SpectroCoin Review (Jul 2022): Why We Don’t Like It

June 12, 2022
Reviews

SpectroCoin is a cryptocurrency exchange currently based in Lithuania, and it was originally founded in 2013, which makes it one of the oldest exchanges currently around today. It has pretty interesting features, such as its own crypto wallet and debit card, but considering its lack of regulation in Canada, as well as its extremely high fees when depositing and withdrawing funds, I cannot recommend this platform as a top crypto exchange option for Canadians to use.

Instead, I recommend CoinSmart, Bitbuy or Newton, since they all offer more features and charge lower fees than SpectroCoin. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms.

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What Is SpectroCoin?

SpectroCoin is a cryptocurrency exchange currently headquartered in Lithuania. It was founded in 2013, making it one of the older crypto exchanges still around in the crypto market today, and it was created with the goal of providing an entire suite of crypto-related services in mind.

Originally, you could only buy and sell Bitcoin (BTC) on the exchange, but it has since evolved to support 49 different crypto tokens, including Ethereum (ETH), Dogecoin (DOGE), and more. The exchange also has plenty of features that most users will find useful, such as its own cryptocurrency wallet, its own crypto debit card, and its paid membership program known as SpectroCoin Pro.

To start off this SpectroCoin review, let’s take a deeper look at SpectroCoin’s pros, cons and features.

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    I bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
  • Unbiased
    All of my selections are supported by multiple data points, including crypto thought leaders, security experts, and TrustPilot reviews.
  • Deep Research
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SpectroCoin Pros & Cons

SpectroCoin Pros

  • Simple and intuitive user interface.
  • A good selection of supported cryptocurrencies (49).
  • Excellent customer support.
  • Has its own crypto wallet.
  • Has its own crypto debit card.
  • Supports crypto loans.
  • Has a Bug Bounty program that will reward users for spotting errors and security vulnerabilities.

SpectroCoin Cons

  • Very high deposit fees.
  • Very high withdrawal fees.
  • Has a lower trading volume.
  • Has lower liquidity than other exchanges.
  • Lacks a lot of regulation in Canada.

SpectroCoin Features

1. SpectroCoin Desktop Platform

SpectroCoin’s Instant Buying and Selling platform is perfect for beginners to get their feet wet with cryptocurrency. It will allow you to buy and sell the exchange’s supported tokens, as well as swap your crypto holdings for fiat currencies in as little as a few clicks and through a huge array of supported payment methods, such as Skrill, Neteller, IBAN, and even Amazon Gift Cards. The trading experience becomes even more streamlined if you’re using the crypto wallet the exchange provides, as it will allow you to effortlessly store every cryptocurrency that you buy.

SpectroCoin also has its own advanced trading platform, known as SpectroCoin Pro. With this platform, you’ll be granted access to advanced charting and you’ll be able to trade between the exchange’s supported cryptocurrency pairs for lower fees than usual (-0.05% and 0.1% for maker and taker fees respectively).

However, it’s quite limited for an advanced trading platform, as you can only place market orders, limit orders, stop-loss-limit orders and take-profit-limit orders, meaning that experienced crypto investors might want to look elsewhere in case they want to conduct more sophisticated trading.

2. SpectroCoin Mobile App

SpectroCoin also has its own mobile app, which has a slick and user-friendly design that is just as intuitive to use as the desktop platform is. You’ll also have access to the advanced trading charts that SpectroCoin Pro offers, and you’ll be able to make all the order types that you can do on the desktop platform, which, as we discussed previously, are unfortunately not many.

As for the app’s ratings, you’ll see that the SpectroCoin app has 3.7 out of 5 stars based on 3,170 reviews on the Google Play Store, and 2.9 out of 5 stars based on 13 reviews on the Apple Store, indicating mixed customer satisfaction. Common critiques of the app include not being able to verify your account despite providing all of the relevant documents and being redirected to the homepage when tapping the login button, which is shocking to hear.

3. SpectroCoin Security Features

SpectroCoin doesn’t have a lot going for it in terms of security features. One thing it does have is the industry-standard 2-factor authentication (2FA), which can be set up by the user if they desire to add an extra layer of protection to their account. However, the fact that the user can enable or disable this measure at will somewhat mitigates its effectiveness. Additionally, the exchange also keeps about 99% of their assets in cold storage, away from the reach of any hackers that could attempt stealing them.

