Spectre.ai is the world’s first trading platform without an intermediary broker.
Spectre was designed with one major agenda in mind; that is to make fraud in trading practically impossible.
Kay, the CEO of Spectre has previously worked for JP Morgan and Goldman Sachs.
Before the existence of Spectre.ai, trading requires that you deposit your money with a broker before you can trade, trusting that they pay you your winning when you win and also make their platform fair.
Well, this doesn’t always happen.
In this spectre.ai review, I will give a comprehensive overview of this platform.
I will be concise and make it very easy to understand manner. I will also use videos and pictures so that at the end of this review 99% of your questions on Spectre would have been answered.
Now you have the background, let’s get into this spectre review proper.
Post Summary
Here is a comprehensive list of everything I’ll be covering in this post. I have made it very simple and clear for all to understand:
- Spectre.ai Overview
- Restricted Countries and Language Support
- Trading Instruments
- Trade Accounts
- Registration Requirements
- Customer Support and Ease of Use
- Deposit and Withdrawal Methods
- Transaction Fees
- FAQ
- Conclusion
Now, let’s dive right in!
Spectre.ai Overview
Spectre.ai is a broker less trading platform that allows traders to trade in high frequency and low-risk financial instruments.
In this unique platform, traders can trade directly with each other or against the Spectre pool using a unique crowd-sourced technology.
Spectre was established in 2018 and it’s the first online platform to allow retail traders to trade digital contracts.
On spectre.ai, you do not need to deposit your money with a broker – there are no brokers – you trade directly from your wallet.
This is made possible by the Ethereum blockchain.
Restricted Countries and Language Support
Traders from 18 countries and persons under the age of 18 are not allowed on Spectre.
Other than this, you can trade from every other country unless your country specifically does not allow binary options trading, CFD and Forex trading.
Prohibited countries include;
- USA, Costa Rica, BVI, Caymans, Iran, Venezuela, United Kingdom, Syria, Somalia, North Korea, Yemen, US Virgin Islands, Australia, Cyprus, Puerto Rico, Northern Mariana Islands, Iraq, and Guam.
Supported Languages
English, Croatian and Indonesian.
Trading Instruments
By the end of 2018, the Spectre.ai team had proposed to have over 2,000 markets available for trade.
However, as at the time of this article, there about 46 currency pairs available for trade.
Spectre.ai Contract Class
The trading instruments are grouped into 3 contract class:
- Smart Options
- ULC-CFD (coming soon)
- Fiat Contract ( Coming soon)
As at the time of this article, only the smart options contract class has been implemented.
Smart Options:
Smart Options is similar to binary options but better.
In binary options, you choose a time duration for your trade, enter the amount you have to stake and choose your trade direction.
If the chart went your way at the end of this time duration, you win and if not, you lose all the capital you allocated to the trade.
With Smart Options, you can do this and in addition, you can also;
- Close trade at a profit or some loss before the timer expires (the last video in this article shows a practical example).
- Implement a 1% to 75% protection on your capital so you don’t lose it all if the trade goes against you(This feature will be added in a few weeks).
There are various smart options types you can trade on this platform, this includes Knock-in – knock-out, High – Low, Call – Put, Barrier, and order ladders.
ULC-CFD
I have a well-detailed definition of CFD in my review of iq options.
CFD (Contract For Difference) lets you trade on the speculative outcome of an asset without participating in the actual market.
CFD is similar to Binary Options/Smart Options but different in that it removes the time limit. So when you make a trade, it stays live until you close it at a profit or loss.
You can also set TP (Take Profit) or SL (Stop loss) in this case your trades closes on its own at the points you have set. This is basically what is traded on 1broker.
Fiat Contract (A-Book).
Classic A-Book Trading is similar to CFD trading but allows you to trade a wilder liquidity market across highly regulated fiat-based markets. Here you can also trade off the blockchain if you choose to do so.
Before proceeding, you can watch this 8 munites video of the spectre platform by the CEO Kay explaining the above and more.
Trading Accounts
There are 3 types of accounts a trader can create on Spectre. They are:
Demo Account
When you register on this platform, you are automatically given a Demo account preloaded with $200,000. With this, you can trade on the platform to fully master it at no risk. You cannot withdraw the $200,000 as it is virtual cash or the profit from it.
Wallet Account
This is a real account that lets you trade directly from your Ethereum wallet. You do not need to make a deposit to the platform trade with this type of account. This means that if you make a win, the profit is directly credited to your Ethereum wallet.
This type of account is fully decentralized. However, this means that each time you make a trade, you will have to pay the Ethereum Blockchain transaction fee (gas) as your transactions are confirmed on the blockchain.
Do not use the wallet from an exchange. It is better to use one that you are in control of the private keys, e.g MyEtherWallet, Coinomi, and Hardware wallets.
Regular Account
This is a real account that is semi-decentralized. To trade using this type of account, you will need to make a deposit to your Ethereum wallet on the spectre.ai platform.
You still maintain full control of your wallet but the Spectre team can monitor the activity of your wallet. Since this type of account is within the Spectre Network, you do not pay the gas fee when trading.
