Whaleclub is a cryptocurrency trading platform that lets you trade cryptocurrencies for traditional investment vehicles. Find out more today in our Whaleclub review.
What Is Whaleclub?
Whaleclub, found online at Whaleclub.co, is an online trading platform that lets you deposit digital currency (using Bitcoin or Dash) then trade in real-world marketplaces – like currency pairs, US Treasury bonds, gold, and stock markets.
The platform was originally founded in 2014. When Whaleclub launched, it was just a real-time feed of bitcoin trade ideas generated primarily from the TradingView and Teamspeak communities. In October 2015, Peter Zivkovski (Director of Operations) and Jessica Lee (Director of Partnership) took over operations and turned it into a full-fledged exchange.
Today, Whaleclub is owned by Whaleclub Limited, a Seychelles – based company headquartered in Hong Kong. The company’s goal is similar to the goals of other exchanges: they want to make trading easy and painless for customers.
Whaleclub lets you perform a variety of orders, including:
- Market Orders
- Limit/Stop Orders
- Trailing Stop
Let’s take a closer look at how Whaleclub works.
How Does Whaleclub Work?
One of the unique things about Whaleclub is that you don’t need to give the platform any personal information to get started. There’s no need to enter your bank account or credit card, for example. That’s because the entire platform works in Bitcoin or Dash – not fiat currencies.
“It’s strict company policy to never touch political currencies, so we don’t touch banks,” Zivkosvki explained in an interview.
After you verify your account by email, you can start using the demo trading platform immediately. If you want to make live trades, then you’ll need to make a bitcoin deposit.
Bitcoin users might be a bit uneasy about giving private keys to a third party. Whaleclub does store its private keys offline in cold wallets.
Funds are also distributed across a global network of storage vaults, which means a single security breach isn’t going to cause a catastrophic loss. In addition, keys are GPG and AES-256 encrypted and replicated at maximum security locations.
There are few restrictions with Whaleclub. There are no deposit or withdrawal limits, for example. The only limit users may encounter is a 20 bitcoin maximum for an active position.
Withdrawals are processed daily using a “standardized, checklist-based procedure.”
What Kind Of Trades Can You Make With Whaleclub?
Once you’ve deposited bitcoin, you can engage in a variety of trading activities through Whaleclub, including limit, market, stop, and take-profit orders. That means traders can hedge, scalp, and swing trade.
In fact, the only type of trading that isn’t supported is bot trading that requires an API. Automated trading strategies requiring APIs are not currently supported by Whaleclub.
One reason why traders like Whaleclub is because trades are executed fully within 500 milliseconds – which means no slippage or partial execution. Market orders are executed at the best available prices, and limit, take-profit, and stop orders are settled at the price specified by the trader.
How To Start Using Whaleclub
Here’s the step by step process to using Whaleclub for the first time:
Step 1) Deposit digital currency. You sign up with just an email, and no ID verification is required. Whaleclub accepts deposits in Bitcoin or Dash, and instantly credits your account.
Step 2) Start trading. Buy to profit from rising prices or sell to profit from falling prices. You can access up to 200x leverage for your trades. As an example, let’s say you buy 2BTC of AAPL stock at 15x leverage, giving you a 30BTC total investment.
The price of AAPL rises by 1%, which means you gain 1% x 30 BTC, or 0.3BTC, 15% of your initial 2BTC investment (minus spread and financing).
Where Can You Invest?
Whaleclub allows you to invest in 50+ investment options, including currency pairs, assets, stocks, and market indices. Here are some of the available investments:
- Cryptocurrency Pairs: BTC/USD, DASH/BTC, ETH/BTC, ETH/USD, LTC/USD, and XMR/BTC are all available.
- Fiat Currency Pairs: AUD/USD, EUR/GBP, EUR/JPY, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/CNH, USD/JPY, USD/MXN, and USD/TRY are all available.
- Commodities: Crude Oil (Brent or WTI), Gold, Gold/EUR, Gold/Silver, Natural Gas, Silver, and Silver/EUR are all available.
- Bonds: US 10Y T-Notes, US 2Y T-Notes, US 5Y T-Notes, and US T-Bonds are all available.
- Indices: FTSE 100, NASDAQ, Nikkei 225, Russell 2000, and S&P 500 are all available.
- Stocks: Alphabet, Amazon, Apple, Coca-Cola, Facebook, Goldman Sachs, JP Morgan, Netflix, Petrobras, Snap, Starbucks, Tesla, and Twitter are all available.
Keep in mind that certain assets are restricted to certain hours. The only trades available 24 hours a day, 7 days a week are the cryptocurrency pairs. All other trades are restricted by normal market hours, although stock trading on Whaleclub comes with extended hours.
Easy To Use:
Whaleclub lets you perform complex trading operations using a simple UI. You can quickly check price charts or browse trading ideas from the main platform.
Trade 50+ instruments with low spreads. Whaleclub also minimizes partially executed orders and slippage. You get your orders filed in 1 click instead of tranches, which reduces your trading costs.
Free Practice Account:
Enjoy risk-free, unlimited demo trading that works like real trading – except with a fictional balance. You can switch between demo and real trading from your dashboard.
Earn deposit and cashback bonuses based on your trading activity.
Upfront Risk Management:
Set take profits, stop losses, and trailing stops that help minimize your exposure to risk.
Pro Trading Conditions:
Whaleclub runs on digital currency instead of fiat currency so “everything feels fluid and fast”, and you can “take advantage of sub-second execution and high leverage.”
To start using Whaleclub, you just verify by email. No other verification is required.
Whaleclub uses transparent sources for its price feeds. Users can also ask questions in the active trader chat room, or contact the customer support team for more information.
Whaleclub does not charge fees to execute trades. Trades are executed in full at the quoted prices. That means your only trade execution cost on Whaleclub is the spread.
Financing comes with its own fees. Fees are charged every hour at a daily financing rate of 0.05% (you’re charged 0.05%/24 every hour on your position, for example.
Finally, withdrawal fees are set at 0.001 BTC for BTC withdrawals and 0.01 DASH for DASH withdrawals.
There are no other fees on deposits or account inactivity.
Whaleclub is based in Hong Kong. The company is led by Perry Steegen (Chief Executive Officer), who is responsible for setting the overall vision of the company. Other key members of the team include Petar Zivkosvki (Chief Operating Officer), Jessica Lee (Chief Marketing Officer) and Ian Glindro (Chief Product Officer).
Whaleclub is a unique trading platform that lets you trade Bitcoin and Dash for 50+ investment vehicles – including everything from US treasury bonds to Starbucks stock. You can also leverage trades for a low fee, which can increase your gains (and increase your losses).
If you’re looking for a way to grow the value of your Bitcoin and Dash, or want to divest in a diverse set of assets, then Whaleclub may be the right choice for you.