Wirex Visa Card Review 2020

Wirex is one of the longest-running crypto debit card options in existence. The company behind the Wirex Visa card was founded all the way back in 2014. Wirex has continued to offer their service throughout multiple booms and busts in the crypto market. Like many other crypto debit cards these days, the Wirex Visa card has a proprietary token attached to it in the form of WXT. The rewards made available with this card pale in comparison to what is available with other token-powered crypto debit cards such as the Crypto.com Visa card and the Swipe Visa card. The lack of high rewards for a card that requires users to stake WXT in the Wirex app makes the Wirex Visa card an unappealing option for most cryptocurrency users.

Wirex Visa Card

Wirex Visa Card

Wirex Visa

  • You can stake WXT tokens to get up to 1.5% cashback
  • One of the oldest crypto Visa cards available
  • If you stake enough WXT tokens you can get discounts on fees

General Overview

The Benefits PRO's
  • Spend your crypto wherever Visa is accepted
  • Earn up to 1.5% cashback rewards for all in-store purchases
  • Get instant alerts regarding your card via the Wirex app
  • Crypto funds held in cold storage using multisignature addresses
  • Founded in 2014
The Downside CON's
  • The rewards available with this card are modest
  • Not available in Japan, the United States, and some other major countries
  • Users are required to stake a proprietary token to get the best benefits and rewards
  • High fees for exchanging between crypto and fiat

Wirex at a Glance

Card type Visa
Cost $1.50 monthly fee plus possible staking costs
Funding methods Cryptocurrencies, SWIFT, Faster Payments, SEPA transfers, debit card, credit card
Cryptocurrencies supported BTC, LTC, XRP, ETH, WXT, and DAI + more in specific regions
Rewards Up to 1.5% cashback on in-store purchases, discounts on card fees
Cryptoback percentage 0.5-1.5%
Physical card Yes
ATM Fees $2.50 domestic, $3.50 international
Proprietary token WXT
Issuing bank Contis Financial Services Ltd

What is the Wirex Visa Card?

The Wirex Visa card is part of the greater Wirex application, which is targeted to people who often find themselves in different parts of the world and needing to access a variety of different currencies. Users are able to exchange currencies within the Wirex app, and they can move funds to their card account when they want to be able to access those funds through the Wirex Visa card. This crypto debit card comes with a cashback rewards program that can reach as high as 1.5%; however, the highest cashback rewards are only available to users who are willing to buy and hold Wirex’s propreitary WTX token.

What are the Benefits of the Wirex Visa Card?

The biggest benefit available to Wirex Visa card users is the potential for 1.5% cashback rewards. However, these rewards are handed out via a tier-based system. Users who are willing to hold more WXT tokens can gain access to higher cashback rewards. All of the rewards are paid out in Bitcoin. If you are unwilling to stake any WXT in the Wirex app, then you will be left with only 0.5% cashback on your purchases. It should also be mentioned that these rewards only apply to in-store purchases.

In addition to the cashback rewards, WXT holders are also able to get discounts on fees. These discounts can range from 25% to 100% depending on how much WXT is willing to hold in their Wirex app.

Of course, the potential benefits associated with the Wirex Visa card should not be mentioned without also mentioning the potential downside of being forced to hold WXT tokens. Due to the relatively small cashback rewards that are available with the Wirex Visa card, it is extremely risky to hold WXT in order to gain access to these rewards. These small cashback rewards may not make up for the loss in money that users experience in a situation where the WXT price crashes.

Potential Wirex Visa Card Dealbreakers

As alluded to already in this review, the WXT token will be a dealbreaker for many potential Wirex Visa card users. While other crypto debit cards also have proprietary tokens attached to them that make the use of their services quite the gamble, those other card providers are offering 5% or more cashback rewards on top of other potential benefits. This cryptocurrency card is also not available in some major countries such as Japan and the United States, so those potential users are left out in the cold.

Is the Wirex Visa Card Right for Me?

It’s hard to figure out what kind of person will see the Wirex Visa card as the best option available to them. This crypto debit card has a combination of the worst aspects of some other cards on the market, as it requires users to stake WXT to gain access to rewards that really aren’t all that great in the grand scheme of things. The only scenario that may make sense for someone to get the Wirex Visa card is if they’re in a specific country where the fees and rewards with the Wirex card are the best available option to them. Remember, the user does not necessarily have to stake WXT if they don’t want to, so anyone considering all of the crypto debit card options currently on the market should keep that in mind during their search.

Wirex Frequently Asked Questions

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