Whaleclub is a broker that lets you trade CFDs using Bitcoin. While I love the interface at Whaleclub and I love that they are using Bitcoin/Dash as a base currency, I do have some issues with their fees. They can be a bit too high. So I’ve together some similar brokers that are legit alternatives to Whaleclub.
As always I’ve personally tested these brokers with a real money trading account.
I’ve been trading a lot on 1Broker recently. 1Broker is a stock, forex and commodity broker that lets you deposit/withdraw in Bitcoin.
1Broker doesn’t have an interface as slick as Whaleclub, but it is still perfectly usable and many people will appreciate the simplicity. The fees are lower on 1Broker compared to Whaleclub and they don’t charge any financing fees on long stock trades. This means you can keep a position open for longer term trades. On whaleclub there are hourly financing fees on all positions. This means it’s unprofitable to keep positions open longer than a few hours let alone days or weeks.
1Broker also has a copy trading feature. So if you’re not very good at trading or just starting out, you can automatically copy the trades made by profitable and experienced traders. This is a great way to learn more about trading.
1Broker offers more stocks and forex pairs than Whaleclub does. You can also trade commodities and indices.
Why use 1Broker:
- Lower fees
- No financing fees on unleveraged Long trades
Evolve Markets lets you deposit Bitcoin or Litecoin, and with that you can trade forex and cryptocurrency cfds. Unlike the Whaleclub or 1Broker, Evolve uses the popular Metatrader platform. If you’ve come from a traditional broker, than chances are you’ve used Metatrader before.
Evolve Markets doesn’t offer stock trading at the moment. You can only trade Forex or Cryptocurrency. One advantage though is you can deposit Litecoin. Litecoin is faster to transfer and cheaper.
Why use Evolve Markets
- Straight Through Processing
- Litecoin support
1Fox is the partner exchange to 1Broker. On 1Fox you can trade Bitcoin CFDs using Bitcoin. Why do this? It allows you to short or long Bitcoin with Leverage. On Whaleclub you can also trade Bitcoin CFDs, however the financing fees are huge. So I don’t believe it’s a very smart place to trade. 1Fox is cheaper to trade on. It uses the same platform as 1Broker.
Why use 1Fox
- Trade BTC with Leverage
Try Copy Trading Instead
If you’ve tried trading on Whaleclub and ended up losing money, than my recommendation would be to try copy trading on eToro instead. When you copy trade, you automatically copy the trades made by more experienced traders. eToro is one of the worlds largest copy trading platforms with over 5 million members. You can trade stocks, forex, commodities, cryptocurrencies, ETFs and more. Copy trading will help reduce the risk, especially for new traders.
The other option is to start with a practice account. You can try on Whaleclub, although the virtual practice account doesn’t charge fees so you won’t get a good idea of how profitable your trading really is. eToro offers a free $100k practice account which you can get here.