Spectre.ai Review and Tutorial 2020
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|Spectre.ai Facts & Figures|
Spectre.ai is a blockchain-based binary options broker
|Instruments||Binary options and EPIC|
|Min. Deposit||No minimum|
|Regulated By||St. Vincent and the Grenadines|
|Auto Trading||Yes - through APIs|
Forex trading is available on major, minor and exotic currency pairs
Binary options are available on multiple markets, including forex
Spectre.ai is a blockchain-based trading platform specialising in binary options. Requiring no minimum deposit and using crowd-sourced technology, Spectre offers a new form of broker-less trading. In our review, we’ll unpack the login and KYC process, mobile apps, dividend tokens, and more.
Spectre stands for Speculative Tokenized Trading Exchange. The company is owned and operated by Spectre Trading Limited, a company registered in St. Vincent and the Grenadines.
In 2017, the company welcomed investors to participate in its Initial Coin Offering (ICO). The broker has since proven popular among the Asian trading community and is now gaining traction in Europe and beyond.
The Spectre team have made the news for their innovative approach to online trading. Their operating model is centred around a decentralised autonomous liquidity pool (DALP), which is built onto the Ethereum blockchain network. The system automatically matches new orders against the order book. If there is no opposing trade, then trades are filled against the DALP.
Essentially, Spectre uses a broker-less system – not holding customer deposits and withdrawals in the traditional sense. Instead, payments and profits flow directly to and from your e-wallet, providing a fast, secure and transparent way to trade online.
Spectre.ai has its own proprietary trading platform. The system is web-accessible, has a straightforward login process, and the basic features you’d expect, including charts ranging from one second up to one day, plus over 30 technical indicators.
It doesn’t offer the advanced tools you’d find on the likes of MetaTrader, however, Spectre is bringing MT4 integration to the platform in 2020.
APIs allow traders to build automated trading robots. Developers can extract historical data from the platform and test algorithms in different markets. Automated trading is also available on the Spectre demo account.
Over 80 synthetic tradable products are available at Spectre.ai, allowing users to speculate on price movements without owning the underlying asset. They are split primarily between digital binary options and Spectre’s own Epochal Price Index Composite (EPIC) contract class.
Digital contracts offer payouts of up to 400%, are verified in a second and can be traded in multiple markets, including forex. EPIC contracts are based on an aggregate of historical market fluctuations and replicate live market conditions. They can be traded like any other asset and are available around the clock.
Spectre.ai is also planning to introduce CFDs, stocks and indices to its platform.
Spreads & Fees
Spreads at Spectre.ai are tight with some assets even allowing spread-free entries. Average spreads on major forex pairs are 0.58 pips on the EUR/USD and 0.9 pips on the GBP/USD. With tighter spreads, traders benefit from higher win rates as it’s easier to reach profitability. To compensate for that, payouts on binary options are lower than at other providers.
This review was pleased to see Spectre.ai doesn’t charge many of the additional fees found at other brokers. For example, there are no inactivity fees or commission charges.
Leverage is unavailable on most assets, except for forex, where up to 40X leverage is available. For traders with minimal capital, this may limit the number and size of positions they can take. However, reduced leverage also helps to limit potential losses.
Spectre.ai has a mobile trading app that’s available to download on Android devices. The download link is available from the broker’s homepage. The APK app was released in 2020 and aims to replicate the desktop experience. The login process is smooth, all assets are available, and price analysis can be conducted.
This review was disappointed to see there is no mobile app for iOS users. But with the Android app relatively new, we expect the broker will roll out an app for iPhone and iPad users in the future.
Deposits & Withdrawals
While there is the option to use traditional currencies, Spectre.ai doesn’t require accounts to be funded with fiat currencies. Instead, users can trade directly from a digital wallet.
Payments methods available are:
- Bank transfer
- Credit/debit cards
- UnionPay (China)
- Advcash (South America, Russia, Europe)
- FasaPay (Indonesia, Vietnam, Thailand and Malaysia)
- Help2pay (Malaysia, Thailand, Indonesia and Vietnam)
There is no minimum deposit requirement. And as Spectre.ai doesn’t hold payments, processing speeds depend on the payment provider, but usually take up to 24 hours.
A demo account is available at Spectre.ai. The practice account simulates real-market conditions and offers traders a hefty virtual bankroll to sample the platform and instruments. When users are ready to switch to real-money trading, they can do so with ease.
