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Whaleclub Review

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Whaleclub Review
5/5 of 16 ratings

Whaleclub forex trading

The Whaleclub trading platform is completely based on cryptocurrency payments. You can't make a deposit in any fiat currency, only with crypto wallets. You can trade with leverage up to 1:222 on cryptocurrencies, forex pairs, stocks and commodities.

To fund your account, you can use your Bitcoin, Ethereum, Litecoin or Dash wallet. The minimum trade size is 0.001 BTC with turbo (binary) trading.

Whaleclub.co headquarters are in Hong Kong. The company was founded in 2015 and started providing live trading in early 2016. It focuses on providing forex trading and cryptocurrency trading with leverage. Traders can also trade stocks, indices, commodities and bonds.

Whaleclub also offers an interesting feature called Turbo trading, which works like binary options with fixed returns and expiry times. Traders can buy 5-minute or 1-minute contracts from the current market price to a receive predefined payoff.

Quick review
Regulated by: 
N/A
Products: 
Forex, CFDs, Binary
Markets available: 
Currencies, Cryptocurrencies, Stocks, Bonds, Commodities, Indices
Platforms: 
Web
Broker type: 
Exchange
Min.deposit: 
0.001
Min. trade amount: 
0.001
Potential payout: 
70%
Demo Account: 
5 BTC
Bonus offer: 
30%
Account currency: 
BTC, LTC, ETH, DASH
Languages: 
English
Min. Lot: 
0.01
Spread: 
0.01
Max. Leverage: 
1:222
Founded: 
2015
Support: 
Tickets
Payment methods: 
Bitcoin, Ethereum, Litecoin, Dash

Whaleclub demo trading

Broker Review

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.

Whaleclub specials

  • Crypto deposits
  • 30% deposit bonus
  • Leverage up to 1:222
  • Binary trading
  • Payouts up to 70%

Trading Platform

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.

Whaleclub Trading Platform

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.

Crypto trading

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.

Forex trading

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.

whaleclub turbo trading

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%

Charting tools

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.

Trading Conditions

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.

Leverage

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

Liquidation

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.

Spreads

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%.

Financing

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.

Live account

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

Customer Support

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.

Pros

  • Bitcoin deposits
  • No Verification
  • No Slippage
  • No Execution fee
  • High Leverage

Cons

  • Financing fees
  • Only crypto deposits

At present, Whaleclub does not accept traders from the following countries: USA.

Whaleclub reviews by traders

The Whaleclub platform is entirely based on cryptocurrencies and does not use fiat money in its operations. Because of its "No fiat" policy, the company doesn't require account verifications and accepts traders from more than 190 countries. A trader can open a live account in less than a minute and fund it with a quick transaction from a digital wallet.

For traders who have never used crypto wallets, the practice might seem a bit confusing, but it actually works the same as traditional e-wallets, such as Skrill and Neteller. The only difference is that with crypto transactions you use a digital code and not your e-mail address.

Whaleclub reduces costs for opening a position, such as execution fee and slippage, but traders have to consider the financing fees that come with using leverage.

The trading software works fast with instant execution on the listed prices and no delays or liquidity issues. You can fully enjoy trading forex and cryptocurrencies with smart features, such as Split Size and Liquidation Price, which protect your margin.

With one click on the same platform, you can switch to Turbo trading, which offers quick profits on the next price direction. It works the same way you trade binary. You can also share your Whaleclub review in the comments below.