SpectroCoin is this a scam? Review and Customers Reviews

SpectroCoin combines four directions: exchanger, crypto exchangeblockchain storage (wallets) and prepaid virtual cards. The service is focused not only on individuals, but also on the business segment.

The service is convenient and functional, but for some reason there is no information about licenses. Is it possible that SpectroCoin is a scam or is it a serious product? Let’s make our own conclusions.

 

Why SpectroCoin

SpectroCoin is convenient because of its functionality. The platform allows not only to exchange cryptocurrency and fiat (by the way, the choice is pretty good: 9 types of virtual currency and more than 20 nominal), but also store it on special cards, wallets and even trade, if you feel confident in your abilities.

The deposit and withdrawal fees at the exchanger are high, but there are no additional fees for the transactions themselves: everything you need is included in the transaction amount. Small deposits add to the advantage: it is allowed to deposit from 1 euro (and the equivalent of this amount in other currencies). The offer for business implies integration of cryptocurrency in all financial areas and settlements with the help of company’s API and e-commerce plugins. Cryptocurrencies are registered free of charge in this case.

SpectroCoin offers bonuses for new clients and regular partners. A lot of training materials and guides. Support is available 24/7 by phone (UK number), email (via feedback form or mailer), online chat or social media.

 

How to buy cryptocurrency on spectrocoin.com platform

To buy/sell cryptocurrency and fiat currency on SpectroCoin, you first need to register at spectrocoin.com. Authorization is available via Facebook and Google+ accounts (you will need to give a number of permissions) or using a standard form with an email, country of residence and password. In addition, you confirm that you are not a robot and accept the terms of the resource’s policies.

An email from SpectroCoin with a link to confirm registration will be sent to the specified email address. Now you only need to enter your personal cabinet, where in the “Exchange” section you will find a special form. Specify the payment account, the currency of deposit and receipt, as well as the amount of c.u. we want to exchange, and then click “Convert”. To deposit you create a wallet in your account (tab with the same name), which is replenished in the “Deposit” section. Deposit vouchers from SpectroCoin are available.

 

Verification on the SpectroCoin platform

As already mentioned, profile verification is not required at the registration stage. It will be required if you send a request for withdrawal of earnings. In addition, the terms of the user agreement stipulate that the provider has the right to ask you for proof of identity at any time. As part of the verification you provide:

• Filled in the online application form (the form is given in the profile) and your photo (uploaded through a special form).
• Confirm the phone number (code from SMS).
• Information about residence address and its confirmation (scan of payment document for electricity, gas, water, internet, etc., where you can clearly see the index, city, street, house and apartment numbers).

Depending on the circumstances, the company may need other information, and if you refuse, your account will simply be canceled.

 

Terms of buying cryptocurrency

The service can be used by legally capable adults who are not residents of the United States, Pakistan and several other countries (the exact list of allowed territories is presented in the relevant section of the site spectrocoin.com).

Nine types of cryptocurrency are available: Bitcoin, Dash, Ethereum, XEM, Banker, Tether, True USD, USD Coin, Paxos Standard (for some reason the usual Litecoin and Bitcoin Cash are missing) and over 20 types of fiat, including Russian/Belarusian ruble, Euro, American/Canadian/Australian/Hong Kong dollar, British pound, Norwegian/ Swedish/Danish/Czech crown and Japanese yen. Local bank transfers, SEPA, SOFORT, iDEAL, VISA/MasterCard/Maestro cards are used for deposits, Payment Systems Giropay, Skrill, Neteller, Perfect Money, Payeer and SpectroCoin vouchers (coupons).

Half of them are not available for withdrawal, but mobile payments and Amazon vouchers are supported. In addition, you can register a virtual card and instantly with zero fees transfer assets to it. However, you will be charged 7 euros for opening a virtual card and a maintenance fee of 1.15 euros. But the commission for cashing out more modest than in international payment systems: from 0.5% to 1.5% of the amount plus a fixed fee of 1 euro.

 

Deposit and withdrawal limits

SpectroCoin has set its own limits for deposits and withdrawals for residents of each country in the allowed list. For the Russian Federation they are as follows:

• Deposits: 500 – 5000 EUR, depending on the method.
• Payments: 4,000 – 5,000 EUR/day, 10,000 EUR/week, 120,000 EUR/month

For a complete list, see “Fees and Limits” on spectrocoin.com.

