WXT FAQs

About the IEO

When is the WXT IEO?

Due to overwhelming demand for the Wirex Token, we delayed the pre-sale and IEO in order to ensure that we can offer WXT to our customers in the fairest possible way. The pre-sale will take place from the 24th to the 30th of June 2019.

 

Why is Wirex going through an IEO? What led to this decision?

There are two main reasons why we decided to launch our own token:

  1. We are long-standing proponents of the token economy. As we developed the Wirex ecosystem (B2C, B2B, stablecoins), we realised that the platform would benefit from its own native token. Not only does this allow us to provide new features for our customers, it also makes our services more cost-efficient for frequent users.
  2. We’ve always worked very closely with the Wirex community and wanted to reward them for their loyalty and dedication. Owning WXT is an unprecedented opportunity for our customers to unlock exclusive features such as higher limits, discounted fees and super-charged rewards.

Token sales are usually fundraising exercises. This is not Wirex’s top priority, which is why we are only putting up to 2% of the total token supply up for sale during the IEO via the OKEx. Ultimately, the long-term success of Wirex and the eventual adoption of a token economy are our primary concerns.

Why an IEO and not ICO?

The main difference between an IEO and an ICO is the degree of due diligence that takes place. IEOs require companies to undergo significant auditing, testing and verification before their tokens are approved and launched. As a result, the quality and reliability of these projects is generally much better than many of those who held ICOs in 2017.


About WXT

Is WXT a cryptocurrency? 

Yes - it’s a utility token.

Is WXT a stablecoin backed by Wirex?

No - it’s a utility token used to provide a range of benefits (discounts and enhanced rewards) to Wirex customers. 

What are the benefits of purchasing WXT? 

WXT has a number of material benefits. Customers will be able to unlock premium features and save on fees, and will also benefit from enhanced Cryptoback™ paid in WXT. These include:


Discount on fees – active from pre-sale
  500,000 WXT ($5,000) – 100% discount
  100,000 WXT ($1,000) – 50% discount
  50,000 WXT ($500) – 25% discount
-  All exchange fees
-  Bank transfer fees
-  Withdrawal fees (crypto transfers)
-  Top up via credit and debit card

Coming soon: September
-  Monthly management fees (card)
-  ATM fees
-  Swift transfer fees

Cryptoback – active from September
-  500,000 WXT ($5,000) – 1.5 %WXT
-  100,000 WXT ($1,000) – 1%WXT
-  50,000 WXT ($500) – 0.75%WXT

Other features being developed for 2019:
Premium Wirex Visa card 
Bespoke merchant offers and discounts 
Concierge service
Airport lounge access
Early access to new features


What is the initial circulating supply of WXT?

Up to 2% of the total token supply, 200,000,000 WXT during IEO on OKEx 
 

Why does Wirex sell up to 2% and hold 49% ? 

At least 49% of the entire supply will be retained by the Platform Reserve to protect the Wirex token (WXT) from speculative trading and to maintain flexibility during the early stages of the evolution of the system. Wirex will burn up to 25% of the platform reserve WXT tokens to preserve the value of the tokens in circulation. You can read about token distribution in our WXT White Paper.


Buying, exchanging and holding WXT



Where can I buy WXT before and after the IEO?

Verified customers can buy WXT in the Wirex app during the pre-sale starting on 24thJune. Wirex Tokens purchased during the pre-sale have a 6-month lock-up period. WXT can be purchased on the OKEx exchange during the IEO, and through the Wirex app by verified customers after the IEO has concluded.

Can I purchase WXT in the Wirex app using BTC, or is there a specific currency I need to use when purchasing WXT?

Verified customers can purchase WXT using any currency (crypto or fiat) currently supported by the Wirex platform.

Can I purchase WXT in the Wirex app with a bank transfer?

Verified customers can purchase WXT by transferring money into their Wirex account from their bank (or by using a linked bank card). To see how to find your account’s IBAN and transfer money from your bank directly to your Wirex account, please see our FAQs on topping up your Wirex account and where to find your currency account details.

What exchanges, platforms and wallets support WXT? 

Wirex and OKEx currently support WXT.

How can I purchase WXT if I am not verified? 

If you are not verified on Wirex, you can purchase WXT on the OKEx exchange during the IEO on 26 June. 

Why can't I send or exchange my WXT? 

WXT purchased during the pre-sale will be locked up for 6 months from the date of purchase, meaning that you will not be able to send or exchange them until after the lock-up period ends. 

If I purchased WXT during the pre-sale, what happens to my WXT holdings after the IEO?

After the IEO, you will have two different WXT balances: one balance that holds locked tokens bought during the pre-sale, and a second balance that is tradable and active.

If I purchase WXT in the Wirex app, can I then deposit them onto the OKEx exchange?

Yes, if these tokens were purchased after the pre-sale. If you bought WXT tokens during the pre-sale, you will need to wait 6 months before you can use them. 


Limits

What are the limits for WXT transactions?  

The minimum purchase amount in the Wirex app is USD1.00 via exchange or USD25.00 via bank card.

There are limits on the amount of WXT that can be purchased during the presale:

  • 24th- 26th (pre-sale days 1-3) - max. $500 worth of WXT per person
  • 27th-30th (pre-sale days 4-7) – no limit, while supply lasts


Post IEO, there are no caps on the amount. All purchases will be subject to Wirex standard fees and limits

Does the FCA regulate the WXT Token?

The FCA does not regulate the WXT Token. Cryptocurrencies (including BTC, LTC, ETC, etc.) are referred to by the FCA as ‘exchange tokens’. According to the FCA, ‘exchange tokens, including the operation of exchange token exchanges, all currently fall outside our regulatory remit’.

WXT is an exchange token and is therefore not regulated by the FCA. For more information, see the FCA's Guidance.

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