WhaleClub.co beware of this scam exchange many people got scamed by this exchage
Whaleclub is a Bitcoin, Cryptocurrency, Stock, and Fiat CFD (Contract for Difference https://www.cmcmarkets.com/en/learn-cfd-trading/what-are-cfds) 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
When discovering a new platform, the first question you may be asking yourself is "Is this a Scam?"
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.
Is Whaleclub Bitcoin Exchange a Scam?
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:
https://whaleclub.co/affiliates
affiliate profits
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!
http://bittrust.org/service/whaleclub
https://whaleclub.co/legal/user-agreement
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.
Whaleclub takes a users earnings through fraud and shady behavior.
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!
Whaleclub scams user out of 107 DASH
Whaleclub steals users $38,000 balance
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.
More Users Complaint
WhaleClub.co beware of this scam exchange?
Braden Napier, 12. November 2017
This website is a complete scam. I recently did very well on the site and tried to remove my balance of $38,000. They set my balance to $0 and banned me from their site saying I was conducting “abusive trading” (without defining what that is) and that there is nothing they can do.
So essentially if you do really well on their site all they have to do to steal your money is claim your trades were abusive and they won’t pay you a dime.
STAY AWAY!
My balance was at $38,000. This is 107 DASh which is now actually around $55,000 I believe.
Once I tried to withdraw from the exchange my balance was immediately changed and I was banned from the site.
Their support team replied with the following:
”
Hi Braden,
Our system detected unusual and abusive trading on your account, which it then automatically suspended. This was a violation of our terms of service, unfortunately. There is not much we can do at this time.
Please let me know if you have further questions or concerns.
Best regards,
Jeffrey Sacks
Customer Support, Whaleclub
Kfturki, 31. January 2018
First of all, this website the worst web platform in all the world, I’m saying this because of:
They stole all my balance in my A/C, and the full story is that I deposit (300$) and I bought BTC at (10,660.16$) with leverage of (20X) after its reach (10,965$) with (53%) profits, the platform selling my BTC without my permission…
I tried to send them many emails and opining many tickets but they responded after 3 days, and easily they said this is our procedure with leverage!!!!
I’ve asked them to return my money with profits but they refused???? So they took my balance with the profits!!!
They stole the total of (459$)
Pleas be aware drone them, my user ID is (kfturki) for your all references.
hamid reza, 28. February 2018
Contradiction on announced fee with applied.
Open ur eyes before open/close any contract.
I bid 0.5BTC without leverage after 3hrs charge me by (Financing interest) 0.0045BTC
and 0.5BTC 3x leverage = 1.5BTC by 24hrs = charge me 0.02btc
but they said:
1 BTC x 0.05% / 24 = 0.00002 BTC
Sam, 10. April 2018
STRAIGHT UP SCAM! BEWARE OF WHALECLUB!
I´ve deposited my last savings in order to trade a little, just because the offer
this 30% Deposit Bonus as stated on their website “Bonus payments are made on trades
with negative profit and thus can be considered as a refund (up to 30%) on trades that
don’t work out as expected. ” but guess what!?! I lost nearly everything and NO BONUS
was applied! The support doesn´t answer at all and this “COO Petar Zivkovski ” sent me a mail
asking how i liked the experience of trading with whaleclub. I replied, pointing out the issue with
the missing bonus payments but same here, no reply from whaleclub after that!
Also, there is a ridiculous high fee when trading crypto on whaleclub of which you are not informed
in the first place. If you have a trade open (f.e. btc/usd) and a few minutes past by, suddenly massive amounts
of minus dollars is added to the open trade without any notification. So, it´s like… Let´s say your trade is about
200 USD in the red… a few minutes later these fees are added and the same trade is 300 USD in the red!!
Also, you cannot find a real location/address of whaleclub anywhere on their website. No regulation, nothing!
Even in their chat the users warn everybody to trade there, they just use the chat for fun.
It´s a true scam and they rip you off and don´t stand to their bonus offering and ignore your support tickets.
Also it took more than 24 hours until my withdrawal request of the leftover ethereum was paid out. A legit and truthful
company (f.e. gdax, coinbase) usually process withdrawals in wihthin a few minutes. The internet provides a certain anonymity
and people like those at whaleclub abuse that fact to steal from you. I know karma or God will pay them back what they
deserve but for now, i´ve lost much money and it leaves me to warn everybody about that fraudulent website!!
Steve Abaiet, 1. June 2018
Had so many issues since my time being on this site they should call it The Donate Club. Everyday my balance would be less and less on trades. I kept writing support but they didn’t answer. So that’s when I found out their fees are 30% an hour on your own money!!!! They are charging you interest fees on my own damn balance. This place is highway robbery. I won’t be donating anymore. Oh and when I said something in chat about the fees I was banned from talking!!! What a joke you people are scum of the earth!