Why this insane exchange rate

1728$ is actual btc rate at 9:47 am forum time

1364$ is wirex btc exchange rate

27% markup, is this not fair?

we are losing 1/3 rd of our Bitcoin withdrawal.

Can you guys please fix this today. Please do not charge from us your customers more than 5 to 10%.

@Wirex:

Please can you implement that user can generate new BTC-adresses for every transaktion to Wirex?
Its standard in the BTC-world to use new addresses for every transaktion.

Z80

i made purchase on amazon.co.uk then i got charged in 9th may for all items i ordered then two days later i got mail from amazon.co.uk that my payment has been declined. then next day i got charged some more and now i have payed more than what my order cost. what a mess 

yup, this is very, very bad...the fee is 1$ so they 8$ away from my 30$ transaction

and here is their explanation

https://help.wirexapp.com/hc/en-us/articles/115002983509-Currencies-exchange-rate

at least it seems they are working on it...but in any case after 50 USD, the fee should be normal.

Q. Why is my exchange rate for $10 around 20%?!

A. This is because of a blockchain fee.

Due to our global reach and rate of growth, our network of liquidity providers around the world usually requires instant settlement for the high volume of transactions that we do. At present, this means that many of our currency exchanges are done on the blockchain (on-chain) and therefore incur a blockchain fee.

Blockchain fees depend on several factors including network congestion, transaction confirmation times (this can be affected by liquidity providers), and blockchain size (as measured in kilobytes which are affected when converting bitcoin from multiple inputs such as earned on faucets or other micro-transactions).

Other exchanges are experiencing a similar challenge with blockchain fees, with some now introducing on-chain fees for all transactions, as most recently reported by Coindesk, March 15, 2017: Coinbase to Charge Fees for On-Blockchain Transactions.

Exchanging small amounts makes any blockchain fee required for the transaction to be a significant percentage of the overall amount.

For example:
A typical blockchain fee of 0.0005 BTC at today's prices (early May 2017) is ~$1. This means that an exchange of $10 to bitcoin might incur a $1 blockchain fee, which is 10%. An exchange of $1000 might also incur the same $1 blockchain fee, which is just 0.1%.

This is why we encourage customers to convert larger amounts to get the best possible exchange rate. The more you exchange, the better the rates. For example, exchanging $100 with a $1 blockchain fee is just 1% exchange rate.

Q. What are you going to do about that?

A. Wirex wants to support small exchange amounts for our customers in all countries where $10 transfers are popular.

We are working to increase the number of liquidity providers so that we can process small exchange amounts 'off-chain' (outside of the blockchain network) and therefore not incur any blockchain fee at all for smaller exchange amounts.

This update to move small exchange amounts off-chain will take some time due to 3rd party integration requirements throughout our global liquidity network. We are aiming for the end of May 2017. Users will be notified via app updates and other announcements.

what the hell is going on, i got ripped off yesterday when BTC was 1700, they used sub 1400 value. it must be a mistake...

exchange rate depends on how much BTC you want to convert. You can notice changing the exchange rate when entering BTC value in the textbox

Hello!

As it was mentioned in my previous reply, the above-mentioned rate is dynamic and changes constantly. Sometimes it can be better or a little bit worse than our competitor's rate. We have our own price discovery and it is not linked to Bitstamp. If you have any other questions, feel free to ask!

Thank you, you noticed We are working hard to listen to our community.

It's a change in the logic. You can learn more about it here: https://wirexapp.com/blog/wirex-v2-1-released-today"


That must be a glitch. However, you have nothing to worry about. Please give me your support ticket number and I will track the issue with the support team

How that can be right when current price is 1'272USD at https://www.bitstamp.net/ ?
This isn't updated fee table to 2017-04-25

Wow! Now Wirex hidden fee is just 1.5%. Hopefully, my issue of lost $1500 will be resolved soon as well.

Thanks op for the extra information on available debit cards ,and looking at the margins...
these service providers offer premium services to justify these high fees charged on us even when the know their is a tough  competition out there.