Be very careful of SpectroCoin Exchange. We have received numerous complaints from customers about this exchange’s unethical business practices. Therefore, we have compiled an extensive SpectroCoin.com review whose ultimate aim is to inform the public of the many complaints and violations experienced by past and current SpectroCoin users.
SpectroCoin is an online cryptocurrency exchange, e-wallet, and debit card provider located at spectrocoin.com. Vytautas Karalevicius, Mantas Mockevicius, and Justas Dobiliauskas founded the Bitcoin-based service in February 2013 under their company Spectro Finance LTD. Before we start detailing the bad side of this exchange, let us first take a general look at what they offer their customers. SpectroCoin currently offers four products to its customers. Below you will find a brief overview of the products offered.
Bitcoin Wallet
Users can obtain a free mobile Bitcoin wallet with which they can trade on the go by buying and selling bitcoins. The SpectroCoin mobile wallet app can be downloaded on Windows, Android, or iOS. Users also have the option to send and receive bitcoins anywhere in the world. SpectroCoin claims their wallet is secured through various authentication methods, so only you can access it. Additionally, they claim that 99% of the digital currency is stored in protected offline storage in order to secure funds.
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Debit Card
The SpectroCoin debit card is linked to your Bitcoin wallet and can be utilized much like any other debit card. The card is apparently accepted in most shops worldwide, and users can also withdraw cash at any ATM on a global scale. Cardholders need not worry about exchanging their bitcoins in advance before using the card, as it is funded instantly from your SpectroCoin wallet. The cards are available in dollar, euro, and pound denominations. You can also choose a virtual or physical plastic debit card. The cost of the virtual card is $0.50/€0.50/£0.50, while the plastic card costs $9.00/€8.00/£6.00. Delivery time is estimated at 3 weeks, and normal shipping is free. There is a monthly card service fee of $1.00/€1.00/£1.00. Furthermore, as the card is offered in three different fiat currencies (USD, EUR, GBP), users may order up to six debit cards – two cards per currency with no verification process necessary.
Exchange
The exchange offers a platform in which to trade cryptocurrencies and the currently supported fiat currencies. SpectroCoin serves as the liquidity provider for its users, which translates, to customers being able to buy/sell bitcoins almost immediately. Although the exchange advocates matching orders internally, they claim that in instances where liquidity is lacking, they can access other exchange pools in order to offer better pricing. SpectroCoin’s digital currency offering is relatively small compared to other major exchanges. As it stands, they only offer three cryptocurrencies, which are Bitcoin, Dash and Ether. There are over 20 supported fiat currencies like USD, GBP, EUR, AUD, JPY, CHF, CAD, RUB & ZAR to name a few. The London-based exchange also offers Gold as a market against digital currencies. They have over 20 payment options with which to buy bitcoins, for example, local bank transfers, international wires, debit or credit cards, e-wallets, and payment providers like Skrill, Neteller, OKPay, and Payeer. Withdrawals are limited, with only 10 options available.
Merchants
SpectroCoin offers both physical and online businesses the opportunity to accept bitcoins as a payment method from consumers. This is done through an API (Application Program Interface) and internally developed e-commerce plugins. Both the plugins and the API support main e-commerce platforms like Drupal, Opencart, and Magento. The exchange occurs via the SpectroCoin brokerage, and all settlements are automatically concluded in either USD, EUR, or GBP.
SpectroCoin.com Scam Warning!
You may think that everything you’ve read in our SpectroCoin review sounds like a wonderful all-in-one solution for Bitcoin users. However, there is a dark side to this service. We spent many hours conducting investigative research, which includes but is not limited to liaising with readers who have contacted us with serious scam allegations, as well as deeply scouring the web and reading through all the available information pertaining to SpectroCoin and its mother company Spectro Finance LTD. What we uncovered is certainly cause for alarm and is what inspired us to publish this SpectroCoin review as a warning.
