Region: Australia

Upd: Feb 18, 2023

1. Welcome

These terms apply to your use of the cryptocurrency account that Wirex makes available through the Wirex Service, which allows you to earn interest on the cryptoassets you transfer into that cryptocurrency account (the "X-Account"). 

It is important that you read this document and any documents referred to within it (the "X-Account Terms") alongside our General Terms and Cryptoasset Terms, as they set out additional terms that apply to your relationship with us when you access and use your X-Account and form the legal agreement between: 

You, as the Wirex user; and 

The Wirex company identified in paragraph 3 of the General Terms ("Wirex", "we", "our", or "us"). 

Please ensure that you have read and understand these X-Account Terms before using or accessing X-Accounts. 

Capitalised terms defined in the Terms shall have the same meanings when they are used in these X-Accounts Terms. 


2. Important warnings

Your X-Account is not a checking, savings, bank, or deposit account. It is not covered by insurance against loss and is not covered by any banking protections, such as the UK Financial Services Compensation Scheme or the FDIC Deposit Insurance Scheme. Generally, cryptoassets held with Wirex are held with Fireblocks, which provides up to $30 million total insurance coverage for all cryptoassets held by Wirex on an aggregated basis.  

Your X-Account is made up entirely of cryptoassets. Holding cryptoassets can involve significant risk. Before using X-Accounts, you should ensure that you understand the risks associated with Cryptoassets. 

Cryptoassets are unregulated in many jurisdictions and their regulatory status can change. If you are in a country where buying and selling cryptoassets becomes illegal, your service may be suspended and you may lose any rights you may have to the cryptoassets we store on your behalf. You should make sure you are able to buy and sell cryptoassets lawfully wherever you are located. 

Cryptoasset markets can be volatile and prices can fluctuate significantly, which could result in sudden and significant increases or decreases in the value of your cryptoassets. The value of the cryptoassets in your X-Account can therefore change rapidly. 

You should carefully assess whether your financial situation and risk tolerance is suitable for buying, selling or lending cryptoassets. 

Do not buy or hold cryptoassets if you do not accept the risks associated with cryptoassets, including the risk that the value of cryptoassets may fall significantly or the risk that changes in regulation may prevent you from dealing in cryptoassets in the future. 


3. Eligibility

You must have registered with us and set up a profile on the Wirex Service (your "Wirex Profile") in accordance with the General Terms in order to set up an X-Account. You may not set up an X-Account if: 

  • you are resident of a country which prohibits the purchase, sale or holding cryptoassets; or 
  • we have previously closed an X-Account opened by you because you breached these X-Account Terms. 


4. Creating and topping up X-Accounts

You can set up an X-Account using the applicable functionality of the Wirex Service. We offer a number of different types of X-Accounts that are compatible with specific cryptoassets, as set out on the Wirex Service. 

When you set up an X-Account, you will need to select the type of X-Account that you wish to open. You can have more than one X-Account. 

In order to top up your X-Account, you will need to transfer the cryptoassets compatible with that X-Account ("Compatible Cryptoassets") to that X-Account using the applicable functionality on the Wirex Service. 

If you do not already manage any Compatible Cryptoassets through the Wirex Service, you will need to purchase Compatible Cryptoassets through the Wirex Service or transfer Compatible Cryptoassets to the address for that type of cryptoasset as set out on your Wirex Profile. The Cryptoasset Terms shall apply to any such purchase or transfer. 

We may let you know the fiat value of the Compatible Cryptoassets you are adding to your X-Account, or of the cryptoasset interest you have earned. All fiat values shown are for illustrative purposes only. No fiat can be added or withdrawn from your X-Accounts, and no interest can be earned in fiat currency. Conversion to and from Compatible Cryptoassets is a separate function provided by the Wirex Service. 


5. Earning interest on the cryptoassets in your X-Account

We will pay you compound interest on the cryptoassets you hold in your X-Account by crediting your X-Account with Compatible Cryptoassets applicable to your X-Account. 

We will calculate the amount of interest you earn on the cryptoassets in your X-Account on a daily basis by applying the interest rate applicable to your X-Account to the cryptoassets held in your X-Account at 12 AM UTC. 

We will pay you any interest you have earned on a weekly basis, calculated from seven days from the start of the X-Account. Note no interest will be earned on the day you create your X-Account; interest accrual will begin on the next full day. 

The initial interest rate applicable to your X-Account will be displayed to you as a variable Annual Equivalent Rate ("AER") on the Wirex Service when you set up your X-Account. The AER will be different to the rate used to calculate your daily earnings, as the AER takes into account the rate at which interest is compounded in order to help you compare this rate against similar products. The AER indicates the amount that would be payable on a particular balance over the course of a year if the rate remained unchanged and you did not deposit or withdraw any cryptoassets from your X-Account. 

We may, from time to time, amend the interest rate applicable to your X-Account. We may do this, for instance, to respond to changes in the cryptoasset and decentralised finance market, the costs of our business or because of changes in law or regulation. 