However, it’s worth keeping in mind that it lacks a lot of regulation in Canada, considering it’s not a registered Money Services Business (MSB) with the Financial Transactions and Reports Centre of Canada (FINTRAC). Additionally, it’s not a registered firm in the Ontario Securities Commission (OSC), both of which are key organizations that protect long-term investors and prevent suspicious activity within the crypto community.

SpectroCoin might implement a few industry-standard security measures, but considering it’s lack of regulation in Canada and its lack of insurance, it’s hard to feel completely safe using the platform.

4. SpectroCoin Customer Support

One aspect where SpectroCoin shines is in its customer support, as you’ll have an extensive Help Center at your disposal, with tons of different categories of inquiries that will surely answer most (if not all) questions that you could have when using the platform. However, if you had a more complex inquiry to take care of, then you could also contact them through a variety of different channels, such as live chat, email, and phone.

  • Phone: +372 683 8000 (24 hours)
  • Email: helpdesk@spectrocoin.com (24 hours)
  • Live chat: Available

SpectroCoin also has a noticeable social media presence, and you’ll be able to reach them through platforms like Facebook, LinkedIn, Twitter, Instagram, and YouTube. However, considering these platforms weren’t created with customer support in mind, expect the help you’ll receive from these channels to be very basic.

5. SpectroCoin Debit Card

One unique feature that SpectroCoin has is its SpectroCoin Rewards Debit Card. With it, you’ll be able to convert cryptocurrencies like Bitcoin (BTC) and Ether (ETH) to load the card instantly, use it in 40+ million physical shops worldwide, and withdraw cash at more than 30+ million different ATMs around the world.

Crypto debit cards have become more popular as of late, but they are still few and far between. With this mind, it’s pretty neat that SpectroCoin offers such a versatile crypto debit card.

Cryptocurrencies On SpectroCoin

Currently, SpectroCoin supports around 49 different crypto tokens, which is a healthy amount of coins to have at your disposal. Some of the most popular cryptocurrencies that the exchange supports include Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Tether (USDT), Wrapped Bitcoin (WBTC), Chainlink (LINK), XRP (XRP), Stellar Lumens (XLM), and Shiba Inu (SHIB).

SpectroCoin Fees

Deposit & Withdrawal Fees

Here are SpectroCoin’s deposit fees:

Deposit MethodDeposit Fee
Skrill5.50%
Neteller5.50%
Payeer2.00%
Perfect Money2.00%
Advcash2.00%
Bank TransferFree
Local Bank Transfer0.10%
International Bank Wire0.10%
Pacific Private BankFree
GK BankFree
Visa2.99%
MasterCard2.99%
Maestro2.99%

Here are SpectroCoin’s withdrawal fees:

Withdrawal MethodWithdrawal Fee
Skrill2.00%
Payeer2.00%
Perfect Money2.00%
Advcash2.00%
Bank TransferFree
Local Bank Transfer0.10%
International Bank Wire0.10%
Pacific Private Bank0.2%
GK BankFree
Amazon Gift Card2.00%
Mobile Top-Ups15.00%

As you can see, some of these fees can be pretty low or even non-existent, but most of these deposit and withdrawal fees are enormous, and they will most certainly eat your investment returns like if it were lunch.

3 Exchanges I Recommend Over SpectroCoin

SpectroCoin isn’t a bad exchange, but it’s also not the best in Canada: considering its lack of regulation in Canada, as well as its extremely high fees when depositing and withdrawing funds, I cannot recommend this platform as a top crypto exchange option for Canadians to use.

That’s why I recommend any of these three exchanges over SpectroCoin:

  1. Bitbuy: With trading fees as low as 0.1%, tight spreads, and a well-rated mobile app, Bitbuy is my go-to exchange for making large purchases due to its extremely low fees. Get your $50 signup bonus with Bitbuy here.
  2. CoinSmart: With trading fees of just 0.2%, quick deposits and withdrawals, and best-in-class customer support, there’s no questioning why CoinSmart is one of the most popular exchanges in Canada. Get your $50 signup bonus with CoinSmart here.
  3. VirgoCX: With support for more than 50 cryptocurrencies, instant account verification, and a beautiful website and app, I recently signed up with VirgoCX and have been pleasantly surprised every step of the way. Get your $$30 signup bonus with VirgoCX here.

