- Caters to most of the countries in the world.
- Available to mobile device owners including Android, Windows Phone, and iOS.
- You can purchase a company card.
- While the cost of the physical card is reasonable, the price of shipping is not.
- There is little or no information about the company online.
- There is an increasing number of reports which suggest that SpectroCoin is not a legitimate company. We urge users to approach with caution and not to invest money until the organisation is in the clear.
Bitcoin keeps soaring to all time highs; quite a journey from the days when it was only worth a few cents. One of the problems of owning Bitcoin is the large transaction fees associated with trying to convert it into fiat currency. Firms like SpectroCoin claim to help people carry out Bitcoin transactions quickly and easily, but is this company legitimate or yet another online scam? Read on to find out.
What is SpectroCoin?
The not particularly helpful About Us page merely states that SpectroCoin was developed as an all-in-one solution for Bitcoin. The company was founded in 2013 and research suggests that three Lithuanian men are involved. This certainly makes sense as SpectroCoin apparently has a presence in London, England, and Vilnius, Lithuania.
The company offers a range of services:
With this card, you can turn your Bitcoin into fiat currency and pay anywhere that accepts Visa debit cards. As well as making purchases at physical shops and online stores, you can use the card to withdraw money from ATMs. You can use the virtual cards immediately, but the physical version takes 1-4 weeks to arrive.
Altcoins such as Bitcoin and DASH can be converted to the following currencies: GBP, EUR, and USD. According to the site, you can use the SpectroCoin Bitcoin card at over 25 million shops and 30 million ATMs around the globe.
You can access your Bitcoin wallet from your computer or mobile device including Androids, Windows Phone or iOS. As a result, you can send and receive Bitcoins or buy and sell virtual and fiat currencies while on the move. The instant exchange feature exchanges the precise amount of Bitcoin before broadcasting it to the blockchain during a transaction.
Buy and sell Bitcoin with more than 20 payment options. You benefit from instant exchange which means you can use the funds immediately. A total of 30+ currencies and 150+ countries are supported on the exchange.
Here are a few screenshots of the limits and fees associated with SpectroCard:
The limits above pertain to verified accounts. As usual, you must provide proof of address and photo ID.
What is SpectroCoin Like to Use?
The SpectroCoin website looks clean and professional, and it is cleverly designed so that information is hidden until you click on the ‘read more’ button. As a result, there is an enormous amount of detail contained on the site.
In theory, SpectroCoin is an excellent idea as it makes the process of sending, spending, receiving and storing Bitcoin really easy. The card opens up a new world of Bitcoin for users, and you can buy and sell Bitcoin on the site’s exchange.
So what’s the problem? A simple Google search of ‘SpectroCoin’ reveals the answer. The first page alone is riddled with links suggesting that the site is a complete scam and SpectroCoin has received an enormous amount of negative reviews; including a huge amount in the past month or so.
An obvious warning sign is the lack of information about the SpectroCoin’s founders although some Internet detectives believe they know the identity of the men. It was said that a man named Vyatautus Karalevicius was one of the founders of the site and that he was a trader and Bitcoin services software developer. However, he doesn’t appear to exist, and someone by the same name gave SpectroCoin a 5-star review on Google!
There is also a suggestion that the company addresses are fictional which is an obvious sign of a fake organisation. They apparently ask those who register for an excessive amount of personal information and multiple people claim to have been cut off at a certain point. Then, they had no access to their money.
If SpectroCoin is legitimate, it would be a worthy addition to the niche but unfortunately, all signs point towards dubious activity at best. Incidentally, the owners of SpectroCoin have not come forward to address the issue at the time of writing.