What is SpectroCoin And What Are It's Benefits & Limitations For You
Bitcoin usage has expanded greatly since its conception in 2009. There are many services that have sprung up to tap into this growing market.
Users of this cryptocurrency can now buy, sell, hold and spend Bitcoin, as would be the case with fiat currencies.
SpectroCoin has made a name for itself among these service providers largely due to its smart integration of the above services and more in a convenient way.
Our Comprehensive SpectroCoin Review
SpectroCoin is a Bitcoin company based in London that offers digital currency solutions and services.
It was founded by Vytautus Karalevicius, Justas Dobiliauskas, and Mantas Mockevicius in February 2013. It is managed by Spectro Finance Ltd.
SpectroCoin was developed for those who have Bitcoins and preferred the convenience of money on a debit card without dealing directly with banks.
It supports Bitcoin exchange and wallets in more than 150 countries.
PRODUCTS AND SERVICES
Spectrocoin markets itself as an all in one solution for Bitcoin.
It offers four main products to its clients: prepaid debit card, Bitcoin exchange, electronic wallet, and merchant tools.
1. BITCOIN WALLET
It is a convenient mobile Bitcoin wallet and is available for iOS, Windows Phone, and Android users.
The wallet can be utilized for safely storing Bitcoins as well as sending and receiving Bitcoins.
Users are able to pay for products or services regardless of whether the vendors accept Bitcoins.
2. DEBIT CARD
SpectroCoin debit card is a prepaid Bitcoin card that can be used just like any other debit card.
It is linked to your SpectroCoin Bitcoin wallet rather than your bank account.
This allows you to withdraw money at any ATM and pay for goods and services in stores that accept MasterCard or VISA payments.
It is funded instantly through your online wallet on SpectroCoin.com.
This debit card is superior to other Bitcoin debit cards due to a number of reasons:
· It is cheap – SpectroCoin Bitcoin debit cards cost only $ 0.50 for the virtual cards and $ 9.00 for the plastic cards. Card shipping is absolutely free.
· It is widely accepted – The debit cards can be used at all locations that accept MasterCard or Visa. This makes it convenient to spend Bitcoin at any store around the world.
· Instant virtual debit card – Users can acquire a virtual SpectroCoin debit card in just a few minutes following the completion of a debit card order form. This enables you to shop online in an instant.
· Up to six cards – SpectroCoin allows users to order up to six debit cards for an account. Since it supports three currencies (GBP, USD, and EUR), you are able to order two cards for each currency.
· No verification – There is no verification required before ordering or using the SpectroCoin debit card. You can choose to have your card verified in order to increase card limits among other features.
· No limits – Debit cards that have been verified have no ATM withdrawal, loading, or purchase limits. This way you can have total freedom of your funds.
· PayPal top-up – Users with PayPal accounts can transfer the funds in their PayPal Account to their virtual SpectroCoin debit cards and use them for online shopping or buying bitcoins. In addition, you can use it to verify your PayPal profile.
SpectroCoin exchange is a platform for trading Bitcoin and the supported fiat currency.
The company serves as a liquidity provider for the users. This means that you can buy and sell Bitcoins almost immediately.
SpectroCoin has plans in place to introduce other fiat currencies in future. The service also offers gold as a market against the cryptocurrency.
4. MERCHANT SERVICES
SpectroCoin is among the first companies in Europe to provide fast merchant solutions in the digital asset market.
This service functions as a bridge between Bitcoin users and both physical and online businesses. The firm offers an Application Program Interface (API) through which merchants can choose to accept Bitcoin via a website shopping cart or on a point of sale basis.
The company has developed e-commerce plugins that can be utilized by online businesses.
These plug-ins along with the API, support the main e-commerce platforms including Drupal, Opencart, WHMCS and Magento.
All settlements are made in USD, GBP or EUR automatically and the exchange takes place via Spectro brokerage. All fund transfers are completed within 24 hours.
SpectroCoin also offers Bitcoin integration for brick and mortar ventures with existing Point of Sale frameworks and solutions for physical payments.
DEPOSITS AND WITHDRAWALS
SpectroCoin users can deposit funds in a number of ways.
These include local bank transfers in over 26 countries, via several electronic wallets (Payeer, OkPay, and PerfectMoney) and through debit or credit cards.
Localized bank transfers and electronic wallets can take up to 24 hours to proceed. Deposits via debit/credit cards are the best option as they are processed within 15 – 60 minutes.
The company provides several withdrawal options including local bank transfers and international wire transfer. Funds can reach clients’ bank accounts within 2 hours and 48 hours respectively.
The aforementioned electronic wallets can also be used for fund withdrawal.
The firm also offers several vouchers such as Amazon gift cards and mobile top-ups as withdrawal options.
The company employs two-factor authentication, which is offered through SMS, email or Google authenticator to ensure client, side protection.
According to SpectroCoin’s CEO, Vyatautas Karalevicius, up to 95 % of the Bitcoins are held in deep cold storage.
The SpectroCoin charge for Bitcoin to cash withdrawals is a flat 4.5 % fee, with a minimum fee of approximately 0.0123 BTC.
The company also charges a $ 1 a month service fee for a Bitcoin debit card. Others debit card fees are listed below:
· Card to Bitcoin wallet – 0.5 & + $ 1.00
· ATM withdrawal in domestic currency – $ 2.5
· ATM withdrawal in other currency – $ 3.50
· Expedited shipping(4-5 days) – $ 75
It is worth noting that Bitcoin transactions within SpectroCoin fees are next to zero. However, transactions to non-affiliated Bitcoin wallets cost 0.0001 BTC.
The company runs a live chat customer support system, which is available from 9 am to 9 pm GMT.
You can access the live chat by clicking on the question mark at the right-hand corner of the SpectroCoin website.
Direct support lines with Lithuanian and UK local numbers are available 24/7. The Helpdesk is also available via email with agents speaking several different languages.
While the fees charged by SpectroCoin are a bit high for competitive Bitcoin markets; it offers an easy to use and convenient all-in-one service that addresses most of the problems associated with Bitcoin use.