About the firm
Specter.ai is a binary options-focused blockchain-based trading platform. Specter is a novel type of trading without middlemen that has no minimum investment and uses crowdsourcing technology. The acronym Specter refers to the Speculative Tokenized Trading Exchange. Saint Vincent and the Grenadines is where the corporation is registered. The startup encouraged investors to engage in an Initial Coin Offering (ICO) in 2017. (ICO). Since then, the broker has gained popularity among Asian traders and is also gaining traction in Europe and beyond.
The group gained notoriety for their novel approach to internet trade. Their business concept is built on the Ethereum blockchain network’s decentralized autonomous liquidity pool (DALP). New orders are automatically matched to the order book by the system. Trades are conducted against DALP if there is no counter-trade.
It operates on a no-intermediary basis, meaning it does not keep customer deposits or withdrawals in the traditional sense. Instead, payments and earnings are sent straight to and from your e-wallet, allowing you to trade online quickly, securely, and transparently.
The company has developed its own trading platform. The system is web-based, with a simple login procedure and all of the standard features you’d expect, such as one-second to one-day charts and over 30 technical indicators.
Traders can use APIs to build automated trading robots. Developers may use the platform to retrieve historical data and test algorithms in various marketplaces. On the Specter demo account, auto trading is also possible.
The company offers a mobile trading app for both Android and iOS users. The APK app is designed to mimic the desktop experience. The login process is simple, all assets are accessible, and pricing comparisons are possible.
The fact that the program is not accessible for download from the Apple or Google Play stores displeased this reviewer. Traders should instead go to the URL provided on the main page. It is, however, compatible with the iPhone, iPad, and Android smartphones.
There are around 80 synthetic tradable goods available, which allow consumers to speculate on price swings without having to possess the underlying asset. Digital binary options and the associated Epochal Price Index Composite (EPIC) contract class make up the majority of them.
Digital contracts offer rewards of up to 400%, are instantly validated, and can be traded on a variety of markets, including currency.EPIC contracts are based on a mixture of past market volatility and are designed to mimic real-world events. They may be exchanged just like any other asset and are available 24 hours a day, seven days a week.
Spreads and fees
Spreads are narrow, and certain assets even allow for no-spread trading. For major currency pairings, the average spread is 0.58 pips for EUR/USD and 0.9 pips for GBP/USD. Traders gain from increased win rates since tighter spreads make it easier for them to attain profitability. To compensate for this, binary option payments are lower than other providers. A daily commission of 1 pip per open position is also charged on zero leverage digital CFDs.
Most assets do not allow for leverage, with the exception being forex, which allows for leverage of up to 1:40. This can limit the quantity and amount of positions that traders with little money can open. The lower leverage, on the other hand, serves to limit prospective losses.
Users can trade directly from the digital wallet. Available payment methods include:
- bank transfer
- UnionPay (China)
- Credit/debit cards
You may also deposit and withdraw funds using the Defi wallet. The following cryptocurrencies are supported: SNX, KNC, BAND, LINK, USDC, and PAX.
Because the company does not keep payments on file, processing times vary depending on the payment processor but can take up to 48 hours. Bank transfers and credit card transactions take several days.
The trial account replicates real-world market circumstances and provides traders with a substantial virtual bankroll with which to experiment with the platform and tools. Users can quickly transition to real-money trading when they are ready.
Other incentives are available through the broker. A brokerage firm, for example, holds trading tournaments with cash awards of up to $50,000. This is a fantastic chance to win, but it’s also a fun way to learn from seasoned investors.
The Dividend Compensation Token (SXDT) is a native currency that offers bigger rewards, more assets, and larger trade sizes to traders. Utility tokens are a terrific way to improve your trading experience by storing them in your digital wallet. For a complete list of benefits, go to the rewards site.
The Specter Incentive Program
The Incentive Program is a weekly competition in which participants who acquire the largest trading volume are awarded cash rewards. The weekly winner earns $1,000, while the yearly winner receives a $50,000 cash reward.
- Account for your wallet. You trade straight from your crypto wallet using a regular wallet account. Transactions are performed immediately and without costs since the middleman has been removed.
- This is a regular account. A standard account, which is simply a private Ether wallet, is also available. Winnings flow straight to your escrowed Ether wallet, which may then be withdrawn to your private e-wallet, and trades are still validated on the blockchain. A normal account requires a minimum deposit of $10.