WhaleClub.co – Scam or Not?
Whale Club is a relatively young trading platform which now serves over 15,000 traders every day.
The company is based in Hong Kong, and it started live trading in January 2016. The founder of Whale Club is Perry Steegen, a former banker and technology enthusiast. The exchange is providing service in over 190 countries, allowing traders from all around the world to buy and sell cryptocurrencies with ease.
Verification on Whale Club
Interestingly enough, Whale Club doesn’t require identity verification at all. That makes it one of the rare exchanges that do not require any sort of verification. Another popular option is Russian BTC-e, you can read our review here.
The exchange has a strict “no fiat” policy meaning they don’t use the banks or any similar traditional institutions or fiat currencies in their operations.
There are no fees when it comes to deposits, withdrawals, and trading on Whale Club. The exchange doesn’t have any limits when it comes to deposits and withdrawals, as well.
The transactions are processed even on weekends and holidays, and everything is done manually. The withdrawals are processed manually at set times of the day, following the strict protocols. The reason for manual withdrawals is the security, as it allows the exchange to keep all of the customer funds in cold storage, separated from the platform and out of reach for potential attackers.
Whale Club doesn’t accept FIAT currencies. Every single operation on Whale Club is processed in Bitcoin – deposits, withdrawals, orders, positions, balances and all other requests.
The trading platform supports the following digital currencies:
- Bitcoin (BTC)
- Dash (DASH)
- Ethereum (ETH)
- Litecoin (LTC)
- Monero (XMR)
The exchange doesn’t charge any fees on deposits, balances, executions and inactivity. The withdrawal fee is 0.001BTC – which is basically the amount charged by the network for transaction confirmations.
Whale Club has fees for leverage users. The margin trading for cryptocurrencies is available 24/7.
- For BTC/USD pair:
Max leverage is 10x, with a max size of 30BTC. The spread is 4.8, and the financing rate is 1.8 percent.
- For DASH/BTC pair:
Max leverage is 3x, with a max size of 3BTC. The spread is 0.0006, and the financing rate is 0.6 percent.
- For ETH/BTC pair:
Max leverage is 5x, with a max size of 5BTC. The spread is 0.001, and the financing rate is 38.2 percent.
- For LTC/BTC pair:
Max leverage is 5x, with a max size of 10BTC. The spread is 0.04, and the financing rate is 0.5 percent.
- For XMR/BTC pair:
Max leverage is 5x, with a max size of 5BTC. The spread is 0.001, and the financing rate is 0.6 percent.
The fees for all other trading pairs can be found here.
Trading on Whale Club
Whale Club is a bit specific exchange, as it only offers margin trading. Standard open book trading without leverage is not supported.
The trading platform supports the following types of orders:
- Limit order
- Market order
- Buy/Sell stop order
- Stop-loss order
- Take-profit order
When it comes to trading commodities, Whale Club offers to trade for gold, silver, and oil. Forex trading is also an option, with numerous currency pairs. There are four stock market indexes available:
- London Stock Market Index – FTSE 100
- Tokyo Stock Market Index – Nikkei 225
- New York Stock Market Index – NASDAQ
- New Your Stock Market Index – S&P500
Whale Club also offers stock trading for ten corporations, which can be found here.
The exchange also offers a comprehensive guide for new traders. You can check it out here.
The exchange also offers Turbo trading, a sort of binary options gambling. Users predict will the price rise or decline within a given time period (usually 1 to 5 minutes). If the user is correct, it makes a profit equivalent to the payoff shown here.
If not, it loses the amount invested.
Ease of Use
Whale Club has one of the best user interfaces out there. Every step has been simplified and explained in details, allowing new users to start trading in no time. The website is fast and intuitive, and everything works like a charm. There are no apps for Android and iOS, but the design is responsive and looks good on mobile devices. They also have a great API, which serves a large number of traders.
The support on Whale Club is good, but it can be only contacted through tickets. Email and phone support are not available. What lacks in accessibility it makes up with fast response time, quality answers and an extensive knowledge base.
Although the answers to common questions are a bit short, a large number of questions is answered. The trading platform also offers six different guides for beginners:
- Dashboard Basics
- Turbo Trading
- Wallet and Transactions
- Account Setting
There are not many complaints about the exchange, and they are usually related to high funding fees. There’s a war on Bittrust, as some users accuse the exchange of posting fake reviews. Nothing else pops up; users are generally satisfied with the platform.
The trading platform also has a great referral program which gives 50% of all commissions generated by anyone who signs up through affiliate’s link, forever. According to online reviews, this is the highest paying Bitcoin affiliate program. More information are available here.
Whale Club Security
The exchange keeps 100 percent of user funds in cold wallets, and the keys are stored at max-security locations. The servers are always run with the latest software and with strict security policies. Two-factor authentication is available for all user accounts, and all communication between Whale Club and clients is encrypted.
The trading platform was never hacked. The only security flaw – no SMS alerts. Email alerts are available.
Whaleclub Review Conclusion
Whale Club is one of the rising stars in the industry. It provides anonymity and a bit different service than we’re used to seeing, making it a real refreshment in the market.
- No identity verification required
- Excellent user experience
- Great support
- Bitcoin-only deposits
- High leverage interest fees
A great exchange with a lot of potential. Different from the competition, in a good way.