SpectroCoin Fees and Minimum Deposit - TU Expert review
After considering a crypto exchange’s security, examining its fees is the next crucial step. Lower fees translate to higher potential profits. Newcomers to crypto trading may also want to consider the minimum deposit required to start trading, as they might prefer to begin with a smaller investment.
Traders Union analysts have assessed SpectroCoin fees and minimum deposit requirements to help prospective crypto traders make informed decisions.
Short introduction of SpectroCoin
The SpectroCoin exchange is a service for buying, selling, and exchanging cryptos-to-cryptos and cryptos-to-fiats. The crypto exchange provides users with a multi-currency e-wallet and a Visa debit card. Among the traded cryptocurrencies are Bitcoin (₿), Ethereum (Ξ), Tether (₮), Dash (Ð), XEM, Banker, True USD, Paxos Standard, and USD Coin. All operations are performed through a specialized application for the browser, and there are versions for mobile devices based on iOS and Android. It offers hot and cold storage for cryptocurrencies, and account protection is provided by two-factor authentication. All major deposit/withdrawal options are available, including bank transfers, mobile transfers, Sepa, Skrill, and other systems.
👍 Advantages of trading with SpectroCoin:
•a vast array of cryptocurrencies and currencies for trading/exchange;
•virtual card for deposits/withdrawals with low fees;
•several deposit/withdrawal channels, including fiat;
•small minimum deposit (from £0.01, depending on the input method);
•possibility of receiving credits in cryptocurrency;
•provision of multi-purse and Visa cards;
•profitable referral program and Bug Bounty detection program.
👎 Disadvantages of SpectroCoin:
•no investment programs;
•no information about the license of the company.
SpectroCoin Commissions and Fees
This crypto exchange, like all similar services, takes a commission for exchange and trading operations. The commission amount is calculated individually depending on the assets involved, transaction size, and region of the trader's residence.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | Individually assessed | Yes |
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Crypto market:
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Spread – the difference between the buy and the sell price of an asset.
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Commission per lot.
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Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Why is it important to consider the minimum deposit at a cryptocurrency exchange?
Accessibility: The minimum deposit helps traders determine if they can afford to start trading on an exchange.
Risk Management: Exchange-set minimum deposits ensure traders have sufficient funds to cover potential losses and fees, preventing financial overextension.
Platform Suitability: The minimum deposit amount can be an indicator of the exchange’s target audience and trading volume, aiding traders in selecting a platform aligned with their goals.
Cost Considerations: Assessing minimum deposit requirements helps traders account for trading expenses.
Are the fees and minimum deposit requirements at SpectroCoin suitable for beginners?
Analysis of SpectroCoin shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
FAQs
Can you reduce the fees?
As a rule, the fees depend on the trading account type. Also, companies may have special offers.
Why do some brokers set a high minimum deposit?
Many companies with high minimum deposits are focused on working with professional traders with experience and large capital. Therefore, they set a high entry threshold.
Can the level of fees differ for cent and standard accounts?
Yes. On cent accounts, the fees are generally lower than on standard accounts.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.