MM
If you care about your cash, look elsewhere
I wouldn't use this service again. There are FAR more cost-effective ways to get into crypto. First, Wyre/Sendwyre artificially inflates the exchange rate of crypto--in my case by over $200! Then, you're paying exorbitant fees to use the "convenience" of your own cash (debit card) or credit (credit card). When I analyzed the transaction--comparing what I paid and what I got, all against the true average exchange rate for the cryptocurrency--I paid a double-digits percent markup for this convenience. Never again. I'm not interested in subsidizing the exchange of the traditional banking clans with the new-but-equally-edacious digital finance clans. ******* Reply to Wyre's message to me: Consumers are already aware of the difference between using an exchange like Coinbase and using a service like Wyre. This doesn't obviate the relative size of the fees involved--no matter what those fees are called. The fact remains that for the convenience of Wyre's service, we consumers are spending FAR MORE than we would on exchanges to get the same magnitude of cryptocurrency.
Response from SendwyreJan 10, 2022
Hey MM, Thanks for taking a moment to leave Wyre a review. We’re sorry to hear about the negative experience on your recent purchase attempt. We’re happy to go over this with the information we have here. When you’re purchasing cryptocurrency from a service like Wyre this isn’t a transaction with a buy/sell order book. The exchange rate you’ll receive is calculated using a mid-market rate from a conglomerate of exchanges. This exchange rate may not always be equal to the exchange rate that is showing within your wallet or on a service like Etherscan. You can see the exact exchange rate for your transaction at the time of confirmation. It’s important to remember that you are purchasing an amount of Ethereum and not an amount of USD. The amount of ETH shown on your confirmation screen will be the amount of ETH you receive. If you would like to purchase using an exact exchange rate, you would need to use a cryptocurrency exchange service with a buy/sell order book that allows you to set limit orders. Limit orders allow you to buy/sell at a specified rate. We’re happy to check into this further with to clear up any misscommunciation. If you could, please send us a request at [email protected], so we can be sure you’re taken care of? Thank you for reaching out, MM! Kind Regards, Wyre Support Team.