Spectrocoin – Is It Good?
Spectrocoin is a British-based exchange platform. They offer six different types of cryptocoins including Dash, Ethereum and, of course, Bitcoin. Accessing it is simple and can be done directly on your phone with their app available in Google Play, AppStore and even Windows Store.
Spectrocoin goes way beyond your usual exchange, offering unique features that could revolutionize the market. However, it has gotten a lot of controversy with their network fees and other issues, leading to some users to go as far as calling Spectrocoin a scam.
So how good is Spectrocoin? Is Spectrocoin trustworthy? What’s up with all of those bad reviews? And, most importantly, how does it stack up against other platforms?
What Does Spectrocoin provide?
Spectrocoin offers several things that separate the exchange from the rest. One of the most notable is a prepaid card! That’s right, Spectrocoin is one of the very few platforms that offers a physical card that you can use at millions of shops and even ATMs around the world. And it doesn’t stop there. You can also link your card to your PayPal account and a lot of other digital wallets. It can take almost a month to arrive with their usual shipping method and it costs only $1 monthly. You can recharge it for free using another Spectrocoin account and bank transfers.
To use it, they also offer their own blockchain wallet, which seems to be pretty decent, although we always recommend you keep your crypto in a separate wallet. This hot wallet however seems to be a convenient way to have some crypto available to use your card, which is especially useful if you want to use your funds from your main wallet quickly.
But what if you’re a merchant and want to receive Bitcoin instead of paying for it? Well, Spectrocoin also offers an API to both physical and virtual businesses, helping them accepting crypto as payment. And it’s not just Bitcoin. With their API you can also accept Dash and NEM!
The exchange itself has lots of deposit and withdrawal methods, including local and international bank wires and options like Skrill, PerfectMoney and Payeer available to both deposit and withdraw your crypto.
And if you’re looking for speed, Spectrocoin has got your back. It serves as a liquidity provider for its users, meaning you can buy and sell bitcoins almost immediately. And if you want to invest in something less volatile than crypto, they also offer gold as a market against the digital currencies.
All in all, Spectrocoin is an ambitious project with lots of unique options that you won’t find anywhere else.
As you can see from them offering their app to Windows phone users, Spectrocoin tries to be available to everyone. You can use Spectrocoin in almost 250 countries, including the US and Canada. It even supports places like Russia and the Vatican City.
They however aren’t available in your usually banned countries like Syria, Iran, Iraq and North Korea, as you would expect.
Spectrocoin Rates and Buying Limits
So far Spectrocoin sounds like a pretty good exchange. It’s only when you get to their rates where you realize how they can afford to have all those cool features and be so versatile. Although their deposits are pretty much instantaneously reflected in your account, the fee they generate makes them an expensive option.
Spectrocoin fee: 5.5%
If you want to avoid their fees you’ll have to do a SEPA bank transfer. Using those will also keep you from any buying limits. However those deposits can only be done in Euros, which means that your bank can generate a conversion charge if your account is in a different currency.
If you want to use your credit or debit card, you’ll have a minimum limit of 1 euro and a maximum of 1000 per day, 3500 per week and 15000 per year. Keep in mind you can’t withdraw directly to your debit or credit card.
The card also generates fees, being the physical option the most expensive. It costs $50 to get it, has a 1% charge when loading it with your wallet and a 3% charge for currency exchange.
- Europe availability: Being in Europe themselves, they made sure all of Europe can use all of their features, making it perfect for European users.
- Fast: Spectrocoin is one of the few platforms where transactions are automatic and immediate.
- Innovative: You can get a card to spend your Bitcoin and connect it to any wallet, you can invest in Gold and you can accept Bitcoin in your store with Spectrocoin.
- Simple interface: The design is very straightforward to any newbie.
- Fees: Their fees can be quite high and for some there may not be a way around them.
- No cards for U.S. citizens: Their cards are not available for Americans, who may arguably be the ones that will want them the most.
- Poor customer support: Their customer support has been known to take long periods of time to resolve issues and aren’t always available.
Go to Spectrocoin
Is Spectrocoin Good For Bitcoin?
Spectrocoin is one of the most innovative and versatile services out there. It offers a lot of cool features that you won’t find anywhere else. However, they seem to cater to Europeans the most so if you’re an American you may not have such a good experience with their high fees.
They also have their share of bad reviews. However, after examining hundreds of those, most seem to be very unclear and without any details. Bad reviews can be as simple as “lost all my money SCAM” which isn’t exactly informative nor trustworthy.