Here’s a quick summary of these three exchanges:

Best Overall

Trading fees: 0.1% – 0.2%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.9/5

Low Fees

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 bonus ending soon.

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5

How To Withdraw From SpectroCoin

To withdraw fiat (cash) from SpectroCoin, follow these steps:

  • Log in to your SpectroCoin account.
  • Click “Wallets” on the left-hand side of the screen view.
  • Choose the fiat currency you would like to withdraw.
  • Click “Withdraw”.
  • Enter the amount.
  • Click “Withdraw” again.

To withdraw crypto from SpectroCoin, follow these steps:

  • Log in to your SpectroCoin account.
  • Click “Wallets” on the left-hand side of the screen view.
  • Choose the cryptocurrency you would like to withdraw.
  • If you wish to withdraw to an external wallet, press “Address”. Enter the withdrawal amount and the address to which you want to send your cryptocurrency. Click “Withdraw” again.
  • If you are withdrawing to your SpectroCoin wallet, press “My SpectroCoin wallet”, enter the amount of cryptocurrency you want to withdraw and click “Withdraw”.

In Summary

SpectroCoin is a cryptocurrency exchange currently based in Lithuania, and it was originally founded in 2013, which makes it one of the oldest exchanges currently around today. It has pretty interesting features, such as its own crypto wallet and debit card, but considering its lack of regulation in Canada, as well as its extremely high fees when depositing and withdrawing funds, I cannot recommend this platform as a top crypto exchange option for Canadians to use.Instead, I recommend CoinSmart, Bitbuy or Newton, since they all offer more features and charge lower fees than SpectroCoin. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms.

CLAIM MY $50 BONUS
Trusted by 400,000+ Canadians.

SpectroCoin FAQs

Is SpectroCoin Safe & Secure?

Yes, trading with SpectroCoin is safe and secure. They have industry-standard security measures in place, such as 2-factor authentication (2FA) and a 99% cold storage policy.

Is SpectroCoin Legit?

Yes, SpectroCoin is legit for several reasons: for instance, it has nearly a decade in operation, and it is used by over 1,000,000 people worldwide.

Is SpectroCoin Legal In Canada?

Yes, SpectroCoin operates legally in Canada. However, keep in mind that the exchange is not a registered MSB with FINTRAC, nor is it a registered firm with the OSC.

Is SpectroCoin Trustworthy?

Yes, SpectroCoin is a trustworthy exchange for several reasons: it is used by over 1,000,000 people worldwide, and it has a 99% cold storage policy.

Does SpectroCoin Verify Accounts Instantly?

Yes, SpectroCoin does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

Is SpectroCoin Good For Canadians?

SpectroCoin is a decent exchange for Canadians, though if you’re looking for the best overall trading experience, I recommend using CoinSmart, Bitbuy or Newton instead. Each of them offers quite a bit more than SpectroCoin, and I’m confident you’ll have a better experience with them.

How Well Is SpectroCoin Reviewed On Reddit?

Reddit’s review of SpectroCoin is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt.

Can I Buy Dogecoin With SpectroCoin?

Yes, you can buy Dogecoin with SpectroCoin. If you want to buy Dogecoin with lower fees, though, I suggest using CoinSmart, Bitbuy or Newton instead.

Is SpectroCoin Insured?

No, SpectroCoin’s crypto holdings are not insured.

SpectroCoin Referral Code

You don’t need a referral code to get your signup bonus with SpectroCoin. Simply sign up using our signup bonus link and then deposit $100 or more into your account.

Does SpectroCoin report to the CRA?

No. Considering SpectroCoin is not a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), you’ll have to report any crypto income you make to the Canada Revenue Agency (CRA) yourself.

The Best Crypto Exchanges In Canada

Best Overall

Trading fees: 0.1%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.9/5

$50 Signup Bonus

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

Trusted by 200,000+ Canadians.

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5