WXT FAQs

About the IEO

What is the date for the WXT IEO?

WXT will be available to the general public on 26 June, 2019 through the OKEx exchange. However, verified customers will have access to a pre-sale, and can register their interest by completing our form.

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 1% 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) -2nd Sep
-  ATM fees – 2nd Sep
-  Swift transfer fees – 2nd Sep
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?

1% of the total token supply, 100,000,000 WXT during IEO on OKEx 
 

Why does Wirex sell 1% 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 (launching June 26), before and after the IEO?

Verified customers can buy WXT in the Wirex app during the pre-sale, by registering their interest. As a condition of the pre-sale, WXT tokens purchased during the pre-sale have a 6-month lock-up period. WXT tokens can be purchased on the OKEx exchange during the IEO, and afterwards can be bought through the Wirex app by verified customers. 

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.


The maximum purchase amount in the Wirex app is USD100,000 (10,000,000 WXT) per customer. If you would like to purchase more than USD100,000 worth of WXT, you will need to do this through the Wirex OTC Trading Desk. The minimum transaction amount for purchases made through the Wirex OTC Trading Desk is USD100,000. You can reach the Wirex OTC Trading Desk by emailing otc@wirexapp.com.

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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