The number of online trading platforms is constantly on the rise as more and more people continue to take up trading as a profession as well as a hobby. While these platforms differ from each other with respect to certain features or offerings, most of them have one thing in common – they are either brokerages or connected to one to process and fulfill the orders. Such an arrangement also means that the entire system is a bit too much centralized for comfort and makes traders shell out more as commission on trades than they ideally should.
However, things are now changing, thanks to SPECTRE and its use of blockchain technology to create a broker-less trading platform. The cutting edge, crowd-sourced technology enables users to execute high-frequency trades on the financial markets with minimal risk. All trades are either placed against the platform’s liquidity pool or other traders, managed by smart contracts, and recorded on Ethereum blockchain.
Things That Can be Traded
The SPECTRE trading platform allows users to trade Digital Contracts on a range of asset classes including currencies, stocks, and commodities such as gold and silver in the form of synthetic (no underlying ownership) speculative trades on a prediction model (higher or lower). It is also the only trading platform anywhere where it is possible to trade historically with EPICs and Reverse Futures. In a nutshell, EPIC is Spectre’s benchmark index of Euro-based currency pairs traded through time, and Reverse Futures are digital contracts on past global equities such as Apple, Twitter, Tesla, Facebook and Microsoft.
Open 24/7, with the help of its crowd supported digital balance sheet model that acts as a counterparty, users can place trades at any time with as little as $1 and earn up to 400% ROI within minutes. The maximum trading amount per transaction is currently capped at $500, but this can be doubled using Trader’s Bay, a unique built-in store offering users upgrades and privileges designed to significantly improve the overall trading experience. Trader’s Bay also includes other perks such as higher payouts, more concurrent open positions and lower spreads, to name but a few.
The platform ensures that users are always in control of their funds and trading decisions. They can either choose to trade directly on the platform itself (on-site trading account) or use the off-site trading account option to directly connect their wallets to trade instead of depositing funds on the platform. Further, the use of blockchain technology allows all the trades to be audited in real-time to provide unprecedented levels of transparency to the trading platform.
Created and operated by St Vincent and the Grenadines based Spectre Trading Limited, the SPECTRE platform is easy to use and can be accessed over a browser or through its mobile application for Android phones. The platform is available in multiple languages including English, Indonesian, Vietnamese, Japanese and Chinese, with more to be added soon.
In order to start trading on the platform users will have to sign up and complete a simplified mandatory KYC verification process. The details required by SPECTRE during the registration process includes the user’s full legal name, email address, a password to secure the account, and copies of identity and address proof. They will also have to take a photo of themselves holding their proof of identity to complete the KYC process.
Once the registration process is completed, users can either choose to fund their account (on-site trading account) or connect their ETH/BTC wallet (off-site trading) to start trading. While ETH and BTC continue to be the primary currency, on-site trading account holders can also make fiat deposits using some of the leading payment solutions like Visa and MasterCard powered credit and debit cards, wire transfer, Skrill, Neteller, PaysafeCard, Help2Pay, AdvCash, UnionPay, Fasapay, Uphold and a crypto asset platform that accepts nearly 50 various crypto coins. Plus, users will soon have a third option, as Spectre will soon be rolling out their DeFi Boost wallet which will allow users to trade and deposit using their top DeFi coins.
Fees and Charges
SPECTRE conducts a highly transparent operation with no hidden fees or charges for the traders to bear. It also doesn’t charge fees on inactive accounts. The utilization of blockchain means the absence of regular intermediaries such as account managers and brokers eliminate the risk of fraud. However, off-site trading account users will have to bear the GAS costs on transactions made over the ETH network. Similarly, on-site users may incur Forex conversion charges on fiat deposits and any other additional charges that could be imposed by their payment processor on transactions between SPECTRE and user’s accounts.
Deposits made to SPECTRE on-site accounts are almost instant, whereas the withdrawals may take up to 24 hours to be consolidated and processed. Off-site wallet users can withdraw their earnings instantly to their connected crypto wallet.
At any time, users can reach out to SPECTRE’s support team over chat (Available in English, Estonian, Croatian, Indonesian and Spanish languages), email ([email protected]), or by filling the web form to get any issues or queries addressed.
Future to Come
The SPECTRE platform is undergoing constant development, with new features being introduced on a regular basis. The availability of a Hyper-API to the developer community makes it possible for the trading bot community to create new features and products on top of the platform. Apart from the addition of new languages, SPECTRE is also in the process of adding new assets and trading instruments along with an educational academy for seamless trading experience.