Wirex App vs Wirex Wallet

Region: Europe
Dec 23, 2021, 11:00:00 AM Published By Martin Best

2021 – the year ‘crypto’ words went mainstream.

When Forbes, BBC and The Economist start talking metaverses, DeFi, and knowing their BTC’s from the NFT’s… you know that crypto has gone mainstream! While the words might be cutting through, the meaning isn’t always as clear. Wirex recently launched a ‘Wirex Wallet’ but it already has a ‘Wirex App’. Confused? No need – here’s 5 things to understand about the difference between the two.

Wirex App – is an app AND a card

Think of the Wirex app & card as the ultimate bridge between crypto and fiat currencies. The Wirex App allows you to buy, hold and spend with a range of currencies like $ £ € as well as lots of cryptocurrencies like Bitcoin and Ethereum (+ loads more). In many countries you can order a VISA or Mastercard giving you the possibility to buy literally anything anywhere, online or offline, just like you would with a typical debit card.

Wirex Wallet is ‘Non-custodial’

This is a big difference compared to the Wirex App. ‘Non-custodial’ means that you hold the assets, not Wirex. The Wirex Wallet allows you to buy, hold, sell & transfer cryptocurrencies, but the ownership stays with you. This is particularly popular with crypto users who want to have full control over their assets. You can use biometrics to access your funds anytime.

Wirex App let’s you access cool "CeFi" features

CeFi is not as well known as DeFi, but think of it as a halfway house between fintech products and decentralised finance. The main difference is that with ‘CeFi’, Wirex App has custody of your assets. You can take part in several features that look and feel decentralised such as X-accounts, giving you up to 10% savings bonus, and Cryptoback™ rewards on all card spend. This is great for people new to cryptocurrencies, and anyone who wants to earn crypto every day by spending with their card.

Wirex Wallet is downloadable ‘everywhere’ in the world

The non-custodial Wirex Wallet does not require extensive registration because they are your assets you’re holding. It means you can access the Wirex Wallet anywhere in the world to manage the assets you have. The Wirex App requires upload of ID and sometimes additional information is needed to adhere to local financial regulations because it is normally tied to your residency, which is the main difference. 

Wirex Wallet is the ‘express route’ to DeFi!

Decentralised finance is exactly that – not centralised or controlled by any one institution or organisation. For informed crypto enthusiasts, this allows trading of tokens across different blockchains, directly from your Wirex Wallet. With Ethereum gas fees really high through most of 2021, the Wirex Wallet allows you to swap to a different blockchain to maximise earning potential with zero fuss and lower fees.

What’s best for you?

It’s a very simplified explanation – but the answer is one, or both! The Wirex App is perfect for people looking for a ‘Fintech’ style solution – giving you a multi-currency payment card for fiat currencies and some cool ‘CeFi’ savings and earning options. If you’re new to cryptocurrencies this could be ideal. The Wirex Wallet is perfect for those looking to hold their crypto assets in one place and have total control, with maximum access to different blockchains. DeFi enthusiasts looking to move cryptocurrencies, staking and investing, are likely to love the Wirex Wallet. 

If you want to know more on the Wirex Wallet – click here.

If you want to know more about the Wirex App & Card – click here.

This article isn‘t advice – it’s a simplified overview, make sure you do your own research!