Spectre.ai Review 2020- All You Need To Know About This Unique Model

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:

  1. Spectre.ai Overview
  2. Restricted Countries and Language Support
  3. Trading Instruments
  4. Trade Accounts
  5. Registration Requirements
  6. Customer Support and Ease of Use
  7. Deposit and Withdrawal Methods
  8. Transaction Fees
  9. FAQ
  10. 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)
Spectre review Instrument Class

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;

  1. Close trade at a profit or some loss before the timer expires (the last video in this article shows a practical example).
  2. 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.

https://youtu.be/D37kqqmhO2o


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.

Open a Demo Account


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 ([email protected]) and social media.

User Interface

spectre.ai-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?

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.

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.

Is Spectre.ai Legit or a Scam?

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.

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 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.

Also, read:

Spectre.ai

9.2

Ease of Use

8.5/10

Reputation

9.0/10

Fees

9.5/10

Transparency

9.5/10

Customer Support

9.5/10

Pros

  • Decentralized
  • Broker-less Fraud free
  • No transaction fee
  • wide range of asset
  • Responsive customer care

Cons

  • Requires basic knowledge of Ethereum

 
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