The Wirex Wallet: a quick guide to the app

Region: Europe
Jan 27, 2023, 11:00:00 AM Published By Wirex Team
  • The Wirex Wallet is a non-custodial wallet allowing users to have complete control over their funds 
  • We created it to provide users with a unique & secure solution using SMPC technology and keyless entry system 
  • Unlike the Wirex app, it offers the ability to store NFTs and do cross-chain swaps 

Want to enjoy your digital assets without worrying about losing access to them? The non-custodial Wirex Wallet operates a futuristic keyless entry system, which means you can do just that. 

Custodial vs. Non-Custodial 

Following recent events in the crypto industry, some people prefer to have complete control over their funds, rather than leaving it in the hands of another company.  

These events eventually made us think about what kind of solution we could offer to those who wish to store their funds in self-custody wallets, giving them complete ownership. This is the opposite to centralised and custodial wallet providers, where all the funds are held by a single entity, which could pose a threat in the unlikely event of that centralised entity collapsing.  

Why did we create the Wirex Wallet? 

In recent years, there’s also been concerns over the security of an individual’s seed phrase to access their wallet. Unfortunately, we’ve heard of more and more cases where users lose their fortune after losing access to the seed phrase or being coerced into giving this access to other third parties.  

What is the Wirex Wallet? 

For these reasons, we’ve provided our users with the most unique, secure, and innovative wallet on the market. Wirex have come up with a solution that would provide Wirex Wallet users with self-custody of their funds backed up by secure multi-party computation (SMPC) technology. This involves an encrypted set of secrets distributed between your device and Wirex, without a single point of failure - only you can access your account. This also enables users to recover their Wirex Wallet at any time with our innovative biometric backup feature.  

The Wirex Wallet is located within the Wirex ecosystem, but operates outside of the Wirex app. Unlike the Wirex app, it offers non-custodial crypto storage, direct access to popular DeFi platforms and protocols, and safe storage of numerous cryptocurrencies on several blockchains (such as BTC, ETH, AVAX, BSC, Phantom, Arbitrum and others), NFTs, built-in cross-chain and single-chain swaps, and many other cool features! 

Ready to give it a go? 

Get your Wirex Wallet up and running in just a few steps: 

  • Download the Wirex Wallet app 
  • Create an account - all you need is an email address 
  • Check your emails for a verification code and enter it when prompted 
  • Create a PIN and/or register your biometrics (face or fingerprint) 
  • Back up your account using biometrics, and the QR code by going to Profile then Account recovery. 

Please note: you will need to do this before you can make any transactions. 

With that settled, let’s do a deep dive into the features and capabilities of the Wirex Wallet: 

Assets supported on multiple blockchains, NFT support:  

Wirex Wallet is your ultimate place to store crypto and NFTs. Just like on the snippets below, you can see the overall layout of the application, and how you can easily access your assets, currently supported on eight different blockchains (inc. BTC, ETH, Polygon, AVAX, Arbitrum, and others). 

Single chain swaps and cross-chain swaps, all within the app: 

We’ve recognised the necessity of the modern crypto wallet being robust and useful in day-to-day activities. We’ve therefore integrated two solutions for cross-chain and single-chain swaps that can be used anytime, without the need to access the decentralised applications directly. 

Smart portfolio: 

This is where all the action happens! Here, you can get a summary of your entire wallet activity, your crypto holdings, and basically find a complete breakdown of all the activity summed up on your Wallet! 

MPC wallet without a seed phrase vulnerability:  

With the Wirex Wallet, security is our priority, so we offer security without the need for a seed phrase, which we believe will be much less vulnerable compared to traditional wallets. 

We have a dedicated section for customers where you can manage the cutting-edge security measures associated with the Wirex Wallet.  
As an alternative to the biometric backup, users can also generate their QR code backup, so in case something happens, it would still serve as an alternative backup to the wallet.  
So you don’t have to worry about storing your seed phrase in your safe or wardrobe, or someone else getting access to it!