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 site SpectroCard.com. Additionally, many allegations pointed towards the main founder Vytautus Karalevicus, being a known fraudster. However, we noted that the main allegations stemming from actual SpectroCoin users are in the form of account blocking, leading to user’s funds disappearing. Although Vytautas Karalevicus appears to troll certain sites trying to defend against such allegations, his excuses are unacceptable, to say the least. Most of the time, he can be found trying to turn the accuser into the accused by claiming they were violating the policies of spectrocoin.com and, therefore, had their account blocked while under investigation.
This, however, still does not explain nor justify SpectroCoin’s misappropriation of customer funds, including denying the existence of such funds or refusing to return said funds. In such an instance where a user did violate any terms or policies found at spectrocoin.com, the correct way for any legitimate business would be to first issue a warning to said user. Should the user ignore the warning and continue in their behavior, the ethical way to proceed should be to close the user’s account and return any remaining outstanding funds to the user.
Unfortunately, this is not how SpectroCoin operates. Instead, they choose to block the user from accessing their account for the above-mentioned reasons. When the now panicked customer tries to contact their customer support, they either are told that there are no such funds in their account or simply flat out refuse to return any funds. In our opinion, this translates to outright theft. Of which there is no excuse. There are many trusted cryptocurrency organizations and Bitcoin forums one can visit in order to verify these claims against this exchange. SpectroCoin’s reputation is sinking rapidly.
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We also noted that this selective account blocking as a means to steal customers’ money generally happens to those with a slightly larger account balance. Hopefully, this kind of thing can serve as a lesson to all investors not to leave any assets within a website. In the world of cryptocurrencies, the rule of thumb is that if you do not hold the keys to your bitcoins, you do not own the bitcoins, period! We all need to utilize an exchange at some point in our lives. However, do not let your chosen exchange hold your funds. Once you have completed your transaction, immediately move your bitcoins off the exchange and into your wallet or address that only you control.
Many other complaints are laid against SpectroCoin.com, ranging from faking BTC transfers to depositing funds that 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. However, you would end up reading this review for hours on end as there is enough information on that topic for another review altogether.
Review Verdict: SpectroCoin is a Scam!
Blacklisted Sites: SpectroCoin.com, SpectroCard.com & Bankera.com
In all fairness, we did note during our investigation that there was a minority who stated they used SpectroCoin and had no issues. However, the majority led with complaints against the service. It might also be of interest to you that although they claim to be based and registered in the UK, we contacted the FCA (Financial Conduct Authority) and received an official reply stating that the company, which runs SpectroCoin, Spectro Finance LTD, was in fact not registered in the UK. In all probability, as they do list a Lithuanian contact address on their website, they are registered there and allegedly comply with the Lithuanian law. In this case, we would advise you, should you still consider using this exchange for some reason, to read the terms & conditions carefully and brush up your general knowledge of Lithuanian law while you’re at it.
Complaints We Received
On November 24, 2023, we received the following complaint from a person who reported being scammed for $75,000:
I have received 196,734.200000 ADA in my SpectroCoin.com wallet. However, when I attempted to withdraw my funds to my Binance wallet, operations@spectrocoin.com disabled my account, and I lost access to my money.
Note that we’re unsure if this person was really scammed for $75,000 since 196,734.2 ADA (Cardano) equals only $0.39 as of November 25, 2023.
On January 22, 2024, we received the following complaint from a person who reported being scammed for $800:
SpectroCoin Exchange has committed fraud against me. They blocked my account, and after I fought many times, they unblocked it. However, now they refuse to verify me.
Feel free to share your feedback and comments below regarding SpectroCoin.com or any other related service.
SPECTROCOIN = fraud !!! 100% fraud ! i have bad experience please don’t try this ! my money is still blocked after verification! you have more services like this ! :((
Happened to me the same thing ,
I have more then 6 bitcoins with them and now they said verification failed and did send all necessary documents now they don’t answer anymore . Can we somehow take this people to court !?
They still block my account cointaining 100 btc since 2015 till date. Pure scam.
