How does the Wirex exchange rate work?
Wirex strives to make the buying and exchanging of digital and traditional currencies simpler and more secure. We achieve this by integrating with 10 different exchanges and 3 OTC institutions to obtain the best currency pair pricing for each customer. Our rates take into account the various liquidity levels on these exchanges, differing exchange fees and limits, available currency pairs and volatility levels in order to match the trades for each customer. It means that we search for the best Bid and Ask rates that we can source at the time of transaction. We do not charge any additional fees on top for processing the transaction, unlike other leading companies.
Here’s a basic overview:
- Exchange rates are made up of Bid prices, Ask prices and Spreads
- All exchanges use the same process for buying and selling traditional and cryptocurrencies
- The Ask Price is always higher than the Bid Price. The difference is the Spread, based on market liquidity and demand
- Wirex uses live exchange rates to provide you with the most up-to-date prices
- Wirex does not charge you any additional fees for processing transactions, unlike most other companies
- Wirex does make the process simple - giving you the best rates, with no additional charges
Have more questions? Submit a request