Full Review of Spectre.ai: Is it worth it?

What is Spectre.ai?

Founded in 2019, Spectre.ai is a trading platform that allows high-frequency trading with few risks. This means that you can complete transactions multiple times with little risk on your end.

This platform gives you the opportunity to earn up to a 100% return on investment, or 73% on average.

The Spectre.ai trading platform makes this happen using its cutting-edge technology. This trading platform matches traders on the platform using its in-built liquidity pool, which makes exchanges easier. With this setup, cryptocurrency trading on Spectre.ai offers no opportunity for fraud.

I also noted that the interface of this decentralized platform is user-friendly. It was easy to get started and navigate around the features.

Features of Spectre.ai

If you’re going to be using the Spectre.ai trading platform, you need to know what you’re getting into. Below are some of the range of features that I feel define this trading platform.

No Middle Man

Trades on the Spectre.ai platform occur through their liquidity pool — it’s trader against trader, with no online broker acting as the middleman. This makes Spectre.ai one of the best decentralized exchanges, because this format ensures transparent trades.

The trades on this platform are conducted through the use of secure smart contracts that reside on a blockchain. This independent smart contract runs the trade on the platform and takes care of all outcomes and payouts.

No Deposits Required

Most trading platforms today do not require any money to open an account with them. Before you can actually start trading, however, most of these platforms require a minimum deposit on the platform. I noticed that this cryptocurrency Spectre.ai platform does things differently, as you can trade directly from your cryptocurrency wallet.

If you don’t own a wallet, you can also trade through a secure portal that serves the same purpose. I found this to be quite a wonderful feature for security-conscious individuals who may not yet feel comfortable depositing into the platform itself.

If you’re looking for a catch here, there’s none, as Spectre.ai doesn’t earn from trader losses. Rather, this platform earns from the volume-based technology fee that most people pay when they trade.

Transparent Audit Verification

All financial businesses and trading platforms that deal with public funds have to go through an audit process. This audit process occurs at least once a year, and it checks the assets in the company’s records. This determines whether the assets and liabilities claimed by the company exist.

Financial traders steer clear of companies that don’t audit their records, as it means that the company could be lying to investors. The Spectre.ai platform uses a state-of-the-art audit process that checks its records after every transaction or within 24 hours.

All transactions on this decentralized finance platform are mined and settled on a digital ledger, after which, they are sent to a public ledger for verification. This makes it a globally-based audit trail with over 20,000 processing nodes.

Spectre.ai is Sharia-Compliant

Customers who are followers of Islam often have trouble finding a broker that can meet their needs. Islam is against all forms of business and trade that involve the payment of interest — including taking loans from banks, offering loans to companies, or paying a minimum deposit to a trading platform online.

The Spectre.ai trading platform is halal, as it doesn’t request a minimum deposit of any kind. Its trading processes are fair, transparent, and involve no hidden costs, which makes them Sharia-compliant. These conditions are available to all clients, not just Muslims.

Unique Contracts

I noticed that apart from the typical commodities traded on forex trading platforms, like cash, Spectre.ai also trades digital contracts. Digital contracts are a new trading commodity that can offer payouts of up to 400% within seconds.

The Spectre.ai trading process also allows customers to trade these digital contracts on a variety of traditional assets, like currency pairs.

Numerous Assets

When I used my Spectre.ai login, I gained access to the various digital assets on the platform. These ranged from bonds, stocks, ETFs, Epic, and indices to Contracts for Difference (CFDs) and digital contracts.

Types of Spectre.ai Accounts

Next, let’s discuss the different account types available on Spectre.ai.

There are two types of accounts on the Spectre.ai platform:

• Wallet Account
• Regular Account

Wallet Account

The Spectre.ai wallet account is a unique trading account that doesn’t require deposits or withdrawals to trade. This means that there are no minimum deposits required to start trading on the account.

This account allows Spectre.ai investors to trade directly from their crypto wallets. As such, it’s a direct exchange between the client and the crypto market, with no intermediary broker.

That means when you succeed in making a trade, the money gets transferred directly to your wallet. If you lose a trade, the money gets withdrawn from your wallet as well. There is no minimum deposit required for this account, making it a suitable Islamic Account.

The minimum trade size that I could make on this platform is worth $50. The transaction fees for this account are gas fees to cover movement of the funds. Since these transactions are conducted on a blockchain, the resulting transaction fees are very low.

Regular Account

This Spectre.ai regular account is just like your typical trading account, so it requires a minimum deposit to start trading. Since Spectre.ai is a crypto platform at heart, the regular account also works with the blockchain.

This account is connected to an escrowed Ethereum wallet where all deposits are made. As all transactions are confirmed on the blockchain, this process is safe. The transaction fees on this account mirror the Ethereum gas fees required for those transactions.