They blocked me and I only had $10 in there lmao jokes on them glad I didn’t deposit a large amount. They will get their Karma!!!!
I don’t get it guys. 50% of the reviews say it’s legit, other 50% say it’s a scam, most without any details.
So much scamming over the years and not a single lawsuit? Come on, this is extremely hard to believe.
Yes their card platform was down (just like all were due to wavecrest ban), but now they’re up and running.
The only reason to be suspicious about them is the hardcoded BTC withdrawal fee disguised as network fee – coinvigilance.com/spectrocoin-review/
Other than that seems like a regular crypto company, maybe with somewhat cheap support outsourcing, but still. Registered in the EU.
Just hard to believe something could be as scammy as you say and remain an EU company over all these years.
The description of spectrocoin from this site is clearly pure lies, because they cost $50 for the plastic card and not $9 or anything said on the above, second thing is that they currently have available the plastic card in USD for now, and I have been exchanging btc sending bank transfers and they work fine so far, so before you start publishing wrong information about something make sure you are reliable, and by the way I am not working for Spectrocoin neither I am getting something in return by saying they are not a scam, I have been using it for more than 6 months now and so far works fine!
Evaluate the SpectroCoin:
Scam Scam Scam
My advice:
Run away
In fact my experience with harsh and bitter SpectroCoin- the feeling that you are deceived remains in control of your condition and temperament
They steal your money
You will lose your money – they always have funny arguments
For example
“”The card provider server is unavailable. Please try again later””
my own virtual prepaid card was loaded with over €1200. the card is in ‘unavailable’ status for months. spectrocoin charges fees each 3 days. multiple conversations with them; poor excuses, no action on their part. clearly a scam, stay away.
I have suffered more than one scam in the crypto world. I deposited bitcoin with a site which claimed it was trading with users bitcoin and would share out their profits. At first, it seemed great with profits and occasional losses being shown on my account. Then they advertised a new even more profitable service and I was suckered in. Two days later the website disappeared and so di my bitcoin. That is a scam, where people deliberately set out to steal your stuff. I don’t think Spectrocoin is in this category although I do admit that some of their business practices seem a little aggressive, maybe even sharp.
Personally, I would say that I like almost services and supportive chat agents for many cases I contacted with this exchange. Lucky that I maybe one of a few SpectroCoin’s customers that have no technical (and ethical) issues.
But the only thing I’d like to complain is their own Exchange Rates that a bit different from other well known exchanges about 6% that could take a lot advantage on customers either way I turn fiat to crypto or crypto to fiat!
Both dash and xem deposited has not been credited into my account. I made dash deposited from Binance and get confirmed by network, but it is 4 days now that my Dash deposit did not appear in my account. Moreover, I was chatting with several agents they said their system is facing bug fix. Submitted email did not reply. Then I asked their support to know any other deposit methods out of Dash got issue? They said any others deposit working fine, after that I started deposit XEM, 4 hours ago when I checked on blocked it my XEM was in that their provided deposit wallet, but they did not credit XEM into my account again. Chatting with support they replied the system got issue, but they told me at first any other deposit methods are working fine except Dash.
DASH TXID: 5b6b7332f452447727febc68f0b04d9d5ac8d73d1f526f70d64fcd60f9e2aad6
XEM TXID: 68cdcad53e84905f87f73ab5dbb48194a72cfa53af1f650a9bd9ae4bffa60fad
Now, I’m realized that they’re doing scam people.
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I should have noticed this issue way back when I bought. I read so much into it but the white paper certainly did not raise my suspicions then. I feel duped and almost feel like considering raising legal action. I could have chosen so many ICO’s to invest nearly $100 into but I chose a scam!
I don’t expect pity but I do feel duped and cheated, particularly by spectrocoin, who claimed i’d be able to sell in June on Spectrocoin and July/August on other exchanges. This of course has not occurred and the display of the value of bankers has infact disappeared from their website. Pissed off is not a word I like to use but it sure does describe my views here. Any chance of a class action here?