Spectre.ai

Erixxx

Recruit
Messages
5
It would be very helpful if FPA or FPA participants could make some practice runs for some time on Spectre.ai to inform about its functions and operations in practice.The company presentation seem so logical, safe and sound. As it seems to be the first of it's kind in the world. Please anybody!!??
 

SoHard4Me

Recruit
Messages
17
I'm actually quite interested to try out Spectre using their wallet mode.
Its like you are trading directly from your own money stored at your own crypto wallet.
When you win, the money is directly credited into your own crypto wallet so you won't have issue with deposit and withdrawal. But main concern in wallet mode is that the winning payout is lower than regular account.

There are also delay issue when execution of trades, by quite a number of seconds.

Hopefully someone can share the experience on their trading journey with Spectre
 

vixtraderdc

Recruit
Messages
7
Hi traders so I have completed my in depth review of Spectre which claims to be different to most. I joined them at the end of 2018 when they were using an old UI and then used them through until present so have seen the platform evolve a lot since then. I will give a brief summary of each key important driver of what makes a broker good in my opinion and provide the pros and cons about Spectre.

I have been trading fx for around 7 years now and binaries for 4, shamefully I lost my first deposit on a spot option broker back in the day
:(
. I switched from many brokers either because their platform made me lose on purpose or account managers were trading my capital to zero. I got sick and tired of bonuses that locked up my capital or brokers not allowing me to withdraw legitimate gains so today i just trade with high-low which is australian and Spectre. I don't claim to understand blockchain and so won't reference any blockchain related trading which is "brokerless" by using their Wallet account type. Instead I just have a normal regular account with Spectre and so my review will be on that one.

Business Model
First and foremost, its a known fact that any broker one trades with, you're trading against them. In binaries you are trading directly against the broker and in FX most of the time as well. They call this "b booking". When a trader loses, the money goes to the company. If the trader wins, it goes to the company (they don't let you withdraw it, add spread or go all account manager + bonus on you). With ethical brokers, it comes to you. And it's a dying breed. So with Spectre their claim that their model is volume based was a bold one but its actually true. They charge their own balance sheet what they call the DALP, which is a common. liquidity pool available to act as a counterparty to all trades on the platform, 4%. 2% goes to the company, 2% goes to the people that own their digital token which is tradable and listed. They pay rewards on this out every week and I can confirm they have been doing this well before I joined the platform. So if the trader loses or wins the bet, it is irrelevant to Spectre. I am not an affiliate yet but my contact who recommended me to look them up in 2018 is and he has confirmed that affiliates are paid 50% of the rev share the company Spectre gets, per trade. So affiliates are not compensated on losses.

Spectre last month (or maybe January 2020) launched their full API which they call "hyper API", a name that I find gimmicky and which allows developers to make automated bots to trade on Spectre and create entire automated signal services too. I am no developer so I have not tried it out but again what struck me particularly was that bot developers only earn money on trades they win for clients, not lose. This is a complete 180 from other brokers who compensate affiliates and developers on losses only.

The last thing I want to mention about Spectre is their transparency. I have had 1/2 misunderstandings with their support team about spot price errors and the account was updated/settled to reflect this. They also owned up to it. Just last week on Good Friday which was the start of the long Easter Weekend their platform was not supposed to make available FX contracts but only their EPIC index which I mentioned earlier. Since the liquidity is close to zero on holidays spectre historically has closed for business on major holidays. This time for whatever reason they left their FX platform on and I had 4 ties and 8 losses and just 1 win. I received an email yesterday by their support team apologising for the error as FX trading was not meant to be open on Good Friday and so they reversed all my losses, ties and the 1 win and gave me an account credit for any inconvenience caused. To me this is telling its the first time a broker using their own impetus has reached out and reversed losses at least in my experience.

The most important point here is that every quarter they give updates about the group and its business over time. All of these are publicly available as webinars. I am yet to find a single broker that is offering this level of transparency. I don't know who runs which broker and what their balance sheet is like. Most are Russian or Malaysian or Ukranian and little is known about their origins or otherwise.

