Spectrocoin Review
3.5 stars - "Spectrocoin Review" Spectrocoin Review
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Spectrocoin Review

Written on: May 26th, 2016 | Author: David M

MasterCard  Visa  wire  sepa  okpay  perfect-money  payeer

wire  sepa  okpay  perfect-money  payeer

USD  EUR  GBP  PLN

BitCoin

Important info
  • Trading Fees :  1.25-10% (currency dependent)
  • Order types:  Brokerage
  • Office location :  London
  • Mobile:   iOS App  Android App
  • Telephone :  +44 (0) 2037695474 / +37070044940
  • Email This email address is being protected from spambots. You need JavaScript enabled to view it.
  • US Customers Accepted? :  Yes
  • Institutional Accounts? :  No
Pros and cons
  • Local deposit options for Eastern European clients
  • Visa debit card automatically converts bitcoin to fiat at point of sale.
  • Really easy registration and KYC process
  • Fees a bit high depending on base currency
  • Brokerage only, no exchange

HP

Visit Spectrocoin

Summary

Spectrocoin offers a very good all-in-one solution to European and CIS states including a brokerage service accepting a number of different local currencies, a visa debit card which can be denominated in USD, EUR or GBP, and merchant services. There are a number of important deposit and withdrawal options that will appeal to Russian and Eastern European clientele - including local bank deposits in Poland, Czech Republic and Romania. With live and multilingual support and very good native apps for both Android and iOS platforms, Spectrocoin is a great product for its target Eastern European/Eurasian market.

Security

Two factor authentication is offered via SMS, google authenticator, or by email for client side protection. According to CEO Vytautas Karalevicius, 95% of client bitcoin is held in deep cold storage.

Opening an Account

Jot down your email and password, confirm you are not a robot, set up a second factor authentication and you are the proud owner of a new spectro account. Please find below account privileges based on verification.

  Not Verified Verified
KYC Requirements Sign up Additional biographical, upload one government-issued ID
Deposit Options OKPay, Payeer, Perfect Money Wire, SEPA, Credit and Debit Cards

Please note that OKPay has a $1,000 or equivalent deposit limit on non-verified, Payeer and Perfect money $500. Unverified accounts actually have a fair bit that can be done, as bitcoin depositors may load up to $2500 onto their debit cards or, if you are an Amazon fan, buy some vouchers directly from Spectro. So two interesting ways of getting some bitcoin out of the network without too much KYC hassle.  Please find below limitations on the Spectrocoin debit card by verification.

  Unverified Verified
Max Top Up $€£2,500 $€10,000, £8,000
Single ATM Withdrawal $€200, £160 $€1,000, £800
Max ATM Withdrawals Daily 2 2
Withdrawal Total Limit $€£1,000 No Limit
Maximum POS Purchase Daily $€£2,500 No Limit
Lifetime Load $€2,500, £2,000 No Limit
  $€£2,500 $€£2,500

Spectrocoin Product

Spectrocoin is a universal service provider offering a bitcoin brokerage service, debit card, wallet, and merchant solution.

account

Spectro Brokerage

Spectro runs a brokerage service in which bitcoins may be bought and sold in exchange for a number of different currencies. Spreads on USD and EUR pairs, which are the most liquid and easily settled markets, are only approximately 2.5%, which means there is a cost of about 1.25% per trade. Less liquid or more difficult markets, including PLN, GEL, CZK and even GBP, offer much higher spreads, from 7.5% on the Pound to 20% on the Lari. Spectro also offer gold as a market against bitcoin if you are into that sort of speculation.

Debit Card

Spectro offer a plastic or virtual Visa that may be denominated in GBP, EUR or USD. The card loads instantly at POS, with bitcoins automatically exchanged using the internal brokerage service according to the amount of fiat needed. Please find below the charges.

  Plastic Virtual
Currencies USD/EUR/GBP USD/EUR/GBP
Price 9/8/6 0.50
Delivery time 3-4 weeks Instant
Monthly Service 1.00 1.00
Top Up  Free Free
ATM withdrawal in base currency 2.50/2.25/1.75 NA
ATM withdrawal in different currency 3.50/2.75/2.25 NA
POS international Free NA
Currency exchange 3% 3%
Normal shipping (3-4 weeks) Free NA
Expedited (4-5 days) 75/69/50 NA

 Merchant Services

Spectro offers an API that allows merchants to accept of bitcoin at either point of sale or through a website shopping cart. Even more convenient, they have developed plugins that can be easily integrated if you use Drupal, Magento, Opencart, Prestashop or WHMCS for your ecommerce site. Settlements are automatically made in USD, EUR or GBP, with the exchange taking place through the Spectro brokerage, with funds transferred, at latest, the following day to your account. Even better, there are no fees for the first 1 million EUR in turnover processed.

Mobile

Spectro offers native iOS and Android applications allowing buying and selling through the brokerage and sending or requesting bitcoin on the go.

mobile-and-debit

Support

Live chat is available from 9 am to 2100 GMT, accessible when clicking on the question mark in the lower right hand corner of the site. There are direct support lines with UK and Lithuanian local numbers, and the heldesk is available via email, and agents speak a number of different languages.

Bottom Line

While fees might be a bit high for more developed and competitive bitcoin markets, Spectrocoin offers Eastern European clients an excellent all-in-one service with local deposit and withdrawal options and a simple KYC.

Visit Spectrocoin

Bitcoin Price (USD): 853.48