This SpectroCoin review will dive into the features of SpectroCoin that make it stand apart – ability to hold multiple currencies, and use them to buy Bitcoin, and also its Bitcoin Debit Card which is as versatile as it gets when you want to use your Bitcoin to shop everyday. As Bitcoin expands in scope and use, there are many services that allow you to buy Bitcoin, sell Bitcoin, hold Bitcoin, and spend Bitcoin – essentially all the functions that you’d normally do with your own money. However, what makes SpectroCoin stand out is that it is able to do all these functions and more in the simplest way possible.
As a reminder, we do not recommend holding significant amounts of Bitcoin in any online wallet or service, even SpectroCoin. If you’re holding for the long-term, you should buy Bitcoin, and transfer it to a wallet whose private keys you control. If you hold significant amounts of Bitcoin, we strongly recommend getting Bitcoin hardware wallets.
Now let’s dive into the SpectroCoin review.
Note: This is a sponsored review by SpectroCoin.
Multiple Currencies to Buy and Sell Bitcoin
SpectroCoin allows you to hold multiple currencies. This is a feature severely lacking in many other Bitcoin services. Even the most popular of all, Coinbase, won’t allow you to hold multiple currencies. At SpectroCoin, you can hold US Dollars, British Pounds, and Euro. This is important to me, as it reflects the global nature of Bitcoin. It is also common in Europe to have multiple currencies (GBP and Euro, for example) and bank accounts with multiple currencies.
Once you fund your account with USD, GBP, or Euro, you can buy Bitcoin or sell Bitcoin directly from the interface. The price is competitive and updated real-time. You will know the price when you’re buying or selling.
Selling Bitcoin is very similar as well. If you’re depositing government currencies (USD, GBP, Euro), you need to fill in the profile with your personal details. This is actually a very good feature – you can register for SpectroCoin without providing identifying information. You only need to give this information when doing specific tasks like buy Bitcoin from the interface. This is a good privacy feature.
To transfer government money into your account, you can use a debit card, a credit card, or use a bank wire. SpectroCoin is one of the few ways you can use a credit card to buy Bitcoin.
SpectroCoin supports more countries than most other services out there. Remember though that the currency options are still limited to USD, GBP, and Euro. However, someone from Algeria or Qatar can still buy Bitcoin from SpectroCoin. You can see the list of all supported countries here. Again, if you’re in the US or Europe, you can probably use Coinbase, but outside of that, such services are limited. SpectroCoin is as good an option for US and Europe as it is for the rest of the world.
However, do remember that SpectroCoin will comply with EU regulations irrespective of where you’re physically located. This means you may be asked for state-issued identity, like a passport, to use some of the services like buying or selling Bitcoin, or transferring funds.
Bitcoin Debit Card to Spend Bitcoin
This part of the SpectroCoin review is for its debit card service. It is one of the few issuers of global Bitcoin debit cards. You can use the SpectroCoin debit card to shop regularly, or to withdraw cash at ATMs. If you hold Bitcoin in your SpectroCoin account, then they will automatically sell Bitcoin when you make a purchase with your SpectroCoin debit card.
If you want to use the Bitcoin debit card, you should know about the fees. They charge $1 a month as service fees, and $9 shipping fees. There are other fees like conversion and forex fees. You can see the full set of fees here. A Bitcoin debit card is a great way to spend Bitcoin. You can also use the debit card to get cash out of ATMs globally, although I find the fees to be high.