Spectrum

Spectrum Live is an Australian-based forex and CFD broker founded on 8 July 2019. The firm is registered at Level 39, 55 Collins Street, Melbourne, Victoria 3000, and operates primarily through its website at spectrumlive.com. The broker targets retail traders, offering leveraged access to a wide range of financial instruments including forex, commodities, indices, stocks, and ETFs.

Spectrum Live claims to be regulated by the Australian Securities and Investments Commission (ASIC), a well-known financial regulator in Australia. However, public records indicate the status of this licence is marked as '—' (dash), which may imply the licence is not active or has been suspended. Traders should verify the current licence status directly with ASIC before committing funds.

According to aggregated industry data, Spectrum Live holds an ASIC Market Making (MM) licence, but the status is listed as unspecified. This lack of clarity raises concerns, as a valid ASIC licence typically displays an active status (e.g., 'Current' or 'Licensed'). The broker's official website does not prominently display its licence number or provide a direct link to the ASIC register, which is a common industry best practice.

FXCanary's Scam Risk Score for Spectrum Live is 85 out of 100, indicating a 'Severe' risk level. This high score reflects the uncertain regulatory status, high minimum deposit requirements, and lack of independent user reviews. Traders are strongly advised to exercise extreme caution and consider thoroughly vetting the broker's credentials.

Spectrum Live offers several account categories determined by the client's trading volume and participation in training courses. The base retail account requires a minimum initial deposit of AUD $10,000, which is significantly higher than the industry average for retail forex brokers. For options trading, the minimum deposit is USD $5,000.

The broker's website outlines four 'cost to trade' groups (Group 1 to Group 4) with different commission structures. Group 1, the 'Full Service' tier, is reserved for traders who have completed a 3-day market training course with the affiliated company Trading Pursuits and meet either a $500,000 account balance or high monthly commission thresholds. Lower groups have more restrictive terms but lower entry requirements.

Traders can access Spectrum Live's services through multiple platforms: a web-based Online Trading Platform (Web Trader), a downloadable Desktop Trading Platform, and mobile apps for iOS and Android. The website also references Saxo Trader GO Live, suggesting that the broker may be a white-label partner of Saxo Bank, leveraging its technology and liquidity.

The broker offers over 160 forex currency pairs, as well as CFDs on commodities (oil, gas, copper), indices, stocks, and ETFs. Options trading on forex is also available. The platforms claim to provide integrated access across devices and include features such as SMS trade alerts for live account holders.

Funding a Spectrum Live account requires a direct deposit in Australian Dollars into a trust account held by Australian Financial Market Services Limited. The broker does not list other payment methods such as credit/debit cards, e-wallets, or bank wire in other currencies, which may be inconvenient for international clients.

The contact page lists an account administration phone number (+61 3 9900 7700) and email support. The website also includes video tutorials and a knowledge base, but information on withdrawal processing times or fees is not clearly stated.

Given the high minimum deposit of AUD $10,000 and the focus on training courses, Spectrum Live appears to target traders with significant capital and a willingness to undergo formal education. The broker's training affiliate, Trading Pursuits, suggests a model that combines education with brokerage services.

This setup may appeal to experienced traders seeking a relationship-oriented broker with lower commission tiers for high-volume activity. However, the severe risk score and regulatory uncertainty make it unsuitable for most retail traders, particularly those with smaller accounts or those who prefer low-cost, regulated environments.

Spectrum Live is an Australian broker offering a comprehensive suite of trading instruments and platforms, but its high risk profile and lack of transparent regulatory status are significant red flags. The broker's reliance on a training course to qualify for better pricing and its opaque licence details warrant thorough due diligence.

Prospective traders should verify the current ASIC licence status independently and consider whether the high minimum deposit and potential regulatory gaps align with their risk tolerance. For most retail traders, alternative brokers with clearer regulatory standing and lower entry barriers may be more appropriate.