Specter Finance Scam Review

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Spectre.ai Review

Introduction

Spectre.ai is a broker-less platform where traders get to trade binary options directly against the financial markets on a choice of assets. In a break with tradition, they also don’t require a deposit, meaning that you can trade directly from your digital wallet without the need for opening an account with a minimum amount of funds. Based in The Cayman Islands, they offer their services worldwide.

Offering binary option, Forex and CFD trading, Spectre.ai is a less a financial trading company and more a tech provider meaning that the platform is excellent for both desktop and mobile trading. There is no need to worry about losing your money on a platform that is built on such a secure system. With so many unique features, it is worth investigating further.

Of course, deciding whether Spectre.ai is the broker for you can be tricky, especially if you don’t understand options trading fully yet. That is why our comprehensive review of this broker will allow you to make an informed decision based on our thorough research and feedback, making your trading experience a much easier one.

In this review, you will learn:

    Why trading with Spectre.ai is so unique How easy it is to trade on this new platform What are the asset and trade types offered

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Account Types

Unlike other binary options brokers, there are not a myriad of accounts to choose from as the system is much different in its offering. Instead of having to deposit a minimum amount of money to get all of the benefits of the platform, you trade directly from your digital wallet. Without an intermediary broker, you are simply making a transaction directly between your wallet and the markets. There are no deposits and no withdrawals.

Wallet Account

It seems strange to label this as an account type as it isn’t. There are no deposits or withdrawals. You trade directly from your crypto wallet. Any winnings are sent straight back to the wallet as well. As well as removing the middle man and reducing the time you wait for your money, it also ensures fewer transaction fees.

You don’t need to worry about currency conversion or deposit or withdrawal fees. While there is no requirement for depositing funds, the minimum trade value is $50. You trade your $50, and if you win, it is returned straight back to you with your winnings.

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Regular Account

There is another option, and this is a minimum $10 deposit to a privately escrowed Ethereum wallet. As the trades are confirmed through the Blockchain, there is still no opportunity for funds to be manipulated. When you wish to withdraw any winnings, the money goes straight from the private escrowed Ethereum wallet to your private Ethereum wallet. The minimum trade size on a regular account is $1, unlike the $50 with a wallet.

What these accounts aim to do is give you a direct experience without any middlemen or chances for fund manipulation. By acting as a tech provider rather than a brokerage, there is no one other than you that has access to your funds, and you are solely responsible for your own trading experience. That said, you are not on your own as there is a customer support team.

Trade Types And Payouts

There are many assets available on the trading platform. You can choose from all of the major currencies as well as digital assets, stocks and commodities. If you fancy trading in currencies for a while and then switching to gold or silver, then you can do so. It is worth adding that as this platform is continually evolving, there are likely to be more options added in the future.

Short Options

There are several opportunities to trade on the Spectre.ai platforms to suit your particular trading style. If you are a beginner and want to see some quick results by executing trades with fast expiry times, then you can choose 60-second trades, 5 minutes, 15 minutes, 30 minutes, 1 hour etc.

Intraday Options

You can also choose to place trades with expiry times of 12 – 24 hours. These tend to be preferred by those who are more experienced when it comes to binary options trading and that have a little more patience or knowledge of the markets and the assets that they trade-in. They can often be subject to a higher movement of the markets and so carry greater risk.

Placement Options

There are two different types of trade placements. These are the standard immediate trades when you make the trade and enter it straight away and then there is the pending order trade. What this means is that you enter the trade at a specified pre-defined rate. You set up the trade based on the future price. When the trade reaches that price, your trade begins and then it will place the order in the direction that you choose.

You can do this either by defining it when you place the trade, or you can set up an alert for you to enter the trade manually when the price is reached. If you wish to place a time limit on the entry price being reached, you can set it to expire if this does not happen.

The broker operates a weekly free contest, with a prize fund of up to $20,000.

