Having been viewed as slow and outdated by younger generations, many a fintech start-up has sought to challenge or outright replace the existing status quo.
Cryptocurrencies and their underlying Blockchain technology have been the most recent challengers. Though unable to -at this point in time- fully breach the financial gates. They brought with them a wave of start-ups looking to shake things up by streamlining the delivery of their promised benefits.
WIREX is one of the early birds in this space, first seeing the light of day in 2014. At the time, Bitcoin, the leading cryptocurrency was valued at about $300 and used mostly by tech geeks. Zeroing in on the very real possibility of a tokenised future for commerce, WIREX is on track to positioning itself as a go to digital payments platform for the masses.
In its current state, WIREX boasts a hefty bit of back-end integration, clearly in line with their objectives and where the market seems to be going. These include:
- The integration of 8 Blockchains to support the sleuth of cryptocurrencies they already offer, and for the future listing of more.
- They have integrated with 10 different cryptocurrency exchanges for the best aggregated prices.
- WIREX works with no less than four OTC (Over The Counter) services for the provision of high volume orders.
- Three FX brokers to offer competitive pricing for fiat currency pairs.
- Fast payments facilitated by SEPA, SWIFT and ACH. This is also coupled with VISA processing in 5 regions including Canada, Japan and the US.
These integrations -more especially the fiat relate- may prove very advantageous to WIREX moving forward. Though the traditional finance structures are old, they may remain with us for some time.
So What Is WIREX?
Simply put, WIREX is a platform that is here now to help bring the promised token economies of the future to fruition. The promise of digital currency as the future of everyday payments, Machine to Machine (M2M) payments and cross-border remittance requires such intermediaries in order to work.
It is a way to integrate the new and the old by making payments quicker and more cost-effective. In following suit with the tokenisation of future economies, WIREX recently launched a token that is tradable on Kucoin.
Wirex Token
Wirex, the world’s first FCA approved multinational payments platform supporting 9 digital currencies and 11 fiat currencies published an announcement on their website on June 21st 2019, that it would be going ahead with a pre-sale of their Wirex Token (Ticker: WXT). The digital payments provider’s WXT token is, According to the firm’s CEO, Pavel Madveev, aimed to help Wirex become a leading player in the digital payments vertical.
The WXT token was created on the Stellar Network with inclusion in mind. Released to the public through an IEO on the Kucoin digital asset exchange on the 5th of July 2019, the token was first issued through a series of presales aimed at giving verified customers a fair chance at getting their hands on WRX at discounted prices.
WXT Supply
From the 24th to the 30th of July, $3 million worth (3% of the total supply) of WXT tokens were made available at $0.01 for the duration of the pre-sale period of the token sale. capped at $500 worth of WXT tokens per person for the first 3 days then one could purchase an unlimited number of the tokens left available from the 27th to the 30th 2019.
How to user Wirex?
Simply register on the Wirex website and your account will be up and running in minutes. Registration wizard has a couple of the steps that you need to follow. On the first step of registration enter your First and Last name.
On the next step, you will be prompted to enter your email address & password.
Soon after, you’ll receive an email in which there will be an activation link, in order to activate your account you need to click that link. After activating your account, you’ll have to enter your Memorable word and answer a couple of additional questions just to protect your account a little bit better.
After logging in successfully, you’ll see Wirex’s dashboard.
WIREX’s Dashboard
On Wirex’s dashboard’s panel, you can order your visa debit card, and you can see all cryptocurrencies you have.
You can also start by downloading the Wirex application onto your smartphone from the Apple App Store or Google Play Store. From there, just register and verify your account in the same manner.
Select whether you want a USD, EUR, or GBP account and enjoy instant availability. Now, you can manage your funds wherever you are and at any time of the day.
Hidden fees
After testing Wirex for a little bit, I can state that even though they advertise „No hidden fees“ somewhere on the website.. They still have some…
When exchanging bitcoin’s, or other cryptocurrencies to your local currency. While exchanging they will take approx. 2. % per transaction, just for an exchange.
No Support
Several customers complained that they had problems purchasing a product online even though money has been transferred from their account and when trying to reach customer service – which is at Wirex’s -almost non-existing, they had difficulties getting answers to their problems.
Credit Card
After bashing it in previous paragraphs, I must praise Wirex a little. They do have a credit card, a physical thingie that will materialize all your cryptocurrencies you may have. Also, you have a smartphone application, which will be your digital wallet. So this connection between virtual and material world has a physical connection, a visa credit card.
Final review
For a small fee( around 17. $ ) you can get a plastic card, from VISA with which you can purchase things in real life. And that is what we are all looking for. This is just the beginning of a new era.
If you want are interested in how to buy crypto with PayPal with Wirex read our post “How To Buy Bitcoin With PayPal Instantly With Paxful, Localbitcoins, And Wirex“.
