A big hello to all you Binary Option traders out there in Canada, Europe and UK! There finally is a full-featured binary options
broker platform that you can use. When I say full-featured, I mean that they have a good asset selection, full charting features, wide indicator selection, and also a pattern-recognition system built into the platform. Get this, they even have 10s expiries paying up to 75% – with swift trade execution and validation to match! You know something else? You don’t need to deposit any trading capital with Spectre.ai in order to trade! Bizaare right? More on this later.
Be sure to watch the video at the end of this video where I take you through a tour of Spectre.ai’s features.
How Long Has Spectre Been Around? Why Didn’t I Recommend Them Sooner?
I first came across Spectre in 2017 when they were doing their Initial Coin Offering (ICO). Several Binary Lab members wrote to me to ask my opinion on it. I also received a cold-invitation from them asking me to sample their platform. Back then, I had my serious doubts on execution speed, and also, the efficiency of ethereum transactions – given it was at the height of the crypto wave where demand was higher than what technology was ready for. Needless to say, it was a great idea, that didn’t turn out as planned. Fast forward to present, the crypto speculation wave had died down, and mining algorithms and technology has advanced. True enough, the tables have turned and now this is a concept that works.
In the video at the end of this post, I also mentioned that another pivotal point was that a senior broker manager whom I have known for some time now with an established firm, had moved over to Spectre.ai. That tells me that Spectre didn’t just pop up to raise funds in the ICO, but actually has a long-term purpose and business plan. Be sure to scroll to the end of this post for the video.
How Is Spectre Options Platform Regulated?
When you attempt to sign up for Spectre, you will discover that they aren’t governed by ESMA, FCA, FMRCC or Cysec. What about off-shore? They aren’t regulated by VFSC, or IFSC either. So what is this “Regulation” which they so proudly declare on their homepage about? It is actually about “mechanism-regulation”.
What traders are most concerned about when trading with any broker is whether they can receive their profits, and withdraw their capital.
Because Spectre is a platform that allows you to trade binary options right out of your Ethereum wallet, your money is safe under your own keeping. Because the trades are decided by smart contract, which is handled by the network by processing nodes, and verified against 3rd party price feed based on time of trade entry and exit. As long as you are profitable, you will be automatically credited with your profit.
You can view the above on the actual homepage HERE.
Possibly The First-Ever Binary Options “Provider” With 10s Options!
In 7+ years of my involvement in Binary Options, I’ve yet to see 10s binary trade expiries anywhere else. As 5s charting has been around for sometime, we’ve always had some “really impatient people” in Binary Lab Community who’ve long wished for a trade expiry option that allows them to take advantage of 5s price charts. There are caveats though. For 10s trade expiries Spectre has a max trade size of $100. Also, they only have charts from 1m to D1. So while you can make these trades, and quickly too, with their “one-click” trading, you’ll probably have to chart on Tradingview instead.
Debunking The Notion of “Binary Broker”: One of a Kind, Decentralized Platform.
What if I told you that you could trade live and make profits – without even depositing ANY money with the broker? If you’re puzzled, so was I.
Because they aren’t a broker. The strikethrough I made on “broker” in binary options broker is deliberate. Unlike most binary brokers out there, Spectre.Ai is actually more like a technology service provider. In this case, they are a decentralized system which manages Peer-to-Peer (P2P) buy and sells smart contracts within the platform between users (like IQOption does), and when this isn’t possible, puts you in direct trading with liquidity providers via smarts contracts created on the blockchain.
If you’re wondering what “smart contracts” are, I have them described two paragraphs below…
How Does Spectre Even Offer Smart Options To People in Countries Regulated by ESMA and FCA?
This platform has very cleverly side-stepped what ESMA has defined as “binary option” in the design of this system and they way trades can be taken on it. Because all trades are settled in Ethereum instead of your typical broker deposit currencies, or “Fiat cash” – i.e. USD, EUR, GBP, AUD, and by allowing people to sell back the trades to the broker before the time is up, the “Smart Options” they offer, which is basically the binary options we know, aren’t “Binary Options” under ESMA’s definition.
Funds Safe in Smart Contracts – This Century’s New Catch-Phrase for “Escrow”
Neither Spectre.ai nor the traders have access to the crowdsourced liquidity pool. Only next generation immutable contracts can extract or send funds from and to the crowdsourced liquidity pool, respectively. – Spectre.ai
Unless you lose a trade, the broker cannot take money from your account.
You are not actually required to deposit ANY money with them. Instead, you can trade directly from your digital Ethereum-friendly wallet. Only upon winning or losing trades, is the pre-agreed amount of Ethereum added or debited from your account.
Trade Protection? What’s That?
What’s more interesting is a new feature previously only seen on Dukascopy where you get to choose how much “trade protection” you’d like to have on your trade. What this is, is a cash back you receive in event you lose a trade. You can adjust this via a slider. This is of course, at the expense of potential profit. (Personally I think it’s just a novelty with no real-world benefit.)
What’s To Like? What’s Not To Like about Spectre.Ai Binary Options
What I Liked About Spectre.Ai
- Easy To Use, Intuitive Platform
- Fast-Loading Website
- Good Selection of Assets – Major and Minor FX Pairs, and Cryptocurrencies.
- Low CFD Spreads that Undercut The Market
- Low Min Trade of USD $1 – Equivalent
- Has All The Technical Analysis Tools In-built and are Easy-To-Use
- Has Precise 60s Expiries!
- Pays up to 75% on even 10s Expiries
- Quick Trade Execution and Validation
- Has a “Trading Ideas” Section
- First-Ever Price Pattern Scanner Widget with Multiple Patterns Pre-Installed
- In-built News Alerts and Forex Market Hours Widgets Built In
- Funds Are Safe With YOU
- Can Invest in Ethereum while Growing Your Portfolio at the Same Time
- Well-Thought-Out Education Section
What I Didn’t Like About Spectre.Ai
- Low Max trade size of $100 for Trades Below 60s.
- Low Max trade size of $500 for Trades Longer than 60s.
- Really Low Trade Payouts During Asian Session (10%!)
- Low Payouts (10-50%) on Certain Pairs Even During London/NY If They are in Low Liquidity
As you can see, I have many likes and only few dislikes about this broker. Generally, I am very impressed with it. If they had higher payouts and trade sizes, I might even jump from my current broker just so I can invest in Ethereum and grow it at the same time. Fortunately, ESMA regulations do not affect me. However, for those in Canada, Europe, or even the UK, I think Spectre.Ai is a great solution, possibly even better than Ayrex, which is still open to those in Europe – when you consider the overall features.
If you find this review helpful to you, please use my link below in signing up with Spectre!