1. Welcome
These X-Account Terms of Services together with the Wirex Crypto-Assets Terms of Services and any other referenced documents (collectively the “X-Account Terms”) outlines how you can use Wirex Product that available through the Wirex Platform, which allows you to earn interest on the crypto-assets you transfer into that account (the "X-Account") form the legal agreement between:
You, as the Wirex client; and
Wirex Digital Services S.r.l., a company incorporated under the laws of Italy, registered company number is MI – 2689156 and whose registered office is in Via della Posta 7, 20123, Milan, Italy, registered as a Virtual Asset Service Provider at the number PSV108, of the register kept by the OAM (Organismo Agenti e Mediatori) ("Wirex", or "we", "our", or "us").
Please ensure that you have read and understand these X-Account Terms before creating X-Account.
By accepting these X-Account Terms, you confirm that you have read, understood, these X-Account Terms. You acknowledge and agree to be bound by these X-Account Terms. If you do not fully understand these X-Account Terms, you should not accept them.
2. Setting up X-Accounts
You can set up an X-Account using the applicable functionality available on the Wirex Platform. Wirex offers two types of X-Accounts:
- X-Account Plus – offers higher fixed interest rates in exchange for a specified lock-up period during which assets cannot be accessed. After this period, assets become available for withdrawal, and X-Account Plus transitions to a Flexible with variable interest rates.
- X-Account Flexible – provides variable interest rates that adjust based on market conditions, this type of X-Account allows Clients to withdraw assets at any time without penalties, offering greater liquidity but typically at lower interest rates compared to Plus accounts.
- Fixed X-Accounts – offers a fixed interest rate over a selected lock-up period during which your crypto-assets cannot be accessed. Once the chosen period ends, your assets become available for withdrawal, enabling you to securely earn predictable returns in exchange for temporarily limiting liquidity.
When setting up an X-Account, you must select the type of X-Account you wish to open and a type of crypto-assets. You are permitted to hold multiple X-Accounts, depending on your preferences and the crypto-assets you wish to manage.
Additionally, you can choose the type of interest for your X-Account. The interest can either be earned on the assets deposited in your X-Account, based on your selection. You also have the flexibility to change the type of X-Account at any time, allowing you to adapt to your evolving needs and preferences.
Please note that the terms of each X-Account, including but not limited to tenure, withdrawal rights, and eligible crypto-assets, may vary. The specific terms applicable to the X-Account you are opening will be clearly displayed on Wirex Platform. It is important to review these details before proceeding with the setup of your X-Account.
Your X-Account is not a checking, savings, bank, or deposit account. Assets in your X-Account are not protected by government-backed depositor compensation, insurance, or guarantee schemes.
Your crypto-assets are safeguarded with us in accordance with our custody Service by using secure systems designed to protect them from misappropriation, damage, or other forms of loss. These assets will only be delivered or transferred in accordance with these X-Accounts Terms.
You are solely responsible for any taxes due on interest earned or gains realized from your X-Account. Failure to comply with tax obligations may result in penalties or legal consequences.
3. Topping up X-Accounts
In order to top up your X-Account, you will need to transfer the crypto-assets compatible with that X-Account (the "Compatible Crypto-Assets") to that X-Account using the applicable functionality on the Wirex Platform.
If you do not already manage any Compatible Crypto-Assets through the Wirex Platform, you will need to purchase or transfer Compatible Crypto-Assets through the Wirex Platform. The purchase transaction or transfer transaction are regulated by the Crypto-Assets Terms of Service that you have to accept before being able to effect the transactions.
We may let you know the traditional currency value of the Compatible Crypto-Assets you are adding to your X-Account, or of the crypto-asset interest you have earned. No traditional currency can be added or withdrawn from your X-Accounts, and no interest can be earned in traditional currency as well as in tokens that qualify as electronic money tokens under Regulation (EU) 2023/1114.
4. Interest in Your X-Account
The initial interest rate applicable to your X-Account will be displayed to you as a variable Annual Equivalent Rate (the "AER") on the Wirex Platform when you set up your X-Account. The AER will be different to the rate used to calculate your daily earnings, as the AER takes into account the rate at which interest is compounded.
Flexible X-Accounts have variable interest rates that may be updated by Wirex from time to time in response to market conditions. Plus and Fixed X-Accounts offer fixed rates displayed at the time of account creation. Your interest rate may also vary depending on your selected reward preference, such as receiving rewards in-kind or in WXT.
For Fixed X-Accounts, interest is credited weekly to your Wirex Account. If you choose to receive interest in-kind, the credited amount will be compounded by being added back to the Fixed X-Account balance. If you choose to receive rewards in WXT, the interest will not be compounded or reinvested within the Fixed X-Account.
Compound interest will be paid on the cryptoassets held in your X-Account, and credited either to the X-Account itself or to your Wirex Account, depending on the account type and your reward preferences. The AER indicates the amount that would be payable on a particular balance over the course of a year if the rate remained unchanged and you did not deposit or withdraw any crypto-assets from your X-Account.
We may, from time to time, amend the interest rate applicable to your X-Account in relation to crypto-assets that you will hold after the change. We may do this, for instance, to respond to changes in the crypto-asset and decentralised finance market, the costs of our business or because of changes in law or regulation.
We will calculate the amount of interest you earn on the crypto-assets in your X-Account on a daily basis by applying the interest rate applicable at 12 AM UTC.
We will pay you any interest you have earned on a weekly basis, calculated from seven days from the start of the X-Account. Note no interest will be earned on the day you create your X-Account, interest accrual will begin on the next full day.
