Whaleclub is a newer trading platform that only accepts digital currency. There are lots and lots of forex and stock brokers online, but only a couple that accept cryptocurrecy. And Whaleclub is one of them.
Whaleclub doesn’t deal in any fiat currency, and in doing so, things feel much more fast and fluid – like a true trading platform for 2017 and beyond.
I’ve been using Whaleclub for the last few months and have been loving the experience. So here is my review of one of the best bitcoin brokers out there:
What you can trade on Whaleclub
On whaleclub you can trade Forex, Commodities, Cryptocurrencies, indicies and Stocks. You’ll be trading CFDs which are a derivative investment product. This basically means you can speculate on the price on an asset without having to take ownership of it.
Whaleclub offers a pretty good range of things to trade. They don’t have a huge range of stocks, instead deciding to offer a selection of the more popular, tech centric stocks. They do have a large range of Forex pairs to trade and all the major commodities. In terms of crypto, you can trade Bitcoin, Ethereum, Litecoin and Dash. There are also Bonds and Indicies. And all of these products can be traded using Bitcoin!
CFDs are nothing new and most brokers offer them. There aren’t many that offer CFDs for Cryptocurrencies though, so its nice to see whaleclub supporting these.
One of the main advantages of CFDs is that you can profit when the price goes up or down. If you think the price of an asset will rise, you would “buy” or go long. If you think the price will fall, you go short or sell. So even if you’re not bullish on Bitcoin, you can still profit from it if the price falls.
The other advantage of CFDs is the execution speed. On whaleclub they pride themselves on having a very fast execution speed, and guarantee that your order won’t be partially filled. This means, that when you open a trade at a certain price, you won’t experience slippage.
Deposits and Withdrawals
Both deposits and withdrawals are really quick – mainly because there is no fiat currency to slow things down. There is no complex verification process, just signup, deposit either bitcoin or dash, and you can start trading.
You’re free to withdraw your funds at anytime. I’ve found withdrawals to be extremely fast.
The only fees for deposits and withdrawals are the standard bitcoin transaction fees. These are small and charged by the Bitcoin network to process the transaction.
There are no commissions when opening or closing trades, instead Whaleclub makes money from the spread. The spread is quite reasonable and in line with most other brokers.
There is a financing fee on active positions. This is charged at the top of each hour, and is similar to other platforms. But something to obviously be aware of.
The charts are excellent and opening and closing trades is straight forward. I don’t think many pro traders will find much wrong with the platform, and beginners will absolutely love it.
If you’re looking for a way to use your bitcoins for more than just hoarding, then Whaleclub is for you. If you’ve traded on other brokers, then using Whaleclub won’t be very difficult. And if you’re new to trading, then I would recommend using the free demo account. Overall Whaleclub is a great broker and one of my favorite places to trade.