Bonuses & Promotions
With Spectre.ai not requiring a minimum deposit, it’s unsurprising there aren’t welcome deposit bonuses. But the broker does offer other promotions. For example, Spectre.ai runs trading tournaments with prizes up to $50,000. Not only are they a great opportunity to get your hands on winnings, but they’re a useful way to learn from others.
Regulation & Licensing
Spectre.ai is regulated in St. Vincent and the Grenadines. Users can also trust the broker isn’t a scam because their operating model ensures they don’t hold customer capital. As a result, traders don’t need the same reassurance from a regulator that an intermediary broker can be trusted to pay out profits.
Spectre.ai offers different additional features than the standard learning resources and forums found at many brokers. Whilst educational tools would be helpful, the extra features they do offer are excellent.
Spectre.ai’s dividend reward token (SXDT) is an internal currency that if used, gives traders higher payouts, access to more assets and increased trade sizes. Utility tokens can be held in your digital wallet and are an excellent way to maximise the trading experience. See the rewards portal for a breakdown of privileges.
Spectre Incentive Program
The Spectre Incentive Program is a weekly tournament offering cash prizes to those that accumulate the most trading volume. $1,000 is awarded to each week’s winner while the annual winner picks up a $50,000 cash prize.
Spectre.ai doesn’t offer a range of accounts with staggered benefits depending on the size of your deposit, as the broker doesn’t require a minimum deposit with the standard e-wallet system. Instead, accounts are split into:
- Wallet Account – With the standard wallet account you trade directly from your crypto wallet. By removing the middleman, transactions are processed instantly and without fees.
- Regular Account – Spectre.ai users can also opt for a regular account, which is essentially a privately escrowed Ether wallet. Trades are still confirmed on the blockchain, and winnings pass directly to your escrowed Ether wallet which can then be withdrawn to your privately held e-wallet. There is a $10 minimum deposit with the regular account.
There are several advantages to opening an account with Spectre.ai:
- 80+ tradable assets
- Up to 400% payouts
- No minimum deposit
- $1 minimum trade size
- One second EPIC expiry
- Decentralised liquidity pool
Drawbacks to consider before trading with Spectre.ai include:
- Limited educational resources
- No iOS mobile app
Spectre.ai offers 24/7 trading. Opening and closing times follow respective market operating hours. Trading outside of standard market hours may result in wider spreads.
Customer service representatives at Spectre.ai are accessible through email and live chat:
- Email – email@example.com
- Live chat – accessible from the bottom right-hand corner of the broker’s website
There is also a fairly comprehensive FAQ section on the website, along with an online query form. In addition, Spectre.ai’s Medium blog works well as a roadmap to getting the most out of the platform, with tutorials on platform features.
Some user reviews may flag the lack of telephone support, but we found the chat support is monitored regularly and able to deal with the majority of platform and account queries.
For the latest Spectre.ai news, keep an eye on the broker’s social media channels:
User security at Spectre.ai is strong. The website uses encryption to secure personal information. But crucially, all transactions are settled on a transparent digital ledger, which is aggregated and verified every 24 hours by a growing global network of 20,000+ nodes.
Spectre.ai offers something different – a unique EPIC contract-class in addition to standard assets, plus no minimum deposits and a transparent blockchain-based trading environment. For traders wanting simplicity, security and competitive costs, Spectre.ai ticks the box.
Spectre.ai accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Spectre.ai from United States, Venezuela, Iran, Vanuatu, Cayman Islands, Virgin Islands, British, Costa Rica, Korea, Syria, Somalia, Yemen.
What is Spectre.ai?
Spectre is an online binary options broker built on a blockchain system that allows users to trade directly with the market. Instead of acting as an intermediary, payments flow directly to and from your e-wallet.
Does Spectre.ai have a mobile app?
Spectre.ai has a mobile app compatible with Android devices. It can be downloaded from the broker’s website. The app allows users to manage trade operations from a mobile device, including depositing funds and withdrawing returns.
What assets can I trade on Spectre.ai?
Spectre specialises in binary options and its unique contracting class – EPIC, which is built on aggregated historical market movements that replicate live trading conditions.
How much money do I need to trade on Spectre.ai?
There is no minimum deposit at Spectre.ai. However, the minimum trade size on the platform is $1.
What is the blockchain and how does Spectre.ai interact with it?
The blockchain is a decentralised ledger that transparently verifies transactions through a global network of nodes. The blockchain allows for transactions to be processed directly between the market and a user’s e-wallet. Spectre.ai’s decentralised system is built onto the Ethereum blockchain.
|Spectre.ai is a blockchain-based binary options broker|