Spectrocoin Exchange Review

/Spectrocoin Exchange Review

Spectrocoin Exchange Review 2018-05-22T15:35:43+00:00
Spectrocoin Exchange Review

Spectrocoin Review: Makes trading easier?

Quick inner navigation:

  1. What is Spectrocoin?
  2. Is Spectrocoin Safe?
  3. Spectrocoin Fees
  4. Is Spectrocoin a Scam?
  5. Products and services offered by Spectrocoin
  6. Verification process
  7. How to use Spectrocoin?

Ever since its inception, the use of cryptocurrency has grown significantly. We’ve seen numerous services being launched into the ever-developing market every month. Cryptocurrency users have the option to not just buy and sell, but to trade and spend their coins as well.

What Spectrocoin is known to provide is a Bitcoin exchange and wallet app that you can use online or via your smartphones. However, Spectrocoin has been reported to misappropriate users’ funds. So is Spectrocoin a scam or a legit exchange? Is Spectrocoin wallet safe to use? Find out in this Spectrocoin review as we unveil its ins and outs.

What is Spectrocoin?

Spectrocoin is an all-in-one solution for Bitcoin providing services such as BTC wallet, exchange and payment processing. It is managed by a UK-based company called Spectro Finance Ltd. and was founded in 2013 by Mantas Mockevicius, Justas Doboliaukus, and Vytautus Karalevicius.

The platform is available for use in more than 150 countries worldwide and provides users with over 20 means of withdrawing and depositing your funds such as bank transfers, credit cards, and others. One of their goals is to provide the highest speed at the lowest price possible.

Aside from the services mentioned above, you can also get a virtual or physical debit card from them. Spectrocoin card lets you withdraw Bitcoins at ATMs and you can also use it in millions of shops across the world just like a regular debit card. Moreover, if you own a store that accepts Bitcoin payments, you can utilize their merchant services, wherein you can store or convert your Bitcoins for later use. Businesses all over London and the Baltic States use this platform.

Countries supported by Spectrocoin

Compared to other exchange platforms, Spectrocoin provides users with plenty of flexibility.

  • It supports almost 250 territories, geographies as well as jurisdictions.
  • You will be able to use Spectrocoin’s website to buy and sell or trade BTC whether you live in Zimbabwe, Canada, Afghanistan, United States, or even Somalia.
  • Its debit card lets you quickly convert your Bitcoins into cash via ATMs or spend them at stores where BTC is accepted as a mode of payment.

Products and services offered by Spectrocoin

The goal of Spectrocoin is to become a company that offers an all-in-one solution for everything Bitcoin-related. To achieve this, they offer four main products:

Cryptocurrency Exchange Service

You can use the platform to trade BTC and fiat currency, however at the time of this writing, it only accepts the Euro currency. Spectrocoin also takes the role of a liquidity provider for its clients, so your coins are instantly bought and sold. This means that you will have to pay a higher exchange rate than you would normally, so before buying make sure to double check everything first.

Merchant Tools

The company was one of the first to offer a fast merchant solution in the industry.

  • It offers a quick way for BTC integration via e-commerce plug-ins or API to online businesses. Both of these support leading e-commerce platforms like Magento, Drupal, WHMCS, and OpenChart.
  • Allows any physical business with an existing POS (Point-of-Sale system) to integrate BTC.

Spectrocoin Wallet

Spectrocoin, a Bitcoin mobile wallet, is a simple and easy to use mobile wallet available to download for Android, Windows Phone, and iOS users. It decreases BTC price risk by letting its users buy the exact amount of Bitcoins after a transaction was initiated.

Uses of Spectrocoin Blockchain Wallet

  • You can use this Bitcoin wallet to safely store your coins and for quick and easy transactions of sending and receiving your BTC.
  • It’s an online wallet that lets you send, receive and trade BTC and other block-chain based cryptocurrencies wherever you are.
  • Besides allowing you to pay for services, Spectrocoin wallet can be used as a mode of payment in numerous restaurants and shops in the Baltic States and London.
  • You can entirely access and manage the BTC addresses linked to your wallet.
  • You can use the card to withdraw funds in more than 30 million ATMs and 25 million shops worldwide.
  • You don’t need to be verified to take advantage of the Spectrocoin card. But if you want a higher limit, then getting verified is an option you may want to consider.
  • The average fee you’ll pay is USD 9. You can also pay either by EUR or GBP if you prefer these currencies instead.
  • Monthly service charge is $1, but there are no loading fees.
  • Verified users get to enjoy unlimited lifetime deposits and withdrawals.

