- Accepts U.S residents as customers
- Choices of cryptocurrency purchases
- Debit card available
- Easy signup through Facebook or Google
- Supports wide selection of payment methods
- Higher than average fees
- Not ideal for anonymous use
- Popular cryptocurrencies such as Monero and Ethereum are not available for purchase
SpectroCoin is a cryptocurrency exchange that is based in London. Their offices are located at 78 York St, Marylebone, London W1H 1DP, UK and Vilniaus g. 31, LT-01402 Vilnius, Lithuania. The exchange was founded by two individuals, Mantas Mockevicius and Justas Dobiliauskas, in the early part of 2013. Managed by Spectro Finance Ltd, SpectroCoin offers its customers the convenience of purchasing and selling cryptocurrencies with fiat currencies and through a debit card. Its main target market is those who value the anonymity which cryptocurrencies have to offer, but do not wish to compromise on the convenience which the traditional financial system enables them. SpectroCoin offers itself as being the one stop solution for people who want to deal in cryptocurrencies. Their product offerings include Bitcoin wallet, Bitcoin exchange, prepaid debit card and payment processing tools for merchants.
The SpectroCoin exchange platform let you trade not only Bitcoin with supported fiat currencies, but also Altcoins such as DASH, Ether and XEM. You even have the option to trade in gold (XAU) with their platform. The user interface of the platform is extremely simple and user friendly. All you have to do is to enter the required details such the paying and receiving currencies and you are good to go with your trade. As for the Bitcoin transactions fees, SpectroCoin now allows its customers to set the transaction fees as they please. However, there is still a limitation to this feature as the minimum fee is allowed is 0.0001 BTC with the maximum fee capped at 0.005 BTC.
As mentioned earlier, Spectrooin also offer other products such as a Bitcoin wallet. The good thing about SpectroCoin’s wallets is the fact that you have multiple wallets which you just need to top up to utilize.
While the SpectroCoin website is well designed for mobile devices, SpectroCoin has also provided smartphone users mobile wallet apps which they can download and install onto their iOS or Android powered devices.
In addition, SpectroCoin also offer their customers a Bitcoin based debit card service. The card is available as a physical card or a virtual card. While the virtual card is available almost instantly after you have applied for it, the physical card takes about 3 weeks to be delivered. While the SpectroCoin debit card can be used at more than 30 million ATM worldwide, your spending limit depends on how much that you have in your account.
At present, SpectroCoin’s services are available across most locations around the world. Currently, more than 200 countries and 30+ currencies are supported. The following list shows the accepted currencies.
Deposit and Withdrawals
Apart from supporting a large number of countries and currencies, SpectroCoin also support a wide selection of payment methods. In total, there are more than 20 different ways which you can fund your account at SpectroCoin. Apart from cryptocurrency deposits such as Bitcoin or Dash, you can also fund your account with a selection of fiat currencies. The methods used for depositing your funds include popular internationally accepted methods such as VISA, MasterCard, SEPA, Swift bank wire transfer, Skrill and Neteller. For a complete list of supported methods, you can refer to the following screenshot below:
The withdrawals fees for using the supported methods are as follows:
- ATM Domestic Withdrawal ($2.50)
- ATM International Withdrawal ($3.50)
- Bitcoin to Cash (Flat rate of 4.5%)
- Card to Bitcoin (0.5% + $100)
It should be noted that Bitcoin transfers within the SpectroCoin platform are negligible whereas transfer to non SpectroCoin wallets, the fee is 0.0001BTC.
Help and Support
The customer support service at SpectroCoin is available through multiple channels. You can request for assistance through email, live chat or the telephone. You can also get in touch with SpectroCoin through social media such as Facebook or Twitter.
Security and Fairness
In terms of security, SpectroCoin relies on two-factor authentication, cold storage vault and SSL certificates. Because of SpectroCoin’s adherence to anti money laundering legislation, SpectroCoin requires its customers to provide the exchange with personal information to verify their identity. Due to this, SpectroCoin may not be a good choice those who value anonymity.
Overall, SpectroCoin is a good choice for those who are new to cryptocurrencies. Apart from offering you the option to purchase through a credit card, SpectroCoin also provides you with more than a dozen ways to fund your account. In short, it is truly a one stop solution for cryptocurrency purchases.