SpectroCoin is mainly a bitcoin exchange and wallet. But of course, since we’re including it in our best bitcoin debit card reviews, it certainly also has a bitcoin debit card function. It touts several advantages as it claims to have successfully combined infrastructural comprehensiveness, technological reliability, financial knowledge, and relevant experience to provide high quality services.
What Is SpectroCoin?
SpectroCoin is being touted as an all-in-one solution for bitcoin, offering a wide range of bitcoin solutions. It provides an online wallet, an exchange platform, online payment solution, and of course a debit card. The company seeks to make financing easier, faster, and more flexible. SpectroCoin aims to be able to provide a solution to address clients’ needs, instead of making clients adapt to limited services. The company maintains offices in the United Kingdom and in Lithuania. In the UK, its official address is 78 York Street, London W1H 1DP. In Lithuania, it is located at Ausros al 68, LT-76233 Siauliai.
Signing Up for SpectroCoin Account, Logging In
Getting a SpectroCoin account is a relatively short process. The registration form only asks for an email address and password. Unfortunately, at the time we did this review, we encountered difficulties signing up for an account through the usual route (entering email address and password). That’s why we had to resort to an alternative way to sign up for an account: through your Facebook or Google account. If you have these online accounts, just click on the the corresponding buttons on the account registration interface so you can sign up for an account quickly. You will be automatically signed in after signing up through your Facebook or Google account.
SpectroCoin Wallets Account Dashboard, User Interface
Upon signing in, you will be greeted with a page requiring you to update your profile. Here, you can proceed to making changes with your account settings, account verification, and linked cards. For your Account Settings, you will be asked to select your profile type (Private Person or Company) and country, as well as to add your first name, surname, phone number, and secret question (for account recovery). You will also be required to select your security option (Google authenticator, SMS authentication, or email authentication). We recommend SMS authentication if you are not always online.
You will have to add your personal details before you can proceed to using your SpectroCoin account. SpectroCoin’s Terms and Conditions clearly include provisions or sub-policies requiring the verification of the identities of users. The company maintains an extensive anti-money laundering policy that prevents employees from serving users who fail or refuse to provide the documents needed to verify their identity.
The SpectroCoin user interface is well organized and neatly laid out. Links to the site’s most important pages are on the top part. The icons, buttons, and links are also conspicuous so you should be able to quickly find what you need. The main page (the page you get directed to upon logging in) is the Account page which readily shows the balances for your different wallets. By default, you get around five wallets for your account in the following currencies: bitcoin, euro, US dollar, “gold,” and DASH. These wallets will vary depending on the main currency you choose for your account.
Just like other online payment and wallet systems, SpectroCoin implements an automatic session timeout. You will be automatically logged out after a few minutes of inactivity.
Countries Served and Currencies Supported
Here’s good news for those interested to use SpectroCoin. This payment and bitcoin debit card service is available to most locations in different parts of the world, including the United States.
For a comprehensive list of the support countries, just head to the Supported Countries page of the site (https://spectrocoin.com/en/countries.html). The list includes more than 250 countries and territories.
Some of the notable ones on the list are as follows: Australia, Canada, Egypt, Germany, France, New Zealand, Australia, China, Norway, New Zealand, Hong Kong, India, Ireland, South Korea, Mexico, Mongolia, Pakistan, US Virgin Islands, British Virgin Islands, Vietnam, United Kingdom, Turkey, Kazakhstan, Sweden, and almost all parts of the Middle East including Saudi Arabia, Israel, Iraq, and Qatar. SpectroCoin serves most countries and territories in the Americas, Europe, Asia, Australia , and even Africa.
The SpectroCoin interface shows five currencies (bitcoin, euro, US dollar. Gold, and DASH). However, at the time this review was made, the focus was mostly on euro (EUR).
SpectroCoin offers four main services. These are the bitcoin buying and selling platform, bitcoin wallet, merchant projects, and of course the bitcoin debit card.
The bitcoin buying and selling or currency exchange platform is actually not limited to bitcoins. You can also use other cryptocurrency including OZ and DASH. The interface for the currency exchange is very simple. Just enter the appropriate details for the Pay Currency and Receive Currency fields and you can proceed with the exchange transaction.
The bitcoin wallet function is similar to other bitcoin wallets. As mentioned, you get multiple wallets ready to use so all you need to do is to top them up. There’s no more option to add new wallets. The wallets you see on your account are the only wallets you can use.
The Merchant Projects service is, obviously, for merchants or businesses. It enables businesses to accept bitcoins as payments. SpectroCoin claims that it offers the quickest and cheapest bitcoin integration solution for businesses. Through SpectroCoin, merchants can accept bitcoin payments instantly and directly receive these payments in the currency they prefer.
The bitcoin debit card service, on the other hand, can be used at over 30 million ATMs in different parts of the world. It can be in euro, US dollar, or British pound denomination. SpectroCoin issues both physical/plastic and virtual debit cards. You can get a physical card (delivery) within three to four weeks. You may get your card faster (4 to 5 days) through expedited shipping, which costs 75 US dollars, 69 euros, or 50 pounds. The virtual card can be instantly obtained. Both cards are automatically linked to your SpectroCoin balance. How much you can spend with the card depends on how much you have in your SpectroCoin account, subject to the limits presented below.
