Spectre.AI – Brokerless Trading. Is This The Way Forward For Trading?
Trading has come a long way in the past few years, especially since technology has helped us to make the whole thing a lot more user friendly. Trading platforms are constantly bombarding our social media, or email accounts with offers on making special deposits to get X amount of cashback, or whether it is marketing messages about how your can become financial free and independent. The point is that the progression of technology has enabled brokerage companies to set up shop and give retail traders access to financial markets, with the hopes of being able to make money at will. There are a plethora of brokerage platforms operating in many different countries around the world, who are all fighting your attention and money, despite the seemingly positive promotional material that you might see.
It is no secret that the majority of brokers are often involved in the manipulation of prices on their platforms, for the monetary benefit they receive when retail traders lose. Large numbers of traders have fallen victim to these tactics one way or another, where it involves causing the broker to make money off of trader’s losses. There has been outcry about the crafty behaviour of some of the most reputable platforms and have accused them of price spoofing and manipulation, especially when they have compared the same price on different platforms, they can clearly see the manipulation that has taken place.
How can Spectre.ai combat this issue?
Spectre (not referring to the evil organisation controlled by Blofeld) is the world’s first broker-less trading platform, and is using this method to combat the pressing issue of broker manipulation and spoofing. A broker-less platform like this one has been built on top of the Ethereum blockchain, all while utilising smart contracts to carry out specific functions. Because Spectre is a broker-less platform and is built on the Ethereum blockchain, it is using decentralised technology and instead of shrouding everything behind closed doors like traditional brokers, everything is out in the open without the need for an intermediary to get in the way. When a trader deposits money and initiates a trade on a platform, the whole transaction and settlement occurs behind the scenes, however with Spectre’s broker-less decentralised platform, every transaction is mined and is settled visibly on the global Ethereum blockchain and can be verified.
Another way Spectre is looking to build a platform that is built on trust and reassurance, is the fact that it gives traders the option to never deposit their money onto the platform itself. But instead trade straight from their own wallets, so they have control and transparency over what is happening. When traders deposit funds into their account on Spectre, the funds are then placed into a smart contract where they will remain secure and won’t be subject to alteration. Procedures like this are the reason why broker-less trading platforms are the way forward, because it inherently protects everyone involved.
Many brokers, especially binary options brokers because they have been known for this type of behaviour, simply refuse to pay out your money when they see you winning. Remember, if you are winning then the broker is losing, and if you’re losing then the broker is winning which is the whole issue. There are too many threads to count on various trading platforms that have condemned certain platforms for refusing to pay out. The brokers don’t want you taking money from them and will perform nefarious activities such as refusal to payout, or the closing of your trading accounts for no reason.
Furthermore, Spectre is built on top of Ethereum’s decentralised blockchain platform, and runs smart contracts that cannot be altered or changed in any way. For this reason alone, traders are protected if they wish to withdraw funds from the platform, because if they request a withdrawal then a smart contract is initiated and the process will take place. There is no need for an intermediary to get in the way of something that will work without a hitch.
Right now, the quality of broker platforms such as the ones that have been mentioned are causing many people to feel like they don’t have a chance within the financial markets, and this has meant that less and less people are getting involved. I can see Spectre.ai has a leader and frontrunner in establishing a new breed of trading platforms, one without shady goings on, or dubious activity but one of transparency, flawlessness and trust. In the next few years, we can expect other decentralised, trading platforms popping up because of how attractive they are to traders.
Below you can see the brokers most used by our traders. It does not mean that they are absolutely the best, but they have been selected based on the number of registrations and trading operations. In addition to these, you can view the complete list of brokers with relative comparison.
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Risk warning: "Binary options are not promoted or sold to retail EEA traders" If the broker is not authorized in your area, e.g. IQ Option (Eurozone / Usa), you can choose from our Broker Comparison (reliable brokers who accept traders from all over the world, following image):
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