In late 2020, Visa’s CEO weighed in on the future of a cashless society. The payments giant sees cryptocurrency as one of the major players in the future of payments.
Neobanks and some cryptocurrency exchanges are already giving people ways to buy with their coins. Just a few years ago, there weren’t too many cards out there. Today, though, you have plenty of choices.
If you’re looking for a crypto payments platform, then you might be wondering about Wirex vs Crypto.com, among others. We put together this complete review to help you make the right decision.
Let’s start by looking at the better known of these two platforms. Crypto.com has been around since 2016, with the mission of making cryptocurrency management simpler. To that end, it tries to make buying, selling, and even spending crypto easier.
Today, Crypto.com offers a complete ecosystem for managing your coins. It includes an Exchange, a DeFi Wallet, lending, staking, and more.
With the Crypto.com app, you can get access to more than 80 cryptocurrencies. The platform’s MCO Visa card allows you to spend with some of those currencies, but not all of them.
Last year, the company launched its non-custodial wallet. With it, you get control of your private keys. Finally, Crypto.com focuses on low fees. To that end, their cards don't have monthly fees.
Pros and Cons of Crypto.com Cards
Before we compare Crypto.com to Wirex, let’s consider Crypto.com on its own merits. Some of the pros include the totality of its ecosystem. If there’s something you want to do with crypto, you can do it here.
Another pro is the lack of monthly maintenance fees for Crypto.com cards. Most of the cards also have cashback options, which could help you earn more. While there are some strings attached, you may be able to justify the cost of the card with the perks they offer.
The platform is also highly regulated, which gives users more peace of mind. Better security keeps your coins and your card safe.
It also tends to be a beginner-friendly platform. If you’re learning about trading or anything else crypto, then Crypto.com provides a nice environment to do it. Other platforms can be more frustrating and might offer less support.
One of the other major drawbacks is that not all Crypto.com products are available around the world.
Wirex isn’t new to the cryptocurrency scene, although it’s not as well-known as Crypto.com. Part of the issue is that the company underwent a rebrand.
When it first started out, the company was known as E-coin. In 2016, they rebranded as Wirex.
One thing to note here is that Wirex is not a cryptocurrency trading platform, unlike Crypto.com. Instead, it’s better thought of as a neobank.
The two companies do offer some similar products. Like Crypto.com, Wirex has a wallet where you can store your coins. It also offers users cryptocurrency cards, which they can use to spend crypto.
Pros and Cons of Wirex
Wirex has a few strengths, which make it a competitive choice in the neobanking sector. First, it offers you rewards when you use the Visa card. You can earn in either Bitcoin or WXT, the company’s native token.
Wirex also has some of the best wallet support for cryptocurrencies. You can add funds to the wallet by wire transfer, debit, or other credit card.
The card itself is free to order. You may end up paying a small monthly fee to have it, depending on how much you use the card. In the grand scheme of things, these fees are quite low.
Wirex tends to take security quite seriously, although that can lead to frustration for users. Contactless payments sometimes need chip-and-pin inputs.
As strong as Wirex is in some areas, it has quite a lengthy list of downsides. First is a lack of support. The app doesn’t have a built-in chat function, and there isn’t even a phone number you can call to get help.
Moreover, the app itself isn’t well-designed, although the company says they’re working to improve it. Even the process itself is a bit confusing for first-time users. Many people who tested Wirex were stumped about how to get their funds to their card so they could use it.
Finally, Wirex is only available in the UK and Europe. Wirex has plans to expand into Asia and the United States soon, but users in these areas are currently out of luck.
Pros and cons of Wirex
- Earn rewards in Bitcoin
- Very low fees
- Easy to use and set up
- Visa, accepted everywhere
- Contactless and nice designed card
- App could do with some UX tweaks
- Security can be a bit over the top and frustrating
Pros and cons of Crypto.com
- Is a complete crypto platform
- Offers frequent promotions
- Permits you to earn returns on your deposits
- Includes a high-speed exchange with competitive fees
- Offers a crypto-backed rewards card
- High-speed exchange with competitive fees
- Having to stake CRO or MCO to get the most out of your MCO rewards
- A general lack of transparency regarding where funds come from
- A confusing two token system (e.g., CRO and MCO)
Frequently asked questions about Wirex
We’ve compiled some answers to questions we often get. Should you have any other questions, feel free to reach out below in the comments.
Are there any geographical restrictions on who can sign up for a Wirex card?
Yes, there are geographical restrictions on who can sign up for a Wirex card. It is only available to users from Australia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, New Zealand, Norway, Philippines, Poland, Portugal, Romania, Singapore, Slovakia, Slovenia, Spain, Sweden, Taiwan, and the United Kingdom.
What are the fees charged by Wirex?
Wirex's fees are categorized by the type of service. It includes general account service, payments, cards & cash, overdraft & related services, and related services.
A Wirex Visa cardholder will have to pay a monthly maintenance fee of €1.20, which translates to a €14.4 annual fee. As for non-card-based payments, Wirex users cannot send payments to non-SEPA zones. In SEPA zones, sending money in euros and receipt of payments in euros is available for free of cost.
There is no issuance fee for users opting for a Wirex debit card. In case a user orders a replacement card, they will have to pay a $10 fee. When it comes to debit card payments in Euro, it is free for Wirex cardholders. But for international transactions, they will have to pay 3% of the transaction amount as fees.
For cash withdrawals in Euro, a Wirex cardholder will be charged €2.25, Whereas cash withdrawals in a foreign currency outside Europe will attract a €2.25 fixed fee along with the 3% of the amount withdrawn. In case of a payment refusal because of a lack of funds, the user will be charged €0.06.
What Cryptocurrencies are Supported by Wirex?
