This Wirex review will give you the chance to better understand exactly what it is Wirex does (think Revolut but with a crypto spending twist). In it, we delve into the Wirex reviews of existing users that we’ve found online, we break down the Wirex exchange rates and fees, and we rate the quality of the Wirex App. We also highlight recent allegations of the firm which show Wirex credibility dwindling.
|🏛️ Established||December 2014|
|🌎 International Clients||Reportedly open to users from 130 countries for crypto services. Multicurrency payment card available in UK, EEA & Singapore|
|💱 Currencies Offered|
18 currencies (9 traditional + 9 crypto)
Traditional: EUR, GBP, CAD, CZK, HUF, PLN, RON, HRK, USD
Crypto: BTC, ETH, LTC, XRP, XLM, WXT, WAVES, DAI, NANO
|💷 Minimum Transfer||Only crypto transfers & transfers to other Wirex users possible.|
|📲 Trading via||App Only|
|🏢 Offices In||Claimed to be in London, Singapore, Kyiv, Tokyo, Toronto, Dallas, Dublin and Atlanta.|
|⚖️ Regulation||FCA (UK) – Under Investigation|
|👨👩👧👦 Client Reviews||7,469 reviews on TrustPilot, 1,991 reviews on App store, 19,802 via Google Play|
|⭐ Client Rating||3.4 / 5 TrustScore on Trustpilot, 4.2 / 5 App Store, 3.7 / 5 Google Play|
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- Min Transfer: £/€/$ 100
- Currencies Supported: 39
- Offices : UK, EU, USA, India, South Africa.
- Our Rating : 97.8%
- Most Global Offices and Reach
No Fees from Anywhere and Competitive Rates
96% Client Satisfaction
- Min Transfer: £/€ 100
- Currencies Supported: 40
- Offices : UK, EU, Singapore, and Australia.
- Our Rating : 93.4%
- High Quality Bespoke Service
MoneyFact's Best Provider Award
Over 100 Years of FX Experience Across Its Trading Desk
- Min Transfer: £/€/$ 50
- Currencies Supported: 120
- Offices : UK, EU, Australia, USA, HK, UAE, and South America.
- Our Rating : 92.8%
- Business Oriented, Many High Profile Business Customers
Industry Veteran since 1979
Diverse Hedging Options and Excellent Guidance
Our Rating: N/A
The tech capabilities behind Wirex seem impressive. Being able to pay for things wherever you are in the world with an international currency card and achieving the interbank exchange is as good as it gets. Being able to move money between your multicurrency accounts between both traditional ‘fiat’ currencies and crypto currencies is an added bonus.
Its compliance and operational procedures appear to leave a lot to be desired. Whether it is intended or simply miscompetence, there are a lot of unhappy users who are unable to access their money as things stands – in many cases individuals feel like they may have lost thousands of pounds. The issue appears to be impacting UK users and we await updates from the FCA.
Regardless of these issues we also have to consider how effective Wirex is for managing international payments through traditional currencies, as this is the primary focus of our reviews. Hedging tools such as forward contracts and FX swaps are not possible, nor are limit orders or batch payments. In this sense the firm isn’t applicable at all but we understand this is not what it originally set out to do. Wirex is much more closely aligned with the likes of Revolut – who let you spend with an international currency card at interbank exchange rates and trade crypto too.
Right now, given the compliance issues surrounding the firm, we strongly suggest not registering until a full review has been conducted and guidance is received from the FCA. If you’re planning on using the firm for international money transfers, then know this just isn’t possible, regardless of the outcome of the FCA’s findings.