daily.
Yes, the Wirex Card is a prepaid debit card.
Wirex is a borderless payment platform that allows you to hold, exchange, buy and sell various traditional currencies and cryptocurrencies within the app. It also gives you a card that you can use to make payments using different currencies.
Visit Wirex.com or download the Wirex app from Google Play Store or Apple Store.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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