What Fiat Cryptocurrencies are Supported by Wirex?
Wirex supports nine fiat currencies. It includes EUR, GBP, CAD, CZK, HUF, PLN, RON, HRK, and USD.
Does Wirex offer cashback to its users?
Users can earn up to 1.5% cashback, paid out instantly in Satoshi, a subunit of Bitcoin, for their in-store purchases. Wirex's cashback program is known as the Cryptoback™.
Crypto.com: Frequently Asked Questions (FAQs)
Now that you've got a much better concept of what you'll get with Crypto.com, let's take a look at some of the platform's most frequently asked questions (FAQs). These common customer inquiries will provide you with insights into everyday aspects of using the app, card, and more.
Which Cryptocurrencies Are Accepted by Crypto Pay?
At the moment, you only have one option when it comes to Crypto Pay. The platform currently only accepts Crypto.co Coin (CRO).
What Should You Know About Crypto.com DeFi Swap Fees?
Crypto.com's DeFi swap permits users to connect their personal Ethereum wallet for effortless and streamlined ERC-20 token swaps, unlike the app or exchange.
Generally, you'll get charged 0.3 percent fees to liquidity providers for token swapping fees. These fees support the run of smart contracts.
To get started, connect your Defi Swap with your Crypto.com Defi Wallet. When transferring crypto in the Ethereum network, you must pay gas fees.
Choose between average, fast, and super transaction confirmation speeds. Remember that average and super-fast speeds respectively represent low and very high transaction fees.
Which Wallets Are Compatible With Crypto Pay?
You've got incredible flexibility when it comes to Crypto.com. You may use any wallet that both holds and sends Crypto.com Coin (CRO) with Crypto Pay.
Wirex vs Crypto.com: Which Should You Choose?
At first glance, this match looks like an easy victory for Crypto.com. Although Crypto.com does have a lot of strengths, you shouldn’t count Wirex out just yet. There are a few reasons that some people may prefer Wirex to Crypto.com debit cards.
Let’s start by looking at the issue of availability. If you live in the United States or Asia, then Wirex simply isn’t an option for you (yet). Crypto.com offers their cards in the US, Asia, and Asia Pacific, in addition to Europe.
If you’re based in Europe or the UK, though, you might want to take a look at Wirex for at least a couple of reasons. First, it offers much lower fees than Crypto.com cards. You’ll be charged a small monthly fee.
Crypto.com cards have no monthly fees, but that doesn’t mean there's no cost to have them. The 2% cashback card comes with a requirement to stake 2,500 CRO. Depending on the current value of CRO, that could be hundreds or even thousands of dollars you need to be able to put up.
The Obsidian cashback card offers the best returns, but it also has the highest costs. You’ll need to stake 2.5 million CRO for this card. Depending on the trade costs, that can be upwards of $100,000.
Earning with Crypto.com vs Wirex
You might be able to justify the cost of some of the Crypto.com cards with their benefits. For example, the Obsidian card requires a large CRO stake, but it also provides you with access to the Crypto.com investment options.
With this program, you can earn around 20% per year on staked CRO coins. That’s $20,000 if you’re staking $100,000 worth of coins.
On top of that, the Obsidian card provides 8% cashback. That means you also earn when you pay for everyday purchases and bills with the card.
What about Wirex? Their cards let you earn Bitcoin, rather than cash. The rate you earn is based on how much WXT you hold in your account.
If you have no WXT, then you’ll earn 0.5% Bitcoin on every store purchase. The more WXT you have in your account, the higher the rate you’ll receive on your purchases. The highest rate is 1.5%.
To compare cash value, you’d have to look at what CRO is trading for versus Bitcoin. The long and short of it is that Wirex’s scheme doesn’t need you to stake coins. That means you’re earning more on a smaller upfront investment.
Given that, you might want to consider a Wirex card if it’s available to you. Crypto.com offers a wider range of benefits with its cards, such as free Spotify Premium subscriptions, but you stand to gain a lot more with Wirex.
Which Is Best for Beginners?
If you’re starting out with a crypto card, then you might want to consider Crypto.com. It’s definitely the more user-friendly platform. It also offers a bit more support for its products.
There’s also the fact you can do everything crypto with the Crypto.com suite of products. With Wirex, you’ll need to buy coins elsewhere, then transfer them to your wallet. That means you need to pick an exchange platform.
With Crypto.com, you can do everything within the Crypto.com environment. That means you only need to learn one system to handle all aspects of your crypto accounts.
What About Security?
Security is a major concern for everyone when it comes to cryptocurrencies. It’s even more of a concern with crypto debit cards.
The good news is both Wirex and Crypto.com are well regulated. They follow strict rules, and they both offer good security. Wirex may have a bit of an edge, although their strict approach sometimes creates a bit of red tape for people looking to use their cards.
Fees, Currencies, and More
We already looked at the fees for having a card with Crypto.com and Wirex. Both charge some fees to use the card.
Crypto.com doesn’t charge ATM fees, so long as the withdrawal is within the card’s limit. Wirex does have ATM fees, which vary across currencies. Both have interbank exchange fees. Wirex also charges to top-up the card.
Both companies support several cryptocurrencies on their cards. Bitcoin, Litecoin, Ethereum, and several others are available.
Do More With Your Coins
When it comes to making a choice between Wirex vs Crypto.com debit cards, it depends on what you want.
So long as you’re not restricted by geography, the Wirex card offers a great plan to earn. Crypto.com is a more integrated platform and it offers a wider range of perks, although the earning potential is less.
Wirex and Crypto.com are far from the only companies offering crypto debt cards these days though. If you’re not sure either of these are right for you, then check out some of our other reviews!
The right crypto debit card is out there, and we can help you find it.