Spectre.ai is the first Ethereum blockchain-based CFDs and binary options trading platform that enables traders to participate in financial markets without having to register with any broker. Is it allowed in South Africa? What are those financial instruments you can trade on it? Is it a scam? What are the account types you can use? What is the minimum deposit? Here, you will find out.
Spectre.ai has been widely regarded as the first Ethereum blockchain-based CFDs and binary options trading platform in the world. Even though it does not provide automated trading software, it has created a model that gives traders access to speculate in global markets without you signing up with a broker. Normally, to trade CFDs, binary options, smart options, and other derivatives, you need to sign up with an institution called a ‘broker.’ The broker facilitates trading in global financial markets by serving as a middleman between players in the market. As such, the broker effectively ‘connects’ buyers together with sellers in the markets.
Upon signing up, you have to undergo a process of registration to open a trading account. Then you fund the account with whatever amount you wish to trade with, subject to the minimum or maximum amount set by the broker. Then, you can start to make trades. The account you open is effectively in the care of the broker, just like your average savings or current account with a retail bank. For managing the account and for helping facilitate your trades, the broker charges some amount; just like your retail bank does. This, however, creates the opportunity for unscrupulous dealings manifesting in several forms, such as the debiting of incessant charges and manipulating trades.
However, technological breakthroughs and especially the advent of cryptocurrency have made it possible for the average person to gain control of his/her money. Similarly, the same technology that powers cryptocurrencies, i.e. blockchain technology, is making it possible for retail traders like us to gain control of our trading. Spectre.ai has leveraged this technology to allow you trade forex, CFDs on stocks, cryptocurrencies, indices, commodities, binary options and more, and effectively boycotts the need for brokers.
Spectre.ai is available to traders all over the whole, including traders of binary options South Africa.
Spectre.ai Binary Options South Africa
Spectre.ai South Africa allows you to trade several financial instruments and derivatives, including binary options. However, Spectre.ai offers a package entirely different from what you get from traditional brokers. For one, you get complete control of funds in your account, eliminating the chances of binary options broker scams that are pretty rampant. Its business model works in a way that it earns revenue from trading volume generated by traders and not from traders’ losses. This also eliminates the chances of conflicts of interest.
Beyond these, Spectre.ai almost boasts a number of innovative products one of which is EPIC. EPIC stands for Epochal Price Index Composite, a new tradable financial derivative created by Spectre.ai. EPIC is an index that represents aggregated data of past market movements and is available for trading 24/7; which means that it never closes. With EPIC you have access to an expiry period as brief as 1 second.
Spectre.ai South Africa offers competitive payout rates, which go as high as 100% if you are trading EPIC, and even up to 400% if you are on Chain (more on this later). It should be noted that these payout rates are really unprecedented amongst binary options brokers. Furthermore, you have access to ultra-short expiry periods as low as 1 second if you are trading EPIC, and 10 seconds when trading Forex. The least expiry period you will get with the average broker is 1 minute.
That’s not all. There is a rare feature made possible by Spectre.ai, and that is the chance to close trades before their expiry period. So if you feel the trade may not eventually go your way, you have the chance to close it before it expires, without any penalty. Finally, you also have the chance to automate your risk management settings (this is discussed better below).
Spectre.ai Login South Africa
As already noted, Spectre.ai South Africa built its platform on the Ethereum blockchain ledger in order to provide broker-free access to trading the financial markets. We can see a blockchain like a public ledger or record of payments on which transactions made are checked and verified by several servers located all over the world.
Transactions here might be in the form of cryptocurrency (i.e. money) transfer or placing of trades on global markets through the use of what is known as smart contracts. Unlike most binary trading apps, blockchain transactions are deemed extremely safe and secure, and are almost independent of interference by humans.
It is this blockchain technology that Spectre.ai leverages to provide secure trading to traders. In order to make this blockchain technology available to its users to make trades, Spectre.ai has created 2 account types – Crypto account and an Escrow account, and it is your choice of the two that will determine your login method.
Spectre.ai Crypto Account Features
With a wallet filled with cryptocurrencies (preferably Ethereum), you can make trades directly on financial markets, using Spectre.ai. So when registering, you link your crypto genius wallet to Spectre.ai’s trading platform from which you can then make trades directly. As such, the capital you use to trade will come directly out of your cryptocurrency wallet on a real-time basis, and any profits you bag, will also be credited directly there immediately. With this, your trading is almost entirely in your hands, with very little transaction fees incurred.
Spectre.ai Escrowed Account Features
This works a bit (NOTE: “a bit”) like the traditional binary options brokers where you have to deposit funds into your trading account with a broker. Unlike Bitcoin Loophole South Africa for an example, you open an account with a privately-escrowed Ethereum wallet (more on this below). Since the escrow account operates on the blockchain, then it is subject to the way things work on it, the way in which trades and other transactions get verified by several parties across the globe, therefore ensuring maximum safety.
Spectre.ai Mobile app South Africa
You can get access to Spectre.ai services through a web platform and a mobile application. However, there is only the Android version available for now. As a result of more use and adoption, we posit that the iOS version should be under development and released soon. Both the mobile app and web platform are packed with innovative features that are aimed at giving you excellent trading experiences. Some of those features are outlined below:
Spectre.ai Trader’s Bay
True to its goal to revolutionise trading, Spectre.ai introduced gaming-like attributes on its trading platform, called Trader’s Bay. Trader’s Bay functions like an online store on the Spectre.ai platform where traders can go “shop” for upgrades and privileges that will make their trading more interesting and potentially profitable, just like gamers purchase extra “kits” to help them win. Funny enough, they are divided into Enhancements, Spells and Charms.
