Wirex Exchange Review
What is Wirex Exchange?
Wirex Exchange is a multi-currency exchange registered in the United Kingdom which has been active since 2014. Wirex is probably more famous for its crypto card and crypto wallet services today, but the Wirex Exchange service is grabbing market shares continuously.
Wirex Exchange offers trading in nine different cryptocurrencies: Bitcoin, Ethereum, Litecoin, Dai, Nano, Ripple, Stellar, Waves and - naturally - the Wirex Token.
OTC and Interbank Rates
Wirex Exchange Mobile Compatibility
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that Wirex Exchange’s trading platform is also mobile compatible.
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
Wirex Exchange does not allow US-investors on its exchange. So if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our exchange filters, you can sort the exchanges based on whether or not they accept US-investors.
Wirex Exchange Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the purchase interface at the Wirex Exchange mobile app:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
As of 2022, customers can enjoy Wirex Credit! This excellent new feature allows customers to instantly borrow stablecoins against your crypto assets, offering total flexibility and zero set-up fees. What’s more, you can do all that with 0% interest.
The process is simplistic and customers can be signed up in a matter of minutes. As soon as the signup process is completed, customers have immediate access to their stablecoins, which can then be exchanged for crypto or fiat currency to spend using the Wirex card.
How To Sign Up For Wirex Credit?
- Go to Wirex Credit in-app and tap Get Started.
- Hit Borrow then select a cryptocurrency to use as collateral.
- Enter the amount you wish to use as collateral.
- Tap Continue, double-check the details, then select Confirm.
There are no fixed monthly repayments, allowing you to borrow up to 80% of the value of the collateral (0% interest available on NXUSD only) - otherwise 60% for all other stablecoins. It’s worth noting that Wirex Credit is available in EEA and APAC regions (excluding Singapore).
Wirex Exchange Fees
Wirex Exchange Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
Wirex Exchange charges what we call flat fees, meaning that both the takers and the makers pay the same fee when it comes to spot trading: 0.20%. These spot trading taker fees are quite in line with the global industry averages for centralized exchanges. According to Cryptowisser.com's latest empirical study, the industry average spot trading taker fees were 0.221% and the corresponding spot trading maker fees were 0.177%.
Wirex Exchange Withdrawal fees
To our understanding, Wirex Exchange does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure.
Generally speaking, to only have to pay the network fees should be considered as below global industry average when it comes to fee levels for crypto withdrawals.
Wirex Exchange lets you deposit assets to the exchange both through crypto assets and through credit cards. Seeing as fiat currency deposits are possible at this trading platform, Wirex Exchange qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.