Wagecan Debit Card Review

One downside of owning cryptocurrency is that some digital assets can be hard to spend. Unless you are holding Bitcoin or other digital coins as an investment, spending them at some point is something you will likely want to do. Wagecan aims to make spending cryptocurrency as simple as spending fiat currencies with its Wagecan debit card. This card can be useful for a wide variety of individuals, specifically those who find themselves working in multiple countries. Cryptocurrencies, unlike traditional currencies, have no geographical regulations or restrictions. They can be used in almost any country.

About Wagecan - Wagecan.com

Wagecan was founded in 2014 and incorporated in Hong Kong. They are based in Taiwan. One of the nice things about Wagecan is that they are a fairly transparent company. All of their registration information can easily be found on their website. They also make known the identities of the company founders, executives, and developers.

What the founders of Wagecan envisioned was a better way to access and use cryptocurrency on a global scale. Blockchain based payment solutions are what the company is all about. The stated goal of the company is to make digital assets available to the holder in any part of the world. This is accomplished with a Wagecan debit card that functions in precisely the same way as a fiat debit card.

Franky Hu helped to found Wagecan and is its Chief Executive Officer. Hu has a strong background in coding software, and he has been involved with Bitcoin and other cryptocurrencies since 2013. Hu has also done extensive research in physics and earned a degree in Software Engineering. He has also helmed many other successful startup companies.

Rovers Yang heads up the technology division of Wagecan. Yang specializes in development, and he has more than 10 years of experience with various IT infrastructures. Yang has a strong passion for cryptocurrencies and even mines coins himself. He is someone who uniquely understands blockchain technology and how it can be applied to payment solutions.

Brya Cheng and Sean Lin also contribute to the daily operations of Wagecan. Each of them is very knowledgeable in all aspects of digital assets and cryptocurrency trading.

Obviously, this company has a strong team in place to oversee its operations. The presence of such a strong team lends overall credibility to the company. That is important, because some cryptocurrency debit cards lack the same leadership and transparency.

Another positive for Wagecan is that the company maintains a strong presence on social media. They have accounts on Facebook and Twitter which are regularly updated. Users who may find themselves having issues with their card can typically find assistance with customer service, but is is nice to know there is also a social media account to reach out to. Businesses tend to act quickly when concerns are raised on social media.

Services offered by Wagecan

The whole point of blockchain technology is to facilitate better financial transactions. Blockchain payment solutions can be more secure, offer a certain level of privacy, and be amenable to different types of currency. Wagecan seeks to harness blockchain technology as a payment solution by offering a Bitcoin debit card. This is their primary service.

The Wagecan Bitcoin debit card can be used to shop online or to withdraw fiat currency at ATM machines just like a regular debit card. Cash withdrawals are possible in over 200 countries. Here’s how it works. The card is able to allow Bitcoin balances to be accessed, converted to fiat currency, and spent or withdrawn just like the U.S. Dollar or the Euro. All of this happens in an instant, just as fast as a typical fiat transaction would occur.

The card also offers a low monthly fee of just $1. However, it can be expensive to initially order the card. Once the card is obtained, users can even be paid by other Bitcoin owners for goods and services. There is no bank account required to own the Wagecan card, but it does require basic registration to comply with federal financial regulations. Some personal information is required, and this prevents Wagecan from being a truly anonymous card.

What many individuals will discover is that companies which promise an anonymous Bitcoin debit card often have some credibility issues. A company that requires some personal information for verification purposes is more likely to be legitimate.

Those who would like to order a Wagecan card can do so in the USD, EUR, or GBP. It is also permitted to have multiple cards. There are currently no country restrictions on those who may order a card. It can take about two weeks to receive a card in the mail, but courier service is available at an additional cost for those who need the card to arrive quicker.

Again, please note that you will be required to provide identity verification when ordering a card. This includes a passport or driver’s license, and a utility bill which states your current address. Those looking for an anonymous card will not find this to be a workable option.

Loading a Wagecan Bitcoin Debit Card

There are a few different ways that users of the Wagecan card can load it. The important thing to understand about this is that loading funds to the card is essentially purchasing Bitcoin. Wagecan offers exchange rates that are comparable with the most popular cryptocurrency exchanges. You’ll be getting a good rate for your fiat in Bitcoin, but remember that a Bitcoin balance is subject to fluctuations in the market. In other words, what you load on the card today is exchanged at the current value. That value can go up or down depending on the market.

Wagecan cards can be funded with profits from mining cryptocurrencies. This means that you can set up your mining profits to be loaded directly on your card. It is also possible to load the card with traditional fiat currency on the Wagecan website or by using the card’s app for Android and iOS devices.

In most cases, card loads are processed within a very short period of time. There are times when processing can take a day or more. All-in-all, the card has a good reputation of getting card deposits processed quickly

Wagecan Fees and Limits

There are two different cards to choose from at Wagecan. The main difference between the two cards is how much money can be spent on a daily basis and how much can be withdrawn from an ATM.

The Sliver Card allows users to make up to $12,000 USD transactions in a single day. It also permits up to three ATM withdrawals of $1,000 each. A Silver Card can be obtained in USD and EUR fiat currencies. There is no charge to use the Silver Card for shopping but standard ATM withdrawal fees do apply. At the present time, the Silver Card is not in stock according to the Wagecan website but this information is given in the event that these cards are once again made available. Those who do not use the card regularly can be charged a monthly maintenance fee.

The Universe Card will cost between 0.05 and 0.08 Bitcoin. That is significant. Based on the ever-changing value of Bitcoin this can mean paying from $400-$650 USD for a card. It is possible to get a virtual card for a little bit less, but the cost is still very high considering the market. There is a monthly maintenance fee of $1 charged to the card, but this includes daily text alerts. There is also a fee of $2.50  USD for every ATM withdrawal. The Universe Card can be obtain in USD, EUR, and GBP currencies. Limits for transactions with the Universe Card are increased to a small degree.

Wagecan Service and Support

Wagecan maintains a nice, professional website. This is indicative of the company’s overall good reputation. The website is easy to navigate and makes loading the card very easy.

Support is handled at Wagecan by virtue of a ticket-based email system. The company uses Zendesk as a support platform, which is a little bit dated. One area the company could improve is by offering live chat support or installing a better platform.

Inquires are handled in a timely fashion, though, so this is a plus.

Our View of Wagecan

The Bitcoin debit card offered by Wagecan is one of the first options we would choose. This is due to the strong reputation of the company and its founders, the ease of loading the card, and the acceptance of the card anywhere traditional debit cards are used.

With that being said, the cost of the card may make it a prohibitive choice for those who only make small loads from time to time. It is also discouraging that the Silver Card is not currently available.

Wagecan earns 4.5 of 5 stars on our cryptocurrency debit card rating scale.

Wagecan Pros

Available in USD, EUR, and GBP
Generous daily transaction limits
Easy to load with Wagecan website, apps, or mining profits

Wagecan Cons

Very expensive to obtain
Not anonymous
Poor customer support platform

As of January 2018 Visa®  terminated a card issuer’s membership, causing cryptocurrency debit card providers to suspend their services. As a result, all the cards of the Wagecan Cards Program were deactivated. They are looking for an alternative card issuer.