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Author Topic: Coinbase V Wirex  (Read 158 times)
aoluain
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January 05, 2020, 02:19:06 PM
Last edit: January 05, 2020, 03:07:44 PM by aoluain
 #1

I have put together a basic spread of the costs between Coinbase and Wirex

I currently use Coinbase to buy my Crypto and use the SEPA function, going
forward for 2020 I want to use card payment as it is quicker.

From what I can deduce the fees with Wirex are a lot less than Coinbase.

Coinbase
Transfer FIAT in/out of wallet [SEPA]  FREE
Transfer BTC out of wallet                Blockchain Fees
Buy Crypto with FIAT                       €0.99 - €2.99
Buy Crypto with CARD                      3.99%

Wirex
Transfer FIAT in/out of wallet [SEPA]    FREE
Transfer BTC out of wallet                  Blockchain Fees
Buy Crypto with FIAT                         OTC rates + commission ?
Buy Crypto with CARD                        1%

For Debit Card fees and information:

Coinbase
Card issuance:   €4.95
ATM Withdrawals:   Domestic: < €200 Free > €200 - 1% International: 2%
Card Maximum spend:    €10000 / daily - €20000 / Month
Card Maximum Balance Limit: -
Card POS Fee:   Domestic: FREE - Intra EEA: 0.20% - International 3%

Wirex
Card issuance:   Free / €1.20 per month maintenance
ATM Withdrawals:   Maximum €250 with €2.25 domestic & €2.75 international transaction fee
Card Maximum spend:    €8000 / transaction
Card Maximum Balance Limit:   €18,000
Card POS Fee: -


https://support.coinbase.com/customer/en/portal/articles/2109597-coinbase-pricing-fees-disclosures

https://wirexapp.com/help/article/wirex-fees-and-limits-0077

https://support.coinbase.com/customer/portal/articles/2969910-coinbase-card-faq

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January 05, 2020, 05:52:18 PM
 #2

Coinbase's fees have been known to be quite high, but it is the premier exchange to use and people generally have more confidence in Coinbase than any other (cheaper) alternative when it comes to buying Bitcoin.

That being said, according to Wirex's site they do not offer services to US residents. Coinbase is primarily a US exchange, so the comparison in this case doesn't hold too much value.
aoluain
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January 05, 2020, 08:02:27 PM
 #3

There is a substantial difference though of 3% to buy Bitcoin with card.
Ok if you are buying €50 the difference of 3% is small but buying an
amounts over the course of a year for example can add up to something
worth noting.

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January 06, 2020, 12:29:11 AM
 #4

I have a Wirex account. I use their debit card. I don't use their banking. All of the complaints they have, and they plenty but I'm sure all services do, are about their banking.

Their app is also a lot less reliable than Coinbase. They also appear to have a spread when buying or selling which Coinbase doesn't. That might eat up whatever lower percentage they advertise.

And why are you not using Coinbase Pro with SEPA? The fees are much, much lower.
aoluain
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January 06, 2020, 07:41:30 AM
 #5

Going forward I will be using Wirex to buy crypto by Debit Card @ 1%
and then transfering it to a different wallet for storage, a Trezor.

If I wanted aftet buying Crypto to go trading I would indeed use
Coinbase Pro, but I dont trade.

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January 06, 2020, 09:04:20 AM
 #6

Crypto debit cards are certainly not the cheapest solution to buy crypto.

The only problem I see on proper exchanges (like Coinbase Pro) is that they have certain withdrawal fees which may be too big if one works with small amounts.
But be warned, crypto debit cards (not only Wirex) use to have various "techniques" to disguise a lot of other fees here and there, making their services more expensive than a simple math would show.

aoluain
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January 06, 2020, 09:12:43 AM
 #7

No I would be using a FIAT debit card, I dont think I would opt for a
Wirex debit card because if their monthly maintenance fee, the
Coinbase card would be a better option.

Overall Coinbase and Coinbase Pro are better options, the attraction
with Wirex is the buying of crypto with FIAT card @ 1%

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OmegaStarScream
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January 06, 2020, 12:26:23 PM
 #8

Am I the only one who finds this too good to be true? I wouldn't be surprised if you find hidden fees/limits.

There must be a reason why Coinmama, BitPanda, CEX, Virwox, Coinbase and services that use Simplex charge these high fees[1][2]. I don't see why it would be any different with Wirex.

[1] https://www.buybitcoinworldwide.com/credit-debit-card/
[2] https://blockonomi.com/virwox-review/

aoluain
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January 06, 2020, 09:14:11 PM
Last edit: January 06, 2020, 09:56:52 PM by aoluain
Merited by OmegaStarScream (1)
 #9

Here is a sample buy with €1000 with the related fees and most importantly the amount of BTC which I would receive into my wallet.
The difference is 0.00463248BTC from the average bitcoin value of €6811.68 from Wirex and Coinbase.
There is also a slight anomaly between the two in that Wirex adds their fee to the buy amount while
Coinbase subtracts their fee and both have different Bitcoin values

There is a difference but not massive until you buy €2500 which creates a difference of 0.01108017BTC in favour or Wirex.

Wirex



Coinbase


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LeGaulois
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January 06, 2020, 09:56:04 PM
Merited by OmegaStarScream (1)
 #10

Am I the only one who finds this too good to be true? I wouldn't be surprised if you find hidden fees/limits.

There must be a reason why Coinmama, BitPanda, CEX, Virwox, Coinbase and services that use Simplex charge these high fees[1][2]. I don't see why it would be any different with Wirex.

[1] https://www.buybitcoinworldwide.com/credit-debit-card/
[2] https://blockonomi.com/virwox-review/

Because Wirex does not use a 3rd party like Simplex. Since it's a company authorized by the FCA as a payment processor they have been smart enough to go to a higher level. I mean, since they use a white label banking from Contis they can provide cheaper and more advanced solutions, no need for another middleman

https://www.contis.com/clients/

aoluain
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January 07, 2020, 08:47:14 PM
 #11

So after buying your crypto with a FIAT debit card you would either leave
it where it is, trade with it or move it to a safer wallet like Trezor.

The following images show the fees for moving 0.002BTC to another wallet,
it clearly shows Wirex's fees are 400% higher than those of Coinbase's, there
is the "hidden fee"

Coinbase: 0.00002223
Wirex: 0000.00008500




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