Having it is good ... spending it, is it better ? - Once you have cryptomonnaies, it is difficult to use them in our daily life. Indeed, even if this does not seem to be the goal of some who prefer to keep them or exchange them with each other, traders and shops accepting cryptomoneyes remain rare.
One of the solutions to overcome this immediate problem is the use of crypto-friendly bank cards that allow us to convert our cryptomoney into cash and then spend it using a traditional blue card. Today I introduce you to Wirex, a service offering this type of blue card, and its mobile application, accompanied by a certain cashback paid in bitcoins.
Wirex : what is it ?
Wirex is a relatively old actor in the cryptosphere, since the company was created in 2014. While the company had to deal with some unforeseen events in 2018 (notably because of the WaveCrest case), 2019 was a great year for its development : notably, the company launched its own token, the WXT, based on the Stellar blockchain. Wirex is also expanding this year in Southeast Asia with the implementation of numerous beta-tests for residents of Taiwan, Singapore or South Korea.
Wirex offers both crypto and fiduciary account maintenance, allowing you to deposit, withdraw and store your crypto money, while exchanging it for and for euros.
How to use Wirex
In order to use Wirex easily, you will have to go through its dedicated mobile application. Once downloaded, the application will guide new users. Note that a classic validation of various identity verification procedures (KYC) is required to access services that are of interest to us strictly speaking, such as Bank debit card as well as more interesting crypto purchases ceilings.
With the help of Wirex, you will be able to do two things: buy and resell cryptomonnaies on dedicated wallets (and receive or send them to external wallets), and convert these cryptomonnaies into euros expendable with the debit card attached.
Wirex thus allows to buy, resell and store the following cryptomonnaies : Bitcoin, Ethereum, XRP, Waves, DAI, Stellar (XLM), Nano, Wollo. It should be noted, however, that the fees charged remain relatively vague at the time of purchase and resale.
So you can always order the card on the app itself, which will arrive at your home on the following days, with a classic tracking of the shipment. But let's note that you don't need the physical card to buy cryptomonnaies on the mobile app.
As for the various fees that you may encounter, they are 1% for purchases by bank cards, and 2 to 3 euros for bank withdrawals. Note also that a fixed fee of 1.20€ will be charged per month on the balance of the said bank card, even if it is unused... and unless to block it completely in the application.
A cashback in bitcoins, under strict conditions
Using the Wirex bank card also allows users to obtain a cashback for each purchase. This cryptoback is a percentage of each purchase depending on the status of the user, distributed directly in Bitcoin on the user's wallet. Yes, the main interest of this cashback is there : it is well versed directly in satoshis
Yet Wirex has also developed its own token, which pre-sale took place in July 2019. Having these tokens allows users to access certain associated “advantages” in stages. The latter are now mainly discounts on the service charges offered by Wirex, as well as a better cryptoback rate. If the White Paper of the token had other premium advantages comparable to those offered by some neobanks, it will be necessary for the moment to wait before a hypothetical Premium Card and other concierge service for the owners of the token will arrive.
So there are three tiers that have different advantages depending on the number of tokens in your possession. The first level is 50,000 tokens, which is now equivalent to about 330 euros; the next levels are 100,000 and 500,000 tokens WXT. The fee reductions granted are 25%, 50% and 100% respectively. Cryptoback evolves from 0.5% for all users to 0.75%, 1.00% or 1.5% depending on the level of the users.
Our opinion of Wirex
Wirex is generally an easy-to-use service that allows you to easily spend your cryptomonnaies. But in reality it is only a trading platform offering its blue card, since purchases are made only in fiat currencies requiring to load this card prior to each purchase and without conversion on the fly. In addition, the purchase costs of cryptomoney remain very unclear, since they depend according to Wirex of their partners who allow to carry out transactions easily and without lack of liquidity.
As a result, there are more attractive alternatives for purchasing crypto-currency on a regular basis, especially for those who are adapted from the use of recurring bank transfers and programmed investment. On the other hand, for the use of the bank card, it seems to be very functional and practical. I never had any trouble with her when I was using her.
Note
I would set a rating of 4.0 / 5 for the Services proposed by Wirex. If this is not necessarily very useful for experienced users who prefer more personalized and less expensive services, Wirex can allow beginners to discover cryptomonnaies. It is indeed a good solution to buy cryptomonnies on credit cards without paying exorbitant fees (even if they are far from negligible !) and to “use” them in everyday life.
So much for this presentation of the app and the bank card proposed by Wirex which presents many advantages against its competitors. Let's conclude by recalling that it is important to keep in mind that you do not spend your crypto money directly and that your purchases are not pseudonyms, but that Wirex still allows a compromise solution that some will appreciate. If you have any questions or comments, please let us know in the comments or on social media.
Did you enjoy this article ?
Click to give your rating !