We will notify you of any changes to the interest rate applicable to your X-Account by email and/or by posting a notification on the Wirex Service. 

If we increase the interest rate applicable to your X-Account, we will tell you as soon as possible after we start paying interest at the new rate. 

If we decrease the interest rate, we will give you at least  14 days' notice before we start paying interest at the new rate. 

6. Withdrawing cryptoassets from your X-Account

If You are using X-Account Flexible, you can withdraw cryptoassets from your X-Account at any time using the applicable functionality on the Wirex Service. If You are using X-Account Plus, then you can withdraw cryptoassets from your X-Account after thirty (30) days after you give your redemption notice.  

If you withdraw cryptoassets from your X-Account, we will store the cryptoassets in pooled crypto wallets created and maintained by our third-party wallet custodian or by us, and you can manage those cryptoassets, in accordance with our Cryptoasset Terms. 


7. Taxes

You are solely responsible for any taxes owed on the interest paid to your X-Account. If you do not pay tax or report your earnings to your tax authority, you may face fines or other penalties. 


8. Ending our relationship

If at any time you do not feel that you can agree to these X-Account Terms or any changes made to the X-Account Terms or your X-Account, you must immediately stop using and close your X-Account. 

You can close your X-Account at any time by withdrawing your cryptoassets from your X-Account. 

We may immediately terminate or suspend your access to your X-Account if: 

  • you fail to comply with these X-Account Terms; 
  • we terminate or suspend your access to the cryptoasset functionalities of the Wirex Service in accordance with the Cryptoasset Terms; 
  • we terminate or suspend your use of the Wirex Service. 

You will also lose your access to your X-Account if you terminate your use of the Wirex Service or if we decide to withdraw the X-Account feature of the Wirex Service altogether (in which case we'll give you two months' notice). 

If you close your X-Account or we terminate your access to the X-Account, we will withdraw the cryptoassets from your X-Account and hold those cryptoassets on your behalf in accordance with our Cryptoasset Terms. 

9. Account Suspension

If your access to the X-Account is suspended by us in accordance with paragraph 8, you will not earn any interest on the cryptoassets in that X-Account until your access to that X-Account is restored. 

10. Our responsibility to you

We do our best to ensure that: 

  • X-Accounts are of a reasonably satisfactory standard and match any descriptions we have provided to you; and 
  • any elements of the X-Accounts that require a connection to the Internet will always be available to you. 

However, due to the nature of the Internet and technology in general, X-Accounts may be unavailable if we need to undertake any emergency or scheduled maintenance on our systems. This means that we are unable to promise that your use of and access to X-Accounts will always be uninterrupted, without delays, error-free or meet your expectations. We will notify you of any planned outages; however, we may not be able to do this if any outages are caused by circumstances outside of our control. To the extent we are able to do so, we exclude any commitments that may be implied by law. 

In every case, we will never be responsible for any loss or damage that is not reasonably foreseeable, or that is caused by a failure by you to comply with these X-Account Terms. Loss or damage is foreseeable if either it is obvious that it will happen or if both we and you knew (or should have known) it might happen. 

The above does not affect your rights under the applicable law of the country in which you are resident, including our responsibility to you if we deliberately breach our commitments in these X-Account Terms. 


11. Amendments to these X-Account Terms

We may revise these X-Account Terms from time to time but the most current version will always be at our website. 

Changes will usually occur because of new features being added to the X-Account, changes in the law or where we need to clarify our position on something. 

Where possible, we will notify you at least one week in advance of the date of these changes. If you do not agree to the changes, you must stop using X-Accounts before the changes to the X-Account Terms take effect. Continuing to use X-Accounts after that date means that you accept the amended X-Account Terms. 

Certain changes may occur immediately and without notice. This may happen when we are required to make changes by law, or where we make minor changes to these X-Account Terms that do not impact your rights and remedies or our obligations. When such changes occur, we will notify you as soon as reasonably practicable. 

12. Governing Law and Dispute Resolution

We hope you enjoy your use of the X-Accounts. If, however, you have a complaint or dispute with us relating to the X-Accounts, in the first instance please contact us our Customer Support team by using the support feature in the Wirex App so that we can try to resolve the dispute informally. 

In the unlikely event that we have not been able to resolve a dispute informally, we will then discuss and agree with you the most effective way of resolving our dispute 

Croatian law will apply to all disputes and the interpretation of these Terms. The Croatian courts will have exclusive jurisdiction over any dispute arising from or related to your use of the Wirex Service. You agree to raise a complaint with us and follow the steps outlined in Section 21 of the General Terms before any dispute may be raised in a court of law. 


13. Miscellaneous

The current version of the X-Account Terms contains the only terms and conditions that apply to our relationship with you. 

We intend to rely on these X-Account Terms as setting out the written terms of our agreement with you for the provision of the X-Accounts. If part of the X-Account Terms cannot be enforced then the remainder of the X-Account Terms of Service will still apply to our relationship. 

If you do not comply with these X-Account Terms and we do not take action immediately, this does not mean we have given up any right we have and we may still take action in the future.