Commission

Commission on transactions, as already mentioned, is included in the rate – additional charges on applications are not charged. But from you will deduct percent for deposit and a conclusion – most often it 3.5%-5.5% from the sum, however there are exceptions. For example, Payeer takes for their services to 20%, and in the virtual card at all no fees for transactions on the account, but it is deposited and withdrawn with a fixed fee.

 

SpectroCoin bonuses

SpectroCoin pays monetary rewards to users who find, fix and submit bugs (errors) to the technical service. The description should include the URL, vulnerable parameters, browser type, device and operating system, as well as (optionally) an offer of a solution. The vulnerability must not be disclosed. The program is called Bug-Bounty. Depending on the type of bug, it pays from $100 to $10,000.

Referral program

The SpectroCoin referral program offers a very modest commission for the exchange clients who clicked on your unique link: from 10% from each of their transactions. The link is generated in your personal cabinet and placed on any legitimate resource such as your personal website, blog, social network page, messenger, etc. Transfers and deductions are recorded in the statistics of the account, payment is made daily (there is no minimum limit for withdrawal in this case).

 

Complaints about SpectroCoin

The official international forums have many complaints about fraud on the part of SpectroCoin. According to users, they had problems with verification at the withdrawal stage: they had to send documents several times. As a result, the funds were never credited, and technical support stopped responding.

Note that this trend has been observed only recently, before reviews of the service were much better. The authors of the comments noted the simplicity and convenience of the exchanger, high-quality graphics, as well as responsiveness of the support team.

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Regulation Spectro Finance Ltd

The regulation of crypto-exchanges and virtual currency exchanges is a complex issue, as there are very few jurisdictions with clear legislation in place. Still, individual service providers get licenses and register with the relevant authorities in order to have users’ trust. Let’s see if SpectroCoin belongs to this category.

SpectroCoin Regulator

We did not find any information about Spectro Finance Limited (the owner of the exchanger), as well as about the holding UAB Spectro Finance, of which it is a part. On the website of the organization spectrocoin.com There is also no information about registration and possible license. It turns out that the provider is offshore and all legal issues with it are resolved within the framework of the user agreement and other policies.

Read the SpectroCoin User Agreement at spectrocoin.com

SpectroCoin User Agreement

SpectroCoin’s Terms and Conditions are written in English, so not all of its terms may seem clear to residents of other countries due to ambiguous translations. In this review, we’ll go over a few provisions of the policy so that you can get an idea of it. The operator has the right to change the terms of the agreement and tariffs unilaterally at its own discretion (clause 4.5). There is no deadline for advance notice (clause 4.6), but such changes will take effect immediately after publication (clause 4.7). It is your responsibility to check that the document is up to date.

The company may restrict or completely deny you access to a resource at any time and without giving a reason (clause 4.9).

Periodically, the operator carries out maintenance work. During this time the work of the site spectrocoin.com is suspended. The losses incurred by the client in this case will not be reimbursed by the service provider (clause 9.2). This condition is convenient because it allows for any, even fraudulent actions, to refer to the error.

All legal issues and disputes with the company are resolved in accordance with the laws of the Republic of Lithuania (clause 16.1), in Vilnius courts (clause 16.2), unless previously settled by negotiations (ie, immediately send a claim to court, you must first contact SpectroCoin).

 

Is SpectroCoin a scam?

SpectroCoin – is an ambiguous service. Rich and interesting functionality (exchange, exchange, cryptocurrency wallets, virtual cards), small minimums for deposits, good choice of cryptocurrencies and fiat currency, fast operations. On the other hand, there is a lack of licensing and registration documents, complaints about fraud and oppressive terms of the user agreement. As a result, a seemingly respectable provider starts raising a lot of questions.

We cannot be sure for sure that SpectroCoin is a scam, but we still have doubts about the honesty of the service provider. We recommend to start acquaintance with it (if you do decide to try it) with small amounts over a long period of time to reduce the risks and assess the attitude to the client in the long run.

 

Conclusion

SpectroCoin has many advantages:

• Availability of a virtual card for the withdrawal of earnings from the exchanger without commission and subsequent low-interest withdrawal.
• 9 types of virtual currencies and 20+ fiat, as well as all common deposit and withdrawal methods, including mobile payment.
• Low entry threshold.
• Interesting and convenient service.
• Quick registration (verification will be required at a later stage).

And yet, the customers’ opinion of the exchanger is not the best lately. Lack of license and terms of policies (let’s remind, by the way, that none of them is translated from English, which, perhaps, is arranged so that the client does not read the document before accepting its provisions) allow the company not to take responsibility for anything. In general, an interesting-looking platform turns out to be questionable.