12341
4 / 5
Rating of the Binaryoptions.com team
(Risk warning: Trading involves risk)

Spectre.ai fees: How much does it cost to trade?

Type of fees Fees from
Deposit fees $0
Withdrawal fees $0
Inactivity fees $0

Spectre is a decentralized trading platform specializing in forex and other commodities. Its defining factor is that it is cent percent transparent and crowd-sourced and hence eliminates a lot of traditional brokerage infrastructure. In this article, we look at the nitty-gritty of using Spectre and the associated costs.

Spectre works on the ETH blockchain, which is considered by many to be the most advanced blockchain. You can link an existing ETH wallet with your Spectre account or make a new one via Spectre.

Cost and Fees

An important disclaimer would be that Spectre uses Ethereum while it is opening. For services in other fiat currencies, you will need to own ETH to trade with Spectre in most countries.

There is a minimum deposit of $10 worth of ETH to initiate your account and start trading. The spreads on Spectre are much tighter, and hence profitability is higher. This also simultaneously increases the risk of trading on such a platform.

The minimum trade size is $1, and the maximum trade size is $1000. You can expand it to a volume of $2000 by upgrading to a ”jumbo trades” privilege. Any trades made by you must be of more than a dollar. Any withdrawal request takes 24-48 business hours to process, and there are no withdrawal fees.

Withdrawal Fees

Spectre charges no fees or interest on trades or withdrawals, making it an exceptionally viable trading platform for people who are devout Islamists or cannot afford to pay withdrawal fees. However, there is an additional caveat: third-party transaction platforms may have their processing charges, especially when converting from ETH to Fiat money.

Spectre also supports other blockchain coins such as SNX, KNC, BAND, LINK, USDC, and PAX as part of its Defi coin system. Defi stands for decentralized finance and is named so because of blockchain technology. These are not convertible to Fiat money on Spectre since it is not an exchange service, but you may use these coins elsewhere. 

Spectre has an online KYC verification as a prerequisite requirement that all initial users need to go through. It requires proof of identity, address proof, and a picture of 90 days old. 

Market Abuse

There are no penalties for an inactive account, unlike the usual norm. Accounts found to be engaged in or even suspected to be involved in market manipulation of any form end up getting banned for life. For example, decentralized wallet accounts give the user a fraction of a second if they wish to commit funds to trade so that the trade gets ”mined” on the blockchain. 

Users may utilize this security feature for their benefit as they may cancel a trade midway if it so happens to be unfavorable to their trade. The system picks up this activity as this is considered manipulation. You get warnings, and if the activity persists, accounts are banned. 

Another essential rule to keep in mind while trying Spectre is that access to Spectre by multiple people under the same Know Your Customer and using either the same I.P or different I.Ps to prevent country access laws is condoned and not allowed. 

More than ten trades per minute initiated using any other non-API gateways or third-party software will be considered “high-frequency trading.” And comes under the category of banned or unlawful activities and will result in a swift response against the defaulter account.

Spectre provides the following assets for trade:

#1 Binary Options on Forex

Spectre provides options and smart contracts on the foreign exchange market and several established currency pairings. It can provide up to 200% return on investment and an extremely fast-paced, liquid trading style. The same general rules of Spectre apply, and there are no hidden charges or brokerage fees. They contain the ability to handle trading over USD, GBP, JPY, AUD, and EUR, and many other minors and less popular currencies. Trading occurs between 8 am to 7 pm GMT. Binary options carry a certain amount of risk and require a nuanced understanding of the short-term CFD and binary options markets. 

#2 Digital Contracts on Commodities

The traditional commodity market of gold and silver remains a popular and viable option for calling binaries or spreads. Spectre provides trades over XAU/USD and XAG/USD only. The current maximum payouts on Commodity based contracts are 90%, which translates into a hefty profit. The same general rules of Spectre and the same withdrawal rules apply.

#3 Digital Contracts on Cryptocurrencies

Spectre provides CFDs on the values of the significant popular cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and Monero. You can utilize the volatility of the prices of BTC and others to your advantage by speculating the movement of the prices. CFDs on crypto provide a safer alternative than directly trading in crypto. The same general rules of Spectre and the same withdrawal rules apply. The information on the prices is collated from several trusted sources such as Kraken, Coinbase, Huobi, Uniswap, and Chainlink.

#4 Digital Contracts on Exchange Traded Funds

Spectre provides CFDs on several popular ETFs. This is a much more stable trade than any of the options mentioned earlier. CFDs on ETFs speculate over the value of several ETFs and do not directly invest in them. However, market volatility remains under control for Mutual Funds and Exchange Traded Funds due to a considerable investment volume. Hence, speculation over the same yields lesser profits but also minimizes and controls loss.

#5 Digital Contracts on Indices

Spectre provides several CFDs on the most common stock indices on the planet. There is no trading fee since you do not invest in stocks. This is also a promising option for trading for inexperienced and younger traders. You should also note that trading over the prices of indices may be subject to a genuine, larger-than-life risk of political instability and the subsequent fluctuations in the stock markets of the world. 

This makes trading in indices a mixed bag, but traditionally and historically, it is a stable and safer trade than crypto or forex. It also lacks the 400x ROI that options on forex boast of. Some standard indices are available to trade over on Spectre.

#6 EPICs and Reverse Futures

These are extremely similar to CFDs on indices, with only a few significant differences separating the two. There are contracts based on certain data sets and interday market movement. These assets’ value depends on past market volatility, and it compares them against a certain standard. EPIC uses Euro and other currencies as a reference. 

In contrast, Reverse futures uses services like Forexfeed and Xignite for real-time market spreads and historically audited data on certain assets’ performance in the market. The information extrapolates from major stock exchanges such as LSE or NYSE. You can speculate on the market volatility and changes and profit from it. You can trade these options all days of the week and any time possible, making them a unique option for a specific type of trader.

Features of Spectre

Spectre provides you with a fully-fledged demo account to progress and tries out new trading strategies. Your demo account is the most effective learning tool in your arsenal, and Spectre gives it to you free of cost upon signing up and making the first $10 deposit. The demo account functions similarly to your live account, which uses real money to make trades. When on your live account, please be alert as you can lose money easily. It also provides you with tools such as educational trade indicators that help you inform your decisions while trading.

Spectre has an affiliate program where all your referrals provide you with fifty percent revenue sharing for a lifetime. Spectre claims to have zero conflict of interest as their revenue generation is dependent on the volume of shares and not trading losses. This discourages shady practices like market manipulation and subsequent shorting, making brokers rich and traders lose money. Your base commission increases with the number of referrals you have scrounged and the average volume of trades performed by each of your referrals. You can contact Spectre, and they will reach out if you are interested in their affiliate program.

Conclusion

Spectre payouts range from 5% to 200% depending on the market conditions, the volumes of trades, and the time of day. There is also a luck factor attached to trading with CFDs since they are a short-term investment with high risk and a high reward cap.

They provide Digital Contracts that are trader structured. Digital CFDs are the other option. Both are available for settlement in cash (involves a third-party payment platform and a small fee) or non-cash (within the Spectre off-site wallet itself).

Spectre has an open-source API, and all the information in the liquidity pool is 100% transparent. This is a commendable feat in the current age of brokerage, having immense control over the trading world. To sum up, Spectre is a trading platform geared towards the modern-day trader, without the hassle of brokerage, a relic of the past. It is definitely worth your time!