The Wirex company advertises that their debit card is particularly crypto-friendly. We have tested it and will tell you if it is worth it.
At the beginning of January 2018 almost all crypto debit cards that were on the market at that time became invalid. Among the companies affected were TenX and Bitwala. The reason for this was that the card issuer Wave Crest lost its VISA license because the company had repeatedly violated the VISA regulations.
Wirex offers a crypto-friendly VISA debit card. As with the competitors, you can do everything from the app.
At Wirex you have 3 wallets where you can deposit and manage crypto currencies. As crypto currencies Wirex currently accepts Bitcoin, Litecoin and Ripple. The problem is that you have to change the crypto credits into Euro before you can use them on your card. There is a kind of exchange in the app and on the website of Wirex. With this exchange you can exchange the credits into Euros without any time delay. As soon as you have the Euro you can also use the credits with the card. The exchange rate is slightly worse than with Coinbase Pro. If you exchange a Bitcoin you will lose almost 100 Euro compared to the Coinbase Pro exchange rate including fees. Wirex is extremely intransparent here. There are no fees displayed but the exchange rate is a little worse than in the big international platforms.
So it is not the case that the crypto credits are automatically exchanged every time the card is used. Rather, you have to manually exchange the credits yourself. You can only use credits that are available in Euro at Wirex on the card. This is of course quite annoying. But at least it gives you the possibility to have credits that you have in crypto available on the card within a few hours, even if you still have to exchange them. This is faster than transferring the funds from a wallet back to a bank account, which can take a few days, especially on a weekend.
Cashback & Limits
In addition, Wirex also offers a cash back function. For every purchase you make, you will receive 0.5% of the purchase amount back into Bitcoins. Everything important about the card I tell you in the video below. If you want to test the card, you are welcome to do so, because the card is free of charge and you will receive it within 2 weeks. Click here to visit the website of Wirex.
Cash withdrawal at the machine: maximum 250 Euro per day
Maximum card balance: 8,000 euros
Daily spending limit: unlimited
So Wirex is not the best Crypto Card out there.
There are many others to try, but in my opinion the best card is not out yet.
However if you want to try Wirex click Here.