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Spectre.ai Review 2024

Written By

Tobias Robinson

Written By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Fact Checked By

William Berg

Fact Checked By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Updated

Sep 17, 2023

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Overall Rating

3.3 / 5

Spectre.ai is #18 in our binary options broker rankings.

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Customer Reviews

Minimum Deposit $0

Trading Platforms Own

Instruments Shares, Reverse Futures, Crypto, Forex, Commodities, Binary options, EPIC, CFD

Regulators St. Vincent and the Grenadines

Account Currencies USD, EUR, GBP

Payment Options Neteller, Skrill, Visa, Wire Transfer, FasaPay, Paysafecard, UnionPay, Credit Card, Debit Card, Volet, Perfect Money, Bitcoin Payments, Ethereum Payments, PIX Payment, Boleto, Finrax

Pros

• Trades are verified through a decentralized public ledger
• Unique Epochal Price Index Composite (EPIC) assets
• 100+ assets are available with payouts up to 400%

Cons

• No copy trading service
• Spectre.ai is not regulated by a reputable authority
• No MT4 integration for advanced chart analysis

Spectre.ai is a blockchain-based trading platform specializing in binary options. Requiring no minimum deposit and using crowd-sourced technology, Spectre offers a new form of broker-less trading. In this Spectre.ai review, our experts unpack the login and KYC process, mobile apps, dividend tokens, and more.

Company Details

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.ai team has made the news for their innovative approach to online trading. Their operating model is centered around a decentralized autonomous liquidity pool (DALP) 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 model – 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.

Trading Platform

Spectre.ai has a proprietary trading platform. The system is web-accessible, has a straightforward login process, and the basic features you would expect, including charts ranging from one second up to one day, plus over 100 technical indicators.

It doesn’t offer all the advanced tools you would find on the likes of MetaTrader. However, Spectre is planning to offer MT4/MT5 integration.

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.ai demo account.

Spectre.ai made upgrades to its trading platform recently. The latest terminal offers a faster and more reliable trading experience with user-friendly navigation, intuitive menus and interactive charting. Traders can now make use of twin charts whereby you can view two assets side-by-side, plus indicator templates allowing you to save and load customized layouts.

How To Make A Digital Contract Trade

1. Navigate to the order widget in the right-hand side of the trading platform
2. Choose an expiry time (from 1 second through to end of day or custom)
3. Input the investment amount (from $5 up to $100 – may vary with asset)
4. Click on ‘Add Protection’ to secure an amount of the stake in case of loss
5. Select ‘Up’ if you think the price of the asset will increase
6. Select ‘Down’ if you think the price of the asset will decrease

Note, the ‘Orders’ menu in the top of the interface displays open and recent orders.

Spectre.ai Assets

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. CFDs are also offered.

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 continuously introducing more cryptocurrencies and DeFi coins to the list of available assets. New cryptocurrencies are essentially soft launched on the broker’s demo account and are available 24/7 with up to 90% returns and near zero-pip spreads. Note, cryptos are not available to UK clients in line with FCA regulations.

A generous list of equities has also been added, including in manufacturing, technology, software, gaming and entertainment. This brings the full list of stocks to more than 100 with big names like Tesla, Microsoft and Metaverse.

Fees & Payouts

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 is easier to reach profitability. Leverage Digital CFDs also have a daily fee of 1 pip on open positions.

To compensate for competitive fees, payouts on binary options are lower than at some providers (except for EPIC assets at 400%+). Traders can get payouts of up to 90% on major forex pairs and cryptos, 79% on gold and silver, and 100% on reverse futures.

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. Deposits and withdrawals are also free.

Spectre.ai Leverage

Leverage is unavailable on most assets, except for forex, where up to 1:40 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.

Mobile Apps

Spectre.ai has a mobile trading app available to download for both Android and iOS. The APK application aims to replicate the desktop experience. The login process is smooth, all assets are available, and price analysis can be conducted.

When we used Spectre.ai, our traders were disappointed to see the app isn’t available to download from Apple or Google Play stores. Instead, traders must use the link provided on the main website. However, it is possible to use it on your iPhone, iPad, and Android devices.

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. With that said, KYC checks must be completed before traders can make a deposit.

Payments methods available include:

• Skrill
• Ether
• Uphold
• Neteller
• PaySafeCard
• Bank transfer
• UnionPay (China)
• Credit/debit cards
• Advcash (South America, Russia, Europe)
• FasaPay (Indonesia, Vietnam, Thailand, and Malaysia)
• Help2pay (Malaysia, Thailand, Indonesia, and Vietnam)

There is also the option of a DeFi Wallet, with it you can make deposits and withdrawals. The coins supported are SNX, KNC, BAND, LINK, USDC, PAX, and the firm’s own SXUT.