Deposits and Withdrawals on Spectre.ai

Unless you’re using a wallet account, the Spectre.ai minimum deposit to start trading is the Ether equivalent of $10. If you’re using a wallet account, you’ll need to connect your Ethereum wallet to the platform to start trading.

Apart from ETH, I saw that you can make your deposits in other popular cryptocurrencies as well, like BAND, USDC, PAX, KNC, and SNX.

Although the Spectre.ai platform caters primarily to the crypto crowd, this doesn’t mean regular fiat trading won’t work. A wide range of credit and debit cards are accepted on this platform. I recognized a variety of well-known deposit methods while making deposits, such as:

• UnionPay
• Ether
• Fasapay
• Skrill
• Neteller
• PaySafeCard
• Help2Pay
• UpHold

One thing I noticed is that the withdrawal method for Spectre.ai differs from other forex trading platforms. You can take money out of this platform using the Spectre.ai wallet or a separate digital wallet linked to the platform.

Withdrawals through a standalone digital wallet are faster, as the Spectre.ai wallet may take 24 hours to process a transaction. However, the supported regular payment methods also worked fine when I used them to withdraw funds.

Spectre.ai Fees

Although this platform accepts no commission when you trade, they do have trading fees for using their services. The Spectre.ai projection for average forex spreads is 0.9 pips on GBP/USD and 0.58 pips on EUR/USD. The CFDs which come with zero leverage charge a 0.1 pip daily fee on open positions.

Spectre.ai Leverage

As a crypto platform, Spectre.ai doesn’t have leverage on most assets. However, the leverage trading in forex can reach 1:40.

Instruments on Spectre.ai

“The stock market is filled with individuals who know the price of everything, but the value of nothing.” Spoken by Philip Fisher, these wise words speak to the immeasurable value of the righr trading instrument.

Fortunately, Spectre.ai didn’t let me down in this area as I had access to various instruments, including:

• Forex
• Equities
• Commodities
• Crypto Assets
• EPICs
• Reverse Futures

Customer Support Channels on Spectre.ai

A Spectre.ai review won’t be complete without the customer support channels of the platform. Although this platform has no telephone support, you can reach customer care representatives through:

• Live chat
• Email: [email protected]

Among these customer support methods, their live chat is a faster method for getting in contact with staff. When I used it, I only had to wait a few minutes before a customer support staff started attending to me.

Training

All newbies should first look for training materials when they visit a new trading platform. I did the same and I found no training materials you might find on other platforms, like educational videos or blog posts.

The training feature offered by Spectre.ai is its demo account. The demo account offers a risk-free trading environment where you can try all your new trading strategies. While this platform doesn’t actively teach forex trading, it provides an environment to practice it.

Security

Security on the Spectre.ai platform is assured through smart contracts, which eliminates the middleman. The smart contracts reside on a blockchain, and blockchains are some of the safest security solutions on the internet. With the trading volumes on this platform, this security service is just enough.

As a transparent ledger, all transactions done on the blockchain are visible to all parties. No one can change a transaction once it has gone through — not even the trading platform itself.

Regulation on Spectre.ai

Spectre.ai is an offshore broker, but before your alarm bells go off, you should also know that they’re a licenced platform.

This platform is regulated as an international business company in St. Vincent and the Grenadines. They are also licenced through Costa Media Interactive SRL, which is based in Costa Rica.

However, these licenses do not provide the same level of protection as the “gold standard” regulatory agencies which provide a secure level of oversight, so traders should still proceed with caution.

Spectre.ai Demo Account

The Spectre.ai demo account is a special account that’s available on all major account types. This account allowed me to trade for free with no required deposits and access to unlimited funds. I was able to easily replenish my funds to keep practicing.

This allowed me to experience all that a real trading environment has to offer in a risk-free manner. Apart from new users, the Spectre.ai demo account also caters to the needs of advanced traders. It provides a safe environment for advanced traders to practice new skills and perfect them at no cost.

Spectre.ai Mobile App

I am happy to tell you that there’s a Spectre.ai app. For people like me who would like to trade conveniently on the go, this was a must-have.

This app allows you to use the services of this trading platform on your Android device. You can download this mobile trading app on the Spectre.ai platform.

You’ll see the download button at the top of the main page. While this was a welcome advantage, I noticed that there is no mobile trading app available for iOS users at this time.

Spectre.ai Utility Tokens

The Spectre.ai utility token (SXUT) is a digital coin that grants privileges to active traders who use it on this decentralized trading platform. This Spectre.ai utility token offers access to a wide range of assets, more than the average user. It offers access to more crypto assets, higher trading sizes, and many other benefits.

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