If we increase the interest rate applicable to your X-Account, we will tell you as soon as possible after we start paying interest at the new rate. If we decrease the interest rate, we will give you at least 14 days' notice before we start paying interest at the new rate.
Interest is not paid in case your X-Account is suspended.
5. Withdrawing Crypto-Assets from Your X-Account
If you are using X-Account Plus, then you can withdraw crypto-assets from your X-Account thirty days after you give your redemption notice. If you are using X-Account Flexible, you can withdraw crypto-assets from your X-Account at any time using the
applicable functionality on the Wirex Platform. Further to withdrawal, no interest will be paid in respect of withdrawn crypto-assets.
If you are using a Fixed X-Account, you earn a fixed interest rate by locking your compatible cryptoassets for a selected term (e.g., 1, 3, or 6 months). During this lock-up period, you will not be able to withdraw your funds or close the account. At the end of the fixed term, your Fixed X-Account will automatically convert to a Flexible X-Account, and your assets will become accessible using the applicable functionality on the Wirex Platform.
You can withdraw your crypto-assets from your X-Account to your Wirex Account and manage them directly from there.
6. Closing Your X-Account
If at any time you do not feel that you can agree to these X-Account Terms or any changes made to these X-Account Terms or your X-Account, you must immediately stop using and close your X-Account.
You can close your X-Account at any time by withdrawing all your crypto-assets from your X-Account.
We may immediately suspend or terminate your access to your X-Account if:
- crypto-assets you have placed in your X-Account that have been suspended or delisted by us;
- you fail to comply with these X-Account Terms, Crypto-Assets Terms of Service or General Terms of Service;
- we terminated or suspended your use of the Wirex Platform.
If you close your X-Account or we terminate your access to the X-Account, we will withdraw the crypto-assets from your X-Account and hold those crypto-assets on your behalf in accordance with our Crypto-Asset Terms.
7. Customer Support and Complaints Handling
If you need any help or want to provide any feedback, please contact our customer service by submitting a request via our Help Center on Wirex Platform. We aim to resolve all enquiries within two weeks.
Wirex customers can submit a complaint and it would be handled by the Complaints Team free of charge by using the following means:
- Through the Wirex Complaints Form.
- By sending an email to customercomplaints@wirexapp.com.
- In a paper form to the address: 7 Posta, 20123, Milan, Italy.
Your compliant will be handled in accordance with our Complaints Handling Policy.
8. Our Responsibility to You
We do our best to ensure that:
- X-Accounts are of a reasonably satisfactory standard and match any descriptions we have provided to you; and
- any elements of the X-Accounts that require a connection to the Internet will always be available to you.
However, due to the nature of the Internet and technology in general, X-Accounts may be unavailable if we need to undertake any emergency or scheduled maintenance on our systems. This means that we are unable to promise that your use of and access to X-Accounts will always be uninterrupted, without delays, error-free or meet your expectations. We will notify you of any planned outages; however, we may not be able to do this if any outages are caused by circumstances outside of our control. To the extent we are able to do so, we exclude any commitments that may be implied by law.
Save for what provided herein, we will never be responsible for any loss or damage that is not reasonably foreseeable, or that is caused by a failure by you to comply with these X-Account Terms. Loss or damage is foreseeable if either it is obvious that it will happen or if both we and you knew (or should have known) it might happen.
The above does not affect your rights under the applicable law of the country in which you are resident, including our responsibility to you if we deliberately breach our commitments in these X-Account Terms. The limitations of liability to the benefit of Wirex provided herein are not applicable in case of its gross negligence and wilful misconduct and, in any case, they apply within the limits of applicable laws, including consumer protection laws.
9. Amendments to these X-Account Terms
We may amend these X-Account Terms from time to time for just cause. Unless a shorter term is required under applicable laws. Where feasible, we will notify you at least 2 months in advance of any upcoming changes. If you do not agree with the changes, you must cease using the X-Account before the effective date of the new terms. By continuing to use the X-Account after the changes take effect, you are deemed to have accepted the updated terms.
Certain changes may take effect immediately and without prior notice, particularly when required by law or when we make minor adjustments that do not materially affect your rights, remedies, or our obligations. In such cases, we will inform you as soon as reasonably practicable.
Any changes to these X-Account Terms will take effect immediately upon publication on the Wirex Platform.
10. Miscellaneous
These X-Account Terms shall be governed and interpreted in accordance with laws of Italy.
Unless stated otherwise in these X-Account Terms, if any provision is found to be invalid or unenforceable by a court or competent authority, such provision shall be deemed modified or, if necessary, struck out to the extent required, and the remainder of these X-Account Terms shall remain in full force and effect.
The failure or delay by Wirex in exercising any right or enforcing any provision of these X-Account Terms shall not be deemed a waiver of such right or provision. Any waiver must be made in writing to be effective. All rights and remedies under these X-Account Terms are cumulative and not exclusive of any rights or remedies provided by law.
You may not assign or transfer any of your rights or obligations under these X-Account Terms without our prior written consent. Wirex may assign or transfer its rights or obligations under these X-Account at any time without notice. No third party shall have any rights to enforce any part of these Terms.
Any dispute arising from or in connection with these Terms shall be subject to the exclusive jurisdiction of the Court of Milan, without prejudice to any rights the user may have under the laws of their country of residence or domicile, including the right to bring a claim before the courts of that country. Nothing in these Terms shall affect the user’s statutory rights as a consumer under the laws of their country.
According to articles 1341 and 1342 of the Italian Civil Code, you declare to have read and understood the following sections of these X-Account Terms of Service: 4 (Interest in Your X-Account), 8 (Our Responsibility to You), 9 (Amendments to these X-Account Terms) and 10 (Miscellaneous).