Wanna see if Spectre is a legit broker? Is it safe to trade? The spread is high or low? How to deposit or withdraw fund?

We provide answers to all the questions in this Spectre Review.

We checked Spectre licenses and regulation status, check if Spectre scam or safe. Compared Spectre fees like spread & commission from its live account to other 150 brokers. Also the time for deposit & withdrawal and many more findings in this Review.

What is Spectre

Spectre is Online Trading Platfrom that claims to be high-frequency decentralized liquidity pool and trading exchange broker-less financial trading platform.

SPECTRE is short for Speculative Tokenized Trading Exchange and is a solely offshore broker based in St. Vincent and the Grenadines which does not fall under serious regulation by the top-tier financial authorities.

Spectre Highlights

๐Ÿ—บ๏ธ Regulated inSVG
๐Ÿ›ก๏ธ Is Spectre safe to tradeNo
๐Ÿ’ต EUR/USD spread1 pip
๐Ÿฆ Deposit
Credit Card, e-wallets, Cryptocurrency
๐Ÿ’ฐ Minimum depositUS$10
๐Ÿฆ Withdrawal
Credit Card, e-wallets, Cryptocurrency
๐Ÿ’ป Trading platformProprietary Trading App Platform
๐Ÿ’ณ Trading markets
Currencies, commodities, indexes, CFDs and leveraged financial instruments
๐Ÿ“ˆ Number of product23
๐Ÿ“‰ Live chat responseRelevant but basic answers

Regulation

License and regulation are the keys to tradersโ€™ fund security. There are two factors to be checked, what licenses the broker carries and how trader is protected if something goes wrong.

Is Spectre legit

Spectre is a company based and regulated in St. Vincent and the Grenadines SVG. Therefore, Spectre operates solely with offshore SVG and there is no strict regulations from top-tier authorities FCA or ASIC provides.

Spectre Licenses and Regulatory status

EntityRegistered inRegulatorLicense no.Status
Spectre Trading LimitedSaint Vincent and the Grenadines โ€“โ€“Registered no regulations

Is Spectre safe

No, we do not consider Spectre safe because it is operating only with offshore registration.

Spectre has only one entity in offshore jurisdiction SVG that does not provide high standards and requirements to brokers. Even Spectre mentions it is solely liquidity pool which does not interact with trading activity, these claims can not be guaranteed due to luck of audits and regulation.

The matter of entity also apply specific regulations, restrictions, overseeing and protection.

Spectre Compensation Scheme

EntityCompensation AmountNegative Balance Protection
Spectre Trading LimitedNo compensationNo

We do not recommend registering trading account with Spectre due to lack of serious regulations and transparency

Spectre does not guarantee negative balance protection or compensations.

Markets and Products

At Spectre you can trade popular instruments currencies, commodities, indexes, ETFs, indices, Epic, CFDs and leveraged financial instruments, all offered on Binary Options like trading. 

Forex trading, real Stocks, Futures or other trading assets are missing.

MarketsInstruments
Forex16
Indices3
Commodities2
Cryptocurrenciesโ€“
Shares2

Account types

Spectre offers 2 Accounts, a Standard account with real money and Wallet account mentioned as a decentralized account or Demo account where you can trade with virtual funds and switch to real trades once deposit is done.

There is no much more information about account types ad conditions.

Login

Login Spectre is few clicks, you can instantly gain access to Spectre Wallet just by registering your name and email address.

Spectre Review โ€“ Account Login
Spectre Review โ€“ Account Login

Fees and commissions

Spectre Fees can not be ranked properly since its offering is solely based on option-like assets.

The spread we collected for popular instruments from 6 markets and over 150 brokers

MarketsInstrumentsLowAverageHigh
ForexEUR/USD0.1-0.91-1.51.6 or higher
IndicesUS 5000.1-0.40.5-1.41.5 or higher
CommoditiesGold0.1-0.40.5-22.1 or higher
StocksTesla0.1-0.50.6-11.1 or higher
ETFsUS Russell 20000.1-0.40.5-1.41.5 or higher
CryptocurrenciesBitcoin0.1-0.5%0.6-0.9%1% or higher

Spreads

While trading Options your direct counterparty is Spectre liquidity pool or Spectre users that may receive rewards based on traded volume.

Spectre mentions there is no costs defined as trading costs, Payouts on Digital Contracts range from 5%-200% depending on asset, expiry and time of day. When you trade Zero Leverage Digital CFDs the daily fee of 1 pip is paid on open position,

For the trading process you simply specify the amount you place for trade, choose the direction of the price either up or down, in return you either lose or win.

Spectre Review โ€“ Options Trading
Spectre Review โ€“ Options Trading

Other Fees

Spectre has low non-trading fees. Deposits and withdrawals fees or inactivity fees are not charged, but third party fees may be imposed.

