Is Wirex’s BTC Debit Card Right for You?

A look into the depths of how the Wirex Wallet works.

What is Wirex?

Wirex looks to offer a safe and secure environment for all your digital money, particularly cryptocurrencies. It offers a Bitcoin wallet, payment card, as well a secure digital money transfer channel for wiring over money. On top of this, via Wirex you can also securely purchase Bitcoin.

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The private keys of users are stored on the third party servers, though these are encrypted by a password to ensure that no one but the individual with the key can access the funds.

The wallet supports Bitcoin and Litecoin, though a vast number of Altcoins can be deposited and exchanged. The wallet is based on blockchain technology to allow for the fastest transfer of money possible while also offering support for the transfer of cryptocurrencies.

History and About

At present, the Wirex brand is going through some changes. Previously, the platform was run by the E-coin.io website. The firm is based in London and was established at the end of 2014. The company started to undergo a rebranding in February 2016. The old website is still in existence but is redirecting the traffic to its official website.

The Wirex founders come from a varied professional background. Pavel Matveev has over ten years of experience in IT development, working on high level IT projects at numerous noted investment banks around the world.

Dmitry Lazarichev has several interests in finance and entrepreneurial projects. Beginning his career in Russia, he was employed by Solid providing consulting services, then later moved to the UK to found his own business which looked to import wood biomass. Georgy Sokolov is a salesperson with international experience in both North America and Europe, and before founding E-coin, he previously worked for Russia’s larger cargo airline.

Special Features?

A unique feature of Wirex is the fact that it offers a Debit Card which is backed by Bitcoin. Users can choose between a Mastercard backed by chip and pin, or a VISA card in virtual form. The cards work like normal cards but are also backed by Bitcoin.

Currently, Wirex offers to ship it to over 130 countries all around the world with delivery times taking around three weeks around the EU and eight weeks in the rest of the world. With that said, this service is not available in America, the Middle East or India, due to regulatory issues.

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How Safe is Wirex?

Wirex provides security for users in the form of 2-Factor-Identification and the multi-signature feature of the wallet. The user is not only setting a password but also having to verify themselves through the mobile application for Wirex.

Customer support is available 24/7, and users can contact the platform by email or even via Facebook. There is also an FAQ on the website which aims to resolve any issues the user may have that doesn’t require talking to someone.

Wirex generally has a good reputation, though there have been some rumors on Reddit about the company taking to long to process deposits, and having issues with money going missing. These are just rumors and there have been no complaints on a larger scale.

Wirex has not had any notable issues with hacking, but one does need to be careful with any type of online storage wallet as they’re never 100% secure, it could be worth looking to cold storage wallets as an alternative.

Does Wirex Have Fees?

The Wirex bitcoin debit card is priced at $17 while issuing the virtual card costs $3 and an additional monthly fee of $1 for supporting it.

When topping up the card, Wirex charges a fee of $3 for direct bank transfers. Beyond the more common card-based payment methods, users can also add funds to their accounts with alternative payment service providers (cryptocurrencies) for fees which are around 2-3% of the cost of a transaction.

How to Use Wirex Securely

Step 1: Set up your account and add money through PayPal or Bank transfer.

Step 2: Order your card, and once it arrives and you have set it up you can buy Bitcoin on the platform, a unique feature for something that is also a wallet.

Step 3: You can download the mobile app to further ease your transfer of payments. The app is even easier to use than the site as all you have to do is go towards the purchase menu.

Always be aware of security risks when visiting the site, if the website’s SSL code is invalid do not attempt to go on the site as it may have been hacked. Be aware of any suspect email correspondence, as well as scammers, sometimes try to pose as employees of companies with which your funds are associated.

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