This review focuses on SpectroCoin’s bitcoin debit card so most of the discussions here will be about the card. The rest of the services will only be tackled in passing, to highlight how they enhance the debit card offering of SpectroCoin.
SpectroCoin has mobile wallet apps for iOS and Android devices. Also, its website is created with a responsive web design so it is definitely mobile-friendly. It’s not necessary to install the mobile apps if you want if you want to use SpectroCoin on your mobile device. The site adjusts its layout and content depending on the display size of the device used to access it. As such, SpectroCoin can be considered mobile-friendly regardless of device OS.
SpectroCoin claims to employ various security measures to protect its users including the use of firewalls, antivirus software, and SSL certificates. There are no further details about these presented on the site except that users’ data are stored in a secure data center in France. Nevertheless, it’s obvious that the SpectroCoin website uses SSL encryption. We have no doubts that SpectroCoin is just as secure as other bitcoin debit card service providers and it’s good that it provides the option to enable two-factor authentication.
SpectroCoin Policy on Anonymity
As mentioned earlier, SpectroCoin has policies on user identity verification, particularly with regards to the company’s compliance with laws against money laundering. Hence, SpectroCoin is not going to be a good option if you are looking for something that supports anonymous use. It is not advisable to use SpectroCoin’s financial services, including its bitcoin debit card and exchange, if you intend to engage in buying or selling on darknet markets.
SpectroCoin Fees and Charges
SpectroCoin has a well-presented comprehensive table for its fees and limits so we will just be posting a screenshot of it here.
Again, this review focuses on the SpectroCoin bitcoin debit cards so we will only be discussing the fees, charges, and limits for the debit card. The physical card costs 9 USD/8 EUR/6 GBP while the virtual card costs 0.50 USD, 0.50 EUR, and 0.50 GBP. Both cards have a monthly service charge of 1 USD/EUR/GBP but they don’t have inactivity fees. Since the cards are directly linked with the SpectroCoin account, there’s no more top up charge to worry about. However, it is possible to make third party fund loading and this comes with a 1.99% for both plastic and virtual cards.
When buying bitcoins, a 0.5% + 1 USD/EUR/GBP charge is to be paid for both cards. For domestic currency ATM withdrawals, the charge is pegged at 2.5 USD/2.25 EUR/1.75 GBP. If you make ATM withdrawals in another currency, the charge is slightly higher at 3.50 USD/2.75 EUR/2.25 GBP. Moreover, SpectroCoin also charges a 3% currency exchange fee.
Overall, SpectroCoin’s fees and charges are competitive although they can be a bit high, depending on the currency you use.
SpectroCoin Bitcoin Debit Card Limits
Just like other bitcoin debit cards, there are limits set for SpectroCoin. Unverified users are allowed only 1 top-up while verified users are unlimited. When it comes to the maximum top-up amount per purchase, unverified users are given a limit of 250 USD/EUR or 200 GBP while verified ones are allowed up to 10,000 USD/EUR or 8,000 GBP. The maximum daily top-up amount for unverified users is 250 USD/EUR or 200 GBP, while it’s 20,000 USD/EUR or 16,000 GBP for verified ones.
For ATM transactions, unverified users are only allowed 2 transactions per day with a total withdrawal amount not higher than 100 USD/EUR or 80 GBP while verified users can have a maximum of 5 transactions without limits on the withdrawal amount. Moreover, unverified users are set a 100 USD/EUR or 80 GBP limit for maximum POS amount per day or per purchase. For verified users, there are no limits for ATM withdrawals, POS transactions, and POS load.
See more of SpectroCoin’s limits in the table below.
How to Add Funds, Make Fund Transfers, and Withdraw Funds
Adding funds to or making withdrawals from a SpectroCoin is a simple process. Just click on the Deposit or Withdraw tab on the user interface and you will find the different deposit or withdrawal options available. You can make bitcoin and DASH deposits as well as deposits in euro and other currencies. Just follow the prompts and you should be able to quickly complete the process for adding funds to your account.
If you want to make deposits in euros and other traditional currencies, a multitude of payment options are available including Neteller, OKPay, Skrill, Maestro, SEPA, Payeer, Visa, VPay, Perfect Money, MasterCard, PaysafeCard, and SWIFT international wire transfer.
SpectroCoin provides supports across multiple channels. You can send your inquiries or ask for via email ([email protected]), telephone (+44(0)2037695474), or live chat. To access live chat, just click on the persistent live chat button (the circular logo with a speech bubble icon) on the lowermost right corner of the site. You may also contact SpectroCoin through its official Facebook, Twitter, LinkedIn, Instagram, Google+, VK, and Github accounts. The links are on the lowermost right side of the footer part of the site.
Pros and Cons
- Option to sign up and sign in through Facebook or Google account
- Serves users in the United States
- Debit card is directly linked to the SpectroCoin account balance so there’s no more need to top up the debit card
- Simple and responsive user interface
- Anonymous use not allowed
- There’s a limit in the number of ATM transactions per day even for verified users.
- Fees and charges are a bit high
SpectroCoin used to be restricted in the United States but is now serving US users. It may not be the best bitcoin debit card around but it’s certainly not a bad choice. It is adequately secure with the option for two-factor authentication and getting an account is a quick and simple process. The fees may be slightly high as compared to more established debit card providers but the reliability and convenience offered by SpectroCoin make up for this.