SpectroCoin wallet review

SpectroCoin
Developed Ease of use,  Low Privacy,  Wallet platform Private Keys Stored

Developed by Spectro Finance Ltd, SpectroCoin Wallet is part of a platform that incorporates payment processing services and a Bitcoin exchange. SpectroCoin offers the option of issuing prepaid Bitcoin debit cards, denominated only in USD, EUR and GBP. These cards can be used at a vast ATM network around the world.

SpectroCoin Wallet offers similar functionalities with the other debit card paired wallets, but it's distinctive through the API and other integration tools provided not only for the wallet, but also for the exchange, debit card and merchant payment processors (compatible with popular Ecommerce platforms such as OpenCart, PrestaShop, Magento, Drupal and WordPress).

Company / organization behind the wallets

Spectro Finance Ltd is an UK based company that provides four core BTC related products: exchange, wallet, prepaid card and payment processing. In 2017 it has been in the news with the Roadmap presented for a new product (Bankera - a digital bank), but also for the impressive number of complaints towards the legitimacy of the SpectroCoin Wallet and the business itself.

Crypto Currencies Support

Traditional Currency Support

  • Australian Dollar (AUD)
  • Brazilian Real (BRL)
  • Pound sterling (GBP)
  • Canadian Dollar (CAD)
  • Chinese Yuan (CNY)
  • Danish Krone (DKK)
  • Euros (EUR)
  • Georgian Lari (GEL)
  • Japanese Yen (JPY)
  • Norwegian Krone (NOK)
  • Polish Zloty (PLN)
  • Russian Ruble (RUB)
  • South African Rand (ZAR)
  • Swedish Krona (SEK)
  • Swiss Franc (CHF)
  • Turkish Lira (TRY)
  • Ukrainian Hryvnia (UAH)
  • US Dollar (USD)

Language Support

  • English
  • Lithuanian
  • Russian

Supported Systems

  • Android
  • iOS
  • Windows Phone
  • Web (Online)

Partners and integrated software

  • ShapeShift

For its mobile version, SpectroCoin Wallet allows 2FA, while the option of setting up a security question/answer for further protection is available for both mobile and web. However. Users have limited control over their assets with this software. SpectroCoin holds the users private keys and offers little to no information about the storage methods they use.

Summary:

Security
Low
2 Factor Authentication
Yes
Multi-Signature
No
Private Keys Stored On
Wallet platform
Storage Type
Hot storage
Transactions Validation
Centralized validation
Hierarchical Deterministic
Yes

What happens in the event of a disaster/theft/loss?

All funds in the wallet are lost.

SpectroCoin Wallet allows users to easily buy, sell, send, receive and exchange Bitcoin through its simple interface. It also allows a some more developed functionality that for merchant and advanced users.

Summary:

SpectroCoin Wallet platform has all the makings of a comprehensive service endeavoring to make Bitcoin usage and spending as simple as possible for the everyday user. The lack of transparency regarding the storage of private keys as well as the notable amount of scam complaints have severely tarnished its reputation.

Ease of use
Developed
Suitable For
Techy’s
Account activation process
Involved
Transaction fees
Dynamic Transaction fees
Setup fee
$0.00

Functionality:

  • Buy coins using bank account
  • Exchange coins crypto to crypto
  • Withdrawal funds to bank account
  • Issue a debit card
  • Withdraw funds to Skrill, OkPay, Perfect Money, Payeer

SpectroCoin Wallet offers similar functionalities with the other debit card paired wallets, but it's distinctive through the API and other integration tools provided not only for the wallet, but also for the exchange, debit card and merchant payment processors (compatible with popular Ecommerce platforms such as OpenCart, PrestaShop, Magento, Drupal and WordPress).

The wallet platform has developed a partnership with a 3rd party and integrated the 3rd party services into their software

Help and
support:

  • FAQ section
  • Contact form
  • Email
  • Phone
  • Live chat
  • Facebook
  • Twitter
  • Google+
  • Youtube
  • LinkedIn
  • Instagram
  • VK

Personal information for activation account:

  • Name
  • Email Address
  • Phone Number
  • Passport/ID
  • Proof of address

Most common
customer complaint:

Hidden fees, Access to funds blocked permanently, Transactions made without user permission, Slow 2FA service (sometimes it takes more than 30 minutes to receive the 2FA code via email or SMS)