You only pay the gas fee when you want to withdraw to an external wallet. The regular account payout is also about 3% – 7% higher when compared to the Wallet account payout.
Note: Traders holding SXUT. Enjoys a higher payout when trading.
Registration Requirements
To Start trading the Demo account, you will need to enter your name and email address and then confirm your email address.
In compliance with regulation, the real account requires you to complete the KYC (Know Your Customer) form to start trading. This includes uploading your proof of residency and ID card.
Customer Support and User Interface
There is a 24/7 customer support in Spectre via the live chat.
The average response time is less than 3 minutes. They are friendly, willing, and eager to answer any question you might have.
Some of the information in this article is gotten from responses from life support.
You can also contact the support team via email (support@spectre.ai) and social media.
User Interface
The Spectre.ai Trading platform has a great interface with loads of information.
Pro traders would really enjoy this because of the extra information available that cannot be found on other options platform. The new traders will get the hang of it after a few minutes.
The trading room is well organized for easy and quick operation.
Your balance and liquidity pool is shown at the top, trade ideas, wallet type, instruments, and payout to the left. Trade button, Analytics, calendar, and time zone to the left. Position held and history to the bottom.
The Live Chart at the centre. You can choose the instrument you want to trade from the left, right, or within the chart. The chart also has various tools to help you make trade analysis.
There is also a step by step tutorial that guides you through the interface once you sign up.
Deposit and Withdraw Methods
The wallet account requires no deposit as you trade directly from your external Ethereum wallet.
For the regular account, you have to make a deposit to your internal Ethereum wallet.
You can do this through Ethereum, Visa, Master Card, and Wire Transfer.
The minimum deposit is the Ethereum equivalence of $10.
Transaction Fees
There are no transaction fees when trading on the Spectre platform. You only pay for gas, the frequency also depends on the type of account you are trading.
The gas fee is minimal, it does not go to spectre but used to confirm transactions on the Ethereum Blockchain.
The gas fee is the pricing value necessary to confirm transactions on the Ethereum blockchain network.
Also, read 3 factors that determined the price of bitcoin and other cryptocurrencies.
Frequently Asked Questions
Is Spectre.ai Legit or a Scam?
How does Spectre make money to pay its affiliate if there is no transaction fee?
This whole concept is the business model of Spectre.ai as illustrated the 8 mins video above. Traders trade against the Liquidity Pool. The Liquidity pool is the money invested by those holding the Spectre tokens (SXDT or D-token). The liquidity pool value is affected by supply and demand of the tokens, Ethereum price as it’s connected to ERC-20 and gain or loss from traders trading against this pool. Spectre takes trading fees from this pool to pay its affiliate and the D-token holders.
How Does Spectre.ai Stand Out?
The problem most traders face when trading Binary options/CFD/FX is the fraudulent nature of the brokers. Most platforms are designed such that traders trade against the broker; i.e when you lose the broker profits when you make a profit, the broker a loss. Therefore, the brokers try all the tricks he can to make traders lose.
The tricks he might use includes but not limited to:
Easy Demo account
He makes the demo account so easy and profitable but real account difficult, traders will make a good profit in the demo account but are not able to do so in real accounts.
Disable Profitable market
I have experienced this on a lot of platforms. when a market is going in a particular direction for an extended period of time, the broker disables that market temporarily. He does this so that traders cannot trade that market to make an easy profit then re-enable it when it becomes unpredictable.
Refuse to Pay
Some brokers out-rightly will not pay traders who have made winnings. Some give excuses for payment method issues that never get solve or they out-rightly ignore you.
The simple and straightforward answer here is No. It is impossible to be scammed in this platform since you trade directly from your wallet. Even when you make a deposit to the platform, you are still in control because your fund is protected by the Ethereum smart contract. Even though Spectre doesn’t need to get regulation since it does not handle traders’ funds. It is regulated by the Costa Rican Oversight and licensed with the Cert No. 58373902016. The registration in Costa Rica is obviously for Tax reasons.
This whole concept is the business model of Spectre.ai as illustrated the 8 mins video above. Traders trade against the Liquidity Pool. The Liquidity pool is the money invested by those holding the Spectre tokens (SXDT or D-token). The liquidity pool value is affected by supply and demand of the tokens, Ethereum price as it’s connected to ERC-20 and gain or loss from traders trading against this pool. Spectre takes trading fees from this pool to pay its affiliate and the D-token holders.
The problem most traders face when trading Binary options/CFD/FX is the fraudulent nature of the brokers.
Most platforms are designed such that traders trade against the broker; i.e when you lose, the broker profits; when you make a profit, the broker a loses.
Therefore, the brokers try all the tricks he can to make traders lose.
The tricks he might use includes but not limited to:
Easy Demo account
He makes the demo account so easy and profitable but real account difficult. Traders will make a good profit in the demo account but are not able to do so in real accounts.
Disable Profitable market
I have experienced this on a lot of platforms. When a market is going in a particular direction for an extended period of time, the broker disables that market temporarily. He does this so that traders cannot trade that market to make an easy profit then re-enable it when it becomes unpredictable.
