Estimated reading time: 6 minutes
Thanks for taking time to read this Spectrocoin review. You are probably wondering whether or not this company is legitimate. After all, there is mixed reactions and opinions from users and people who claim to have used this service and are endorsing it through false positive reviews. This review is a good example of what we are talking about here.
Truth is, this individual has never used Spectrocoin to transact Bitcoin in any shape or form. The reason why they are promoting it is because they want to satisfy their bellies out of selfish interests.
But first, what exactly is Spectrocoin?
To answer the question above, we’d start by stating that Bitcoin, like any other fiat currency, is a virtual currency that can be bought, sold, held and spent.
Since the inception of Bitcoin in 2009, the world of cryto-currencies has grown really fast. In fact, there are many business owners who are currently accepting Bitcoin as a form of payment. It’s somehow safe and convenient.
Now, based on this demand, Spectrocoin came along with its ‘smart integration’ of the above services to make it possible for transactions to be conducted in Bitcoin. You could even withdraw your Bitcoin through an ATM using a special Bitcoin card…. but only if you used a legitimate company.
So far, a simple Google search for the name ‘Spectrocoin’ will reveal that they are based out of London and are describing themselves as a company that deals in digital currency solutions and services.
The founders of this company are Vytautus Karalevicius, Justas Dobiliauskas, and Mantas Mockevicius. However, this company is now under the umbrella of another company known as Spectro Finance Ltd.
The allure of Spectrocoin sets in as a result of holding Bitcoin and preferring the convenience of spending that Bitcoin without necessarily dealing with the banks.
The website also claims to support a number of Bitcoin exchanges and wallets across some 150 countries. However, we have already established that the fees associated with transacting Bitcoin with a third-party wallet is exorbitant. It almost looks like a money-grabbing scheme in the name of transaction fees.
Therefore, with respect to this, Spectrocoin has created a card akin to your usual debit card which can be used to withdraw Bitcoin money in any ATM. This card is supposed to be linked to your account at Spectrocoin instead of dealing with the banks directly. Of course you need a Bitcoin wallet which this company claims that it will provide you with.
Spectrocoin touts this card as convenient, widely accepted, and can be used in conjunction with PayPal to fund your Bitcoin wallet.
On top of this, the card is allegedly free from limits. No limits for loading, purchasing or withdrawing your cash from the ATM.
Bottom line is, this company masquerades as a liquidity provider where users can buy and sell Bitcoin almost instantly.
We wish the above things were done in a systematic, honest and professional way. Apparently, this is not the case with this company.
There are some ugly truths that we’d love you to take note of.
As you might have seen on many Google reviews, this company doesn’t have a good reputation. Accusations are ranging from sloppy customer staff, to stealing client money and failing to respond to their emails afterwards.
These confessions are ugly and horrific. We are even surprised that despite the magnitude of this scam, the website is still active and running its criminal operations in broad daylight.
We hear that they have been reported to the FCA. What did the FCA say? They said that this company is not regulated by them, and that the complainant ought to report them to the local police who will take up the matter. In the end, nothing was done.
It should be noted that Spectrocoin is not your typical scam. This is a ‘high-level scam’, even hard to detect due to their seemingly professional presentation.
When you visit that website, you will suddenly be under the impression that this is a professional, well-connected company that can never scam anyone. They are ‘well-connected’, which is why they are running big financial operations on the internet. For example, they do claim the right to distribute Bitcoin debit cards to anyone who signs up and requests one from them.
Well, it has reached a point where even if you order a Spectrocoin-branded debit card from them, that card will never be issued. But money will be charged. This card costs $10, and you can apparently order up to 6 separate cards at once.
The problem is that we have been receiving a lot of complaints from people who paid this amount of money and ordered a card which never arrived. This company has never bothered to address these complaints. A call to their office is often ignored. And even if you get to speak to their ”representative” in their ‘London office’, you will never get help.
The sign up process is apparently very tedious. It can take hours or even days (and you also risk wasting your time as there is no guarantee that they will accept standard documents showing proof of where you live).
This company is known for forcing prospective clients to take pictures of their credit cards (the usual bank credit cards) before they can approve one’s account.
Secondly, they do force people to take several selfies to prove their identities during the account opening process. It’s mainly one reason why prospective users have shunned this service.
In our opinion, there are several legitimate companies that do this kind of business on the web. These companies are proficient, quick to respond and highly convenient. There is no law that says you must sign up with Spectrocoin and provide a selfie in the process.
When you check Google reviews, you will find 12 very positive reviews on this company. We are beginning to doubt the legitimacy of these reviews, given that a stream of complaints have mounted on this company elsewhere on the internet.
There are several forums where Spectrocoin is being discussed. If you go through the independent user reviews, you will only come across horrific stories of people who either lost time dealing with this company or money as a result of being stolen from.
It should be noted that anyone can take advantage of different IP addresses to write Google reviews using aliases. This would give the impression that the company is being reviewed by different people. Of course the culprit would go ahead and rate it with at least 4 stars and sometimes 5 stars. This is an old-school trick that we are very much aware of.
So, what happened with clients who reportedly lost funds in the hands of this company? Well, they claimed that they were blocked from further communications with this company.
Surprisingly, Spectrocoin has never come forth to defend itself against these claims. Which professional company do you know of that will seat and do nothing while people bring one accusation after the other on their neck?
No doubt, this website is run by A-class charlatans. This is financial Bullshittery of the highest order. Do not be sucked in, no matter how good they are portrayed by paid reviews from individuals with corrupt morals. It’s a money-grabbing scheme.
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