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SPECTRE Review - is it scam or safe?

SPECTRE Review - Is spectre.ai scam or good forex broker?

RATING: 2 / 6 REVIEWS SPECTRE
SPECTRE is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


SPECTRE.ai is an up-and-coming binary options, spot forex and CFD platform, which aims to disrupt the financial services sector as we know it. We have made a publication about the basics of their project, which you can find here. This review will showcase their current potential, from a trader’s point of view and be updated as the service develops.

 

Currently, only the binary option functionality is available. We would be much more interested in the spot trading capabilities, once they are live.

 

US citizens aren’t allowed to trade on this platform, not trade the tokens. 

 

SPECTRE Advantages

 

Honest environment 

All trading on SPECTRE is done with the support of the Ethereum network and immutable Smart Contracts. This means, once the environment is set up, it can’t be altered. You will get your order executions and withdrawals 100% of the time. This also comes with a few negatives, which we will cover below.

 

Pending for regulation

We weren’t manage to get details of essence of the regulation SPECTRE is currently applying for, but their end goal is to get licensed by the UK’s FCA. The current legal framework will make that somewhat difficult, but the future will surely bring new rules.

 

Nice charting

The platform at SPECTRE is web-based and fairly intuitive. We were very impressed with the charting package, as similar projects, like Likke have disappointed us in the past. This looks like a system developed by traders, for traders.

 


How trading at SPECTRE is currently done

 

New tools

SPECTRE brags about creating an environment, which will educate traders to make the proper investment decisions. They have created an interesting risk management system, which reminds us of the self-limitations which online gambling websites have. Here is a preview (click to zoom):

 

 

Additionally there are several automated signal-tacking systems, which provide traders with alerts, when technical set-ups arise. While this isn’t that innovative on its own, it may be a feature, appreciated by newcomers.

 

Payouts as high as 200%, many timeframes

This is the maximum stated on the company’s website. The typical one you will get is slightly above 70%. We like the multitude of expiration times available. Here is a screenshot of the order placement module:

 

How the order box at SPECTRE looks

 

$10 minimum deposit

While you don’t technically deposit anything to SPECTRE, the Ether equivalent of $10 is required for the creation of a real account. This will allow virtually all, who are already familiar with Ethereum to join.

 

Demo accounts available

Given how most binary option providers don’t have demo accounts, this is a serious environment. Furthermore, even trading veterans could get a glimpse of demo Etherum accounts, something you will probably not find at many other places.

 

SPECTRE Disadvantages

 

Knowledge of crypto required 

The main issue, from a trader’s point of view will have to be the fact this is a crypto project. You will need to own some ETH and know a bit about making transfers, wallets and so on, before you can access SPECTRE. That being said these things aren’t that difficult to learn and may prove to be useful in another circumstance.

 

>>Our Ethereum guide<<

 

Accounts in ETH 

This is in line with the previous point, but has a different aspect to it. Given how volatile cryptocurrencies are, having a serious trading account in Ether means, you may start consider hedging your exposure with another company. Oddly enough, a reputable, well-regulated forex broker (the type of company which  SPECTRE is competing against) may be the best place to do so.

 

>>Ethereum CFD broekrs<<

 

Withdrawals may take up to 24hours

A small side note, we managed to find in the FAQ section of this platform. This is simply due to the timing of the Contract governing the withdrawals, as settlements happen once a day. In essence, if you miss the window by a second, you will have to wait to the next batch of transfers. 

 

Only Binary options (for now)

This is only the temporary state of events at SPECTRE, but we have to mention it. Spot trading is very different and will potentially many other clients to the exchange once it comes.

 

No early closing of options

This may be another temporary issue, or the first massive oversight we found with this project. Most binary option providers allow you to close a trade early, for a portion of the profit (or loss). There is a small chance this feature was left out intentionally, to limit the impact of emotions over traders, but we doubt it (and it probably wouldn’t serve that purpose too well)

 

Conclusion

 

SPECTRE is an amazing idea, which is slowly coming to life. We generally like the concept of a decentralized forex trading environment on the blockchain, but this project has to grow further, before we can give it a higher score. 

 

The fact people behind this project are aiming to be overseen by the United Kingdom’s Financial Conduct Authority (FCA) means they know what they are doing. This is one of the most respected financial watchdogs, which we often recommend. Take a look a

 

>>FCA regulated forex Brokers<<

 

The benefits of dealing with an FCA-regulated broker include segregation of client funds (meaning the broker can’t steal your investment and simply offer paper trading) and the Financial Services Compensation Scheme (FSCS). The latter is a syhstem, which will compensate you, if your trading partners delcare bankruptcy (limited to £50,000, per client).

 

The current situation at SPECTRE:

 

Pros Cons
Honest environment  Knowledge of crypto required
Pending for regulation Accounts in ETH
Nice charting Withdrawals may take up to 24hours
New tools Only Binary options (for now)
Payouts as high as 200%, many timeframes No early closing of options
$10 minimum deposit  

 

Latest news about SPECTRE
No news about SPECTRE. Check back later.
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Traders` reviews for SPECTRE

Spread

Pros

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Slippage

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Requotes

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Price feed

Pros

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Platform

Pros

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Deposit/Withdraw

Pros

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Customer service

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Summary

Pros

Cons

 

 

Changing the Rules all the Time

They are always changing the rules of the platform, one time you can early close trades, then you can´t or they put high losses for early closes, from nothing they add spreads to different time frames as they want. Other thing is they force you to see graphs and default thing as they want not as you set them to.
For a broker who claims to be a decentralized exchange they act like the others who are always against client.

Marc Louis 09/13/2019

Spectre.ai reject trades very often

Hello,

recently Spectre.ai began to block trades on full hours like 10:00, 11:00, 12:00 and so on. You can not trade +/-2 minutes at those times. The trades are rejected. And full hours are the best time for Binary Options. So they do not let you enter any trade at those times :-)

Pablo 08/11/2019

Reply

Hello. I would like a reply to my last post about spectre.

Thank you.

Andrew 06/03/2019

Pleasant demo experience but different entry points

I love the idea of a decentralized exchange, built around the concept that the Broker is NOT betting against you. Today I entered a 10 seconds CALL trade at .3668. (using the built in viewer, not another website to check the charts). The system automatically put my order at .3672. The traded ended at .3671.This is a red flag. Luckily there weren't real money.
I like the interface though. I would also like to know why the orders are sometimes limited to 100usd but other times you can enter a trade with even more. I would like to know in advance; an ongoing

Andrew 05/30/2019

Balance Wiped Out

To do justice, I publish the message received and my problem was solved :

Thank you for your patience and apologies for the inconvenience.

We have been making some significant and necessary upgrades to our system and the core structure recently. It has come to out attention that very few traders' accounts were unfortunately affected by these upgrades, specifically the visual representation of balances of these accounts. Our tech team was successful in identifying the source of the issue and efficiently resolving it. The balances of these accounts will now show up correctly again so you may continue trading as per standard.

Jose Felipe Rodrigues Goncalves 05/23/2019

Balance Wiped Out

Without having opened an order, suddenly my balance practically disappeared, until no response, I do not recommend trading with Spectre

Jose Felipe Rodrigues Goncalves 05/20/2019
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