Whaleclub Broker Review
Whaleclub is a Hong Kong based broker that allows traders to make deposits in bitcoins to trade in the financial markets. With leverage up to 1:222, traders can control positions up to 500 BTC, trading forex and cryptocurrencies.
- Crypto deposits
- 30% deposit bonus
- Leverage up to 1:222
- Binary trading
- Payouts up to 70%
Whaleclub uses one custom-developed platform and does not provide trading on any third-party software, such as MetaTrader 4. As mentioned, all payments on the platform are based on blockchain, which enforces the development of a new trading software.
To start trading, you just need to load the platform in a web browser; there is no need to download and install it. It is a fully mobile layout that works on any device. You can click on "View Demo" to better understand the trading process.
When you trade BTC/USD, the maximum size is 40 BTC with leverage up to 1:20. For example, if you open a position of 1 BTC with 1:10 leverage, your margin is 1 BTC and the size of the position is 10 BTC.
To automate your trade, you set your Take profit and Stop loss percentages. You can also partially close an active position by splitting it first, then you might close 10% or 90% of your position.
When trading forex pairs, the maximum size of your position could go much higher: up to 500 BTC with leverage up to 1:222. For example, if you want to open a 200 BTC position on EUR/USD with leverage 1:100, your initial margin is 2 BTC.
Turbo trading (Binary)
Whaleclub also runs turbo trading, which is similar to binary options, as there is no leverage or spread, but a fixed return on investment. You Buy the contract if you believe the price will rise in the next 5 minutes or you Sell it if you expect the price to fall.
Traders can choose between 60-second and 5-minute contracts. If your contract is correct, at the expiry, you receive the payoff (amount of profit). Your potential profit is up to 70% and the risk is 100%.
- Forex 70%
- Crypto 20%
- Stocks 60%
- Indices 50%
The charting tools are powered by TradingView. The charts with live quotes load directly on the Whaleclub platform, which means you don't need to open an additional window for your analysis. As one of the most powerful charting platforms, TradingView delivers all the tools you need plus hundreds of indicators.
Working on the exchange model, Whaleclub reduces the traders’ costs by offering low spreads and no execution fees. The company works with high liquidity providers, which results in instant execution of all trades and no slippage.
At Whaleclub, there are no fees on trade execution. Instead, the broker finances fees on active positions charged on top of the hour. Traders must also consider the spreads, which may increase according to the volatility on the instrument.
Whaleclub allows you to control much larger positions than your initial margin by using leverage. For example, you can open a 20 BTC position with leverage 1:20 by using only 1 BTC of your real account. The leverage allows you to multiply the potential of your profit, but at the same time, you are multiplying the risk for your initial margin.
Traders can open positions with leverage up to 1:222. The highest leverage is offered on forex pairs and the lowest apply to cryptocurrencies. Most crypto pairs are offered with leverage up to 1:5, but you can trade Bitcoin with leverage up to 1:20.
- Forex 1:222
- Crypto 1:20
- Stocks 1:15
- Bonds 1:50
- Commodities 1:20
To prevent negative balances on traders' accounts, Whaleclub runs an isolated margin system with liquidation levels for all opened position. Thus, if you are not using a predefined Stop loss level, your position will be automatically closed at 80% loss.
The trade execution cost at Whaleclub is the spread. The lowest spread is paid on the most liquid forex pairs, such as the EUR/USD (0.01%) and GBP/USD (0.03%). When you trade BTC/USD, the spread is 0.37% and ETH/USD spread is 2.32%.
Whaleclub allows you to trade with high leverage, but this doesn't come cheap. Traders must consider the financing fees, which are charged on all open positions and are calculated based on the daily rate and the size of your position.
To start a live account, you simply register on the platform. The broker does not require identity verification. You can make deposits and withdrawals without providing any copy of ID or proof of address. There is no minimum deposit. The minimum trade size is 0.01 BTC when you open a position and 0.001 BTC when you purchase a binary contract.
Deposits and Withdrawals
To make a deposit at Whaleclub, you need a digital wallet, such as Coinbase, where you can buy cryptocurrency with your fiat money. Once you fund your digital wallet, you simply send bitcoins or litecoins to your Whaleclub account.
At present, the broker accepts Bitcoin, Ethereum, Litecoin and Dash deposits. The withdrawals work with the same cryptocurrencies. To cover the miner fees on the blockchain transactions, withdrawal fees apply as follow:
- Bitcoin - 0.001 BTC
- Ethereum - 0.005 ETH
- Litecoin - 0.01 LTC
- Dash - 0.01 DASH
To contact support, you can use the ticket system. They usually reply quickly to tickets (up to one hour). There is no e-mail or phone available on the website, but once you register an account, you can join the chat room with all other traders on the platform.
- Bitcoin deposits
- No Verification
- No Slippage
- No Execution fee
- High Leverage
- Financing fees
- Only crypto deposits
At present, Whaleclub does not accept traders from the following countries: USA.