Should you trade on Whaleclub

Whaleclub is a trading platform that lets you trade forex and stocks using Bitcoin.  If you've ever wanted to buy stocks or trade the currency markets using your cryptocurrency as a base currency, then whaleclub might be a good choice for you.

But I don't think Whaleclub is for everyone.  And this post I'm going to break down some of the things you need to be aware of before you start trading.

What is Whaleclub

Whaleclub is a CFD trading platform.  It's unique selling point is that it only accepts digital currencies – Bitcoin, Dash and Litecoin.  Traditional brokers let you deposit using credit card or bank transfer using fiat currency.  Well on Whaleclub you can only deposit using digital currency.

On Whaleclub you can trade popular stocks, forex pairs, commodities and also cryptocurrencies.

Whaleclub is a good choice if you're looking to trade using your existing Bitcoin.  But in my opinion if you're looking to just trade some forex or stocks then there are other, better platforms.  If you have a bunch of Bitcoin that you're looking to use, then sure, Whaleclub might be for you.

You can open a free whaleclub account here.

There are a couple of things I don't like about the whaleclub platform and these are…

Turbo Trading

Turbo trading on Whaleclub is just binary options.  I've written about binary options in the past and have never like them.  Trading Binary options isn't investing or even trading – it's gambling.  The odds are stacked against you and over time you will lose all your money.

Turbo trading on Whaleclub is no different.  Over time the house will win you'll lose all your money.  So while it might be fun to trade using Turbo Trading, it's just binary options and you will end up losing.

Whaleclub Fees

Another thing I don't like about Whaleclub are the fees.  Whaleclub charges hourly financing fees.  And in my opinion these are way too high.  Brokers usually charge financing fees – this isn't anything unusual, but brokers will charge them daily or weekly.  This is because depending on your position, it will cost the broker money to keep your position open.  Whaleclub charges these fees every hour.  This makes it very hard to profit on positions that are kept open for a few days, even a few hours.

So whaleclub has been setup for short term profits.  And while some traders will be able to make this work, I feel like most traders will struggle with this setup.

What I like about Whaleclub

So while I don't like the turbo trading or fees on whaleclub, there are some things that I really like about the platform.

Firstly I really like the interface.  I think it looks good and it's reasonably easy to trade with.

Secondly I like the chatbox feature.  On the trading interface there is a chat box where you can share your trades and interact with the community.  This makes the whole trading experience feel more social and fun.

I very rarely open real money trades on Whaleclub anymore but I do still hang out in the community and practice trade.

Whaleclub Alternative?

I like that Whaleclub is offering something different.  I think Bitcoin and other cryptocurrencies are the future.  So are there any other brokers offering CFD trading using Bitcoin?

The most popular alternative is 1Broker.  They offer a very similar product to Whaleclub.  I don't like the interface as much as Whaleclubs, but it's still usable.  On 1Broker you can trade stocks, commodities and forex using Bitcoin.

1Broker also has a nifty copytrading feature that lets you copy the trades of more experienced traders.

So if you're looking for a better alternative to Whaleclub, then you should check out 1Broker.

Best CFD and Stock Trading Alternative

If you're just looking for a good CFD broker then eToro is my pick.  It's the platform I use for almost all my trading (check out my latest Facebook trade here).  They also have some really powerful copy trading features.  And while you can't yet deposit using Bitcoin, you can trade Bitcoin and a bunch of other popular cryptocurrencies.

You can open a free eToro account here.

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