Q: When I open a Wirex Credit line, how do I access my funds?
A: Your funds will instantly be available in your chosen stablecoin wallet once you open a Wirex Credit line. You can then link this account to your Wirex card and spend the funds in over 80 million retailers worldwide, stake them within a DeFi protocol such as Nereus, or exchange them for any other currency within the Wirex app.
Q: What are the benefits of Wirex Credit?
A: Wirex Credit allows you to unlock the value of your crypto holdings without selling them. You can secure stablecoins up to 70% of your crypto's value and spend them instantly. The original cryptocurrency will be returned back to you when you have repaid the credit.
Q: What currencies can I use as collateral?
A: You can use BTC or ETH as collateral, with more options coming soon.
Q: What stablecoins can I borrow with Wirex Credit?
A: The stablecoins available to borrow vary by region, but you can check the Wirex app to see what stablecoins are available for Wirex Credit in your country. Unfortunately, Wirex Credit is currently unavailable in the United States.
Q: Are my funds secure?
A: All crypto and stablecoins within the Wirex app are held with Fireblocks, a leading digital asset custodian with over $30 million insurance coverage.
Q: How many lines of Wirex Credit can I open?
A: You can have up to 5 active lines of Wirex Credit at any given time.
Q: Do I have to pay a fee to open Wirex Credit?
A: No, there are no set up or origination fees for Wirex Credit lines.
Q: Do I need to make monthly repayments?
A: No, Wirex Credit is completely flexible. There are no fixed monthly repayments, and you can repay the credit at any time by adding collateral or paying the stablecoins borrowed. Simply repay the outstanding balance (capital borrowed + interest accrued) whenever you are ready before the 6-month maturity date.
Q: What if I do not make a repayment before the maturity date?
A: If you do not make repayment before the maturity date, the original collateral will be liquidated, meaning it will not be returned to you. Be sure you can repay the credit before deciding to open one.