2021 – the year ‘crypto’ words went mainstream.
When Forbes, BBC and The Economist start talking metaverses, DeFi, and knowing their BTC’s from the NFT’s… you know that crypto has gone mainstream! While the words might be cutting through, the meaning isn’t always as clear. Wirex recently launched a ‘Wirex Wallet’ but it already has a ‘Wirex App’. Confused? No need – here’s 5 things to understand about the difference between the two.
Wirex App – is an app AND a card
Think of the Wirex app & card as the ultimate bridge between crypto and fiat currencies. The Wirex App allows you to buy, hold and spend with a range of currencies like $ £ € as well as lots of cryptocurrencies like Bitcoin and Ethereum (+ loads more). In many countries you can order a VISA or Mastercard giving you the possibility to buy literally anything anywhere, online or offline, just like you would with a typical debit card.
Wirex Wallet is ‘Non-custodial’
This is a big difference compared to the Wirex App. ‘Non-custodial’ means that you hold the assets, not Wirex. The Wirex Wallet allows you to buy, hold, sell & transfer cryptocurrencies, but the ownership stays with you. This is particularly popular with crypto users who want to have full control over their assets. You can use biometrics to access your funds anytime.
Wirex App let’s you access cool "CeFi" features
CeFi is not as well known as DeFi, but think of it as a halfway house between fintech products and decentralised finance. The main difference is that with ‘CeFi’, Wirex App has custody of your assets. You can take part in several features that look and feel decentralised such as X-accounts, giving you up to 10% savings bonus, and Cryptoback™ rewards on all card spend. This is great for people new to cryptocurrencies, and anyone who wants to earn crypto every day by spending with their card.
Wirex Wallet is downloadable ‘everywhere’ in the world
The non-custodial Wirex Wallet does not require extensive registration because they are your assets you’re holding. It means you can access the Wirex Wallet anywhere in the world to manage the assets you have. The Wirex App requires upload of ID and sometimes additional information is needed to adhere to local financial regulations because it is normally tied to your residency, which is the main difference.
Wirex Wallet is the ‘express route’ to DeFi!
Decentralised finance is exactly that – not centralised or controlled by any one institution or organisation. For informed crypto enthusiasts, this allows trading of tokens across different blockchains, directly from your Wirex Wallet. With Ethereum gas fees really high through most of 2021, the Wirex Wallet allows you to swap to a different blockchain to maximise earning potential with zero fuss and lower fees.
What’s best for you?
It’s a very simplified explanation – but the answer is one, or both! The Wirex App is perfect for people looking for a ‘Fintech’ style solution – giving you a multi-currency payment card for fiat currencies and some cool ‘CeFi’ savings and earning options. If you’re new to cryptocurrencies this could be ideal. The Wirex Wallet is perfect for those looking to hold their crypto assets in one place and have total control, with maximum access to different blockchains. DeFi enthusiasts looking to move cryptocurrencies, staking and investing, are likely to love the Wirex Wallet.
If you want to know more on the Wirex Wallet – click here.
If you want to know more about the Wirex App & Card – click here.
This article isn‘t advice – it’s a simplified overview, make sure you do your own research!
FAQs
Wirex Wallet is 'Non-custodial'
What is Wirex wallet? ›
Wirex Wallet Features
Wirex provides a payments platform that enables individuals to manage and use digital and traditional currency in one place. Available on the web and mobile, Wirex enables crypto users to store, send, receive, buy, sell, and spend 37+ crypto assets.
Is the Wirex app legit? ›
Regulated: Wirex is regulated by FCA, Bank of Lithuania and by the MAS. Customer Support: Users may contact customer support by raising a support ticket. The Customer Support team is extremely responsive. Fiat Money: Users may send, receive, exchange, and spend any one of 9 supported fiat currencies.
What is the difference between wallet and exchanger? ›
To cap it all, a wallet is software that lets clients store all their holdings. An exchange is a website or service where users may purchase, sell, or convert fiat cash into digital currency. It is entirely at your discretion to keep the digital tokens in virtual storage or on a platform.
Does Wirex have an app? ›
Look no further than the Wirex app, your ultimate companion for seamless, secure, and efficient management of both crypto and conventional currency. With a user base of over 6 million people worldwide, Wirex is on a mission to democratise the financial landscape, making crypto and fiat currency universally accessible.
Does Wirex have a wallet? ›
The Wirex Wallet App is a non-custodial wallet, meaning you are solely in control of your Digital Assets. Wirex and Caspian have no control over your NCW, and we cannot help you recover access to your NCW. Make sure to backup your access to your NCW, and ensure that you do not allow anyone else to access your NCW.
How do I get my money out of Wirex? ›
To withdraw funds from your Wirex account via bank transfer, simply log in to your Wirex account, click on "Send" and select the "Pay" option. Choose the relevant currency account (EUR or GBP) and then select "Bank Transfer". From here, enter the amount you wish to withdraw and the recipient details for the transfer.
Is my money safe in Wirex? ›
Fact: Keeping your money safe is one of our key focuses at Wirex, as is accessibility, which is why we use multisig mobile wallets. Combined with the existing safety assurances of the blockchain, our wallets incorporate a range of security measures to ensure the risk of theft is minimised.
Can someone send me money on Wirex? ›
If the recipient is a Wirex user, you can send money by entering their Wirex nickname, phone number or email associated with the Wirex account. After entering the amount and recipient's details, review the transaction details to ensure everything is accurate.
Does Wirex charge fees? ›
There is no spending fee, and users enjoy free withdrawals that refresh monthly. However, when you spend using the Wirex card, you'll be charged a hidden conversion spread fee.
Crypto exchanges allow you to withdraw crypto into your own possession. As long as this is possible, there is always the chance that an attacker can transfer your crypto into their own hands. The best way to protect yourself against this threat is to move your crypto into your own wallet.
Should I use wallet or exchange? ›
While exchanges usually offer greater liquidity and accessibility, wallets prioritize security and control. By leveraging the strengths of both platforms, users can effectively manage their digital assets and navigate the evolving landscape of cryptocurrency with confidence and ease.
What is the most trusted crypto wallet? ›
Our Top Picks for the Best Crypto Wallets of May 2024
- Coinbase Wallet - Best for Beginners.
- MetaMask - Best for Ethereum.
- TrustWallet - Best for Mobile.
- Electrum - Best Desktop Bitcoin Wallet.
- BlueWallet - Best Mobile Bitcoin Wallet.
- Exodus - Best for Desktop.
- Crypto.com - Best DeFi wallet.
Wirex is a unique UK fintech that aims to make all currencies equal. Operating in 130 countries with 3.1m registered users, this crypto-friendly payments platform launched the world's first crypto-enabled payments card. In 2020, Wirex became Mastercard's first crypto-friendly principal member.
Does Wirex work in the USA? ›
Great news - we've introduced a brand-new way to add and withdraw funds to and from your Wirex account. You can now effortlessly transfer your USD between your bank account and Wirex!
What is Wirex and how does it work? ›
Wirex is a financial services platform that offers a range of services, including a Wirex card. The Wirex card is a debit card that allows you to spend your cryptocurrency and traditional currencies in the same way you would use a regular debit card.