Bonuses And Promotions

Unlike other traders where you may be awarded a bonus for depositing funds, you don’t need to deposit funds, so there is no welcome bonus. The nature of this trading experience means that the benefits speak for themselves, and the secure trading environment is its unique selling point. They do not use the usual incentives to entice you to trade with them, and they aren’t asking for a commitment.

You log on and trade as and when you feel like it with little need to deposit any funds.

Mobile Trading

There is no mobile app available, yet however, if you visit the website, it clearly states that a mobile app will be available in 2020 (Jan 2020). That said the mobile site is both comprehensive and intuitive and allows you to enjoy all of the features of trading from your device.

The mobile responsive nature of the site means that it is intuitive to the device that you are using and will render the site in the best possible format.

Deposits And Withdrawals

As we have already mentioned, this is not your traditional binary options broker, and you do not need to deposit funds into an intermediary account to trade. With a wallet account, you enter the trade with money from your digital crypto wallet. The minimum trade price to do this is $50. Withdrawals don’t exist – winnings are sent straight back to you.

There is the opportunity to deposit funds in Escrow with a regular account with a minimum requirement of $10 and a minimum trade amount of just $1. The traditional rules of depositing funds and waiting to withdraw them do not exist with this broker.

Special Features

If you haven’t already worked it out yet, the unique feature of this broker is security. There is no need for you to risk your money with an intermediary; you trade between you and the markets.

There is no need for a deposit which also eliminates time spent waiting for withdrawals. The idea is simplicity and security when it comes to trading binary options. The liquidity pool is capitalised by the initial investors.

Customer Support

While there is no broker as such, there is customer support, so while you are trading directly on the markets, you can get help when you need it. Open up the chat box in the bottom right-hand corner of the screen to start your chat.

You can also enter your name and contact details to send a direct message. For extra peace of mind, you will see that there are visible social media platforms to connect with, including Facebook and Twitter.

Here are the contact details for Spectre:

    Email – [email protected] Address – Spectre Global Limited, Artemis House, 76 Fort Street, Grand Cayman, KY1-1111, Cayman Islands

Conclusion

Spectre.ai is quite different to other binary options brokers in the way that they offer their services, but mostly, they are offering the same thing, which is the chance for you to trade on your favourite assets. They work hard to promote peace of mind and security for you as the trader while offering all of the features that you would expect from a broker.

As a new entity with a novel way of doing things, we think it is only a matter of time before others follow suit. If it is security that you are looking for, then you won’t go wrong with Spectre.ai.

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Frequently Asked Questions

Is Spectre.ai legit, will they scam me?

The ethos behind this platform is legitimacy. Spectre.ai sees itself as a tech provider with the liquidity of the trades provided by the initial investors.

Do they have a decent mobile or tablet app?

They do indeed have a mobile offering, but at this stage, there is no app. The app is promised for 2020. They do offer a very mobile responsive website.

What bonus do they offer for new traders?

No, there are not any welcome bonuses for new traders. This won’t matter to most traders that prefer the thought of not having to deposit funds.

Can I start trading on a free demo account?

There is no demo account as the trades are made direct. There is however a regular account where you can deposit $10 and benefit from $1 trades, perfect for those that are new to binary options.

What’s the minimum deposit and trade amount?

Essentially there is no minimum deposit when you use the wallet option. If you wish to take a regular account, however, you will be required to make a $10 minimum deposit which is held in Escrow.

Shelly is proud of her current position as Head of Brand for a well-known organisation that owns several brokerages in the trading sector. She’s consulted for us since 2020 and readers can benefit from her insider knowledge of how brokers work.

SPECTRE Review – is it scam or safe?

SPECTRE.ai is an up-and-coming binary options, spot forex and CFD platform, which aims to disrupt the financial services sector as we know it. We have made a publication about the basics of their project, which you can find here. This review will showcase their current potential, from a trader’s point of view and be updated as the service develops.

Currently, only the binary option functionality is available. We would be much more interested in the spot trading capabilities, once they are live.

