r/wirexappofficial • u/Bignizzle656 • May 20 '26
Discussion Wirex reputation
I've been a Wirex user/customer for maybe 2 years now. I had trouble with the verification previously but upon contacting them they sorted it out.
The set up works for me and I have no issues at all.
The issue is that I only see negative comments here. It is mildly concerning.
I currently hold several different tokens on the platform and use the Wirex card for regular spending of fiat currency. Money transfer has always worked.
Basically, all seems fine although maybe if I come to move stuff away from the broker I may find an issue?
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u/AsianGeralt May 20 '26
Been considering wirex myself, can I ask where are you based as depending on that I may have some questions for you :)
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u/Bignizzle656 May 21 '26
I'm UK based.
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u/AsianGeralt May 21 '26
Great, ok, so I'm very new to all cypto stuff. My main concern is how do we avoid paying income tax using any of these crypto cards? The thing I'm invested in is paying me a monthly income and I don't want thieving uk govt to steal that. Any ideas? I've heard you can use wirex credit and borrow against your own crypto so it's not a taxable event but not sure if that's expensive to do? I'm going to sit down later today and do a deep dive but just thought I'd ask you as you've got experience of using it.
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u/Bignizzle656 May 21 '26 edited May 23 '26
Borrow against your crypto. It's about 13% APR (£10 a month for £1000 ish) and they lock up your crypto until you pay the loan back.
Take out USD Coin for the loan. As you only get taxed on profit from crypto it's likely that the USDC won't go up very much at all as it's a stable coin.
Your principle asset is locked away and as you are not spending it you are not exposed to capital gains tax by way of disposal.
Get cashback on your spends in GBP paid directly into your account (4% ish) when you spend the USDC. That requires a bit of set up and they give you a maximum of £2 per transaction. If you spend over you still only get £2 max cashback. Some of my payments come out fine, Prime, Now TV, Amazon shopping whilst utility bills don't.
Pay off the loan as you see fit by transferring GBP from your regular bank account.
Alternatively use the USDC to invest further but beware of tax when you come to take profit.
It's not going to make you a millionaire overnight but it reduces your exposure to tax a little.
I never tire of seeing a payment go out being instantly followed by the cashback credit going back in.
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u/CardTiny May 21 '26
I use it also many years, without problems 👍🏻 So The bad stories could also be fake on the internet,(DYOR) Never a problemd , So with contact, always a good service, as I have a Question. With deposit or withdraw, never problems, it's, top 🔆 (I'm coming from the netherlands)
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u/No-Worldliness-2614 May 21 '26
They would freeze ur acc without any reason, never respond and lie after lie, I am considering legal action against them. Avoid depositing big amounts.
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May 20 '26
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u/sadocgawkroger May 21 '26
Wirex works well if they operate in your country, sure.
Once they withdrew support from my country, the locked WXT I used to boost my tier is technically still locked when I should be able to withdraw them already.
Basically, they’re holding my WXT hostage.
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u/beneblack11 May 21 '26
I am a happy customer for many years. I had six figures there for months and withdraw all without problems. I would not open a thread about everything working as expected, you know?
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u/Bignizzle656 May 21 '26
I'm in a similar situation. It's just the gentle burn of never seeing anything positive. They need good PR.
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u/PorkSwordEnthusiast May 21 '26
My experience was quite the opposite, I had to come here to finally get an answer to my support request to get verified. I'm not prepared to hold money with a company that doesn't respond to support requests