The cryptocurrency has grown significantly. We have seen numerous services being launched into the ever-developing market every month. Cryptocurrency users have the option to not just buy and sell, but also to trade and spend their coins as well. Today we review of an exchange know as Spectrocoin. What is Spectrocoin Exchange?
Product: Spectrocoin Exchange
Website: www.spectrocoin.com
Owner: Founded by Vytautus Karalevicius, Justas Dobiliauskas, and Mantas Mockevicius
Price: Depends on the service (prepaid debit card, Bitcoin exchange, electronic wallet, and merchant tools.)
Who is it for Cryptocurrency traders
About Spectrocoin Exchange
Bitcoin usage has expanded greatly since its conception in 2009. There are many services that have sprung up to tap into this growing market. Users of this cryptocurrency can now buy, sell, hold and spend Bitcoin, as would be the case with fiat currencies. SpectroCoin has made a name for itself among these service providers largely due to its smart integration of the above services and more in a convenient way.
SpectroCoin is a Bitcoin company based in London that offers digital currency solutions and services. It was founded by Vytautus Karalevicius, Justas Dobiliauskas, and Mantas Mockevicius in February 2013. It is managed by Spectro Finance Ltd. SpectroCoin was developed for those who have Bitcoins and preferred the convenience of money on a debit card without dealing directly with banks. It supports Bitcoin exchange and wallets in more than 150 countries.
PRODUCTS AND SERVICES
Spectrocoin markets itself as an all in one solution for Bitcoin. It offers four main products to its clients: prepaid debit card, Bitcoin exchange, electronic wallet, and merchant tools.
1. BITCOIN WALLET
It is a convenient mobile Bitcoin wallet and is available for iOS, Windows Phone, and Android users.The wallet can be utilized for safely storing Bitcoins as well as sending and receiving Bitcoins. Users are able to pay for products or services regardless of whether the vendors accept Bitcoins.
2. DEBIT CARD
The spectrocoin debit card is a prepaid Bitcoin card that can be used just like any other debit card. It is linked to your SpectroCoin Bitcoin wallet rather than your bank account. This allows you to withdraw money at any ATM and pay for goods and services in stores that accept MasterCard or VISA payments. It is funded instantly through your online wallet on SpectroCoin. This debit card is superior to other Bitcoin debit cards due to a number of reasons:
- It is cheap – SpectroCoin Bitcoin debit cards cost only $ 0.50 for the virtual cards and $ 9.00 for the plastic cards. Card shipping is absolutely free.
- It is widely accepted – The debit cards can be used at all locations that accept MasterCard or Visa. This makes it convenient to spend Bitcoin at any store around the world.
- Instant virtual debit card – Users can acquire a virtual SpectroCoin debit card in just a few minutes following the completion of a debit card order form. This enables you to shop online in an instant.
- Up to six cards – SpectroCoin allows users to order up to six debit cards for an account. Since it supports three currencies (GBP, USD, and EUR), you are able to order two cards for each currency.
- No verification – There is no verification required before ordering or using the SpectroCoin debit card. You can choose to have your card verified in order to increase card limits among other features.
- No limits – Debit cards that have been verified have no ATM withdrawal, loading, or purchase limits. This way you can have total freedom of your funds.
- PayPal top-up – Users with PayPal accounts can transfer the funds to their PayPal Account to their virtual SpectroCoin debit cards and use them for online shopping or buying bitcoins. In addition, you can use it to verify your PayPal profile.
BEST OF 2018 CRYPTOCURRENCY EXCHANGE
3. EXCHANGE/BROKERAGE
What is Spectrocoin Exchange? SpectroCoin exchange is a platform for trading Bitcoin and the supported fiat currency. The company serves as a liquidity provider for the users. This means that you can buy and sell Bitcoins almost immediately. SpectroCoin has plans in place to introduce other fiat currencies in future. The service also offers gold as a market against the cryptocurrency.
4. MERCHANT SERVICES
SpectroCoin is among the first companies in Europe to provide fast merchant solutions in the digital asset market. This service functions as a bridge between Bitcoin users and both physical and online businesses. The firm offers an Application Program Interface (API) through which merchants can choose to accept Bitcoin via a website shopping cart or on a point of sale basis. The company has developed e-commerce plugins that can be utilized by online businesses. These plug-ins along with the API, support the main e-commerce platforms including Drupal, Opencart, WHMCS, and Magento. All settlements are made in USD, GBP or EUR automatically and the exchange takes place via Spectro brokerage. All fund transfers are completed within 24 hours. SpectroCoin also offers Bitcoin integration for brick and mortar ventures with existing Point of Sale frameworks and solutions for physician payments.
What is Spectrocoin Exchange? – Is it a scam or a legit Exchange?
The SpectroCoin Exchange Company Was Not Registered In The UK! Despite what kind of trading stage anyone uses, the splendid control is to reliably choose one that offers exhibited heading. This shields you from leave traps/distortion – and infers that hoodlums can be summoned/sued.
Verdict
To begin with, all a potential user has to do is conduct a quick Google search on SpectroCoin and the majority of the returned search results will be negative. This alone is a major warning sign that something is amiss and not all may be as it appears on SpectroCoin.com and their associated sites. Additionally, there are many allegations pointed towards the main founder Vytautus Karalevicus, of being a known fraudster.
In other words, Spectrocoin faked a transfer to BTC address of my broker, did not inform me of that and kept getting funds in normal mode.
My account balance was funded with 24 BTC more before I discovered this fake transaction. Of course, I decided to withdraw this money, but once I tried it, withdraw page got locked and I got a message that claimed that I need to get my account verified.
Since Spectrocoin still has my 88 BTC, which is a large amount, and this situation really started get fishy, I decided to capture video of my account with this fake transaction, just in case, you know. And my intuition did not deceive me: 2 hours later I tried to log into my account, and I failed to do this. All I got was this message: “User account is locked. Please contact administration.”
There are many other complaints laid against SpectroCoin.com, these range from faking BTC transfers, to depositing funds which reflect on the blockchain but do not reflect in SpectroCoin and many others. There is a lot more information we could add to this SpectroCoin review, such as the fact that simply Googling the words ‘’Vytautus Karalevicus scam’’ additionally leads to further allegations of his new ICO Bankera, found at Bankera.com being a fraud as well.
Conclusion
What is Spectrocoin Exchange? It’s good to note that the main allegations stemming from actual SpectroCoin users are in the form of account blocking which then leads to user’s funds disappearing. Although Vytautus Karalevicus appears to troll certain sites trying to defend against such allegations, his excuses are unacceptable, to say the least. Majority of the time I found trying to turn the accuser into the accused by claiming they were violating the policies of spectrocoin, therefore had their account blocked while under investigation. In this case, we would advise you, should you for some reason still consider using this exchange, that you read the terms & conditions carefully and brush up your general knowledge of Lithuanian law while you’re at it.
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I wish you the best!
Ephraim,
Crypto trader and blogger on:
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