Security of Spectrocroin Wallet

Spectrocoin Bitcoin wallet is protected by highly advanced methods of authentication, so only users have access to their wallet. Furthermore, Spectrocoin claim to keep almost 100% of cryptocurrencies stored in the platform are stored in a deep cold wallet or offline protected storage to ensure all funds are secure.

The wallet is available for download on any Android, iOS and Windows smartphones. Like most cryptocurrency wallets, Spectrocoin wallet guarantees that it’s user-friendly and safe for storing your BTC.

The platform also offers its own prepaid debit card that you can use to pay for goods and services like you would with a bank debit card. You can get Spectrocoin card by funding your account and paying a minimal fee to have it delivered to your doorstep. Simply top it up on the platform and use it like you normally would a debit card as it works wherever payments or MasterCard or VISA are accepted.

Deposits and Withdrawals of Funds

Spectrocoin users can deposit and withdraw their funds in several different ways on their website.

Options for depositing your funds:

  • You can make bank transfers in about 26 countries, most major EU countries.
  • You also have an option to deposit your funds via e-wallets like Payeer, OkPay, and PerfectMoney, wherein the process would normally take within 24 hours.
  • For a faster way to fund your account, you can use your credit card, debit card or BTC from other wallets. This process will normally take about 15-60 minutes.

Options for withdrawing your funds:

  • You can withdraw your funds through bank transfer and the transaction will reflect on your account within 2 hours.
  • You can also use international wire transfers, which will be processed within 48 hours.
  • While withdrawing your funds to your e-wallet is quicker.

What’s interesting though is that the exchange offers vouchers which you can use to spend on services like topping-up your mobile.

 Spectrocoin Fees

Here are some important fees you need to know:

  • Funding your debit card using VISA will incur a 5.5% fee.
  • If using Giropay from Germany, you’ll incur a 2.0% fee.
  • Transferring your funds suing Payeer will have a massive 20% fee, but withdrawal will have no fees.
  • Skrill withdrawal will have a 2.5% fee.
  • Withdrawing funds using PerfectMoney will have a 7.0% fee.
  • Withdrawing cash or paying for goods or services using the debit card will have a $1 service charge every month in addition to your bank’s charge which could be up to 1.99%.

Verification process

For certain processes like bank transfers, linked cards and more, you have to comply with Spectrocoin’s account verification process, as the company aims to maintain an extensive policy on anti-money laundering. So in order to avoid any fraudulent activities, they use KYC or Know Your Customer policies with regards to dealing with their user’s identity documents and personal information.

In order to get verified, you must comply with the following:

  • Identity documents submitted must be international such as a passport. Documents must contain your full name, photo, document issuance, country of residence as well as your date of birth and expiration dates.
  • Documents must be at least 3 months valid upon submissions.
  • They do not accept resident permit or driver’s license as your main identification document.
  • Documents to be submitted must be in PNG or JPG format and not bigger than 4MB.
  • Submit a selfie holding your documents.

Their verification team may also ask for additional documents if deemed necessary. The process takes up to 10 working days or longer depending on the volume of verification requests. You can still buy and sell BTC and fund your debit card even if you are unverified, but it does come with limitations when it comes to your depositing options and accessible debit card features.

Although having an extensive verification process is a good thing, it tends to slow down the process which can be frustrating to some. Also, if you’re after a platform that supports anonymity of its users, Spectrocoin is not the best option for you.

Is Spectrocoin Safe?

 Security

Spectrocoin uses a number of security measures in order to protect its users. These include using anti-virus software, 2FA protection, SSL certificates, and firewalls. Nevertheless, their website does not offer any further information about its security measures, other than it ensures users that their data are securely stored in a data center somewhere in France.

They do use consistent security measures just like with other BTC exchanges. Their 2FA or two-factor authentication is done through email, SMS or via Google Authenticator for account protection. Users are also encouraged to set up their own security question and answer for further account protection.

Is Spectrocoin a Scam?

You can find numerous information and reviews from users about Spectrocoin, both positive and negative. There are also some complaints regarding its services and poor customer support. Although these were yet to be proven, it’s still very important to take a quick look at these issues circulating the net to help you decide if you would sign up to the exchange.

  • Spectrocoin app

The Spectrocoin app has been receiving a number of negative reviews lately. Some users were not holding back on expressing how dissatisfied they were with the services they’re getting. Most of them complained that they have to wait for a long time for their coins to reflect on their accounts, and when they try contacting customer support, all they’re getting is an automated foreign message.

  • Locked accounts

Some people complained that they were locked out of their accounts for months even after submitting all the required information that the exchange asked them to submit. Spectrocoin even blocked their number from calling them as well as any email addresses they use in contacting the support team.

