Five Reasons to Open an X-Account

Region: Europe
Jan 15, 2024, 10:00:00 AM Published By Wirex Team

X-Accounts simplify DeFi-powered savings to help you earn up to 16% AER on selected currencies.

Want to know more? Here are five reasons why you need one.

1. You’ll get paid every week

Your earnings are calculated daily and paid out weekly. Don’t forget, X-Accounts earn compound interest, which means you earn interest on your interest!

2. The longer you HODL, the more money you’ll make

Leave your funds in to earn more interest in the long run. There’s nothing quite like earning as you HODL.

3. You can withdraw your funds at any time

Want to withdraw your funds? Do so instantly, with no fees whatsoever, and spend them with your multicurrency Wirex card.

4. There’s no minimum amount or fixed term

X-Accounts are all about flexible earning - you won’t find minimum amounts or fixed terms here.

5. You won’t pay any fees

We don’t charge you for taking control of your money. That means free account set-up, maintenance and withdrawal of funds. And let's not forget those industry-best interest rates.

How to open an X-Account

Step 1: Ensure you have an active account with funds

To open an X-Account, you need to have an existing, active account in one of Wirex’s supported currencies, including BTC, ETH, USDT, USDC, XRP, GBP, EUR, USD, and more. If you don't have an active account, you'll be prompted to open one when you try to create an X-Account.

Step 2: Go to the Grow tab

Once you have an active account, go to the "Grow" tab on the Wirex app.

Step 3: Select Earn

Under the “Grow” tab, select the "Earn" option.

Step 4: Create a new X-Account

Tap on the "Create New X-Account" button to start the process of opening a new X-Account. You can open up to ten X-Accounts and name them according to your savings goals. With your first X-Account, you'll need to read and accept the X-Account terms and conditions before proceeding.

Step 5: Choose your currency

Select the currency you want to open an X-Account in. You can choose from a variety of crypto, stablecoin, and traditional currencies such as BTC, ETH, USDT, USDC, XRP, GBP, EUR, USD, and more.

Step 6: Choosing the Right X-Account Type

You can choose between X-Account Flexible and X-Account Plus.

Step 7: Choose how you would like to receive interest

Choose how you want to receive your interest, either in Wirex Token (WXT) or any other currency. Additionally, give your X-Account a name to identify it.

Step 8: Add funds to your X-Account

Add funds to your X-Account by transferring them from your relevant crypto or traditional currency account. Once the funds are in the X-Account, you can start earning interest on your balance.

Congrats - your X-Account is now open, and you're ready to start earning interest!