Trading Conditions

Spectre trading conditions are not clear, since you trade against other traders in own Spectre liquidity pool, meaning your trades are not executed to the market. Rather than this, you can deploy any strategy but limited to a model of options trading where you choose the price goes up or down.  

Trading ConditionsYes/No
Hedging AllowedNo
Scalping AllowedNo
Change Leverage AllowedYes

Hedging and scalping โ€“ is not available due to the nature of options trading.

There is no MT4 offered so no Expert Advisors (Eas) and VPN available.  

Dividend

Spectre mentions decentralized applications are connected to liquidity pool owned by the platform users, so dividend-token holders are entitled to a percentage of traderโ€™s wins or losses in the system.

Spectre mentions it offers Zero leverage Digital CFDs.  

Deposit

Spectre has no deposit fees, but it may add third party fees. 

You can use Credit or Debit cards, various e-wallets including Skrill, Neteller, Perfect Money, Boleto, etc and crediting by Coinpayments or Cryptocurrencies.

Wallet

Spectre Wallet allowing to connect Spectre trading to your existing Cryptocurrency wallet, where money for your trading will be taken and returned directly to the wallet.

Deposit MethodFunding TimeFee
Credit CardInstantFree
e-walletsInstantFree
CryptocurrenciesInstantFree
Spectre Review โ€“ Deposit and withdrawal โ€“ Deposit
Spectre Review โ€“ Deposit and withdrawal โ€“ Deposit

Minimum Deposit

The regular Spectre account he minimum deposit amount is $10 and the minimum trade size is $1.00. For a Wallet account there is no deposit needed, you can trade through your digital crypto wallet , where the minimum trade size is $50.00.

Withdrawal

Spectre mentions it add no fees for withdrawals, yet similar to deposit may subject payment system fees to the trader. 

Funds can be withdrawn using the same methods as deposits.

Withdrawal MethodWithdrawal TimeFee
Credit CardUp to 3 business days0$
e-walletsUp to 3 business days0$
CryptocurrenciesUp to 3 business days0$

Bonus

Spectre does not offer welcome bonus. Spectre only offers high returns up to 400% and Exclusive Traderโ€™s Bay online store offering upgrades and privileges.

SPectre Review โ€“ Bonus
Spectre Review โ€“ Benefits

Trading Platform

Spectre uses its own proprietary platform, there is no MT4 or other popular trading software available.

Spectre platform is very easy to navigate and use, it is solely Web Based and can be accessed by any device including PC, MAC and Mobile devices, range of tools and indicators are limited.

Spectre Review โ€“Platform
Spectre Review โ€“ Platform

Research and Tools

Spectre research tools are limited and only including Economic Calendar and few Analytics Indicators in the platform.

On the negative side there is no any other research or tools, third party and top research materials are missing.

Spectre Research tools available via:

  • Spectre trading platform
Spectre Review โ€“ Research
Spectre Review โ€“ Research

Education

Spectre education content is limited, there are Trading Videos and tutorialsavailable right from the platform.  Trading section and divided by the category.

From the downsides there is no Technical Analysis and Fundamental Analysis from leading data providers.

At Spectre you can learn though:

  • Demo account or Wallet Account
  • Educational videos on the platform
Spectre Review โ€“ Education
Binomo Review โ€“ Education

Customer Service

Customer service ranked โ€“ average. FAQ section provides some answers and Live Chat is accessible directly from the platform and we got a basic answer.

On the downside, agents are often offline.

Spectre Customer Support is available in various languages via:

  • Live chat
  • Telephone
  • Email
Spectre Review โ€“ Customer Service
Spectre Review โ€“ Customer Service

Spectre Live chat response is on average speed.

uestion AskedWe asked about regulation.
Time of ReplyWe connect to Live Chat within 5 minutes.
Quality of ReplyThe answer was basic, just referring on being a liquidity pool not a broker

Conclusion

Spectre is not a safe broker to trade. Spectre is not regulated or registered broker, it is solely based in offshore SVG.

Trading conditions are rather not clear on how exactly you trade, it is mentioned in trading conditions that Spectre provides brokerage, training and managed account services in leveraged financial instruments.

But stating to the traders that Spectre is solely a website or liquidity pool that allows trading on the direction of assets, for financial gain and up to 100% returns between the platform users. In simple word, it is the highest risk to trade, since you never know against who you trade and your trades are not executed to the market.

We do not recommend Spectre due to lack of top-tier and serious regulations, not clear trading conditions, lack of transparency and possibilities of manipulation

Author of this review

By Jimmy O'Brien

Author of this review

Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing brokerโ€™s pros and cons.

Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing brokerโ€™s pros and cons.

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