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Whaleclub Review – is it scam or safe?

Whaleclub Review - Is it scam or safe forex broker?

RATING: 2 / 7 REVIEWS Whaleclub
Whaleclub is an offshore broker. Your money is not safe.

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 Trading accounts and conditions

 
Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Standard None 0.01BTC 1:100 on fiat forex pairs 1 pip
 
Whaleclub is a Hong Kong-based bitcoin startup whose clients can trade in some of the major cryptocurrencies like bitcoin, ether, litecoin and monero, as well as major fiat currency pairs, oil, gold, silver, indices and the stocks of 10 major companies like Apple, Facebook, Amazon, Coca-Cola, etc. In other words, much like an ordinary forex broker. The company also offers demo accounts and a feature called “Turbo trading”. It appears to be a kind of bet, similar to trading in binary options, but traders do not get leverage and trade with their actual funds. 
 
What is unusual about Whaleclub is that it only accepts deposits in bitcoin and clients do not have to undergo a customer verification process. Whaleclub does not have a minimum deposit requirement either. 
 

The company. Security of funds.

Like we already said, Whaleclub is a somewhat unusual forex broker in the broader sense. It was established in 2014 in Hong Kong. It is not regulated, which naturally brings certain risks for the clients. 
 
Whaleclub says it keeps client funds in “cold storage” wallets, which in the world of the cryptocurrencies means the funds are stored in an offline server that is practically impossible to hack. To further ensure security, Whaleclub processes client fund withdrawal requests manually, without any automation. 
 
There is no mention of Whaleclub being a member of any compensation scheme.
 

Trading platforms

The trading platform of Whaleclub is proprietary and is powered by the popular social trading network and platform provider TradingView. TradingView is first and foremost a trading social platform where traders share ideas and strategies. It also offers libraries, charts and analysis tools, financial information and the option to trade through some of the major forex brokers like Oanda and FXCM.
 
Whaleclub also offers a mobile trading app.
 
 Whaleclub trading platform. Click to view larger.
 
 

Methods of payment

Whaleclub accepts deposits only in bitcoin. The deposit link is available in the client's dashborad and wallet. Deposits are instant and credited as soon as they hit the blockchain. 
 
The broker does not accept bank transfers or any other means of payment in fiat currencies.
 

Conclusion

Whaleculb is an unusual forex broker in the sense that it accepts deposits only in bitcoin and does not have some of the requirements of the more traditional forex brokers. It is also interesting that it does not collect any fees and does not charge commissions. Aside from not being regulated, it is also somewhat disturbing that Whaleclub uses blockchain for transactions. Despite the claims that it is a very secure technology, examples of hacks and abuse of the system like the Ethereum and thefts from large bitcoin exchanges like Gatecoin, are not unusual. 
 
 
Pros: Cons:
Very tight spreads Unregulated
No fees and commissions Blockchain transactions
Demo account No MT4
No minimum deposit requirements Accepting bitcoin only
 
 

 

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Traders` reviews for Whaleclub

Spread

Pros

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Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Scam site beware

I’m abroad in Singapore stationed US Marine. Have been trading on and off since High School. I’m writing this review because I used some of my GI money to trade here which yes I know I shouldn’t have. Anyway I saw the reviews and the negative and decided to give it a go. Well my luck wasn’t luck. I made a USD/TRY short that outta no where spiked to around 425% profit. Anyway for some reason the market kept closing and opening like randomly. Each time my profit was less and less, after the 3rd close it went in TRY’s direction again short and I was up to 500% profit !! I clicked close and a red box popped up saying unexpected error the trade wouldn’t CLOSE !! After trying like 10 times in a row the market closed AGAIN !! This time for a few minutes. Once it opened back up my position was -100% profit and automatically closed !! Idk what the hell that was but I’ve wrote support a ticket and haven’t had a answer now for about a week 5 days to be exact. Something isn’t right with this place and I’m starting to realize negtaitve reviews usally are the damn truth. Let’s see if they resolve my issue.

StevenAbeot 06/01/2018

Straight up scam! Beware of Whaleclub!

