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.
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.
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.
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.
Whaleclub Review Conclusion
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