SpectroCoin is a cryptocurrency exchange that serves as a platform for anyone who wants to do everything. SpectroCoin has been a favorite among blockchain experts since its inception. Its services include a number of bitcoin options. Furthermore, the exchange is based in Lithuania. The platform’s interface and design are ideal for its target audience. SpectroCoin may appear to keep its users in the dark at first by offering premiums and a limited bandwidth. The ease of use and scaling potential of SpectroCoin sheds light on its future and the opportunities it provides.
SpectroCoin Background
SpectroCoin wage established by Vytautas Karlevicius, Justas Dobiliauskas and Mantas Mockevicius. Initially, the alpha version ran as a decentralized currency exchange that was launched in July. In February 2014, SpectroCoin unveiled its wallet solution that allowed funds to be kept in Bitcoins and Euros. After that, the merchant solution for online business was launched, which allows businesses to accept Bitcoin payments. The instant-funded Bitcoin Debit card was introduced by the company in May 2015. This Debit card works like an ordinary payment card and can be used for ATM withdrawals.
SpectroCoin has its headquarters in London, under the management and control of Spectro Finance Limited. This is a Lithuanian-UK company. SpectroCoin wallet is competing with Bitpay and GoUrl.io. The company offers three main products: electronic wallet, exchange and prepaid debit cards.
How to Use SpectroCoin
SpectroCoin maintains the platform’s simplicity. It is simple to use, with quick and efficient processes. After logging into your account, all you have to do is choose the service you want. If you want to check your BTC wallet, click/tap on “Bitcoin Wallet,” and the mobile app will take you to the wallet’s details. Users of the SpectroCoin wallet can create and redeem vouchers based on various cryptocurrencies. Users can access this feature by logging into their wallets. Users will then have the option of creating a voucher or redeeming the coupon. The procedure is simple and quick.
SpectroCoin Features
Selling and buying Coins
SpectroCoin offers an instant buying/selling service like most major cryptocurrency exchanges. This simplifies the process for those that don’t mind looking at charts or placing limit orders.
You can easily swap currencies between any of the supported currencies listed on the website, even fiat currencies, in just a few clicks. You will need to double-check your exchange rate before making a trade.
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78% 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 forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.
CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% 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.
Mobile App
SpectroCoin offers its own mobile app wallet that allows users to instantly buy/sell or debit cards. You can access your exchange holdings from anywhere, at any time.
Debit Card
SpectroCoin offers cryptocurrency debit cards that can be used to spend your cryptocurrency at Visa-accepting merchants. However, upon closer inspection, it appears that users must manually convert their cryptocurrency balance to euros before making any purchases via the app or web interface. The SpectroCoin debit card was not available to permanent residents or citizens of the European Economic Area at the time this article was written.
Crypto-backed Loans
You can also borrow euros or other cryptocurrency using your account balance as collateral. With flexible repayments and variable loan-to–value ratios, users can borrow as low as 25 EUR up to as high as 1,000,000 EUR. When you pay the Bankera token (BNK), interest rates are lower.
IBAN
SpectroCoin members can also apply for an international bank account number (IBAN), in their own names, so they can make withdrawals and deposits to and from their exchange accounts more quickly.
SpectroCoin Cards
Users can apply for a credit or debit card through the platform that can be used in non-blockchain-based transactions. The prepaid card can be used to make payment on platforms like SEPA and Advcash. To exchange your cryptocurrencies, you will be able to use it at any VISA store. ATM withdrawals incur a reasonable fee, which is dependent on the region. The maximum amount of funds that can be stored on the debit card is limited.
Registering An Account
SpectroCoin maintains the intuitiveness of the platform. It is easy to use and has quick and efficient processes. Once you’ve logged into your account, all you need to do is select the service you wish. If you want to check your BTC wallet you can click/tap the tab that says “Bitcoin Wallet”, and the mobile app will guide you to the details of your wallet. SpectroCoin wallet lets users create and redeem vouchers based on various cryptocurrencies. This feature is available to users by simply logging into their wallets. Users will then be able to choose to either create a voucher or redeem the coupon. The process can be completed quickly.
SpectroCoin Fees
A surcharge is an additional fee charged for regular credit or debit cards. Although the fee varies depending on the card, the typical level is 5.50%. SEPA bank transfer fees are not subject to additional charges. You should be aware, however, that deposits can also be made in euros. Your bank may levy an additional fee. Deposit fees for electronic wallets are lower, ranging between 2 and 3 percent.
The exact amount of withdrawal fees and deposit fees is the same. However, withdrawals cannot be made using a debit or credit card.
There are small fees for transferring cryptocurrency out of your wallet. Currently, there are no fees for Bitcoin transactions on the SpectroCoin website. It has a minimum fee for Bitcoin transfers to external wallets. Bitcoin transfers to other SpectroCoin members are free.
The payout method and the user verification status will affect transaction limits and fees.
Payment Methods and Cryptocurrencies
SpectroCoin can accept fiat currencies like EUR, USD, or GBP. There are many options to fund your account. These include credit or debit card, VPAY and SEPA. This platform supports cryptocurrencies such as:
- Bitcoin (BTC).
- Ethereum (ETH)
- Bankera (BNK)
- Dash (DASH)
- Ripple (XRP).
- Stellar (XLM)
- Litecoin, (LTC).
- Zcash
- Nem (XEM).
- Tether (USDT).
- True USD (TUSDT).
- USD Coin (USDC).
- Paxos Standard (PAX)
SpectroCoin Security
When you use SpectroCoin for transactions, keer a copy of your private key. This will keep you in control of your funds. This version can be encrypted using a radzdzword that you only have access to. If the exchange goes down temporarily you can make a move and spend all your cryptocurrency. You must ensure that your password and private key are secure enough to protect your digital assets from being stolen.
SpectroCoin’s website doesn’t list any details on how users can use their seed keys or ask about their cryptocurrencies. SpectroCoin’s interface is similar to a banking service. However, if you want to prevent others from accessing your wallet via theft or loss of a device, it would be necessary to provide support.
SpectroCoin doesn’t support multi signature authentication (2FA) Adz such, it might make sense to only use it for smaller transactions. A hardware wallet is safer than storing large sums of money in cryptocurrencies.
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SpectroCoin wallet has a web interface to use with personal computers like desktops and laptops. This should not be used except in an emergency. This is because redzone machines are more susceptible to hacking and JavaScript software breaches. It is possible to use a web browser to access cryptocurrency. You should not do it on a public computer.
Supported Countries
SpectroCoin supports users in almost all countries. Its supported country page displays each country supported, along with information about which payment methods or cryptocurrencies are available for that region. Spectrocoin doesn’t support Iran, Japan, North Korea, North Korea, Japan, and any other country that is subject to United Nations sanctions.
Conclusion
SpectroCoin is a wallet that also manages digital assets. If you are willing to invest a little more in the brand, this is a great recommendation. This is a segment with an impressive number of features and services. SpectroCoin offers a comprehensive cryptocurrency solution. It also provides a number of services. The mobile wallet app is available for download from the respective app stores for iOS and Android. You can manage digital currencies from anywhere. SpectroCoin wallet will keep all of your digital assets/currencies safe.
