What is Wirex Multiply?
Wirex Multiply allows you to loan some of your crypto based on whether you think its price will go up or down. You can use that loan to take out further loans, increasing your potential returns, but also increasing the risk.
It’s a great way to diversify your investments within the Wirex app, easily transferring funds from your in-app Wirex crypto accounts to trade with a high profit potential. To learn more about how to use different growth strategies with Wirex Multiply, read more here.
Wirex Multiply is a great new tool allowing users to loan a portion of their assets to predict the future price of a crypto. With just a couple of taps you can be up and running – here's how:
Step 1: Login and Tap the ‘Grow’ tab.
It can be found at the bottom of the screen of your main dashboard. This is where you can see a range of options at the top ranging from Duo, Earn & Borrow. Then tap ‘Multiply’. If you can’t see it, check you have the latest update on the Wirex App.
Step 2: Select ‘Multiply’ and then ‘Start First Multiply’
This is where it gets fun! You can open a Multiply, either by tapping ‘Start First Multiply’ in the middle of the screen, which will automatically open the BTC/USDT pair by default. Alternatively, you can scroll through the various currency pairs underneath to select a specific one that you want.
Step 3: Choose your pair
Simply by selecting it, click on the ‘UP’ or ‘DOWN’ buttons to choose your trajectory of the currency.
Step 4: Select the amount and levels
This might seem complex, but it’s quite easy when you get the hang of it. Wirex Multiply will use assets you allocate to open the first loan in an automated chain of loans. With the borrowed funds from the first loan, the platform buys more crypto and uses it as collateral for a second loan in the chain. This process can be repeated from 2-50 times by choosing your multiplier level.
You can apply many parameters to your Multiply at this stage. Here's how to adjust them:
The currency pair and price direction you'd like to invest.
You have already selected this on the earlier stage, but you can edit it if needed here.
The source of funds and amount.
In the above example, USDT is selected. If you don’t have enough balance in your chosen currency, you can add funds by tapping the ‘add funds’ button.
Multiplier – the level of risk you are willing to take.
Take Profit and Stop Loss levels
This is the Margin Call which is set by default. You can choose any Take Profit level you want. You can change both levels anytime later after you create Wirex Multiply.
After you set all parameters, press the ‘Start’ button.
TOP TIP: When you open your Multiply, recommended parameters will automatically be assigned based on the Multiply you’ve selected, which can be changed if you choose.
Step 5: Confirm
Check your inputs before pressing ‘Confirm’ at the bottom.
Step 6: You’re all set! Monitor your progress.
You’ll see an in-app notification and it means you’re Wirex Multiply has been successfully created. You’ll be able to track its progress anytime inside the app. Your Multiply will automatically close if you reach the Margin Call (Stop Loss) or Take Profit levels, or you can manually close it at any point.
If you experience any issues with opening your Wirex Multiply, please do not hesitate to reach out to our Customer Support team for assistance.
Watch the full video:
Why Wirex?
The Wirex platform offers a range of benefits for users looking to manage their assets and make transactions conveniently. Here are some key benefits our customers rave about:
Diversification ✅ We offer 150+ assets
Customer Support ✅ Out team is there for your 24/7
Community ✅ We have an incredible community of 6m+ customers over the world
Efficiency ✅ Over $20bn transactions processed with us
Trusted ✅ $30m insurance on digital assets
Safe and secure ✅ Our infrastructure is regularly tested and PCI DSS Level 1 compliant, which is the highest level possible
Cost Effective ✅ Free account, free free foreign exchange, low fees
Convenient ✅ wide range of on-ramp methods and high limits
Disclaimer
The information contained herein has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for financial, legal, or investment advice. Wirex and any of its respective employees and affiliates do not provide financial, legal, or investment advice.
The value of cryptoassets may fluctuate significantly over a short period of time. The volatile and unprecedented fluctuations in price may result in significant losses over a short period of time. Any Cryptoassets may decrease in value or lose all its value due to various factors including discovery of wrongful conduct, market manipulation, change to the nature or properties of the Cryptoasset, governmental or regulatory activity, legislative changes, suspension or cessation of support for a Cryptoassets or other exchanges or service providers, public opinion, or other factors outside of our control. Technical advancements, as well as broader economic and political factors, may cause the value of Cryptoassets to change significantly over a short period of time.
