Spectre.ai Review

Spectre.ai Review

Spectre.ai is a forex broker company in the Cayman Islands.

Finding a reputable Spectre.ai review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth review of Spectre.ai to help you make an informed decision before opening your account or trading on their platform.

A Forex broker like Spectre.ai provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Forex brokers are also known as retail or currency trading brokers. Retail currency traders in turn use these broker companies to gain access to the 24-hour currency market for speculation purposes.

Forex broker services can also be provided for institutional clients and large companies such as investment banks.

Spectre.ai (short for Speculative Tokenized Trading Exchange) is an Asian broker-less, decentralized trading platform built on the Ethereum blockchain and offers Smart Options (similar to binary options) on currency pairs, commodities, and certain cryptocurrency/fiat currency pairs.

All trades on Spectre.ai’s trading platform are securely governed and processed by a set of audited smart contracts, so there is no exposure to any fraudulent conduct of shady brokers.

Spectre.ai was developed between 2017 and 2019. In April 2019, the system was opened for traders to begin testing. Spectre.ai allows traders to trade in a high frequency with low risk. US citizens aren’t allowed to trade on this platform.

Awards and Recognition
In the world of forex broker companies being honored with awards from esteemed organizations or publications, count much for the company’s reputation. Such awards are usually mentioned with pride on the company website.

Although Spectre.ai is rated highly by some customers in personal reviews on review websites, there is no information available on the Spectre.ai homepage or elsewhere about any awards received by them.

Spectre.ai Accounts
A forex account is a trading account held by a trader with a company like Spectre.ai, that is issued with the primary purpose of trading through its platforms.

Usually, the number and type of accounts that a trader can open with a broker company differ according to the country in which the brokerage operates, the country of residence of the trader, and the regulatory authorities under whose jurisdiction it operates.

Accounts usually differ in the way spreads or commissions are applied, what minimum deposit is needed to open that type of account, and certain services or advantages that account holders may get access to.

In the case of Muslim customers, special Islamic accounts, that is swap-free accounts, are offered that mirror the other account types, but which operate in accordance with Shariah law.

Types of Accounts and its Features
Although most binary options providers don’t have demo accounts, Spectre.ai offers even trading veterans the opportunity to get a glimpse of demo Ethereum accounts. This account is not limited in time, you can practice as long as you wish.

Even its trading accounts are very different from those of other brokers:

Wallet Account
There are no deposits and no withdrawals. Instead of having to deposit a minimum amount to get the benefits of the platform, you trade directly from your digital wallet and without an intermediary broker, you transact directly between your wallet and the markets.

Any winnings are sent straight back to the wallet as well. As well as removing the middleman, it also ensures fewer transaction fees.

While there is no requirement for minimum deposits, the minimum trade value is $50. You trade $50, and if you win, the winnings are returned straight back to you.

You pay the gas cost for every trade and the pay-outs when trading from a Wallet account are usually less than that of a Regular account.

Regular Account
As another option, a minimum of 0.10 ether (Ethereum), which is about $21.00 or 18.00 euro, can be deposited to a privately escrowed Ethereum wallet. The trades are confirmed through the Blockchain, so there is still no opportunity for funds to be manipulated.

When you withdraw any winnings, the money goes straight from that private escrowed Ethereum wallet to your private Ethereum wallet.

The minimum trade size on a regular account is $1.

With a Regular trading account, there are small deposit and withdrawal fees that reflect gas fees for Ethereum. Withdrawal times for accounts funded from offsite Ethereum wallets are 24 hours for trading profits. Existing deposits can be withdrawn immediately.

Spectre.ai offers trading with no fees whatsoever and is thus fully Shariah-compliant and allows clients of Islamic faith to trade with them.

Deposits and Withdrawals
You don’t technically deposit anything to Spectre.ai, but the Ether equivalent of $10 is required for the creation of an account.

The Spectre.ai system allows users to connect their Ethereum wallet to the platform from where funds can either be credited or debited or via a secure portal. The trader does not have to deposit money into a broker account.

You can however use the fiat wallet (deposit in USD, EUR, etc. or Ether) and trade centralized. Spectre.ai offers a wide range of deposit methods, which are expanded almost weekly. They include:

Fasapay (Indonesia, Vietnam, Thailand, and Malaysia)

UnionPay (China)

Advanced Cash or advcash (South America, Russia, Europe)

Ether (anywhere in the world, except restricted countries)

Help2Pay (Malaysia, Thailand, Indonesia, and Vietnam)

Skrill

Neteller

UpHold (credit card, bank transfer, or cryptos)

PaySafeCard

Withdrawals are super easy if you are using a stand-alone wallet. Funds paid into the Spectre.ai wallet may take 24 hours (depending on the ETH network volume) to show in your exchange wallet, earnings paid to stand-alone wallets are paid to that address instantaneously, as soon as the contract is verified, and available for exchange or withdrawal immediately.

Cost and Fees, Commissions and Spreads
The cost of trading depends on different factors like commissions, spreads, and margins.

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your account.

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.

Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.

The Spectre.ai platform works on a fee system, there are no commissions, and spreads are much tighter than what you will find with most other brokers. For example, the average spread for the EUR/USD with Spectre.ai is less than 6 pips.

With Spectre.ai you only pay the gas costs for every trade and payouts when trading from a Wallet account and with a regular trading account, there are small deposit and withdrawal fees that reflect gas fees for Ethereum.

Leverage
Leveraged product trading magnifies a trader’s potential profit – but of course, also increases the potential loss. This facility that enables traders to get a larger exposure to the market than the amount they deposited to open a trade, is called leverage.

The amount of leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that a trader has $1 000 in a trading account and is trading ticket sizes of 100 000 USD/JPY, that leverage will equate to 100:1.

Spectre.ai is a blockchain-based binary options broker and leverage is unavailable on most assets, except for forex, where up to 1:40 leverage is available.

Bonuses
Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus.

The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader once the person has proved himself as an active trader.

Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.

Since you don’t need to deposit funds with Spectre.ai, there is no welcome bonus. They do not use the usual incentives to entice you to trade with them. Weekly and yearly contests seem to be held though.

Trading Platforms, Software, and its Features
The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.