Spectre.ai Review – Trading Platform on Blockchain
There are many trading platforms available: some offer a standard set, while others have more unique tools. We review Spectre.ai, a unique trading platform based upon blockchain technology.
- 0.1 What is Spectre.ai?
- 0.2 What can you trade on Spectre.ai
- 0.3 Spectre.ai Tradingroom Overview
- 0.4 Types of Spectre.ai Account
- 0.5 The pros of Spectre.ai trade
- 0.6 Cons of Spectre.ai Trading
- 1 Summarising
What is Spectre.ai?
Spectre.ai offers trading platforms that offer digital contracts and CFD trading options. These are the two main features that make Spectre.ai different from other trading platforms.
Deals can be made against Spectre.ai’s liquidity pool or against other traders using Spectre.ai. All of this happens without the involvement of a broker. The liquidity pool can be crowdsourced and controlled by multiple parties (not one broker). Spectre.ai and traders do not have access to this liquidity pool. The platform uses blockchain technology to achieve this.
What is Blockchain?
A bank acts as an intermediary when we pay using our debit cards. It facilitates the transaction to ensure that the money gets to its intended destination. The same applies to trading and investing: a broker is usually involved in every transaction. Blockchain technology makes this unnecessary.
Blockchain is basically a distributed database that is shared among decentralized servers all over the globe. It stores information in a digital format. In the case of Spectre.ai trading it is used to verify transactions and audit them.How blockchain technology works
Blockchains are crucial in the use and development of cryptocurrency, including Ethereum, Bitcoin, and others. These digital databases also store records of transactions made with cryptocurrencies. This ensures that transactions are safe. They can be supervised by no third party.
Traditional brokers usually deposit funds from traders’ bank accounts. Spectre trading allows you to trade directly through a digital wallet, or via a secure portal.
Either traders refill their Ethereum accounts via the platform, or they can do so off-site in an Ethereum wallet. The funds can be traded directly from the wallet without being transferred to the platform if it’s the latter.
What can you trade on Spectre.ai
Clients of Spectre.ai can trade digital contracts or CFDs on various assets. These financial instruments can be traded digitally. However, it does not require that they are actually owned . traders simply try to predict price movements up or down. If they predict correctly, they will make a profit based on the difference between the final and initial prices.
These are the major assets that can be traded on Spectre.ai
|Types of assets||Variety||Availability|
|Cryptocurrencies||There are 40 types of cryptocurrency assets||24/7|
|Global Equities||22 stocks||24/7|
|Forex||20 currency pairs||Monday-Friday|
|EPIC (Epochal Price Index composite). Spectre.ai’s benchmark indicator of Euro-based currency pair, traded over time. This data is based upon historical prices.||3 indices||24/7|
|Reverse Futures (digital contracts on global equities from the past). Historical price data is based on the market movements of different stocks.||10 stocks||24/7|
Spectre.ai Tradingroom Overview
Spectre.ai is available only in a browser and as a mobile app for Android. There is no Spectre trading application for iOS or desktop version.
The Spectre.ai Traderoom is available in English, Turkish and Spanish as well as Portuguese and Indonesian.
Risk Management Tools
Different trade setups and risk management tools can be used by traders. There are many pre-filled templates traders can choose from depending on their risk tolerance. After selecting the template, the appropriate variables such as Stop Loss levels will be automatically set. These settings are intended to assist traders in managing potential losses and protecting their funds.Risk Management templates on Spectre.ai
Tools for Analysis
There are many standard graphical tools such as trend lines and over 100 indicators that can be used for technical analysis. Twin Chart allows traders to simultaneously track two assets.
To reach Specte.ai support traders must verify their identity using a temporary code. It is possible to obtain this code in the account settings of the platform. You can access support mainly in English. Depending on the time and availability, additional languages may be available (Estonian or Croatian, Indonesian Spanish, Portuguese, Spanish, Portuguese).
According to our Spectre.ai review it provides a series video tutorials. Topics include trading strategies, as well as meditation tools for traders. The platform does not offer social trading or copy-trading.
Types of Spectre.ai Account
- Wallet account
It’s a completely decentralized trading option where traders do not make deposits to the platform. All trades are done using off-site private wallets. Every trade incurs a fuel cost. The minimum trade size for this account is $50.00
- Regular account
This account is also known as a common account. Funds can be deposited from a bank account, a card, or an Ethereum/Bitcoin account (then converted into USD) or from an UPHOLD. The latter allows traders to deposit money in local currency, and receive the equivalent amount in USD on their account. The minimum deposit amount for this account is $10.00, and the minimum trade size of $1.00.
- Defi account
Traders can choose to use any one of the available Defi currencies (SNX, BAND or BAND, LINK and USDC, PAX), to deposit funds for Spectre.ai trading. In this instance, the funds cannot be converted to a FIAT currency such as USD.
The pros of Spectre.ai trade
These are some of the key advantages that we discovered during our Spectre broker review and may be of interest to traders.
The majority of assets available for trading can be accessed 24/7. The platform’s crowd-supported liquidity pool model makes this possible.
Security and Transparency
Spectre.ai uses blockchain technology for global auditing. This is intended to increase trade security. Traders can also use the Off-Site Trading Account option to make trades without depositing any money.
Register for a Free Demo Account
Every trader has unlimited access to a practice account. This is even before they make their first deposit. This allows traders to gain experience with virtual money before they move on to trading with real cash.Spectre.ai demo account
Spectre.ai offers an incentive program. Traders with the highest trading volume could be eligible for $1000 weekly rewards. Participants can only be traders who have real accounts. Demo accounts are not eligible.
A Spectre trading review revealed that traders who hold the Utility Token (SXUT) have special conditions. This cryptocurrency can only be purchased with Ethereum. Traders who have the Spectre.ai token stored in their digital wallet will enjoy higher payouts, greater trade sizes, and other benefits.
Cons of Spectre.ai Trading
There are only a few assets
The standard assets available for Spectre.ai trading are limited. It does not offer a large selection of stocks or commodities. However, there are more than 40 cryptocurrency types on Spectre.ai. Traditional brokers cannot match this variety.
Spectre.ai doesn’t offer a desktop version nor a Spectre app for iOS. This may be frustrating for some traders who cannot access the platform on any device.
The platform does not have a live chat. Instead, traders must request a temporary code each time they need assistance. This may add an additional layer of security but it takes more steps and slows down trading.
Interaction with other traders
Spectre.ai does not allow traders to communicate with each other via chats or social trading. Only the website has the leaderboard with the current contest results for the incentive programme.
Our Spectre trading review revealed that it doesn’t provide tools for market analysis such as an economic calendar or company earnings reports. Therefore, traders should search for market news and trading opportunities elsewhere, which might take more effort and time.
Some traders may find the idea of a blockchain-based trading platform somewhat foreign. Although cryptocurrency is increasingly popular, traditional trading platforms that have reliable brokers overseeing all transactions may still appeal to traders.
Spectre.ai, a trading platform based upon blockchain technology might appeal to crypto enthusiasts. Spectre.ai may be a good choice if you’re interested in trading a variety cryptocurrencies directly from your digital wallet. This being said, Spectre.ai could be for you if you don’t know much about crypto or need additional guidance. You might consider more well-known trading solutions.