So where business model ethics are concerned, Spectre imo stands out by a country mile.

Payouts
Like other brokers in this industry (Iq, binary.com), Spectre offers traders the ability to speculate on where the price of the currency is going and earn around 80% in a short time. With spectre it is as little as 1 second and as long as the entire day known as End of Day expiries. Spectre's payouts on FX are lower than other brokers I noticed. On average im getting around 73% which reminds me closer to Stockpair that eventually went bankrupt. They do have upgrades though through Traders Bay which is something they launched very recently that allows me to upgrade these payouts by 5% but i need to pay around 50 cents a day for this. Overall on conventional asset payouts like FX, I will say Spectre is inferior to other brokers. They really should get FX payouts to 80% without the need to need to unlock upgrades for this.
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Spectre does, however, offer much higher payouts than any broker I have ever used if one enables some upgrades or switches asset class to EPIC. EPIC is basically a historical price index of currencies based on real data. When they launched this last year I was puzzled because the last thing I wanted was a random index based on fake prices which another broker offers and is not to be trusted at all because the data is fake. So i asked the Spectre team by writing to them about how they are calculating it and data sets of proof. They sent me all the time series data to prove the movements and I can say its the real deal. The negative on EPIC is that it is a historical index so one cannot trade the news on it but one can trade TA very well and the payouts are 90-95% depending on the expiry one chooses. This is slightly above competitors. If one activates Chain Trade which is a new mode available in Spectre's Traders Bay, then the platform opens up well above competition.

I tried this last week with small amounts as I am still experimenting but if I win 3 trades in a row on Chain Mode, my payout jumps to 400%. You only need a win rate of 20-25% to break even on these so it becomes about what i call "sniping". Chain mode is forcing me to trade less frequently and with more thought behind each trade and that's a good thing as one commits less mistakes.

So overall on payouts, I would say on FX alone, Spectre is inferior to other brokers by a few percentages but far ahead if one takes into account these exotic type of modes.

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Innovation and features
After the recent developments of EPIC with 90%-400% payout, their API (which I have not tested so cannot comment on) and Traders Bay, Spectre.ai is in my opinion ahead of competition. Look, if I want to gamble and bet for fun, I can go to binary.com as they have many classic gambling options such as predicting what decimal the next tick will be on or their synthetic index which is based on random numbers. If I want to trade a mix of binary options or spot fx then IQ option offers me this so no qualms there. Spectre's digital contracts as they call them aren't really binaries anyway imo as I can sell them at any time before expiry and also what I use quite often is the capital protection feature. This allows me not to lose 100% of my trade if it goes OTM but instead i can preserve up to 75%. Of course my payout will be lower too but from an emotional risk management stand point this is a great feature.

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For me beyond all though is the importance of risk management. Here I like binary.com in that they have a feature that locks you out of your account if you lose too much. High-low unfortunately has none. Spectre also has this but I find theirs much more detailed as I am able to manage trade risk individually by selling early or using capital protection feature but also on an account level and change the parameters of how much draw down or variance I am willing to withstand before I am locked out.

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As I said earlier, I am still getting used to Traders Bay. I haven't found anything like this at any other broker (binary or fx) and I must say its intriguing. Their upgrades are inexpensive at a few cents per day (but warning here, this adds up if your account is small and you are activating many) and really address serious issues traders have problems with when trading. Here are some important ones such as reducing entry spread by 50%, doubling possible trade size, chain mode as i described earlier that bumps payouts to 400% and then waterfall which doubles the number of total positions that are able to be opened on a pair at any given time.

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User Interface
Here it's a close call between IQ option and Spectre with IQ taking the reward imo with the best trader's Ui ever created. Where Spectre's is more simple and elegant, IQ's is more futuristic, has better animations and quicker to navigate. It takes a bit longer in Spectre to load charts which can be somewhat frustrating although the entry of trades is at par on both brokers. Imo neither Binary.com or High Low compare in this regard with both having inferior UIs. I have posted a side by side of all here.