Spectre.ai also introduced a string of local payment solutions in 2022. For traders in Brazil, CuboPay is now available, offering fiat and crypto deposits and withdrawals. For Indian clients, UPI, Netbank, Paytm, JioPay and PhonePe are also available.

For Wallet accounts:

• No minimum deposit
• $50 minimum trade size

For Regular accounts:

• $10 minimum deposit
• $1 minimum trade size

As Spectre.ai doesn’t hold payments, processing speeds depend on the payment provider, but usually take up to 48 hours. Wire transfers and cards take a few days.

The broker doesn’t charge for withdrawals, but your payment method might. It is best to check their transaction policies.

Demo Account

A demo account is available at Spectre.ai. The practice account simulates real-market conditions and offers traders a hefty virtual bankroll of $200k+ to sample the platform and instruments. When users are ready to switch to real-money trading, they can easily do so.

How To Open A Demo Account

1. Click ‘Try Now’ on the broker’s website
2. Enter basic contact details including your name and email address
3. Click on the activation link sent to the registered email address
4. Sign in to the client dashboard using your new account credentials

Bonuses & Promotions

With Spectre.ai not requiring a minimum deposit, it’s unsurprising there aren’t welcome deposit bonuses.

Fortunately, the broker does offer other promotions. For example, the brokerage runs trading tournaments with prizes up to $50,000. These are an excellent opportunity to get your hands on winnings, but they’re also a helpful way to learn from established investors.

Regulation & Licensing

Spectre.ai is registered in St. Vincent and the Grenadines. Users can trust that the broker isn’t a scam because their operating model ensures they don’t hold customer capital in the traditional sense. As a result, traders don’t need the same reassurance from a regulator that an intermediary broker can be trusted to pay out profits.

With that said, traders should approach any unregulated binary options broker with a degree of caution. The industry has attracted online scams. Only risk what you can afford to lose.

Additional Features

Spectre.ai doesn’t offer different additional features like the standard learning resources and forums found at many online brokers. While educational tools would be helpful, the extra features they do offer are good:

U-Token Rewards

Spectre.ai’s dividend reward token, SXDT, is an internal currency that 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 maximize the trading experience.

Trader’s Bay is the gamified marketplace and rewards portal where clients can buy various perks. Daily fees vary but typically range from $0.09 to $1.49 depending on the reward. Alternatively, perks can be unlocked with dividend reward tokens.

Spectre Incentive Program

The Incentive Program is a weekly tournament offering cash prizes to those that accumulate the most trading volumes. $1,000 is awarded to each week’s winner, while the annual winner picks up a $50,000 cash prize.

Live Accounts

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 – 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.

Trading Hours

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 Support

Customer service representatives at Spectre.ai are accessible through email and live chat:

• Email – support@spectre.ai
• 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 while using Spectre.ai, our experts 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:

• Facebook
• Twitter

Security & Safety

User security at Spectre.ai is strong. The website uses encryption to secure personal information. 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. 2FA is also provided.

Spectre.ai Verdict

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.

FAQ

How Does Spectre.ai Work?

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 Offer High Payouts?

The broker’s payouts on the EPIC contract class are high at 400%+. However, payouts on the platform’s standard digital options are in line with most competitors.

Is Spectre.ai Legit Or A Scam?

Whilst not regulated by a top-tier financial authority, Spectre.ai does have a good track record and operates via a decentralized global network providing a layer of credibility and trust. It is a legitimate binary options trading platform.

Does Spectre.ai Have An App?

Spectre.ai has a mobile application compatible with Android and Apple devices. It can be downloaded from the broker’s website. The APK 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 specializes in binary options and its unique contracting class – EPIC, which is built on aggregated historical market movements that replicate live trading conditions. CFDs are also available to account holders.

How Much Capital 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 – $5 (depending on the asset).

How Does Spectre.ai Work With The Ethereum Blockchain?

The blockchain is a decentralized 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 decentralized system is built onto the Ethereum blockchain.

Is Spectre.ai Available In The US?

No, US citizens aren’t currently able to use the Spectre.ai platform.

Top 3 Alternatives to Spectre.ai

Compare Spectre.ai with the top 3 similar brokers that accept traders from your location.

1. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex
2. Videforex – Launched in 2017, Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
   Go to Videforex
3. Pocket Option – Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
   Go to Pocket Option

Spectre.ai Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by Spectre.ai and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

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