US citizens aren’t allowed to trade on this platform, not trade the tokens.

SPECTRE Advantages

All trading on SPECTRE is done with the support of the Ethereum network and immutable Smart Contracts. This means, once the environment is set up, it can’t be altered. You will get your order executions and withdrawals 100% of the time. This also comes with a few negatives, which we will cover below.

Pending for regulation

We weren’t manage to get details of essence of the regulation SPECTRE is currently applying for, but their end goal is to get licensed by the UK’s FCA. The current legal framework will make that somewhat difficult, but the future will surely bring new rules.

The platform at SPECTRE is web-based and fairly intuitive. We were very impressed with the charting package, as similar projects, like Likke have disappointed us in the past. This looks like a system developed by traders, for traders.

How trading at SPECTRE is currently done

SPECTRE brags about creating an environment, which will educate traders to make the proper investment decisions. They have created an interesting risk management system, which reminds us of the self-limitations which online gambling websites have. Here is a preview (click to zoom):

Additionally there are several automated signal-tacking systems, which provide traders with alerts, when technical set-ups arise. While this isn’t that innovative on its own, it may be a feature, appreciated by newcomers.

Payouts as high as 200%, many timeframes

This is the maximum stated on the company’s website. The typical one you will get is slightly above 70%. We like the multitude of expiration times available. Here is a screenshot of the order placement module:

How the order box at SPECTRE looks

$10 minimum deposit

While you don’t technically deposit anything to SPECTRE, the Ether equivalent of $10 is required for the creation of a real account. This will allow virtually all, who are already familiar with Ethereum to join.

Demo accounts available

Given how most binary option providers don’t have demo accounts, this is a serious environment. Furthermore, even trading veterans could get a glimpse of demo Etherum accounts, something you will probably not find at many other places.

SPECTRE Disadvantages

Knowledge of crypto required

The main issue, from a trader’s point of view will have to be the fact this is a crypto project. You will need to own some ETH and know a bit about making transfers, wallets and so on, before you can access SPECTRE. That being said these things aren’t that difficult to learn and may prove to be useful in another circumstance.

SPECTRE is an amazing idea, which is slowly coming to life. We generally like the concept of a decentralized forex trading environment on the blockchain, but this project has to grow further, before we can give it a higher score.

The fact people behind this project are aiming to be overseen by the United Kingdom’s Financial Conduct Authority (FCA) means they know what they are doing. This is one of the most respected financial watchdogs, which we often recommend. Take a look a

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Beware of These 5 Bitcoin Scams

Bitcoin’s meteoric rise in prices in 2020 awakened mainstream interest in the original cryptocurrency.   But the rise in interest has not been without consequences. One of the downsides of new investors entering the market is the increase in the number of scams, frauds, and stories of retail investors who lose their coins to shady ventures. From ICO scandals to wallet theft and fraud, regular consumers can fall prey to crime easily.

It may seem as though it’s the Wild West for investors, but it doesn’t have to be. While there are certainly risks in the market, the opportunities may be irresistible for some. However, being cautious is always a must, and there are clear signs of scams that investors can look for. By avoiding these traps, users can better their chances of success and protect their investments. These are some of the most common scams and how they can be avoided.

Key Takeaways

  • Bitcoin investors can increase their odds for success by identifying common scams, such as Ponzi schemes, fake ICOs, and fraudulent exchanges.
  • One common scam, exposing bitcoin users to theft, is the sale of a hardware wallet with a compromised pre-configured seed phrase, which allows hackers to steal funds.
  • Since bitcoin exchanges are unregulated, fraudulent exchanges can trap investors with the promise of unrealistic prices and heavy discounts on use.
  • Websites featuring fake ICOs instruct users to deposit funds into a compromised wallet through their site, resulting in the theft of funds.

