Currencies exchange rate
Wirex allows you to easily convert between bitcoins and euros, dollars and pounds. For instructions, see the How to exchange currencies in Wirex account? article.
Wirex exchange rate consists of two parts:
- The first line shows the market exchange rate.
- The second line shows the blockchain fee charged by miners based on current blockchain network capacity.
Find a brief FAQ with detailed information below.
Q. What is Wirex's exchange rate?
A. The exchange rate follows the market rate. It is based on the customer order book, exchange volumes and liquidity providers.
Q. Why did my exchange rate for $10 incurred 20% fee?
A. This is due to the blockchain fee, which is automatically added to the exchange rate.
Exchanging small amounts of funds will cause the blockchain fee required for the transaction to be a significant percentage of the overall amount.
A typical blockchain fee of 0.0005 BTC at today's prices (early May 2017) is ~$1. This means that an exchange of $10 to bitcoin will incur a $1 blockchain fee, which is 10%. An exchange of $1000 will also incur the same $1 blockchain fee, which is just 0.1%.
This is why we encourage customers to convert larger amounts of money to get the best possible exchange rate. The more you exchange, the better the rates. For example, exchanging $100 with a $1 blockchain fee is just 1% exchange rate.
If the blockchain fee for your exchange is too high, check this article for general advice: My blockchain fee is too high. What should I do?
Q. Why do I need to pay this fee?
A. Due to our global reach and rate of growth, our network of liquidity providers around the world requires instant settlement to process the high volume of transactions. At present, this means that many of our currency exchanges are recorded on the blockchain (on-chain) and therefore incurs a blockchain fee.
Q. Is it Wirex fee?
A. It is the same fee for other wallet to wallet-on-chain bitcoin transfers and not an additional fee from Wirex. You can read more about it in the What is blockchain fee? article.
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