Sunday, 05 July 2020

Wirex vs – Which One Is Better

The Wirex company offers cryptocurrency wallets linked to debit cards, digital currency, and fiat currency. The firm provides a Wirex visa card that allows you to load it with cryptocurrencies and use for payment services and withdrawals just like a regular card.

It is important to note that the funds are deducted from cryptocurrency balance rather than fiat currency. Getting started with Wirex is free, but a specific fee is charged when you order a debit card. Wirex services can be accessed through the internet and mobile applications. The service supports the British Pound, the Euro, and the US Dollar. Under cryptocurrencies, the Wirex supports Bitcoin, Litecoin, Ethereum, WAVES, and XRP.

On the other, platform is on a mission to accelerate the world’s transition to cryptocurrency through various products and services. Under the MCO umbrella, offers the MCO token, the MCO wallet app, the MCO Crypto Invest service, and the MCO Visa card. MCO card project deploys Mastercard and Visa backed payment processor set up on Ethereum.

Monaco customers have access to four types of cards that vary regarding features, rewards, and fees. The cards are Midnight Blue, Ruby Steel, Precious Metal and Obsidian Black.

Both firms are building on their card services to penetrate the crypto payment services. The Wirex and cards are competing to be the cryptocurrency top payment option in the ever-expanding market. Here is how the Wirex Visa Card fairs against the MCO Visa card.

Card Fees and Limits

Most of the Wirex Visa card services are free. Holders of the card are required to pay a monthly management fee depending on the type of currency. We have £1.00, €1.20 and $1.50 that is deducted from the card on a monthly basis depending on the currency type. If your card has no funds, the charges go into negative figures. If no money is added to the account after two months, the card faces deactivation. For Wirex ATM transaction charges vary depending on the jurisdiction In Europe, ATM charges stand at £1.75, €2.25, and $2.50 while other regions outside of Europe are charged at £2.25, €2.75, and $3.50.

The Wirex card has maximum balance depending on the currency. Users are only required to only have $10,000, £7,500, €8,000 on the card at any one time.

The fees for MCO Visa card vary based on the type of card. Unlike Wirex, all cards have no monthly maintenance fees. Each card has a 2% ATM fee after going over the monthly limit which ranges from $200 for the Midnight Blue to $1,000 for the Obsidian Black. For every cryptocurrency purchase, Monaco charges a 1% fee.


Wirex offers the crypto cash back reward that pays in Bitcoin. Holders of the Wirex Visa card earn 0.5% back in Bitcoins for all store purchases. Furthermore, the platform has unique bonuses for referring friends to the service. You get rewards in Bitcoin when your friend orders a Wirex Visa card and makes their first in-store purchase.

For MCO, rewards depend on the type of card you hold. The Midnight Blue has no rewards while the Ruby Steel and Precious Metal cards have 1% and 1.5% cashback incentives. On the other hand, the Obsidian Black has 2% cashback. The rewards on this platform are in MCO tokens.

Furthermore, the Precious Metal and Obsidian Black cards come with LoungeKey Airport Lounge Access.


Wirex card is available in some countries. Before the card is rolled out in different jurisdictions, it has to meet some regulations by the specific country. However, the card is not available in major countries like China and Peru. Plans are underway to roll out the services in the United States. Wirex plans to roll out its services in more countries after meeting compliance requirements.

Monaco cards are not available in all regions. The initial plan by the team was to roll them out in Asia, Europe and then North America. At the moment, Monaco cards are available in Asia in countries like Singapore. Interested users can pre-order the cards.


The Wirex Visa Card uses the 3-D Secure program to protect online transactions. The program is used to link the financial authentication process with a web-based verification. 3-D stands a three-domain model namely, Acquirer Domain, Issuer Domain, and the Interoperability Domain. 3-D Secure offers an additional security layer for online debit card transactions. It prohibits any illegal payment, even if a cardholder’s card number is lost. Wirex cardholders can block the card from the website and mobile application and can be reactivated if recovered. Furthermore, Wirex card information is anonymous, and no employee has access to it. The information is secured by card proxies stored in the Wirex bank.

Monaco comes with some unique security features in web-based banking. In case a card has been stolen users can easily block in the mobile application. Additionally, users can switch on the contact-less payments and ATM use immediately. Users have to undergo the KYC and AML verification before receiving the MCO card. The card also comes with level one PCI DSS compliance.


When compared to MCO card, Wirex card has the upper hand due to numerous unique features. Wirex combines an online wallet, exchange, and a crypto debit card at a central place enhancing convenience. The card application process is easy and fast for all residents in supported countries. Additionally, the ability to support different currencies makes it unique. However, the card inability to tap in the US and the Chinese market is a setback.

The Monaco card is a good option for users looking to make everyday purchases with cryptocurrency. The cross border feature for travelers is good for individuals on the move. It is convenient for new users because of a friendly interface. However, the card still has many hurdles along the way before it becomes mainstream.

MCO Visa card levels are pricey, and the application process is prolonged. In 2019, the platform is expected to hasten the application process.

 Legal disclaimer: The insight, recommendations and analysis presented here are based on corporate filings, current events, interviews, corporate press releases, and what we've learned as financial journalists. They are presented for the purposes of general information only, and all the information belongs to the original publishers. These may contain errors and we make no promises as to the accuracy or usefulness of the information we present. You should not make any investment decision based solely on what you read here.

Creamcoin Marketcap