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Whaleclub.co Review – Pros and Cons of Trading on Whaleclub
- Demo accounts for beginners
- Completely anonymous trading possible
- No ID required
- No trading fees
- Platform easy to use
- Margin trading enabled
- Relatively high margin trading fees
Very special about this trading site is the fact, that you can trade Cryptocurrencies, Forex, Metals, Stocks and Bonds, but all based on Bitcoin deposits. Since it’s launch in early 2016, Whaleclub.co already achieved a trading volume of over $1 Billion within the first year.
The trading platform’s name confers an exclusive approach concerning the user group. But other than only “whales” the bitcoin trading site has a healthy mixture of people trading with various amounts of capital, meaning anybody is welcome to trade Bitcoin anonymously on Whaleclub.co, as there is no minimum deposit required.
Particularities of Whaleclub.co
Benefits of the Hong Kong Base
The Whaleclub company is based in Hong Kong. This means that they are independent from European or US American law situations and legal claims. Right now, in 2017, the Hong Kong government hasn’t declared any Bitcoin regulations or restrictions concerning the trade market yet. But the government keeps a critical eye on the market. So far they see Bitcoin as a kind of a virtual commodity, furthermore the Asian city seems to become more and more one of the centres for international internet-based economies.
Bitcoin trading for US citizens?
There are no prohibitions concerning certain nationalities, such as US citizens, for instance. As the platform enables anonymous singups and operates under the law of Hong Kong, anybody can participate.
Trading anonymously
A big particularity of Whaleclub.co is the possibility to trade absolutely anonymously. You can sign up with an anonymous e-mail address which you only use for the trading platform and you don’t have to fill in any actual personal data.
Verification steps and the connected permissions on Whaleclub.co:
Whaleclub.co keeps it simple as it can be. There are no verification steps at all. So you signup with an e-mail address, username and password and you can start trading with any amount you wish. As there is now option for wire transfer deposits or withdrawals in fiat currencies, there is no need for your ID.
30% Bonus
At the moment the broker platform offers a generous 30% bonus on your first deposit, no matter how high your deposit might be.
Hacks & Security
So far Whaleclub.co hasn’t been hacked yet and they claim to have an excellent security system. They say that client funds are beeing kept in cold storage, meaning an offline server which can’t be hacked. They process withdrawals manually, which is an additional security measure.
But be aware that a certain risk of hacks and Bitcoins getting stolen is concerning all Bitcoin trading sites. There is no certainty in this field that a platform will never be victim of a tricky hacker attack. Keeping that in mind, never forget to withdraw your Bitcoins to your external wallet while not actively trading.
For extra security when signing-in or for withdrawals you can use Google Authenticator.
Deposits & Withdrawals on Whaleclub.co
You can deposit and withdraw Bitcoin or Dash only. Fortunately, there is no withdrawal limit on Whaleclub.co. This makes the platform popular especially for traders who want to stay anonymous but trade with bigger amounts of Bitcoin at the same time. On other platforms you’d have to go through several verification steps till you’re allowed to withdraw certain amounts of Bitcoin.
Supported Digital Currencies – Trading Pairs
On Whaleclub.co you can trade the following cryptocurrency pairs:
- BTC/USD
- DASH/BTC
- ETH/BTC
- ETH/USD
- LTC/USD
- XMR/BTC
You find details about the market easily in the “new trade” window when clicking on the pair sign.
Bitcoin Margin Trading on Whaleclub.co
The bitcoin trading site offers the following conditions for trading with leverage including margin trading fees:
- BTC/USD: Up to 20x – with a maximum position size of 40 BTC. (spread 0.4%; financing rate 8 %)
- DASH/BTC: Up to 5x – with a maximum position size of 5 BTC. (spread 0.58%; financing rate 2 %)
- ETH/BTC: Up to 5x – with a maximum position size of 5 BTC. (spread 0.58%; financing rate 2 %)
- LTC/USD: Up to 5x – with a maximum position size of 10 BTC. (spread 0.94; financing rate 2 %)
- XMR/BTC: Up to 5x – with a maximum position size of 5 BTC. (spread 1%; financing rate 2 %)
Fees
Whaleclub.ce generally has a no-fees policy. There are no fees on deposits, balances, trades or inactivity. Withdrawals cost an extra of 0.001 BTC (this is basically the amount which is charged by the Bitcoin network for transactions.)
So the only fees are for margin trading, as mentioned above.
Whaleclub.co Review – Platform Dashboard walk-through
Demo Account:The platform offers a Demo mode for beginners, so you can test all options and order types in a secure mode to make sure you understand the functionality.
The interface of Whaleclub.co is fairly simple and makes it really easy to trade.
Keep in mind that this platform is best to trade Bitcoin against USD to get more Bitcoin out of it, as you cannot cashout the USD value. You can also use the Altcoins to trade them against Bitcoin.
First of all, make a deposit and get the 30% bonus on top. When clicking on the blue deposit button in the footer bar or in the menue top right, you get to you personal Bitcoin deposit address. They don’t require a minimum deposit.
When your deposit is confirmed by the Bitcoin network and appears as fund in your account (which can take from a couple of minutes up to several hours), choose the market on the left top trop down menue:
Then either click the plus sign or the blue “new trade” button, to open the little order window. Here you choose whether you sell or buy, the amount, the price level, and don’t forget to correct the amount in the leverage field left on top. 1x means no leverage.
When the order is set, you can click on the corresponding signs within the order management section, where you can add advanced additional settings to your order, such as “trailing stopp loss” or “take profit” levels.
List of order types:
- Limit order: This is an order which is set to a certain buy or sell price. The order appears immediately within the platform orderbook.
- Market order: Buy or sell at the current market price
- Buy/Sell stop order: Buy or sell at certain price, but the order will only be placed in the orderbook when a certain price level got hit (stop price), which you set additionally.
- Stop-loss order: This order protects your position from higher losses. Set an emergency sell order incase the price should drop below a cerain limit.
- Take-profit order: Set a sell order for a certain level of profit.
Position management options / order management options
You can see and edit your positions anytime in the positions section, unless they are already getting filled. It’s quite self explaining, as more or less everything on this professional Bitcoin trading site. Below the order management section, on the very bottom of the site, you see the signs for active orders and closed orders / your orders history.
The Bitcoin Chart on Whaleclub.co
The charts they use are embedded from tradingview.com. That’s why they have all tools which are needed for professional technical analysis. Fibonacci levels and trendlines are the most used basic tools.
Whaleclub.co Mobile App
They have an excellent mobile version, which is automatically loaded when you visit the domain with your mobile phone. They declare that their app works best on versions of Android 7 Nougat and later, iOS 10 and later, as well as Windows 10 Mobile and later.
Pro’s and Con’s of Whaleclub.co
Advantages
- Company based in Hong Kong
- Demo accounts for beginners
- Completely anonymous trading possible
- No ID required
- No trading fees
- Platform easy to use
- Margin trading enabled
Downsides
- Relatively high margin trading fees
Conclusion
Whaleclub.co is a great Bitcoin trading site for traders who embrace freedom and anonymity. The platform is easy to use, for newbies as well as for experienced traders. They might have had a seedy reputation at the beginning, but they achieved to establish themselves as a serious professional trading site. We hope this Whaleclub review was helpful for you.