Hardware Wallet Theft

For users who are concerned with security and privacy, a hardware wallet—a physical device that stores their private keys—is an increasingly popular option. Usually, as small as keychain USB drives, these wallets offer an offline way to help crypto investors protect their bitcoin even further. However, there have been reports that some of them have built-in vulnerabilities that open them to hackers that could easily steal all a user’s holdings. 

This is far from the only issue, however. According to Ofir Beigel, the owner of 99Bitcoins.com:

One scam entails selling hardware wallets to users with a ‘pre-configured’ seed phrase hidden under a scratch card. The new user is told that he should scratch the card . and set up the wallet with the compromised seed.

This creates a backdoor that allows hackers to drain funds once a wallet is activated. These scams are becoming more common, but they can easily be avoided by only accepting wallets from trusted sources. 

Exchange Scams

Despite their decentralized nature, most cryptocurrencies are still bought and sold at exchanges. While this makes it easier to find the coins investors desire, there is still no regulatory body overseeing these exchanges in many countries. Thus, many investors have been left penniless when the exchanges they signed up for turn out to be traps. In December of 2020, several South Korean exchanges were exposed, leading to promises of stiffer regulations by the country’s authorities. 

These scams are not hard to spot but can be costly if not avoided. One of the biggest red flags is the promise of unrealistic prices. Exchanges that promise heavy discounts on bitcoin use this strategy to lure in unsuspecting victims.

Additionally, users can check exchanges’ URLs. Web addresses should always begin with HTTPS, a sign that traffic is encrypted. Visiting unsecured websites is a bad idea, but alert investors can avoid losing thousands by looking for the right signs.

Fake ICOs

One of the best results of the cryptocurrency boom has been the rise of the initial coin offering as a way for companies to raise capital. With thousands of new blockchain-based companies entering the market with unique ideas and exciting projects, users can now back their favorite businesses easily. However, this massive explosion of ICO opportunities has inevitably raised the specter of fraud.

There are several ways scammers can separate investors from their bitcoin. One popular method involves creating fake websites that resemble ICOs and instructing users to deposit coins into a compromised wallet. Other times, it’s the ICOs that are at fault.

Centra Tech, for example, a blockchain venture backed by several celebrities, has been sued in the US. The company stands accused of portraying fake team members, misleading investors, and lying about their products.   The best way to avoid these scams is close research that involves picking apart the white paper, reviewing the team behind the venture, key board members, and investors. Before making any investment, it’s vital to learn as much about the company as possible to avoid any unpleasant surprises.

Cloud Mining Schemes

Mining is the only way to extract new bitcoins without buying or exchanging them, but it has become an incredibly resource-intensive activity. Due to the unique way new coins are mined, it takes massive amounts of processing power and electricity, and thus money, to mine a coin. However, many companies now offer regular users the ability to rent some server space to mine coins for a set rate.

Some companies offer “lifetime contracts” that keep costs the same and supposedly offer outstanding returns. However, as the difficulty of mining increases, the same investment will return smaller amounts each time. Moreover, some companies make bold claims regarding their returns without being transparent about the true costs and diminishing returns. Others operate Ponzi schemes that can lead to massive losses. It’s vital to look into opportunities and understand the risks and costs associated with mining before investing.

Multilevel Marketing

Even in the digital spheres, many multilevel marketing schemes have emerged that offer naïve investors excellent “opportunities” for progressively larger sums of bitcoin. MLMs, as they’re known, are predicated on offering quick returns, but involve taking more money for the promise of even higher profits.

One major company that has been repeatedly outed is OneCoin, whose owners were implicated in several other shady operations. The company offered investors massive earnings, as well as luxury goods and perks for paying more. 

However, there is little information on the company outside of its site, and users have left scathing reviews online. It’s important to pay attention to a company’s fine print and ensure that their claims are feasible and real. Avoiding these scams early can protect investors’ wallets.

With the current craze, being vigilant and doing one’s due diligence are a must before investing in bitcoin. The market is also showing signs of maturity, leading to better transparency and clearer rules. Regardless, a smart investor’s first step should always be careful research to ensure their investments are winners.

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