SpectroCoin, a cryptocurrency, is a platform that aims at doing it all. Since its inception, it has been the preferred choice for blockchain enthusiasts. Its services offer a wide range of options for bitcoin, and it is based in Lithuania. The platform and interface have been carefully designed to cater to this niche market. The platform may initially appear to be a closed-door platform that offers premiums but with limited bandwidth. Its future is brightened by its ease of use and potential for scaling.
SpectroCoin Background
SpectroCoin was founded by Vytautas Karlevicius and Mantas Mockevicius in February 2013. Initially, the alpha version operated as decentralized exchanges which launched in July 2013. Somranu launched its wallet solution in February 2014. This allowed funds to be stored in Bitcoins or Euros. The merchant solution was created for online businesses, allowing them to accept Bitcoin payments. In May 2015, the company introduced the instantly funded Bitcoin Debit Card. This Debit card can be used to withdraw cash from ATMs and acts as a regular payment card.
SpectroCoin’s London headquarters is under the control of Spectro Finance Limited (a Lithuanian-UK Somranu). SpectroCoin’s main competitors are Bitpay, GoUrl.io, and Unocoin. The company offers four products: an electronic wallet, an exchange, a prepaid debit card, and merchant tools.
How to Use SpectroCoin
SpectroCoin’s intuitive platform makes it easy to use. The processes are fast and efficient. After logging in to your account you can choose the service you wish to use. To check your BTC wallet, click/tap the button tab labeled “Bitcoin Wallet” and the mobile apps will take you to your wallet’s details. SpectroCoin wallet allows users to create or redeem vouchers based upon various cryptocurrencies. Users can use this feature by logging in to their wallets, choosing the option to create a voucher or redeem the voucher and then quickly completing the process.
SpectroCoin features
Selling and buying coins
SpectroCoin, like many other major cryptocurrency exchanges, has an instant buying or selling service. This streamlines the process for people who don’t want to place limit orders or look at charts.
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Cryptocurrency assets are volatile in nature. Buy and trade at your own risk.
73% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
With just a few clicks, users can instantly swap between any supported currency on the site. You should double-check the exchange rate before you make a trade.
Mobile App
SpectroCoin’s mobile wallet is available to all users. It also offers instant buy/sell and debit card access. The wallet allows users to store and manage their exchange funds anywhere they are.
Debit card
SpectroCoin has its own cryptocurrency debit card that can be used to transfer your cryptocurrency balance to any Visa-friendly merchant. However, users will need to manually convert their cryptocurrency balance into euros before they can make a purchase via the app or website interface. The SpectroCoin debit card is currently only available to permanent residents and citizens of the European Economic Area (EEA) at the time of writing.
Crypto-backed Loans
Users can also borrow euros and other cryptocurrencies through the platform, with their account balance being collateral. With variable loan-to value ratios and flexible repayments, users can borrow as little 25 EUR as much as 1,000,000 EUR. The Bankera (BNK token) token lowers interest rates.
IBAN
SpectroCoin customers can also obtain an IBAN (dedicated international bank account number) in their name to make it easier to withdraw and deposit funds to their exchange accounts.
SpectroCoin card
Platform users can obtain a debit or credit card that can be used to pay for other than-blockchain-based media. You can use this prepaid card to make payments through platforms such as SEPA, Advcash and others. You can exchange your cryptocurrency for a VISA card in any store. ATM withdrawals are subject to a reasonable fee. This fee is determined by the location. There is a limit to the amount of money that can be stored on a debit card.
SpectroCoin fees
There is a surplus charge for regular credit and debit cards. The amount of this surplus fee can vary from card to card, but the average level is 5.50%. There is no extra fee for SEPA bank transfer. However, users should be aware that deposits can be made with eurodz. This could mean that your bank may charge an extra fee. Electronic wallets deposits are lower, with a range of 2-3%.
The exact same deposit fees are included in the withdrawal fees. Withdrawals cannot be made to a debit or credit card.
Moving cryptocurrency from your SpectroCoin wallet is subject to all fees. SpectroCoin currently charges an on-line fee for Bitcoin movement. SpectroCoin charges a minimum of 0.0005 BTC to Bitcoin external wallets. Transfers of Bitcoin to other SpectroCoin customers are free.
Transaction limits and fees will be determined by the method of payment and user verification status.
Cryptocurrencies and Payment Methods
SpectroCoin supports fiat currencies such as EUR, USD, and GBP. You have several options for funding your account: debit or credit card; VPAY; VPAY; Skrill; Payeer, Perfect Money. The platform supports cryptocurrencies such as:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bankera (BNK)
- Dash (DASH)
- Ripple (XRP)
- Stellar (XLM)
- Litecoin (LTC)
- Zcash (ZEC)
- Nem (XEM)
- Tether (USDT)
- True USD (TUSDT)
- USD Coin (USDC)
- Paxos Standard (PAX)
SpectroCoin Security
When you use SpectroCoin to make payments, keer a copy of your private key. This backup keeps you in control of your funds. You can encrypt the version that is stored on the network with a secret password. You can spend any cryptocurrency you have elsewhere if the exchange goes down. To prevent others from stealing your digital assets, it is important that you protect your private key and insertion passcode well.
SpectroCoin website does not provide any details on how users can access their cryptocurrencies and use their seed key. SpectroCoin can be compared to a bank device. If you were to lose or steal your mobile device or gain access to your cryptocurrency, you would need to support them with a valid source of identity. This will allow you to limit access via the lost and stolen devices.
SpectroCoin does not support multi signature (2FA) or two-factor authentication (2FA). As such, it might be a good idea not to use it for larger transactions. It is safer to keep large amounts of money in hardware wallets if you have a lot of money stored in srurtosurrensies. You can also visit Trezor, Ledger Nano S, and Enjin to see a selection of other secure wallets.
The SpectroCoin wallet had an interface web for udze using rerdzonal SOMUTERDZ such as desktops or laptops. This is not recommended except for emergencies. Because personal computers are more susceptible to hacking, JavaScript Attacks and keylogger softwares breaches, To put it another way, using a web browser for accessing your cryptocurrency is the easiest way to do so. This should never be done on a public computer.
Supported Countries
SpectroCoin is available in most countries, with very few exceptions. The supported countries page lists all supported countries, along with the payment methods and cryptocurrencies available in each area. Spectrocoin does not support the Democratic People’s Republic of Korea, Iran, Japan or any other country subject to United Nations sanctions.
Conclusion
SpectroCoin appears to be a great wallet and digital asset management system. The brand’s many features and simplicity make it an excellent recommendation, even if one is not willing to spend a lot more money. This segment is unmatched in terms of its impressive range of services and features. SpectroCoin offers a complete solution for cryptocurrencies. Users can also download the mobile wallet app via the respective app stores, such as IOS or android. You can access your digital currencies anywhere, and all of your digital assets/digital currency are safe at SpectroCoin wallet.
