SpectroCoin is a Lithuanian cryptocurrency exchange that offers instant changing of cryptocurrencies for a large number of local fiat currencies. I also has a base in London.
– Coins. SpectroCoin has a portfolio of several cryptocurrencies: Bitcoin, Ether, Dash and XEM. It is not very extensive, but combined with the large number of accepted fiat currencies, makes it quite attractive.
– Fiat. What is probably most impressive is the number of fiat currencies SpectroCoin accepts. Besides the more usual EUR, USD, GBP, the exchange also supports JPY, CHF, AUD, CAD, RUB, ZAR, CNY, NOK, DKK, SEK and some other European currencies, as well as several African currencies, HKD, SGD, etc. The full list can be found on the exchange’s site. Cryptocurrencies can also be sold and bought for gold.
– Fiat payments. Another major advantage of SpectroCoin is the large number of fiat payment methods it accepts. Clients can use credit and debit cards, SEPA bank transfers, iDeal, Sofort, GiroPay, Neteller, Skrill, Perfect Money, OKPay, Payeer, cash and SpectroCoin voucher. Some of the deposit methods can also be used for withdrawals.
– User verification. The initial user verification is simple and straightforward and registration can be done with a Facebook or a Google profile. For “certain operations” SpectroCoin may require additional user verification with the necessary documents, but it does not become clear what the operations or the documents are.
– Platform. SpectroCoin does not have a trading platform per se, but rather a simple buy and sell from, which is very convenient for novice users and people who are not very experienced in trading and finances.
– Prepaid card. Similarly to Coinbase and several other cryptocurrency exchanges, SpectroCoin can issue a prepaid card to its clients. It is denominated in USD, EUR, and GBP and can be used for ATM withdrawals and shopping (online and offline). The card can be loaded with one of the three fiat currencies, cryptocurrency (converted automatically), or another fiat currency (for a fee). There are additional fees and conditions, listed on SpectroCoin’s site.
– Wallet. SpectroCoin also offers an electronic wallet for its clients to store their cryptocurrencies.
– Mobile app. SpectroCoin has a mobile application for Android and iOS devices. With it the users can send and receive the supported by the exchange cryptocurrencies and to buy and sell them for fiat.
– Fees. The biggest disadvantage of SpectroCoin are the fees it charges. Depending on the method, it charges between 20% (Payeer), 5.5% (credit cards) and 1% for some Lithuanian banks. There are some options that come with a small fixed fee (mostly Dutch banks) and no fee – with SEPA. There may be additional charges levied by the payment providers.
There are no additional fees for deposit and withdrawals in cryptocurrencies.
– Limits. There are also daily, weekly and annual limits for some deposit methods. For some withdrawals, there are also restrictions, both for minimum and maximum sums.
– Minimum deposit. For some of the deposit methods SpectroCoin has also set minimum deposit requirements that vary from EUR 1 to 35.
– User complaints. We have come across various user complaints – mostly about the erratic customer service and several about the mobile app. We have seen gripes about hidden charges as well.
SpectroCoin is similar in many respects to Coinbase and has most features the US giant has. However, its fees for payments with credit cards are higher. On the other hand, though, SpectroCoin is available in some other countries, accepts a lot more fiat currency payment methods, some of them with minimum fee, and a lot more fiat currencies. The cryptocurrencies on offer are somewhat different as well.
Overall, we have positive impressions of SpectroCoin, but the fees are quite high and we are not excited about the user complaints.
SpectroCoin Review Conclusion
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