Whaleclub is a Bitcoin-only trading platform that offers forex and binary options trading, as well as the ability to trade some equities and commodities such as Amazon stock, Brent Crude Oil and gold. Of course, you can expect to find some cryptocurrency forex pairs, although the range is surprisingly limited. The platform is simplistic and runs on TradingView’s chart software, enabling the ability to customize graphs and data sets to suit your preferences. Whaleclub also offers a demo account which, like their live account, takes just a few seconds to setup and is a great way to test the waters before making a deposit.
Overall, Whaleclub stands out as an easy-to-use Bitcoin trading platform with some great features stacked on top (read the forex review for more information). One of the most exciting features of Whaleclub is the potential leverage you can make on different markets; up to 100x your bankroll for some currency pairs. With higher leverage comes higher risk, please familiarize yourself with these risks before opening a leveraged position.
Whaleclub offers a simple but generous 25% first deposit bonus which can be claimed through any of the registration links on this page. Your Bitcoin bonus is released as you trade, and the amount of bonus received can be tracked from your account page – a great feature that’s not all that common in Bitcoin trading/gambling. Bonus earnings will also be credited automatically, and the amount released scales up proportionally to the amount you trade. It would be nice to see ongoing promotions, and should they be released we will be sure to update this review.
The site offers an extensive tutorial section which will help you get to grips with the platform straight away. Further questions might be answered in the FAQ, and failing that there is a support tab to contact the platform via a support ticket. There is no live chat option as we see at so many other Bitcoin forex sites, however the tickets we raised were answered within a couple of hours – not too bad at all. The platform also recommends using the community chat feature for answers to simple questions, and if you do need to speak to a member of the team directly, it is possible to find staff emails on the company’s About page.
As with any good forex site, Whaleclub offers 2-factor authentication to ensure that your Bitcoin deposits are kept secure. The site also specifically details their security protocol (something we’d like to see more of from Bitcoin forex platforms), and states that all private keys are secured in offline wallets and distributed geographically – very reassuring. Beyond this they also have DDoS and brute force protection to cover their clients and servers, as well as automatic backups should the worst happen.
As with all Bitcoin gambling, the safest method of storing your coins is in your own offline wallet, but Whaleclub certainly seem to offer some of the most comprehensive security that we’ve seen in the market.
Restricted countries at Whaleclub
Below is a list of countries that are not eligible to deposit at Whaleclub:
Croatia, United States
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Pros and Cons of Playing at Whaleclub
- Fantastic chart software
- Turbo trading for quick thrills
- US players not accepted
- No live support
Whaleclub Forex Review
Whaleclub’s Bitcoin trading platform is powered by TradeView and is available on both desktop (through a browser such as Google Chrome) or via a mobile app on iOS, Android or Windows. The two main features of Whaleclub’s trading platform are “Classic Trading” and “Turbo Trading”, which are described below. It should be worth noting that there aren’t many markets available on Whaleclub, although if you’re happy with just a few dozen of the more popular markets, then Whaleclub is a really great option.
Classic trading is what you would expect from a Bitcoin forex site. Users simply open and close long or short positions in the market that they choose. Each trade has a spread, and all trading is free from commission – although there is a daily fee for leveraged trades (described further below).
Turbo trading is effectively a form of Binary Options trading. Traders open long or short positions on a particular market, and each position has an expiration date (usually just a minute or less in the future). Once the date expires, your trade is either a win or a loss depending on whether you bet higher (long) or lower (short), and whether the price is higher or lower at expiration than it was when you opened the trade.
Turbo trading can provide an extremely short-term and exciting way to bet on Bitcoin forex, but does come with its own risk. This type of Bitcoin trading is very short term and therefore carries a large amount of variance; variance this much higher than if you were to hold a position over the long term. Each of these turbo Bitcoin trades has a payoff percentage which is the percentage of your bet that you stand to win. This payoff figure can be seen in Whaleclub’s market list and ranges from 40% to 75%.
Charts & Tools
Whaleclub uses TradingView’s software to service their charts package. The software is comprehensive, and includes various graphical views such as candlestick, bar and line chart options. Opening positions is unbelievably simple, although we’d like to see a clearer way to view the spread size for each market. The rest of TradingView’s tools are also what you might expect from a top tier forex platform, and include the likes of minutely, half-hourly and hourly views, as well as plenty of overlay options including trendlines, pitchforks and the ability to annotate with text.
Crypto Currency Pairs & Spreads
Other than the cost of the spread, it should also be worth noting that all withdrawals have a 0.001BTC fee, as well as a financing rate which is charged daily on active leveraged positions. The financing rate ranges from 0.05% on forex to 0.6% on ETH/BTC.
BTC/USD: 1.8 pips
ETH/BTC: 0.0001 pips
LTC/USD: 0.24 pips
XMR/BTC: 0.0001 pips
Fiat currency pairs are also available for trading.
Whaleclub has plenty of features to keep you entertained, with the two stand-out additions being community chat and the Bitcoin platform’s built-in alerts system. Community chat stays pretty active most of the time, and is a great place to hang out inbetween Bitcoin trades. The notifications system is also a very welcome and unique feature, and provides real-time updates over market volatility (this can be muted if necessary). A news feed is also available from within the trading platform, and is updated regularly with new stories, particularly those from within the Bitcoin and cryptocurrency industries.
Take profit and stop loss options are also available and can be added easily after a trade is opened.