Refuse to Pay
Some brokers out-rightly will not pay traders who have made winnings. Some give excuses for payment method issues that never get solve or they out-rightly ignore you.
Don’t be deceive when a broker is said to be regulated. Most of these brokers are mostly only regulated in Europe. This means that the regulation only protects people living in Europe.
So, if you live outside Europe…, sorry, they might play these tricks on you.
The solution to this broker fraud is to have a system that makes it technologically impossible to play these tricks on traders, just like Spectre.ai. This way you don’t even need it to be regulated.
Conclusion
From the spectre.ai review above, you can see that it is an exceptional platform. It is the first new-generation trading platform.
It has solved the problem of broker fraud since there are no brokers. If you are looking forward to trading options, Spectre is your best bet.
I hope this article was helpful to you?
Do you think there’s something missing in this review?
Don’t forget to leave your comments or any questions you have regarding this post in the comment section.
If you enjoyed reading this, share using the social media icons below.
Risk Warning:
Financial trading is very risky and can result in account losses and total account wipeout if proper risk management procedures are not adhered to. Only trade with money you can afford to lose.
Signing up was fast, it took less than five minutes to do so. the KYC registration process was also kind of instant. I like that I get access to multiple training instruments under one platform. I already brought my crypto and stock portfolio to spectre since its wide range of instruments cover the asset classes I need, and the trading conditions are also optimal
The wide asset range gives me multiple trading options. What I do is to check through the assets for trading opportunities. The cryptos are my favourite assets so far because I get the direction easily
investment size almost doubles at every trade
The assets have high payouts of 80% and above. So my investment size gets almost doubled at every trade I make. I like how trades go here; thanks for the services
Manually setting the risk management style to use has a way of helping me manage risk well during trades. I do not over trade and I have never blown my account here
Many platforms that provide this form of trading are fraudulent. I had already given up on trading digital contracts until I found spectre. I have been able to withdraw and communicate with the support many times. I would like it more if the broker adds some minor stocks and not just focus on providing the major ones
Fast execution speed is available and one can get into trades fast and get a perfect entrance into an ongoing market. The platform has low latency and the trade execution speed is impressive
Trading on short timeframes can be risky because the market cannot be easily predicted. But it is possible to be profitable consistently because of the availability of different technical and analytical tools available on the platform.
The platform is also built in such a way that makes it easy to be used by different people from different places. The easy to use platform is conducive for both the beginner and active traders
Trading here is on every day of the week. One of the best places to earn regular passive income. It also has low minimum deposit and pricing; no inactivity fee and no withdrawal fee.
I execute orders on my mobile app more than I do on the trading site. I also make trade analysis and management on my trading app and I do not get less profitable than when I use the website. The mobile app is as effective for trading as the website.
It has been easier for me to make money here than it has been with the regular forex trading brokers. I will just stick to this since it is working for me. The goal is to make money no matter the means so far it is not illegal
I used the demo account for about 2 months to be sure I know what I am doing. I still use it sometimes to try new trading strategies. Withdrawal with this broker is fast, if you can afford to use the external wallet, you will get your money in your wallet instantly without initiating withdrawal
To succeed in binary option trading you need the right strategy. I believe many people don’t know how to trade, they only gamble around and expect to make maximum profit from their gamble. Spectre is a good options trader, but if you don’t learn to trade, you will still make loses. The platform also offers good benefits like charms and spells, they are good but in the wrong hand, they are not good. Learn how to trade and make money on spectre. I have not had any regrets trading here sha. I just say make I give you my small advice.
I like here Traders bay. There are several options which can be purchased with aim to enhance my trading and earning capacities. For example, as I am trading forex here, I am able to purchase boosted which would increase payouts by 30%. In this way I am able to earn more, and booster cost is only several bucks
I trade here EPIC, which is euro index benchmark. As I have good knowledge regarding euro currency, it is easy for me to predict price moves. Payout here is very good. It is variable and depends on euro volatility, and goes from 30% up to 90%.
I find that this broker offers very good conditions for high frequency trading. This is especially supported with excellent platform which is more than simplified and makes very easy and swift to set signals. I have option here to push up to 10 trading signals within quite low time frame, which goes from 1 second and above
not so much trading instruments but high payouts. it’s possible to open regular account and get payout like 400% (if it’s possible to get somewhere else so mush please write!!!! or maybe it’s possible to create a rating with such brokers..anyway thanks, chosed here this broker)
it’s also possible to create off-site wallet account but as I undestand in this case payouts are standart like by other brokers
Good value. High payouts and it’s possible to boost payouts. no problems with withdrawal. I wish to pay less for comissions but still quite satisfacted
good reviews, thanks!
What I personally like with this broker is possibility to purchase enhancements to your trading account like 5% higher payouts, which I am regularly using. I am trading major currencies where payout can go up to 80% when there is enough volatility on the market. With purchased enhancements I can boost my payouts and earn more. It costs only $2.5 which is indeed cheap compared to benefits.
Spreads are dynamic, but most of the time are 0. Withdrawals can be made directly to ETH wallet, no issues for now. Platform is user-friendly. I can recommend this broker for fast, fun trading and high profit payouts.