What are Wirex X-Accounts?
Wirex X-Accounts are innovative savings solutions designed to maximize earnings on both cryptocurrency and traditional currency holdings. Through these accounts, users can earn interest by simply holding funds in their X-Accounts. What makes X-Accounts stand out is their use of decentralized finance (DeFi) protocols, which provide users with the benefits of DeFi without the complexities and risks typically associated with it. X-Accounts are available in two types: X-Account Plus and X-Account Flexible, each offering distinct advantages to cater to different financial goals and preferences.
How X-Accounts Work
X-Accounts allow users to earn competitive interest rates on their balances, with the ability to choose between receiving interest in-kind (the same currency as the deposited funds) or in Wirex Token (WXT).
To open an X-Account, users should
Navigate to the "Grow" tab within the Wirex app
Select the "Earn" option
Follow the instructions to create a new X-Account
Users can open up to ten X-Accounts, each customizable to align with specific savings goals. E.g. Wedding Fund, Rainy Day Fund, New Car Fund. Once the account is created and funded, interest is calculated daily and paid out weekly, allowing users to watch their savings grow over time – in real time. You can learn more about how to open an X-Account here.
Interest Options
Wirex X-Accounts provide users with the option to receive their interest in two ways: in-kind or in Wirex Token (WXT).
Interest In-Kind
Same Currency Interest: With this option, users receive interest in the same currency as their X-Account. For example, if a user holds Bitcoin (BTC) in their X-Account, they will receive their interest in BTC. This interest is compounded daily and added weekly to the X-Account balance, allowing the account to grow continuously.
Interest in WXT
Interest in Wirex Token: Alternatively, users can choose to receive their interest in WXT, regardless of the currency held in the X-Account. This interest is credited to the user’s X-tras account.
Additional Rewards: Receiving interest in WXT can be advantageous, particularly for users on Premium or Elite plans, as they can earn additional rewards on their WXT balance. These rewards include an annual Savings Bonus, which further boosts the growth of their WXT holdings.
X-Account Plus vs. X-Account Flexible
Wirex offers two types of X-Accounts: X-Account Plus and X-Account Flexible, each tailored to different user needs.
X-Account Plus
Higher Interest Rates: X-Account Plus offers fixed interest rates that are typically higher than those of X-Account Flexible. These rates vary depending on the chosen currency and are ideal for users looking to maximize their returns.
30-Day Lock-Up Period: The key feature of X-Account Plus is its 30-day lock-up period. Funds deposited in this account are locked for 30 days, during which they cannot be accessed. This lock-up period allows for higher interest rates but at the cost of reduced liquidity.
Post-Redemption Conversion: After the 30-day lock-up period, users can request to withdraw their funds. Once the request is made, a 30-day redemption period begins, after which the X-Account Plus automatically converts to an X-Account Flexible, continuing to earn interest, albeit at a lower rate.
X-Account Flexible
Variable Interest Rates: X-Account Flexible offers variable interest rates that are subject to change based on market conditions. These rates may be lower than those of X-Account Plus, but they provide the benefit of flexibility.
Instant Access to Funds: Unlike X-Account Plus, X-Account Flexible allows users to withdraw their funds at any time without penalties. This makes it an excellent choice for users who prioritize liquidity and the ability to access their funds on short notice.
No Lock-Up Period: There is no lock-up period with X-Account Flexible, making it the more flexible option for users who may need to access their funds quickly.
Choosing Between X-Account Plus and X-Account Flexible
When deciding between X-Account Plus and X-Account Flexible, you should consider both financial goals and risk tolerance.
X-Account Plus is well-suited for those who seek higher returns and are willing to commit to a 30-day lock-up period. The higher interest rates make it an attractive option for those who can afford to set aside funds for a longer period without needing immediate access.
X-Account Flexible is ideal for users who value flexibility and liquidity. The ability to withdraw funds at any time without penalties provides peace of mind for those who may need quick access to their savings. Although the interest rates may be lower compared to X-Account Plus, the lack of a lock-up period ensures that users can manage their funds with greater freedom.
Conclusion
With the choice between X-Account Plus and X-Account Flexible, users can tailor their savings strategy to suit their individual needs. Whether prioritizing higher returns or flexibility, Wirex X-Accounts provide a secure and efficient solution for growing your savings. Additionally, the option to receive interest in WXT adds an extra layer of rewards for those invested in the Wirex ecosystem, making X-Accounts a valuable tool for both serious investors and newcomers alike.
TLDR; 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.
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