Good news, the long-awaited fiat wallet is now available on Spectre.ai! Following the automatic conversion of ETH balances to USD (regular wallet, that holds ETH on Spectre Smart Contract; the fully decentralized wallet remains in ETH of course), Spectre is adding traditional currencies deposit methods. The first payment service provider (PSP) has just been added. Traders from Indonesia can now deposit via Fasapay, one of the most popular payment methods in Indonesia.
How to switch to fiat wallet on spectre.ai ?
You won’t find a new wallet in your account. You can activate your fiat wallet by changing your regular wallet settings. Here is how to proceed :
- Log in in Spectre.ai
- On the upper right part of the screen, click on your username and select « Settings »
- Click on the tab « Trading Modes »
- In the Regular section, click on the orange button « Switch TO FIAT » (you can reverse this process anytime by clicking again on the button SWITCH TO ETH, unless you deposited fiat meanwhile)
- To deposit, click on BALANCE (that appears next to REGULAR; a pop-up will appear with the available options in your country)
And that’s it ! You can now deposit USD, EUR, etc., if a payment provider covering your country of residence is available. If not yet, be patient, new PSP will be added weekly. Credit card, Skrill, AdvCash, bank wire, AliPay are a few examples of payment options that should be added soon.
I’m not from Indonesia, when will I be able to deposit fiat?
Soon. After Indonesia (Fasapay), Thailand, Malaysia, and Vietnam will be the next markets that will offer such option. New payment solutions, targeting various geographical regions, will be getting rolled out every week (credit card, Skrill, etc.).
Why fiat on Spectre, isn’t it a blockchain platform?
There are 2 problems with Ethereum. Firstly, blockchain adoption remains very low. This is due to the fact that the technology remains complex and cumbersome to use for most traders. Secondly, Ether volatility is a big issue. Traders can see the absolute value (in purchasing power) of their trading balance being decimated by an Ether crash, even if they are very successful. A traditional fiat wallet solves those issues.
This said, one might say that Spectre.ai is no different than any other broker as this money is now deposited on its bank account. Yes, your balance is held by Spectre.ai. But you still trade P2P or against the decentralized liquidity pool. That’s a big difference, as Spectre earns on trade fees rather than on traders losses. Furthermore, the platform still offers a solid alternative to those who wish to trade fully decentralized. When you trade decentralized, Spectre cannot have access to your funds. This option will remain available for anyone with trust issues. There is therefore a solution for everyone:
- Full fiat wallet: deposits and withdrawals in USD, EUR, etc. Balance held in USD
- Fiat wallet via Ethereum: deposits and withdrawals in Ether, balance in USD (your money is not stored on the smart contract, as it used to be)
- Ethereum wallet: you trade directly from your ETH wallet, wins are paid out immediately to your wallet, no fiat involvement, you always remain in control of your funds
Spectre, the safest platform to trade smart options
Spectre now accommodates each and every profile of traders. You have been scammed by a binary options trading platform, you don’t want to trust anyone ? Fine, choose the the fully decentralized wallet. You understand that Spectre is committed to provide a fraud-free trading environment, and you see no reason to learn the intricacies of the blockchain? Fine, go ahead with the full fiat wallet, or the Ethereum fiat wallet.