I´ve deposited my last savings in order to trade a little, just because the offer this 30% Deposit Bonus as stated on their website "Bonus payments are made on trades with negative profit and thus can be considered as a refund (up to 30%) on trades that don't work out as expected. "

But guess what!?! I lost nearly everything and NO BONUS was applied ! The support doesn´t answer at all and this "COO Petar Zivkovski " sent me a mail
asking how i liked the experience of trading with whaleclub. I replied, pointing out the issue with the missing bonus payments but same here, no reply from whaleclub after that!

Also, there is a ridiculous high fee when trading crypto on whaleclub of which you are not informed in the first place. If you have a trade open (f.e. btc/usd) and a few minutes past by, suddenly massive amounts of minus dollars is added to the open trade without any notification. So, it´s like... Let´s say your trade is about 200 USD in the red... a few minutes later these fees are added and the same trade is 300 USD in the red!!

Also, you can not find a real location/address of whaleclub anywhere on their website. No regulation, nothing!

Even in their chat the users warn everybody to trade there, they just use the chat for fun.

It´s a true scam and they rip you off and don´t stand to their bonus offering and ignore your support tickets.

Also it took more than 24 hours until my withdrawal request of the leftover ethereum was paid out. A legit and truthful company (f.e. gdax,coinbase) usually process withdrawals in wihthin a few minutes. The internet provides a certain anonomity and people like those at whaleclub abuse that fact to steal from you. I know karma or God will pay them back what they deserve but for now, i´ve lost much money and it leaves me to wanr everybody about that fraudulent website!!

Sam 04/11/2018

Avoid Whaleclub.

Do not trade Whaleclub.
Huge fees every hour, it takes all your money.
Avoid whaleclub.

Nicolas 01/09/2018

Whaleclub stole $49,000 from me!

This company will ban you and steal all your money if you happen to do really well. With the recent Bitcoin price drop which was massive ($2k in a day essentially), I was shorting it with full margin and max bet. I was able to amass earnings of $49,000.

As soon as I tried to withdraw the money I was banned instantly and my balance was changed to $0. They said I violated their terms (which when I asked how could i have violated your terms when all I did was trade?) they essentially sent me a reply informing me that TRADING was against their terms (they basiclaly described any situation that you make money while trading as "abusive"). STAY AWAY!

More information, updates, and PROOF can be found below:

https://bitcointalk.org/index.php?topic=2393215.msg24454545#msg24454545

Braden 11/14/2017

Look for another exchange

** I'd like to clarify this is based solely on my personal experience, and my intention is to help people that are new to the cryptocurrency trading environment providing an unbiased and objective review.

My experience with Whaleclub.co was not good. Terrible to be honest. Here are some of the problems I had: The platform did not worked properly (although I believe they’re working on it); most of the basic tools/features are not available or do not work as intended; charts cannot be saved (that’s a big issue) and no support responses.

If these were the only issues it would not be a big deal, however a tricky thing (shady perhaps) made me lose money. I've lost 32% of my account value due to - to say ate least - abusive fees on ETH/USD market. On the fees page there's a misleading information stating 0.05% financing rate is applied daily. On a separate page there are the actual financing percentages (which for cryptocurrencies are 320x higher than what is "advertised”).

Of course all information is there and the exchange is free to charge whatever they want, but I don't see how this could be profitable for any trader, even day traders. Anyway there are several good, trustworthy exchanges that are much more honest and clear about their fees, so avoid this kind of situation and stick with the most popular ones (it’s safer, believe me).

Mark Williams 10/31/2017

Thierry71 lost money while trading, now complaining

Previous reviewer Thierry71 was in the Whaleclub chat when he made horrible trade, it turned against him, and he lost money. Now he is posting reviews all over the web blaming Whaleclub for his losses. He said in chat "I will destroy this place, you just see" although he was laughed at by community members.

johann 10/28/2017

Scammers, if you win they remove your earnings.

I managed to develop an algorithm that wins a lot in Turbo. In an hour I can earn 1 BTC or more. What they did? They removed all my earnings, removed all the transactions history and banned me from the chat (thus I could not alert the other players). Scammers, stay away from them, if you lose you won't have any problem, now if you win...

Thierry71 10/19/2017
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