Enhancements include:
- Chains: This allows you access to payouts as high as 400%, costs $1.49/day.
- Jumbo Trades: Doubles your risk capital per trade, costs $0.99/day.
- Waterfall: Doubles the amount of maximum trades allowed per day, at the rate of $0.79 daily.
Spells basically allow you to increase the payout rate on FX trades by between 1% and 5%. On the other hand, Charms include a number of adds-on to make your trading better.
Spectre.ai Risk Management Settings
The Spectre.ai South Africa app allows you to automate your risk management strategy by pre-setting it. As such, any time you enter trades that exceed your risk management rules, the system automatically flags them.
Trade Ideas – You also have access to trade ideas that are suggested when some particular market conditions are met.
Trade Analytics Section – There is a trade analytics programme on Spectre.ai’s platform that gives feedback on your trading performance over an amount of time. This programme can assist you in discovering your areas of weaknesses so that you can make appropriate changes.
Spectre.ai Minimum Deposit South Africa
As we have mentioned above, there are basically 2 forms of accounts that you can operate with Spectre.ai, and the one you choose to go with determines the minimum deposit you have to put up before you can make trades. Just a comparison – Binary.com minimum deposit amount is as low as $5.
1.Crypto Wallet Account
You have the option to open a Crypto Wallet account. Here, you only have to make trades from your existing cryptocurrency wallet; it would be preferable if it is Ethereum, however. Your capital for trading is “taken” directly from the account, and profits made are sent there.
There is actually no required minimum deposit that your account must hold; however, for each trade you make, you need to stake at least $50. If your trade turns out correct, the $50 and your profit will be returned to your crypto wallet.
2. Escrowed Account
Here, you have to open some sort of a new account. This account will be lodged with a private Ethereum-based escrow. An escrow operates like a middleman between two parties in a contractual transaction to ensure that each party fulfils his/her duties to the other. As such, an Ethereum escrow is a neutral third agent between parties in a Crypto transaction that protects both of them from potential fraud by the other party. In a typical Ethereum transaction, the escrow holds the Ethereum coming from one party and releases it to the other party only when it has met the required conditions.
That applies to trade as well. In the Escrowed account, your capital is deposited with the escrow, and Spectre.ai can only deduct charges based on the transactions you make. To however do this, you need a minimum of $10 to be deposited to the escrowed account. You can make deposits via crypto as well as Fiat using e-wallets – FasaPay, Skrill, Neteller, WebMoney, amongst others. These are also means through which you can make withdrawals.
Spectre.ai Dividend Token South Africa
Generally, a token can be seen as a tangible representation of an asset or unit of value. In the crypto world, crypto tokens are assets that are digitally transferable from one person to another, along a particular blockchain. These assets or tokens can be used for a wide range of things. Each cryptocurrency has its own dedicated blockchain, and several other things can also be built on that same blockchain. One of such things is tokens. Tokens are created or “hosted” on the blockchain of a cryptocurrency, for instance, the Ethereum blockchain. Tokens don’t have separate blockchains of their own.
There are different types of tokens based on the functions they serve. They include:
Currency Tokens
Currency tokens, just as the name suggests, serve as a form of currency within a particular blockchain. That is, they are used to exchange goods and services and to store value. We should, however, not confuse them with actual cryptocurrencies.
Utility Tokens
With utility tokens, you can enjoy certain services, known as utilities, available within a particular blockchain.
Securities Tokens
Securities, in finance terms, are tradable financial assets such as stocks and bonds. As such, they offer the promise of capital appreciation and income just like stocks and bonds. There are different varieties of securities tokens, one of which is the dividend token. Dividend tokens operate almost like dividend stocks by which companies pay a portion of their profits to their stocks’ owners. Hence, companies that issue dividend tokens regularly pay part of their earnings to people who own these tokens.
Spectre.ai has its own dividend token called the SXDT. SXDT has a total supply of 140,270,691 units of which 82,073,519 coins or tokens have been issued. Persons who own SXDT can share a part of what Spectre.ai earns from traders’ volume.
Spectre.ai Scam South Africa
If we look at the way Spectre.ai is set up, we see that it is designed in a way to greatly reduce, if not eradicate, the chances of fraud. As we’ve mentioned, you can make use of two types of accounts if you want to trade with Spectre.ai. For one, you can make trades directly from your cryptocurrency wallet. In that case, your trading capital is off the control of Spectre.ai and firmly in your hands. We cannot emphasise enough how important it is to avoid scams such as Trevor Noah Bitcoin revolution and to reach out to trusted brokers like IQ Option South Africa instead. This wise choice makes all the odds in favour of successful binary traders in South Africa.
Alternatively, you can make trades from an escrowed Ethereum account. In this case, your trading capital is placed with a middleman, a third party. Effectively, we can still say that your account is off the hands of Spectre.ai, and the broker only has access to transaction fees for trades you make.
Similarly, we can look at the way trading works to lend further credence to the authenticity of Spectre.ai. Anytime you make trades on Spectre.ai, usually, you will be matched automatically with fellow traders who will take the opposite side of your trades. That is, if you take a ‘Buy’ trade, you will get matched with a trader who entered a ‘Sell’ order. Alternatively, if there are no traders to take opposite trades, you get matched to Spectre.ai’s pool of liquidity.
All these transactions get carried out on secure smart contracts that are built on global blockchain platforms, meaning that trades get verified by several parties across the world. Under normal traditional brokers, all the whole trading process and settlement is done behind “closed doors,” and no one really knows how things work. However, under Spectre.ai, each trade entered is processed via a public digital ledger that is verified by a large network of several processing nodes all over the world. The above all point to the fact that Spectre.ai is not a scam.
Your capital is at risk