Not much to configure for the trap based discovery. I tested all 3 , V1, V2c and V3 successfully using the sendtrap utility sending the traps to Spectrum 10.2.1 on Linux. The device is a Cisco router.
You can tell Spectrum to use other snmp community strings if the community string sent with the trap fails to create a model. For example, it is common to leave the trap community string at public and remove public as an snmp community string.
Under the AutoDiscovery Control -> Modeling and Protocol Options section, there is a SNMP Community Strings field. Adding to this list will cause the Trap Based Continuous Discovery to try these in order if the community string sent with the trap fails to create a model.
Joe