Ok… we need to clear the air…
We’ve been getting a lot of complaints, and really bizarre accusations that we want to address.
One of the most common misconceptions we hear is:
I bought $100USD of BTC and was only able to withdraw $60USD, Wirex stole my money!
Look, we get it, money doesn’t grow on trees. It’s frustrating when you’ve taken a chance on a service and you feel like you’re being eff’d around.
Let us explain…
Firstly, we feel your pain, we can definitely relate.
So allow me to explain in laymen terms the nature of bitcoin pricing:
If you bought $100USD worth of ice cream at $2 each, you’ve bought 50 ice creams.
You no longer value your ice creams at 100USD. You just see it as 50 ice creams. It’s when you decide to sell your ice creams that you have to re-access its value at the time (market conditions, supply/demand) – Basic economics right?
The same can be said about bitcoin…
If you’ve been following the news on bitcoin (Chinese regulation, JP Morgan statement), you may have witnessed the insane price fluctuations. One day it was at its all-time high nearing $5000, and within days it plateaued below $3300.
Had you bought $100 worth of bitcoin at 23:59 on Aug 14, 2017 (BTC Price $4325.13), you would have received a total of 0.0231BTC.
Come, Sep 8th, 12.59, your 0.0231BTC would have been worth $106.79
September 15, 11:44, 0.0231BTC worth = $68.45
[edited] November, 29, 1 BTC is worth $10,000; On December 12, $17, 365.
So you see, the value of your 0.0231BTC in USD is everchanging and WILL vary depending on when you ask.
Like you, Wirex is also trying to deal with the temperament of Bitcoin’s ever-changing price.
You charge really high exchange rates
We actually do not have a fixed exchange rate that we charged based on the market change.
We have a liquidity pool of providers (W-Pay), who compete for the best exchange rate at the time of your transaction. We’re focused on expanding this network of providers to ensure you get the lowest and most competitive exchange rate, always.
What about your ridiculously high fees?
We don’t charge any Wirex fees for transfers.
You may incur a blockchain fee that goes to the bitcoin miners (not us) when you make a transfer to another bitcoin wallet address outside of the Wirex network.
Zero blockchain fees between Wirex Community
We’ve recently upgraded our platform (in preparation for Segwit), which means internal transfers between Wirex customers are free. That’s right, there is no blockchain fee when transferring to another Wirex account.
As a Wirex customer, you’re getting the best rate at the time of your transaction, guaranteed. AND you won’t get any blockchain fees when transferring within the Wirex community.
We’ve been working really hard on improving our app and adding exciting features to make sure your experience keeps gets better and better. We are really hurt when we hear accusations like this out there. It’s not true, it’s never been the intention, and it’s totally the opposite of what we are about.
We hope this explanation helps you better understand how bitcoin works. We also debunk the 3 biggest misconceptions of bitcoin pricing on our blog.
Remember, we’re here to help you navigate through the new world of crypto., if you have any concerns or ideas please get in touch with our support team.