The experience of account being unblocked by Wirex

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Wirex can be regarded as an exchange, but users can only buy and sell virtual currency Crypto according to market order , that is to say, they can only trade virtual currency according to market order. But the bank card (Crypto, Visa/Master Debit) provided by it can easily trade virtual currency into local legal currency (pound, dollar, euro, etc.) and then spend it. This is also a good way to withdraw money .

Ways to Increase Wirex Staking Interest Earnings

Wirex also provides Stake & Earn, that is, pledge to earn interest. The interest is issued every week (7 days). Their X-accounts are similar to bank savings accounts. There are current and regular ones. The interest rate of virtual currency is quite high, up to 16%. For example, Tether USDT ( a virtual currency linked to the U.S. dollar). Generally speaking, if you want to earn more interest , you can have the following methods:

• After upgrading to a Plus account, X Accounts Plus is similar to a regular account. It takes 30 days to unlock the principal to get back the principal, but interest will be paid every 7 days during the unlocking process.
• Choose to use WXT to collect interest. WXT is the currency issued by Wirex itself. Using WXT to collect interest can generally get 2% more.
• Upgrade to a premium membership, with a monthly fee and other benefits, such as more than double the Cashback.
• Locking WXT, I locked 150,000 WXT myself for half a year. In addition to double cashback , WXT itself also gives 1% interest, and some currencies double the interest, such as Bitcoin from 2% Interest becomes 4%.

The experience of Wirex account being frozen

I couldn’t stand Wirex’s activities and publicity all day long. I thought that such a good wool would not work, so I raised some BTC on hand from Crypto.com (another service that is very close to the service provided by Wirex and has a competitive relationship). When I arrived at Wirex, I thought it was a small passive income. However, when the transfer was completed, the Wirex account was locked immediately (it should have automatically triggered the security verification mechanism). At the same time, my Wirex card was locked and I couldn’t use it anymore.

Wirex account is unfrozen

I immediately submitted the proof of source of funds (screenshot of the funds from the CryptoCOM wallet), and after a long wait, I contacted customer service in the official discord support channel that night, and my ticket was escalated the next day. Then waited another day and got an email asking me to upload a new ID and proof of address because the driver’s license I was using had expired.

I quickly submitted the documents and luckily within a few minutes my account was unblocked and I can continue to use the account and my Wirex card normally.

It’s such a good feeling to find something lost, I woke up one night with a fright, thinking what if I don’t get back so much pocket money? I broke out in a cold sweat.

Since my funds came from another exchange, it proved that the money was not obtained through illegal means, so it was easier to pass the review. I think the main reason is that Wirex is regulated in the UK, and it has to ensure that the incoming money is not black money (not through money laundering), and the legal source must be explained.

How can I speed up the review process?

When the Wirex account is locked, there are not many things you can do, such as: the card is locked, and the funds are locked and cannot be transferred out. The best thing to do is submit the required documentation and work with the team to have it unlocked by the Wirex team. However, you can send a ticket, tweet the AT official, contact the discord channel, or even write a review on Trustpilot to speed up the review process.

There are foreigners on Discord who say that their funds have been locked up for several months. After reading their experience, my blood pressure will also rise. However, my experience was okay, and it was thawed in only 2 days. Maybe the information I provided is true and effective.

risk and reward

Storing funds in CEX (centralized exchange) has certain risks, you do not have a private key, and the funds are managed by the exchange . So basically, like a bank, if you are a bad actor, they can freeze your account, here is Wirex’s T&C: Clause 18 – Account Suspension and Termination:

Freezing and Termination of Accounts by Wirex

We may terminate or suspend your use of Wirex services at any time without notice immediately under the following circumstances:

• when you provide us with false or misleading information;
• When, in our sole discretion, you use your Wirex Profile, Wirex Multi-Currency Account or Wirex Card to damage Wirex in any way;
• when you violate these terms or engage in any restricted activity;
• when we suspect that you have breached these terms or otherwise committed fraud, including during the AML/KYC verification process;
• when we are required to do so by a court order, law, regulation, regulatory order or order of an arbitrator;
• when you have been declared bankrupt; and
• when you are pronounced dead.

We will not be liable for any losses incurred as a result of account suspension under these Terms. Wirex is not required to provide, and may be prohibited by law, any further information regarding the closure or suspension of your account.

We may also terminate your Wirex profile and your use of Wirex services by giving you 2 months’ notice.

did you see? When you hang up, Wirex ‘s overlord policy is embezzling the money in your account…

Also, any CEX can be hacked and then customers’ funds can be stolen. So, a good advice is: Never put all your eggs in one basket!

English: Account Unlocked (Unfrozen/Unfreeze) by WirexApps

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• You can exchange STEEM/SBD to USDT (TRC-20) via Steem2USDT !
• Sign up for a free STEEM account on SteemYY !

Register with Wirex now and start earning passive income !

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