How Spectre.ai Has Changed The Broker Industry Forever
There is no doubt in my mind that Spectre.ai has changed the face of internet trading for years to come, in fact I’d go as far to say that they are trailblazing because of their new take on trading platforms, combined with blockchain technology. The current trading platforms that we have access to today are extremely outdated as well as lacking the progressive outlook on what a trading experience could be. With the state of current trading platforms, or should I say centralised trading platforms and that word will give you a hint as to how Spectre have transformed the online trading industry. It is no secret, or at least it shouldn’t be that almost every single trading platform conducts some sort of malicious activity, in order to influence the outcome of trades. But if we just observe the surface layer of typical trading platforms, you will see that they look pretty good and promising enticing you into with a promise of being able to make you hundreds or thousands of dollars per day. One such area where this is extremely prevalent is the world of Binary Options where the simple act of being able to determine whether an asset will be higher or lower than when you entered the trade. I should say, I am not bashing binary options but there are many brokers that offer these services to unsuspecting and naive victims.
Binary options are handled by brokers, and these brokers operate on a centralised platform that are upheld and run by managers, marketers and people who try and sell the service. The nefarious activities come into play because of the almost illegal activities that are conducted by the brokers that cause hundreds and maybe even thousands of people to lose their money, and they don’t even know it. Brokers use tactics to manipulate prices that cause traders to lose their money, but the most ludicrous and most audacious scheme that they employ is refusing to payout your winnings. A simple scroll through trading forums will display information about how some binary options brokers have refused someone request to withdraw their money, and they are given a really vague answer or maybe even no answer. Think about it, the more money you lose, the more money is in the brokers pockets, and all of this is possible because of the unregulated nature of how binary options work and how the brokers work alongside binary options. Something so simple would never be allowed to operate without an invisible hand controlling what goes on, it just wouldn’t happen.
The entire broker industry has been flipped and turned on its head thanks to revolutionary piece of technology that most, if not all of you have heard of. Of course I am talking about blockchain technology, which uses its unique abilities to create instant trust amongst all of whom who use it. Because blockchain is such an incredible piece of technology, a lot of large companies are now seeing the benefits of it and are taking steps to implement it into their business model, and this is what Spectre has been doing. Spectre saw the potential of blockchain and sought to build a trading platform on top of the decentralised technology. It has all the benefits of a normal trading platform, in fact you wouldn’t be able to tell it apart from other platforms, for example you have full access to all the major currencies as well as certain cryptocurrencies, stocks and commodities. That being said, it’s core technology is what really sets it apart and that is what I like most about Spectre is that they removed any chance of fraud.
One of the main areas that sets Spectre apart from any other broker is that it has the functionality and the capability to allow fellow traders and investors to trade straight from their own cryptocurrency wallet. Spectre requires everyone to have ethereum to be able to trade on its platform since it is a cryptocurrency based platform, and this is how you are able to trade straight your wallet rather than deposit into an account. Once you have deposited your ethereum, you can obviously convert it to fiat currencies to allow you to trade major currencies. To encourage new users, Spectre is currently offering a free demo account that is loaded with 100 ethereum tokens, so people can get a feel for the platform and test out various strategies.
Along with its demo account for users, Spectre also represents an incredible leap forward in something known as decentralised autonomous liquidity pools, which essentially means that users can trade without the need for specific peer to peer matches. In other words, traders are trading against a huge decentralised balance sheet which is available 24/7. Whereas with traditional brokers, there has to be enough sellers to satisfy the buyers and vice versa.
All trades that occur on the Spectre platform are actually happening on the ethereum blockchain, which makes fraud on both sides impossible, because of the use of ethereum’s smart contract technology, and this also removes any issues that might occur during withdrawals or account problems.
The fact is that Spectre is branching out to a new paradigm of trading platforms, with their closest competitors currently see annual trading volumes of approximately $4 billion, and Spectre are looking to bring a huge portion of this volume to their blockchain based platform instead of traditional and outdated platforms.