Is Whaleclub.io a Scam?
Whaleclub is a Bitcoin, Cryptocurrency, Stock, and Fiat CFD (Contract for Difference) trading platform which describes itself as:
Use your Bitcoin to trade cryptocurrencies, forex, metals, and stocks. Experience the world’s first trading platform powered entirely by bitcoin. Long or short Cryptocurrencies, Forex, Commodities, Indices, and Stocks using your bitcoins. Global - Secure - Anonymous - Ultra-low Spreads - 100x leverage
Unfortunately, people are making millions of dollars to get you to think services are great when in fact, they aren't.
Our goal is to provide you with the right information and to provide clear examples with proof of how Whaleclub, in particular, operates in a manner that is cleverly designed to ensure you will lose money and make them rich.
Who Made This?
This site has been put together through the collaboration of concerned cryptocurrency enthusiasts who have experienced Whaleclub's specific-blend of "shady" tactics first-hand.
These businesses hurt the entire industry by taking advantage of users and scaring would-be investors from even considering an investment. It's time that we self-regulate and expose these businesses for what they are.
We are not affiliated with any other exchange and do not provide any recommendations or profit in any way from this site. It is simply meant to server as a warning. It's hard to explain how terrible it feels to have some of these things that will be explained happen to you.
If we can save a single person from going through this, this project is a resounding success.
Beware "Affiliate Trolls"
Before we go further, it is important that we make a point about how a lot of these services work (especially Whaleclub). Due to their aggressive affiliate programs, people get rich by getting you to sign-up and spend all your money.
Due to their aggressive affiliate programs, people get rich by getting you to sign-up and spend all your money.
You will almost always see the tactics that these "Referral Trolls" take trying to preserve the reputation of their "gold mine" so-to-speak.
Anyone that speaks ill of attempts to complain anywhere on the internet can expect to be heavily insulted, called a liar, and in some cases even hack attempts have been reported.
To understand just how much money these affiliates have to lose by this scam being exposed, we need only look at Whaleclub's advertised top 10 affiliate earnings. At the time this was written, the following is listed:
Based on the information above we can do some calculations based on the USD value of Bitcoin at the time of writing this article.
Their top affiliate is earning $2.5 million a year. That's right, millions of dollars a year! Even their 10th top affiliate is earning over $600,000 a year. They get paid when you pay fees, so it is not in their interest to warn you about the platforms fee structuring.
"Bitcoin Rape Culture"
It is hard to describe the environment that you will find yourself in with
Whaleclub as anything other than
Bitcoin Rape Culture. Complaining about
anything from their fees to the website being unresponsive will be responded to
with the threat of being banned.
Complaining, leaving reviews of your experiences, anything that will reflect poorly upon the company is met by actual threats and insults thrown at the user.
If you want to see an example of this behavior, one need only look at BitTrust's Whaleclub Reviews page. When any user attempts to report Whaleclub for their fraudulent and malicious behavior, they are instantly attacked and stories were made up about them. Whaleclub staff actively puts down anyone that complains by making claims that their competitors are posting "fake reviews". All run-of-the-mill shady behavior. This should be reason enough to stay away!
In the example below, you will also notice that both users use the same language and writing style. This should all go to show the type of company this is and what you may experience if you trade with this company.
Note: One of the contributors to this website is the user they are responding to. The accusations were completely made up and did not even relate to anything. No less than 5 other similar accusations and threats were made as-of the time of writing this.
If You Earn Money - You Will Be Banned
Sure, if you deposit a few hundred dollars and earn a couple hundred, Whaleclub is likely going to approve your withdrawal. They are clever enough to appease any users who earn a little bit (while knowing most are losing money while trading) by accepting their withdrawals.
The problem will come when you begin to do really well. Once you earn a good amount trading on the website, their practice is to simply ban your account, erase your trades in an attempt to cover them up, and begin a campaign to soil your reputation if you try to speak out against them.
Just take a look at the following snippet taken from the
Whaleclub User Agreement. They
are quite literally saying that they have the right not to pay you earnings at
their sole discretion for any reason. You have no rights, your money is theirs.
There are even other places that specifically mention the fact they will never
owe you anything in any circumstance.
Whaleclub, at its sole discretion, may block any Client from using its Services, refuse to award benefits or profits and require the return of any profits, if the user engages in conduct or otherwise utilizes any information Whaleclub deems to be improper, unfair or otherwise adverse to the operation of the Services or is in any way detrimental to other users of the Service.
Funds deposited by Clients on Whaleclub are not in any way insured against loss or theft as a result of an attack on our servers or digital currency wallets, technical or mechanical failure, or any other cause. The Client accepts and agrees to fully and completely indemnify Whaleclub should such a loss of funds occur.
User Experience: Whaleclub Stole 107 DASH (Roughly $49,000) From Me!
Below is a personal report from a user who fell into the Whaleclub Scam and it unfortunately cost him a small fortune!
I was a very active user at Whaleclub for the previous few months. Unfortunately, it was all too often I lost money while trading, although those were largely my fault. Nothing alarming.
It wasn't until Bitcoin had it's massive drop from $8,000 to $5,500 that I was unfortunate enough to experience Whaleclub's scammy behavior.
I had long planned to aggressively short Bitcoin if I saw signs on such a drop, and ride the price back up on the long-side. I did exactly that! I deposited funds and began trading aggressively. I deposited a few thousand dollars and started trading. Before long I was seeing trades with tremendous profit as the price of Bitcoin was shooting up and down multiple percent per minute.
Since Whaleclub offers 20x margins, this can add up to a lot.
After an intensive trading session, I had amassed earnings of 107 DASH to my absolute delight. You can imagine the celebration as the value of that DASH was just over $38,000 at the time!
Unfortunately, as soon as I requested a Withdrawal, Whaleclub banned my account instantly and made claims that I used programs to "cheat". I am not even aware of any programs that are capable of this in the first place. All trades were made normally on their platform, yet they took all of the earnings and banned me so no one else could be informed of their treachery
Your Funds? No, Their Discretion
Another piece of the Whaleclub.co User Agreement shows you just how much of your rights you give up by using their platform. While they make it specific here to "operating multiple accounts", they maintain their absolute right to interpret those situations however they please. They can use it as an excuse at any moment without a chance for arbitration.
If a Client is found to have logged in, operated, traded, deposited, or withdrawn from two or more live trading accounts on Whaleclub, all transactions on all of that Client's accounts will be cancelled and declared void. All accounts in question will be immediately blocked and any funds tied to those accounts will not be recoverable.
They go so far as to essentially tell you that you have no rights and that they can revoke any of their rules at any moment and close your accounts without returning your funds!
Whaleclub may, without prior notice, immediately revoke any or all of your rights granted hereunder. In such event, you will immediately cease all access to and use of the Website. Whaleclub may revoke any password(s) and/or account identification issued to you and deny you access to and use of the Website.
Much More Information Coming Soon...