  • Funds disappearing

Once a user’s account is blocked on the platform, their funds will no longer be accessible, so basically they have lost their coins to Spectrocoin. Although its owner, Vytautus Kralevicus is doing his best to defend these allegations, his excuses are quite unacceptable. Most of the time, he would simply turn things around and accuse the users of violating the policies of Spectrocoin, thus resulting in their accounts getting blocked. I find it extremely inappropriate

  • Use of paid actors

This is yet to be confirmed. But according to some online blogs, the people on the video presented at Spectrocoin’s website who are supposed to be co-owners of the company are actually paid, freelance actors. This is actually an old trick used by online MLM scams wherein these “actors” are paid to tell lies about a company and its services in order to give the impression it is legit.

  • More complaints

Other complaints against the exchange include faking Bitcoin transfers. What this means is that the funds they deposited will reflect on the blockchain but will not reflect on their Spectrocoin wallet.             

  • Vytautus Karalevicus, the fraudster

If you will Google Vytatauts Karalevicus, you will end up getting more search results pertaining to the alleged fraudulent activities of his new ICO named Bankera.

How to use Spectrocoin?

Buying Bitcoins

 There are a number of ways on how you can fund your Spectrocoin account in order to start buying Bitcoins. But the first thing you need to do is, of course, create a Spectrocoin wallet for your coins and then fund it. Here are some of the ways you can fund your Bitcoin wallet:

  1. Once your profile has been verified, you can now link your credit or debit card.
  2. Make deposits using USD or Euros through bank wires.
  3. Transfer other cryptos via third-party wallets.
  4. You can also use vouchers like Amazon gift cards to fund your wallet.

Your funds will be available within an hour when using your credit or debit card, while e-wallet transfers and bank wires are usually available within 24 hours. Once the funds are available, you can start buying Bitcoins by doing the following:

  1. Go to the Deposit section of your Spectrocoin wallet.
  2. Select the currency, country and the amount of BTC you want to buy.
  3. Select your payment option.
  4. For credit or debit cards, choose the type of card you want to link. Click Pay, and then select the card you linked.
  5. For bank wires, select Bank or for manual payments, select Bank and then Bank Auto in the subsection. Select International Bank Wire or SEPA if your bank is not listed. Click Pay and then confirm your transaction, then proceed with completing the process by automatically or manually making a wire transfer.
  6. Go to Exchange section and then select the currency type you’ve deposited under the Pay currency field.
  7. Enter the amount of money you want to use to buy BTC and then select BTC as your Receive currency.
  8. Click Submit and your Bitcoins will instantly reflect in your Spectrocoin wallet.

Selling Bitcoins

You can sell your Bitcoins using Skrill. But first, you have to convert your Bitcoin to EUR. You can withdraw your funds using your Skrill account and after undergoing a set of the authentication process. This would normally take around 3 minutes or even less.

  1. At the top of the website’s menu, click Exchange.
  2. Select Pay Currency and select BTC as your preferred Receive currency for USD or EUR.
  3. Enter the BTC amount and click Exchange.
  4. Once your coins are exchanged, go to the Withdraw section of the site and then select Withdraw to Skrill.
  5. Select your withdrawal currency and the amount you wish to withdraw. Provide the email you used for your Skrill account.
  6. You will then see the total amount you will receive the Receive amount tab.
  7. The last thing you need to do is to enter your Skrill account email again and click Submit.
  8. Complete the second-factor authentication and confirm your payment. Once done, your payment will be reflected on both your Skrill and Spectrocoin account.

Spectrocoin Review Summary

Having a negative reputation and several bad reviews, I would think twice before using Spectrocoin’s services.  Although the option to use your debit card at 30+ million ATMs and 20+ million shops worldwide is a feature which I find really great. This makes it simple and easy for you to withdraw or use your funds wherever you are in the world.

Furthermore, they do offer support options like a phone number that you can contact instead of submitting a ticket for your issues. But numerous users have reported that upon contacting the customer support number, all they’re getting is an automated foreign message. Another noteworthy feature of Spectrocoin is they provide you with several deposit and withdrawal options, though there are certain fees that are quite high.

Pros of Using Spectrocoin

  • Registering an account is easy and simple.
  • Automatic conversion of BTC to fiat currency on their debit card.
  • Available local deposit and withdrawal options.
  • Spectrocoin card is accepted worldwide.

Cons if Using Spectrocoin

  • Considerably higher transaction fees.
  • Numerous complaints and negative reviews about users being locked out of their accounts and not being able to access their funds.
  • The owner has a reputation for being fraudulent.

We hope you find this article helpful in your quest to finding the perfect crypto exchange to meet your needs. For more information about cryptocurrencies, make sure to check all the other articles we have here at abitgreedy!

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