SpectroCoin Debit Card Review

SpectroCoin provides a valuable service to those individuals who own Bitcoin. This is more than just a debit card. It also offers exchange services, a fully-functioning Bitcoin wallet, and the ability for merchants to accept Bitcoin as a medium of exchange. The service provided by SpectroCoin is comprehensive in nature and high-quality, but these benefits are tempered by a few downsides that are significant.

About SpectroCoin - SpectroCoin.com

SpectroCoin was launched in 2013, making it one of the oldest providers of a cryptocurrency debit card. The company is based in the UK, and that is something of a plus. It has a verifiable business headquarters in London on Landsdowne Row. The first debit cards issued by the company were sent out in May of 2015. For almost three years, the company has managed to sustain itself through the ups and downs of the cryptocurrency market.

Another comforting aspect of this card provider is that it makes the identities of its founders available. Vytautas Karalevicus founded the company and brings a strong background as a financial analyst. Karalevicus is well-versed in what it takes to implement a strong platform for financial transactions. He has applied his general wisdom in the management of fiat currency to digital assets.

Justas Dobiliauskas serves as the company’s chief technology officer. His previous experience includes more than six years in the development of enterprise software. Mantas Mockevicius brings business knowledge to the company. He has earned several degrees in international business management.

A hallmark of a reputable company in the digital age is a strong social media platform. SpectroCoin has multiple social media accounts and may be found on Twitter, Facebook, Google, YouTube, and Instagram at the following addresses:

Twitter: https://twitter.com/spectrocoin
Facebook: https://www.facebook.com/spectrocoin
Google+: https://plus.google.com/115361568061523929388
Youtube: https://www.youtube.com/channel/UC5cWUFTcU7_vWwX1dX2to_Q
Instagram: https://www.instagram.com/spectrocoin

It is also possible to contact customer service by email at [email protected]. The transparency displayed by the company is comforting, especially to those who may be concerned about the integrity of cryptocurrency debit card companies.

Services offered by SpectroCoin

The goal at SpectroCoin is to make Bitcoin an accessible asset to indviduals all over the world. A foundation of the service is its own Bitcoin wallet and exchange. Users can purchase Bitcoin directly from the company at competitive exchange rates.

The debit card that is issued by SpectroCoin makes it possible to spend Bitcoin in the same way that one would spend fiat currencies. The card can be used for online transactions, and it can also be used at ATM machines to withdraw fiat. Merchants will also love that the company provides e-commerce solutions and APIs which are useful in allowing merchants to accept Bitcoin at their business. There are specific libraries for merchants, and the wallet is also useful in this regard.

SpectroCoin’s card can be shipped to any country in the world. There are no restrictions. It is even available in places that typically do not permit these cards like India and China. Those in the US are also permitted to receive the card. Shipping is free and fast, but there is a paid option for those who want to receive their card more quickly. It can cost as much as $75 to receive the card in four to five days.

The base currencies offered are the USD, EUR, and GBP. This is typical of most card issuers. Cards bear the VISA logo and can be used at any ATM in the world. There is also a virtual card option for those who mainly wish for a card that they can use to shop online. About 20 million online retailers accept cards with the VISA logo, and this card will work at all of them.

One great feature that is offered by this company is smartphone apps for the Android and iOS systems. Many other card companies do not have their own apps. The apps make it possible for users to track their balances and transactions from a mobile device. This is very handy in the digital age when mobile device are a preferred means of accessing the Internet. There is even an app for Windows phones.

Two-factor authentication is used for security purposes, and those who request the card are asked to verify their identities with multiple documents. It is possible to obtain an anonymous card, but doing so will trigger transaction limits. One concern expressed by some users is that the time needed for verification can be long. Those who order the card should be prepared to be patient as they wait for their card to be approved.

