Spectre.ai Review - Binary Options, CFD Trading and Forex Broker

Spectre.ai is a new trading platform where you can trade binary options, Forex and CFDs. Spectre.ai is different from traditional binary options brokers. Spectre is the world's first trading platform which uses revolutionary blockchain technology. This ensures that there is no way to manipulate your trade from the broker side once the trade is mined in the Ethereum blockchain (applicable for wallet account mode). This means you are trading on a decentralized platform where broker is totally removed from the equation. Since it's inception in 2018, they are receiving considerable number of positive user reviews in forex review websites and forums which is a good indicator about their reputation.

There is a giant liquidity pool which is funded by Spectre.ai's investors and traders will trade against this liquidity pool or other traders' trades. Unlike other binary options brokers, Spectre.ai doesn't gain from your loss. Losses will be gone to this decentralized liquidity pool while Spectre.ai cuts a 4% fee from each of your trades regardless of you win or loss the trade. If you win the trade, you will get the entire profit out of the liquidity pool. 

Let's look at what are the advantages you get from Spectre.ai trading platform when compared to other trading platforms.

Pros

  1. No Deposit required with Wallet Account Mode

There are several types of real money trading accounts in this platform. If you choose "Wallet" account, you don't need to deposit money to the trading platform. You can directly trade from your Ethereum wallet instead. This means if you trade 0.5 Ethereum and you win, entire profit will be directly credited to your Ethereum wallet. Therefore, there is no need for withdrawals. This is a fully decentralized trading account. 

However, if you choose "Regular" account you are required to deposit at least $10. This is the traditional trading method that you can see with other platforms as well.

2. Zero Broker Fraud with Wallet Account

You already understand that there is no engagement from Spectre.ai to do withdrawals and they are executed automatically by the blockchain, you don't trade against Spectre.ai own funds and you are just trading against your fellow trades or the liquidity pool. This means there is no way for broker fraud in this platform thanks to its decentralized nature and multi million dollar liquidity pool.

3. Emotional Controls to Limit Trader's Losses

Most of binary options, CFD and forex traders do emotional trades such as over trading, trading with larger amounts per trade with high risk etc. On Spectre.ai platform you can set emotional controls using Risk management settings to stop such emotional trades and reduce the risk of losing. 

Cons

1. GAS costs associated with Wallet Account

If you use Wallet account type which you don't want directly deposit, there is a separate fee when you do a transaction on Ethereum blockchain called GAS cost. Actually this is out of Spectre's control and each transaction on Ethereum blockchain are mined with GAS fee. Therefore, you must consider this GAS cost before you trade with the wallet account as it has a considerable fee.

If you don't like GAS costs, you have the option to use the regular account type and deposit money to the broker using either Ethereum or traditional payment methods.

3. Complexity of Trading with Wallet Account

One more disadvantage is the complexity associated with the Wallet account. Trades are not done in a traditional way. You need to know how to use Metamask or Ledger Nano S wallets to place trades. How to set an optimum GAS fee for a trade etc.

However, you can still trade like you already traded with other brokerages by using the regular account. The only drawback with regular account type is that you have to deposit money in order to trade with real cash.

These are the pros and cons of Spectre.ai broker. Let's move to the other features of this trading platform.

Other Features

For the traders who like traditional payment methods, they can use credit or debit cards, e wallets such as Skrill, Neteller, FasaPay, AdvCash, Perfect Money, FasaPay, UnionPay as well as bank transfers depending on your country to deposit and start trading with real money.

You can find almost all the components in the platform that other brokers offer. This includes expiry times from 1 second to 1 day, charting tools such as line, crosshair, fibonacci, gartely and indicators such as bollinger bands, ichimoku clouds, RSI, parabolic SAR, moving average, alligator, stochastic oscillator etc.

They offer trade ideas and alerts for free such as breakouts, macro waterfall, micro waterfall, hummingbird, psyres, recoil etc. 

As I mentioned earlier, you will be able to set emotional controls through the Risk management settings. This includes stop loss, max percentage of allocation, max open positions, streak count etc. 

Trader's bay offers enhancements to the default settings such as increased trade sizes, higher payouts, lower spreads as paid upgrades which can be useful for traders who want such enhancements for better trading experience.

Regulation

Spectre.ai is licensed in Saint Vincent and Grenadines. They don't accept US citizens as well as traders from other several countries to their trading platform.

You can start trading at Spectre.ai broker with a free demo account.

Visit Spectre.ai

[Updated in June, 2021]