Spectrocoin.com Review – How To Buy Bitcoin at Spectocoin
Is Spectro coin safe? That’s a question that will be answered in this Spectrocoin review.
Overview & Company Info
Spectrocoin is an exchange founded in 2013, and is based in London. Spectrocoin offers four main services: A bitcoin exchange, a prepaid debit card, a bitcoin wallet, and merchant tools. Spectrocoin is fairly heavily oriented toward the European market in terms of the deposit/withdrawal options.
How Does Spectrocoin Work?
Using Spectrocoin to buy or sell bitcoin is fairly similar to many of the other established exchanges. A user registers an account via an email address and establishes a method of payment with Spectrocoin, then is able to buy and sell bitcoin.
One service Spectrocoin offers that’s somewhat uncommon is a debit card. The Spectrocoin debit card is a prepaid debit card linked to the user’s bitcoin wallet. The debit card allows users to withdraw money from ATMs that accept VISA or MasterCard, and pay for goods and services anywhere VISA/MasterCard are accepted.
How To Create Your Account (Is there an ID/Verification Process?)
To create a Spectrocoin account, a user provides a valid email address. If the user wants to buy or sell bitcoin using a linked credit or debit card or a bank transfer, Spectrocoin requires account verification via photograph of a identification document; either a passport for non-EU residents and a national ID card for EU residents. This account verification takes up to three business days.
How To Buy Bitcoin At Spectrocoin
Once a user’s account is verified, or once the account is created if no verification is necessary, the user specifies a quantity of bitcoin, and after payment goes through Spectrocoin deposits that amount of bitcoin into the Spectrocoin wallet associated with that user.
What Are The Deposit/Payment Options and Limits?
Spectrocoin allows a wide range of deposit options. The three broad categories are: Visa and MasterCard debit/credit cards, a variety of European banks, and online money transfer services such as Skrill and Payeer. A full list of options can be found on the Spectrocoin website.
The deposit limits vary depending on the deposit source. For debit/credit cards, the limit is 1,000 EUD/day, 3,500 EUD/week, 6,000 EUD/month, and 15,000 EUD/year. Banks generally have daily limits from 200 to 1,000 EUD/day, with no weekly/monthly/yearly limits. Online money transfer services have daily limits in the 1,00 to 4,000 EUD/day range, also with no weekly/monthly/yearly limits.
Does Spectrocoin Charge Service or Transaction Fees?
Spectrocoin charges a percentage fee on deposits, the amount depending on the deposit source. Debit/credit card deposits are charged at 5.5%. Banks vary from no fee to around 4%. Online money transfer services vary from 5% to as high as 20%.
What Are The Withdrawal Options, Fees, and Limits?
The options for withdrawing money directly from Spectrocoin are considerably more limited. Either a user can withdraw via one of the Euro-oriented online money transfer services (Payeer, Skrill, etc) or use a variety of European banking services. Spectrocoin generally charges a fee of 5% on withdrawals, though in a few cases it’s lower.
The other option for withdrawing money from Spectrocoin would be to use their debit card to purchase goods and services or withdraw money from an ATM.
Does Spectrocoin Have A Trading Platform?
Spectrocoin doesn’t focus on any kind of advanced trading platform.
Customer Support Options
Spectrocoin offers customer support via email and chat correspondence with their help staff, in addition to a fairly extensive FAQ/support section on their site.
Pros and Cons of Spectrocoin
– If a user is European, Spectrocoin’s withdrawal and deposit options offer a good deal of flexibility, and in some cases fairly low fees for deposit.
– The Spectrocoin debit card is a good option if a user is looking to spend bitcoin in a debit card form.
– The Spectrocoin merchant services are nice for prospective Merchants wanting to use bitcoin.
– If a user is outside the Eurozone, options for deposit and withdrawal shrink considerably.
– In many of the payment options, Spectrocoin’s fees are higher than can be found on a number of other exchanges.
If you’re European, there are a lot of advantages to potentially using Spectrocoin. The debit card offering is inexpensive and convenient, and the site is regarded as trustworthy. You probably still can find a better rate in most cases on other exchanges if price is your primary concern, but Spectrocoin is a perfectly respectable option.
If you’re outside Europe, Spectrocoin will be a little more unwieldy in terms of payment options. However, if what it offers is that well suited to your needs, it might be worth exploring.
That concludes this Spectrocoin.com review.