WhaleClub.co Review 2019 – Scam or Not?

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Whaleclub.co is offline, looks like an exit scam 🙁

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)

Fees

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.

Customer support

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
  • Trading
  • Turbo Trading
  • Wallet and Transactions
  • Account Setting
  • Mobile

User Experience

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. On this page you can find coupon codes for Whaleclub.co.

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.

Pros

  • No identity verification required
  • No tradig fees
  • Excellent user experience
  • Great support

Cons

  • Bitcoin-only deposits
  • High leverage interest fees

A great exchange with a lot of potential. Different from the competition, in a good way.

Go to Whaleclub.co
Share your Experiences about Whaleclub.co:

16 User-Reviews for Whaleclub.co
  1. AmmenLee, 14. May 2019

    I was a user since they started (2016-late 2018). Slowly over time i figured out the system and managed to profit nicely (as long as it wasnt to big a profit for them more later). you couldnt keep orders open longer than 6 hrs or the financing destroyed the trade profit.

    They are 100% a scam now. They suddenly denied access to US citizens (despite no verification being needed of who you are). Then they kept 100+ ltc and 10+btc of profit from me and would not return them. They are a scam and a honey hole for fools (including me)

    They can also go in and zero out trades whenever they want. Your trade is max leverage and super profitable? Well you must be doing something wrong, so they go in and delete the trade and the funds ( have screen shot proof). After multiple emails and complaints about not having access to my funds, they wnt in and deleted my account history….again I have screen shots to prove it).

    I also know for a fact that they hire people for fake reviews. alot of the fake reviews were done by their employee “Jenny” she was making multiple reddit accounts and coordinating fake reviews across the internet.

    I was in the chat every day and even had a working relationship with admins of the site. I have screen shots of everything to back up all of my claims, including emails with admin of site.

    we built an amazing supportive community there in chat, when they started being sketchy they just removed the chat function so people couldnt discuss what was happening.

    I hope they all get what they deserve and their lives are ruined.

  2. spencer pool, 6. April 2019

    anyone have any updates on them just packing up and leaving with our money? any lawsuits yet?

  3. Maxwell Bennett, 14. March 2019

    Thanks to all that warned me about this site.

  4. Mohammad, 12. March 2019

    I have deposited 3.24 ltc , open 3 positions , close them in total zero profit , but my balance dropped to 2.686 , I have sent email to the support , I will share the results here , I was suspicious about being scammed .why I didnt use bitmex or bitfinex ?! Because we’re iranian , and prohibited from bitmex , not idiots .

  5. Ripped off, 9. June 2018

    Funny you can’t leave a star rating but it’s got 5 stars lmao . This place is such a scam it’s fraudulent!! Keep your crypto way away from here or you’ll never see it again !

  6. Steve Abaiet, 1. June 2018

    Had so many issues since my time being on this site they should call it The Donate Club. Everyday my balance would be less and less on trades. I kept writing support but they didn’t answer. So that’s when I found out their fees are 30% a hour on your own money !!!! They are charging you interest fees on my own damn balance. This place is highway robbery. I won’t be donating anymore. Oh and when I said something in chat about the fees I was banned from talking !!! What a joke you people are scum of the earth !

  7. Sam, 10. April 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!!

  8. hamid reza, 28. February 2018

    Another matter is,
    I deposit 1BTC, after 9days and 7 contract (3+leverage and 4-lev.) in this site my profit was 85% but my balance at this time is 0.8BTC
    I cannot calculate this, heh, so Ridiculous

  9. hamid reza, 28. February 2018

    Bad,Bad, Bad…….
    Contradiction on announced fee with applied.
    Open ur eyes before open/close any contract.
    I bid 0.5BTC without leverage after 3hrs charge me by (Financing interest) 0.0045BTC
    and 0.5BTC 3x leverage = 1.5BTC by 24hrs = charge me 0.02btc
    but they said:
    1 BTC x 0.05% / 24 = 0.00002 BTC

  10. Hamid, 6. February 2018

    I agree with your review. I’ve been on Whaleclub for about a year now and have had a positive experience. The chat room is always active with traders, which is great especially in times of volatility = high action. Customer support is very responsive and you can set the leverage/margin per trade – 2 features which IMO separate them from the rest. Would like to see more crypto markets in the future.

  11. admin, 3. February 2018

    We review each comment so give us one day time.

  12. Hash11, 1. February 2018

    I wrote a very negative review but you erased it. You want to give this totally SCAM exchange a 5 stars why you ask us for our review?!!!
    This way you lose credibility.

  13. Kfturki, 31. January 2018

    First of all, this website the warest web platform in all the world, I’m saying this because of:
    They stole all my balance in my A/C, and the full story is that I deposit (300$) and I buy BTC at (10,660.16$) with leverg of (20X) after it’s reach (10,965$) with (53%) profits, the platform selling my BTC without my permission…
    I tried to send them many emails and opining many teckets but they responded after 3 days, and easily they said this is our procedure with leverage!!!!
    I’ve aske them to return my money with profits but they refused???? So they took my balance with the profits!!!
    They stole the total of (459$)
    Pleas be aware drone them, my user ID is (kfturki) for your all references.

  14. Hash11, 31. January 2018

    It is definitely one of the worst scammers. They closed my friend’s position without permission and took a 53% profit and left his account with 0 $.. my friend’s ID is: kfturki and he wrote them without reply. AVOID AT ALL COST!!!

  15. Dreasy, 15. January 2018

    cant get on the website today. has it been shut down?

  16. Braden Napier, 12. November 2017

    This website is a complete scam. I recently did very well on the site and tried to remove my balance of $38,000. They set my balance to $0 and banned me from their site saying I was conducting “abusive trading” (without defining what that is) and that there is nothing they can do.

    So essentially if you do really well on their site all they have to do to steal your money is claim your trades were abusive and they won’t pay you a dime.

    STAY AWAY!

    [LINKS NOT ALLOWED]

    Above you can see my balance at $38,000. This is 107 DASh which is now actually around $55,000 I believe.

    [LINKS NOT ALLOWED]

    Once I tried to withdraw from the exchange my balance was immediately changed and I was banned from the site. Here it shows my randomly negative balance with no trades or anything open.

    [LINKED NOT ALLOWED]

    Their support team replied with the following:


    Hi Braden,

    Our system detected unusual and abusive trading on your account, which it then automatically suspended. This was a violation of our terms of service, unfortunately. There is not much we can do at this time.

    Please let me know if you have further questions or concerns.

    Best regards,

    Jeffrey Sacks
    Customer Support, Whaleclub