Is Wirex’s BTC Debit Card Right for You?

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.

Help us to make Finance Magnates better!

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 is able to 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 whilst 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 sales person 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 3 weeks around the EU and 8 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.

FM

How Safe is Wirex?

Wirex provides security for users in the form of two 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 while 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 a 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 rumours on Reddit about the company taking to long to process deposits, and having issues with money going missing. These are just rumours 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, whilst the virtual card costs $3  for the issuing of it 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 a fees which are around 2-3% of the cost of 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 it 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 invlaid 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.