Wirex crypto card review
- Deposit fee
- 1%
- Yield rate
- Up to 2%
Summary
Earn rewards and pay no annual fees with the Wirex crypto card.
The Wirex crypto card makes spending both traditional and digital currencies a simple process, all handled through a single card and account.
The ability to trade between various fiat currencies (in addition to crypto) through the app, makes it a useful companion if you find yourself travelling across borders often.
X-tras 2.0 is one of Wirex's signature products and lets customers earn up to 8% back in WTX on in-store and online purchases. Although this is a significant cashback amount, it is only available through locking up the native Wirex token, WTX. For those who don't wish to hold WXT long-term, the Wirex card may not be the best option.
Details
Wirex Card
| Product Name | Wirex card |
| Yield rate | Up to 2% |
| Deposit fee | 1% |
| Supported cryptocurrencies | BTC, ETH, LTC, XRP, XLM, WXT, WAVES, DAI, LINK, MKR, AAVE, YFI, UNI, UMA, OMG, BAT, ZRX, SNX, FTT, COMP, REP, BNT, BAL, 1INCH, LRC, KNC, CRV, SUSHI, NANO |
| Funding methods | Cryptocurrency, Debit card, Credit card |
| More Info |
Eligibility and how to apply for a Wirex Visa card
- Download the Wirex app to your smartphone and register.
- Create an account and confirm your email address.
- Verify your identity using your smartphone camera and passport.
- Please note, while Wirex cards can be used anywhere, cards cannot be issued to all countries. A full list of countries can be found on the Wirex support page.
How does the Wirex crypto card work?
The Wirex card works in much the same way as any regular debit card, the key difference being that you can spend both crypto and fiat currencies. Wirex supports real-time conversion of digital assets, converting your crypto to fiat at the point of sale.
Benefits
- Free card plans are available
- Good for spending in multiple fiat and cryptocurrencies
- Purchase and trade currencies in the app
- Up to 8% back on all in-store and online purchases
- Digital asset insurance of up to US$100,000
- Referral rewards up to 1,000 WXT
- Supported fiat currencies: USD, SGD, AUD, NZD, JPY, HKD, EUR, GBP & 4+ more
- Supports 50+ cryptocurrencies
Drawbacks
- 1.49% premium on cryptocurrency purchases
- Fees vary depending on location
- Cryptoback rewards are paid in the WXT native token
- Maximum rewards require Ultimate tier, which includes a US$29.99 monthly account fee and 15,000,000 WXT tokens to be locked up over a 180-day period
- Capped monthly cryptoback rewards for all card tiers
How does it compare to a traditional debit card?
Unlike a traditional debit card, the Wirex card cannot be directly linked to your bank account and instead needs to be topped up manually. Top-ups can be completed via credit or debit card deposits or through cryptocurrency transfers.
How experienced do you need to be with crypto to use the Wirex Visa card?
Wirex Visa cards are suitable for all crypto users. Being able to transact with crypto and fiat currency makes the app particularly beginner-friendly, as there is no need to worry about DeFi exchanges or private keys.
Which cryptocurrencies can I use with the Wirex crypto card?
Wirex supports the use of 50+ cryptocurrencies. A full list can be found on the Wirex crypto card website.
Is the Wirex crypto card safe? What are the risks?
Wirex offers high-end security and is registered with several regulatory bodies around the world. Wirex uses Visa for card payments in the Asia-Pacific and has partnered with Mastercard in the UK and EEA in 2020 as the first "crypto-friendly principal member".
Additional security features include:
- 2-factor authentication
- PIN logins
- Recovery phase to help secure accounts
Although Wirex adheres to strict security guidelines, there is still an inherent risk involved with holding or trading digital assets. Crypto phishing scams are common, so make sure to always double-check digital transfers and only transact through the official Wirex app.
Wirex X-tras 2.0
Customers who subscribe to Wirex Premium or Elite price plans will receive savings bonuses. An annual savings bonus of 2% (Premium) or 6% (Elite) will be automatically accrued on all WXT held.
X-tras boosted tiers allow even higher levels of cryptoback and savings bonuses. X-tras boosted rewards require you to lock up a certain amount of WXT for 180 days. Depending on the price plan, you can earn up to 16% savings bonus and 8% crypto back rewards.
Where can you use the Wirex crypto card?
You can use your Wirex card anywhere that a Visa debit or Mastercard is accepted. Keep in mind that some subscription-based platforms and businesses require a credit card to be held on file and will not accept payments from any debit card, including Wirex.
Fees and exchange rates
- Free account maintenance and card issuance
- Free fiat currency deposits
- 1.49% digital currency deposits
- ATM withdrawal limits of SGD$1,400 per day
- Cryptocurrency transactions depend on the specific blockchain and network congestion at the time
Alternatives to Wirex
Your reviews
James Finder
Editor
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