TenX Visa Card Review 2024

The issuer of the TenX Visa card is Wirecard Card Solutions. In 2020, TenX cardholders had their accounts frozen due to an issue at this financial institution. At the time, Wirecard was facing a scandal where the company lied to auditors about $2.1 billion worth of money that they had in their books. Wirecard Card Solutions eventually filed for insolvency. In the end, it turned out that TenX customers’ funds were safe, as the cardholders’ funds were held in a separate bank account.

The first fee to think about when it comes to the TenX Visa card is the cost of obtaining the card in the first place. This cost is $15 or 15 EUR, depending on where the customer is located. For virtual cards, there is an issuance fee of $5 or 5 EUR. The initial fee for getting a TenX crypto debit card can be paid via BTC, ETH, or LTC.

There is also an annual fee of $10 for using the TenX Visa card. However, this fee is waived for the first year for all customers. Additionally, the fee can be waived in future years if the cardholder uses the debit card for at least $1,000 worth of spending activity during the year.

In terms of interacting with an ATM, there is is $3.25 fee per withdrawal for cardholders in APAC countries, while a 3 EUR fee is charged for cards issued in the European Union. As always, it’s important to remember that ATM operators usually also charge their own fees for cash withdrawals.

Finally, perhaps the most important fee to worry about is the in-app exchange rates when converting between crypto and fiat currency. According to TenX, these fees are based on the mid-market rate that the company pulls from a variety of exchanges at the time of the trade, in addition to a spread on the exchange rate charged by TenX. TenX does not list a flat exchange fee on their website, but users of the TenX app are able to see the exchange rate in the app before they agree to make a trade.

The TenX Visa card is not available in the United States. Potential users residing in the European Union are able to create TenX accounts and get those accounts verified, but the only countries in the world where a card can actually be ordered by new customers at this time are Austria, Germany, and Singapore.

The spending and ATM limits on the TenX Visa card depend on the country where the card was originally issued.

For cards issued to residents of an APAC country, there is a daily spending limit of $10,000, a weekly spending limit of $15,000, a monthly spending limit of $25,000, and a yearly spending limit of $150,000. For ATM use, there is a daily withdrawal limit of $1,500, a weekly withdrawal limit of $15,000, a monthly withdrawal limit of $25,000, and a yearly withdrawal limit of $150,000.

For residents of the European Union, there is a spending limit of €10,000 per day, €20,000 per week, €20,000 per month, and €100,000 per year. For ATM withdrawals, the limits are €1,000 per day, €2,500 per week, €2,500 per month, and €15,000 per year.

There are also limits on the number of transactions that a user can make per day, week, month, and year.

TenX is somewhat unique in the Bitcoin debit card space because the platform actually has two proprietary tokens associated with it. First, the PAY token, which was created by way of an initial coin offering near the height of the hysteria around ICOs more generally in 2017. TenX had a number of aspirational use cases in mind for the PAY token when it was first created, but the team appears to have run into some regulatory roadblocks along the way. The utility of the token today is unclear.

The reason for TENX’s existence is a bit more clear, as profits made by the company behind the TenX platform are paid out to TENX token holders. These payments are denominated in PAY. It should be noted that the amount of money sent to TENX token holders is up to the TenX board, and TENX tokens do not represent shares of TenX. This disconnect between TenX’s actual profits and the amount of money that is sent to TENX token holders should be viewed as a red flag for any potential investors.

Currently, there is not much interaction between the TenX Visa card and the two proprietary tokens created by TenX. However, it would not be surprising to see a staking requirement for one or both of these tokens be added to the platform in a situation where cashback rewards and other benefits are enabled for TenX cardholders.