What is the difference between a transfer and a deposit?
Deposits are bitcoin transactions sent to your Wirex account (credit). Transfers are bitcoin transactions sent out of your Wirex account (debit). So if you receive a deposit, your balance is being credited whereas if you're sending a transfer, your balance is being debited.
How do I transfer bitcoin?
To set up a transfer (i.e. send bitcoin out of your bitcoin wallet):
- From your Wirex app, select 'bitcoin account'
- Select 'send funds from this account'
- Enter the amount you wish to send
- Add the recipient's BTC address (make sure it is a BTC address)
- Review and confirm the details
- Confirm the transaction via email (sent to your registered email) - To do this, you'll need to click on the link in the email.
- The transfer request is sent to the Blockchain for completion
What happens if I ignore the email?
The link included in the email is time-sensitive and will expire if you don't click on it. Should you ignore this message, the transfer will expire and thus the transaction will not go through.
Can I change the transaction details after I click the email confirmation?
No. The bitcoin transaction is automatically sent to the Blockchain when you click the email confirmation. This is a cryptographic process which cannot be altered, withdrawn, or cancelled once it is confirmed by the user.
A transfer or transaction was made to my account. Can I track my money?
Bitcoin is anonymous and decentralized, and the only details available for any transaction is the amount, receiving address and time of the transaction (nothing else). It is impossible to check or track things like the geographic location of the receiving address or the owner's details.
It is important that you secure your account so that no one else is able to access this. We recommend enabling 2FA and a strong password (for both your email and Wirex account).
Is there any insurance for bitcoin funds?
One of the main features of bitcoin is that is de-centralized and anonymous. Due to this nature, it is not guaranteed or backed up by anything or anyone. Unfortunately, this is a double-edged sword, as bitcoin cannot be affected by central governments or standard banks, however, it also means that once a bitcoin transactions are complete, it cannot be reversed or retrieved.
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