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Useful Crypto Apps: Wirex Cryptocurrency Wallet and Working Debit Card
What is it?
Wirex is a provider of cryptocurrency wallets linked to physical and virtual Visa debit cards, as well as cryptocurrency and traditional currency exchange and payment solutions.
The company was established in 2014 with three founders as E-coin. The site was launched in 2015 and the company grew to 100 staff by the end of 2017, based across 4 offices.
The company claims to have $1.5 billion transaction volume and 1.5 million users
As far as I am aware it is the only working cryptocurrency card since the Wavecrest issues.
Feature overview
Cryptocurrency wallets & currency accounts (currently BTC and LTC), more soon (please Ethereum)
Multi-currency exchange (GBP, USD, EUR, Bitcoin and Litecoin in any direction) with free money transfers. Unlike TenX where you could buy things with crypto you do have to sell crypto for fiat to use the money if you want to purchase things
Fast local bank transfers with deposits and withdrawals so you tan top up with fiat
Deposit of 50+ Altcoins which get converted either to BTC or LTC
The top up limits are 7.5k for GBP, 8k for EUR and 10k for USD. You can keep on adding money constantly as long as you don’t go over limit.
Aspect overview
Fees: the main fee is the monthly account maintenance fee (around $1.50) per account. This is the only fee you really have to pay.
There are also smaller fees for example ATM withdrawal fee, ATM decline fee, payment decline fee, change of PIN fee. The more significant fees are for payment chargebacks, payment recalls or payment tracking.
The cards can be used both offline and online without fees if using Pounds or Euros. There is a fee for USD.
There is 0.5% cashback in Bitcoin on every in-store, card swipe or Tap&Go card payment with no monthly cap.
Availability
Accounts can be opened online and the apps are available on iOS and Android. There is referral system available.
There is a lot of countries supported. Most of the features are available in European countries including the debit card.
Most of the countries on these continents are also supposed: Asia, South America, Australia, Africa but some of the features are not available. Sadly USA and China are not supported for now. For full list check the website.
The registration and KYC are very quick – for the card you should wait up to a week.
Once you recieve the card the account is ready to use.
Why is it useful?
The biggest issue with the cryptocurrency is actually using the crypto to purchase things.
Currently to use cryptocurrency you either:
have to find a shop that accepts cryptocurrency (very rare)
sell cryptocurrency through platforms like Coinbase and then use fiat
Wirex makes it really use since everything is done in one app – you just send crypto (either BTC or LTC for now), convert if to fiat and then you can use the card to buy things. This makes it really easy to use cryptocurrency in real life.
As far as I am aware this is the only card that currently works which puts it ahead of the competition.
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