Is Spectre a scam or a legit broker?
Spectre is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.
What is Spectre?
Spectre is an Asian financial online trading platform that allows traders to trade in a high frequency with low risk in the financial markets. By utilizing cutting-edge, crowd-sourced technology, Spectre matches traders against an embedded liquidity pool or other traders on the Spectre trading platform. Uniquely, it offers the ability for traders to earn up to 100% of returns (average 73%) ROI on just 1 trade within minutes (and even seconds). One of a range of applications using an autonomous liquidity pool (DALP), Spectre was created with the vision to allow for fraud-free retail trading. Spectre.ai allows for the synthetic (no underlying ownership) of a range of asset classes, whether its currencies, stocks, bonds, ETFs, indices, Epic and many more. Digital Contracts and CFDs, the unique contract types in the platform, can be taken by traders on a broad range of assets.
|🗺️ Registered in
||St. Vincent and the Grenadines
|🗺️ Type of License
|🛡️ Is Spectre safe to trade
|🗺️ Recommended Licenses
||FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
|🖥 Alternative Broker
||FP Markets - licensed by ASIC in Australia
Licenses & Regulation
Is Spectre regulated?
Spectre offering, the company is not officially registered with any industry authority to offer trading services, while its performance is not overseen or supervised by anyone.
The fact that Spectre is targeting Asian markets without actual authorization there is the min red flag for the investors. We couldn’t find any information about broker’s regulation and probably the company is not overseen by any reputable authority.
In any case, we never advise trading with an offshore or non-licensed broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such companies means the trader will believe only on the broker’s words, and of course, it is a high risk.
Is Spectre a scam?
It is not safe to trade with Spectre as it is an offshore broker. Spectre Trading Ltd is incorporated in St. Vincent & the Grenadines as an International Business Company with the registration number 25113 IBC 2018.
However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements to the company operation. That means, the broker is not regulated, not overseen and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets and more. Read more about St. Vincent and the Grenadines regulation by the link.
Spectre in India
Spectre allows Indian traders to open accounts and trade. However, Spectre has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.
Spectre in the USA
The US is among the countries that cannot register with Spectre (Find Best Forex Brokers in USA), along with Costa Rica, BVI, Caymans, Cyprus, Iran, Venezuela, Syria, Somalia, Saint Vincent & the Grenadines, North Korea, Yemen, Iraq, Puerto Rico, American Samoa, Guam, Northern Mariana Islands, US Virgin Islands.
Deposits & Withdrawals
For a regular account, the minimum deposit amount is $10.00 and the minimum trade size is $1.00. For a Wallet account where no deposits are needed, the minimum trade size is $50.00.
Spectre does not charge fees for withdrawals. However, UPHOLD and the several payment solution providers may have their own associated fees when transacting via them.
Payments methods available are: Skrill, Neteller, Bank transfer, Credit/debit cards, Uphold, PaySafeCard, UnionPay (China), Advcash (South America, Russia, Europe), FasaPay (Indonesia, Vietnam, Thailand and Malaysia), Help2pay (Malaysia, Thailand, Indonesia and Vietnam).
Spectre offers demo accounts. All account types automatically include a risk-free demo account, which can be accessed inside your account forever. This completely free demo account requires no deposit and is pre-funded with unlimited virtual funds. It allows you to experience some risk-free trading to get you prepared for the real thing. No matter your trading level, Spectre.ai demo accounts are the perfect place to practice your skills and become a better trader without spending any of your own money.
Overall, there is not a sustainable trust to the delivered Spectre trading environment since there are many complaints from the broker’s clients. So the downside of the Spectre would be also multiple negative reviews of this company and lack of a decent regulation.
We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.
You can also share your trading experience with Spectre by commenting on this review.