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What is Wirex
Wirex is a cryptocurrency wallet and payment card provider that allows users to buy, hold, and spend a variety of digital and traditional currencies using a single platform.
Wirex was founded in 2014 by Dmitry Lazarichev and Pavel Matveev. The two founders had a background in the finance industry and had previously worked together on several financial technology projects. They founded Wirex with the goal of creating a platform that would make it easier for people to buy, hold, and spend cryptocurrencies.
In 2016, the company rebranded as Wirex and expanded its services to include support for other cryptocurrencies, such as Litecoin and Ripple.
Over the years, Wirex has continued to expand its offerings and has grown its user base significantly. In 2018, the company raised $3 million in a crowdfunding campaign and in 2019, it secured a license from the UK Financial Conduct Authority (FCA) which allowed it to expand its services to customers in over 130 countries.
How Wirex works
Wirex is a platform that allows users to buy, hold, and spend a variety of cryptocurrencies and traditional currencies using a single account. Here is a simplified overview of how Wirex works:
- Account setup: To use Wirex, users must first sign up for an account on the platform. This process typically involves providing basic personal information and verifying the user’s identity.
- Funding the account: Once the account is set up, users can fund it .
- Currency exchange: The exchange uses an algorithm to calculate the exchange rate between currencies, which is based on current market conditions and other factors.
- Wallet management: Users can store their funds in a multi-currency wallet provided by Wirex.
- Security: Wirex takes security seriously and employs various measures to protect users’ funds and personal information.
Does Wirex charge a fee
Yes, Wirex charges fees for some of its services. Here is an overview of the main fees charged by Wirex:
- Account management fee: There is no monthly management fee.
- Currency exchange fee: Wirex charges a fee for exchanging between different cryptocurrencies and fiat currencies.
- Card fees: There is a one-time fee for ordering the card, which varies depending on the user’s location. There may also be fees for using the card at certain ATMs or merchants.
- Transfer fees: Wirex charges fees for transferring funds between Wirex accounts or sending funds to external accounts.
- Other fees: Wirex may charge other fees for certain services or features, such as for expedited processing or for replacing a lost or stolen card.
It’s important to note that Wirex provides a detailed breakdown of its fees on its website, so users can easily see how much they will be charged for each service. Additionally, some fees may be waived or reduced for certain users, such as premium account holders or users who hold a certain amount of Wirex’s native cryptocurrency, WXT.
Can Wirex be trusted
Platform provides users with detailed information about its fees and other policies, so users can make informed decisions about using the platform.
That being said, like any financial service provider, Wirex is not immune to security risks or other issues.
Overall, Wirex appears to be a reputable and trustworthy platform that provides users with a convenient way to manage their cryptocurrencies and traditional currencies. As with any financial service provider, users should do their own research and exercise caution before using the platform.
