You might have read about eCoin exchange. But now the exchange is down. So what have you concluded about this? They did not shut down the exchange; it has changed its name to Wirex. Let us understand more about the exchange in this Wirex review.
Ecoin exchange first came in 2015 with its headquarters in London, which provided the only debit card for Bitcoins. Later the company re-branded itself to Wirex with some additional features. Dmitry Lazarichev, Panel Matveev, and Georgy Sokolov founded the Ecoin Exchange. The Wirex platform combines traditional currency and digital currency on a single platform.
Wirex provides a cloud-based service that allows personal banking. It offers Bitcoin debit cards, remittances, and also mobile banking. Wirex is recognized internationally and serves in all geographical locations. A user can now link Bitcoin wallet to visa, master card, and debit cards. Trade traditional currencies such as dollars, Pounds, and Euro with Bitcoins for carrying out a transaction.
Features of Wirex
The platform operates through application apart from the web browser. The application provides much convenience to the user, as it is applicable 24*7. The money is easily manageable with one click. They can operate the account and currency with a smartphone with Android and iOS.
The application also guarantees security through two-factor authentication (2fa). The application forms a link to the Google authenticator. A user can scan the QR code of his account and sync the Wirex application. Every time a user tries to log in, a 6-digit code is sent to the users registered email ID or contact number. For additional security, multi-sig technology protects the application. Over two users’ signature is required to authenticate a transaction.
The Wirex Card
The card has some exceptional features that make it a preferred choice among users. Both plastic and virtual money can be operational on this platform. The card is valid worldwide and a user can easily upload in minutes.
A user can add money by using one of the following platforms such as PayPal, bank transfers or other alternative payment methods. There are no transaction charges applicable. A user can register free of cost and a new card is issued instantly.
How to register on Wirex?
In order to register for a free account, log on to www.wirexapp.com. Click on the “register” tab to enter the new window. Enter the various required details such as first name, last name, valid email ID and generate a new password. The password should be at least 6 characters long. Click on the “create account” tab. A verification link goes to the registered email ID to validate the user.
Dashboard at Wirex
Wirex dashboard gives detail information on the account balance. Firstly a user needs to add Bitcoins to his BTC wallet. Then a user can order plastic and virtual card based on requirements and interests. EUR, USD, and GBP virtual cards are available for processing online transactions. Only the first virtual card is free.
Plastic cards for the same currencies are available for making offline payments and have applications at ATMs. Once a user places an order and receives the card, currency exchange would be possible.
For account verification, the order of the first card is mandatory. Once the account becomes valid, a user can avail additional features such as higher card limits, which will eventually provide convenience to the user. More transactions would be possible from this platform. Another feature funds, which a user can add using payment options such as bank transfers and other online payment modes.
Wirex exchange has a monthly card maintenance fees around £1.00. It’s a bit high for traders who do not use the exchange frequently.
For other fees structure, refer to their official website.
Wirex platform released it’s own native token – Wirex Token (WXT) in June 2019.
The sensitive data is secured using TLS and 256-bit AES encryption. Also, account is added with 2Fa security along with a text hint word. In case if you are locked out of your account, the system asks for this text and provides you access to the account.
Thus, Wirex is a great platform where traditional currency and fiat currency work perfectly on a single platform. Having said that, there are some negative customer reviews regarding Wirex. Be sure before trading with this exchange.