Whaleclub is a great trading platform if you’re looking to use Bitcoin to trade. I’ve been using it for the past few weeks and have been doing pretty well from it.
But there is one part of the platform, that I think you should probably stay away from. And that is Turbo trading. Let me explain why:
What is Turbo Trading
Turbo trading is what whaleclub calls their Binary options trading. Whaleclub offers regular trading, where you can open a long or short position and it will remain open until you close it. But they also offer “turbo trading” and these positions only stay open for a set amount of time. If you open a long turbo trade, and the price goes up and stays that way by the time the counter runs out, you’ll make a profit. If you open a short turbo trade you’ll profit if the price goes down. So obviously this works just like Binary options.
Why you shouldn’t trade binary options
No one knows how the price of an asset will move over such a short period of time. It’s just too hard to predict and you’re essentially gambling. I don’t believe binary options are a legitimate investment option, and most people just end up losing their money.
Just stick to regular forex trading
So on whaleclub, it may be tempting to try turbo trading, but you’ll need to be really lucky to succeed. The interface makes it really easy to open a turbo trade, and I will admit even I tested it out. But it’s definitely not something I would do more than once.
If you must, just use your demo account
Whaleclub comes with a free demo account, so if you really feel like turbo trading, why not just use your demo account. That way you won’t risk your own money and you’ll soon discover that proper trading is what you should be doing.
I’ll be sticking to regular trading going forward.