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Regulation
Spectre has a verified license in the Vanuatu jurisdiction (VFSC). On request they provide the necessary proof and I confirmed it. They are also transparent enough to say they are in a few months transitioning to a license that gives them more remit as they will be expanding the scope of Spectre significantly and adding many more asset classes and contract types. Vanuatu, however, is basically no real regulation in my opinion. But then again, neither is CySEC which regulated many scam brokers, many of which who were Spot Option based and were taken down by authorities a while back. So although brokers like IQ option have CySEC regulation to me this is irrelevant. If a broker has proper FCA, FINRA or ASIC regulation (like High Low does) then that actually matters. Binary.com has a swathe of licenses and upon first glance that is really good to see but most are gambling licenses either with the UK gambling commission or Malta gaming authority. Since they are a gambling company I guess its good they are licensed though. Personally I would like to see more and more regulation at Spectre over time. Their transparency and business model though so far is very good and KYC or anti money laundering procedures at times onerous. I was not able to deposit more than $10k once despite being full kycd months ago as this triggered an AMl check which took weeks. So they take this very seriously it seems.

Deposit and Withdrawals
I have withdrawn a few times and their average time is around 24 hours. If i put in the withdrawal request mid week, it is processed at times the same day or next day same time. If i put it on Friday it is processed on Monday. Spectre has the usual payment processors integrated but still needs more to be competitive with the likes of IQ option or High Low. I have never had a withdrawal request questioned or delayed or "investigated" and I cannot say the same for other big name brokers which is infuriating especially given how big they are. So deposit options I think Spectre needs more, other brokers have more. Withdrawal time is the same generally speaking with other brokers imo.

Support
They offer onsite live chat. Depending on the time and day of the week this can take up to 10 minutes for an agent to appear. If I compare this to big FX brokers like Pepperstone or Oanda it is almost instant there so I would expect more from Spectre. It is however better than IQ option which is email only and binary.com which can take hours and at times days to get a customer support rep to respond. At high-low I have an email correspondence going so that does the job. Spectre does have a support ticket system in case there are more serious issues and that takes around 24 hours response time. Again in this day and age, it should take far less imo.

I will answer happily any questions about my experience with them and post here more updates as time allows. Thanks!!
Vixtrader

p.s I need to learn more about blockchain to familiarise my self with their Wallet account as you all have requested a review on that feature. I don't know much about ethereum or decentralised trading so I will look into this and try and help.
 
Last edited:

vixtraderdc

Recruit
Messages
7
I'm actually quite interested to try out Spectre using their wallet mode.
Its like you are trading directly from your own money stored at your own crypto wallet.
When you win, the money is directly credited into your own crypto wallet so you won't have issue with deposit and withdrawal. But main concern in wallet mode is that the winning payout is lower than regular account.

There are also delay issue when execution of trades, by quite a number of seconds.

Hopefully someone can share the experience on their trading journey with Spectre
So here is an update on their Wallet account. I previously wrote a deep review on Spectar's regular account but I took the time to open a Wallet account which I have to say leaves a lot to be desired. I had to spend a few days reading and understanding the Ethereum network which is a decentralised system based on the blockchain. Then I had to open an Ethereum wallet and be careful because many of the web ones can be hacked. Then I had to buy Ethereum at an exchange and send it to my wallet account at Spectre. This entire process took a few days from start to finish and left me pretty exhausted.

It was last Friday so I didn't bother trading until last Tuesday and then placed some trades. Firstly I noticed that that congestion on the Ethereum network can make a situation where the trade takes longer to be decided (win or loss). Also the payouts offered are lower than their regular account. My big problem was that many features available in the Spectre regular account just aren't in the Wallet one so yes maybe its all safe and verified and I didn't really deposit with them, this may be me but their wallet account just doesn't hold up against competition.

So Im sorry to say but its a no from my side. I will continue with their regular account which I did a review on above.
 
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