Loading a SpectroCoin Bitcoin Debit Card

Because SpectroCoin also incorporates a Bitcoin wallet into its service, there is no need to convert Bitcoin before loading it to the card. The exchange happens immediately at the current rates. This also makes it possible for freelancers and other who get paid with Bitcoin to see their earnings loaded straight to their card where the funds can be available for spending or withdrawal.

There are some fees associated with loading the card. It is free to load with a bank account. Credit card loads can result in a fee of up to 5% depending on the card issuer.

The exchange price offered by the company is determined by the current Bitcoin exchange rate on a combination of exchanges. There are 26 different currencies in which the Bitcoin price is given at SpectroCoin. Users will note the the rate falls within the real-time exchange rate for Bitcoin.

It is always better for the user to make larger loads when possible. Making larger loads will result in lower fees. Users should also be aware that the market value of Bitcoin fluctuates. This can impact the available balance on a debit card.

SpectroCoin Fees and Limits

The cost to obtain a debit card from this company is low compared to other cards. It only costs $9 USD to order a plastic card, and the virtual card can be purchased for just $0.50 USD. This is an advantage over cards which require a card be purchased with Bitcoin. It is also good that the company charges a low monthly maintenance fee of just $1. Those who have a zero balance will not be charged this fee. If the user is inactive for a period of time, no fee is charged. This makes SpectroCoin a good card to try out if the user is new to digital asset debit cards.

Those who choose to verify their identity will be rewarded with higher load and spend limits. The verified user can load up to $10,000 USD at one time. A maximum of two ATM withdrawals can be made in a single day, and the combined total of the withdrawals cannot exceed $2,000. While the amount is reasonable, some users may find only two withdrawals to be a bit restrictive.

No limits are imposed for verified users on POS transactions. This means you can use your card to shop at brick-and-mortar shops or online without encountering a limit. It is also possible for verified users to load their card at POS terminals, and they can also receive loads or transfers from PayPal. Funds received in this manner are inaccessible to unverified card holders until the account is verified. This is for card holder safety. In most cases, card companies that require verification are more reputable than other companies. 

Those who want the convenience of an anonymous card will pay for the privilege. They can only load $2,500 per day and may only withdraw a total of $400 each day at ATM machines. There is a maximum of two ATM withdrawals permitted. An overall limit of $1,000 USD may be withdrawn at an ATM for unverified users. After that, verification is the only option. With that being said, unverified users can use their card to shop as much as they want with no restrictions.

The fee for domestic ATM use is $2.50. International withdrawals cost $3.50. When payments are made in a different currency than the base currency of the card, the fee is 3%. There is also a 1.99% fee for receiving a load to the card from a POS terminal.

SpectroCoin Service and Support

The SpectroCoin website is easy to use, and it provides a fair amount of information. It should be noted, however, that the FAQ section leaves something to be desired. There is no real way to search for information. This can be frustrating.

Another issues is that the company doesn’t really provide information on how long it typically takes to verify an account. That is going to be a big problem for some individuals who want to know the status of their card order.

The good news is that the company does tend to respond to inquiries in a timely manner. They have a hotline available and the responses to email queries are typically handled in short order. The only downside to email support is that some questions require a back-and forth between the user and the company which can drag on for a long period of time.

Our View of SpectroCoin

It should be noted that searching Google for this company will return some complaints that have been made by users. There is a significant amount of negative information out there, so those who are thinking about getting this coin should be aware that they may encounter a problem.

With that being said, the service provided by this company is comprehensive. It includes many features that are not found at other companies offering a card. The company accepts US residents, and many other companies do not. The presence of mobile apps earns this company high marks, especially since they have an app for the Windows mobile platform. The pricing is fair and lower than most other providers.

SpectroCoin earns 4.25 out of 5 stars on our rating scale for cryptocurrency cards.

SpectroCoin Pros

Available in most every country
Mobile apps for all platforms
Business account is available
Owner transparency

SpectroCoin Cons

Expedited shipping is expensive
Many scam reports online
Some important information is missing from the website