Whale Trading Services
Whale Trading Services

Warning: Don’t Touch ” Whale Account Services”

in SIGNAL NEWS

The first rule of trading is…

.. DON’T GIVE ANYONE EVER YOUR ACCOUNT DETAILS and let anyone trade your account. It is that easy – really, and still, I have to write this article. Recently a reader of ours reached out and asked us to publish his experience with such a service and frankly, the outcome was not really surprising.  We totally understand holders that want to increase their stack – the best solution would come obviously hands-free for the most, so it might be teasing to some to just hand over the account details to a pro and let them trade your account to heaven.  Well, this can go very wrong, and the “Whale Clients” by CryptoPro400 can feel it right now.

First off, yes – CryptoPro400 was in our Discord Signals Post. Still, I think he is a talented trader when it comes to technical analysis and it really appears like he knows the crypto markets in and out, hence we listed the service on our site. The trade setups have been good and they came most often with elaborate reasoning, letting us think we have a great trader here.

However, I was notified by a member that CryptoPro400 has started a “whale programme” – trading on behalf of the clients. Ugh, we don’t touch such things and smelled the trouble from 10 miles away.  At first, we thought, OK – doesn’t have to do with the signals we reviewed, it is a service on its own and added a note.  A reminder of how they looked like (please ignore the typos, I just recognized them and wanted to present the original screenshot cough):

Warning: Don't Touch " Whale Account Services" 1

On top of that we warn in general from such things in the disclaimer:

Warning: Don't Touch " Whale Account Services" 2

Meanwhile, the signal service itself took a hit:  The leverage became way beyond what we would suggest and sometimes he started to push out many signals at once. Raises eyebrow This is more a gambler’s attitude and not one of a reliable trader that knows how to manage risk.  In Crypto, this can be really risky, as these many signals have been for the altcoin futures on BitMEX. My assumption is, that he wanted to initiate a multi-kill and push his stats along with the high leverage to increase his accuracy and the shown profits. Bitcoin was looking as it would drop, so he issued short signals for most of the altcoin futures. This is dangerous as it increases your chances to lose all these trades at once. Furthermore, he suggested max leverage on almost all the alts, this can liquidate you fast, especially on expensive contracts like BCH. The trader in question knows very well that these pairs move together, highly connected to the direction in which XBT moves – it should become a series of winners, but as always in these situations, the odds turned against him and all became losers. This is how unreliable trading looks like. We saw this and didn’t like it.

This and the new “Whale Trading Service” brought us to the decision to delist the channel.  Still, people signed up for the “Whale Service”. Trader traded. Gainnnzzzzz. Hoooray. Trader started gambling. Funds lost. Bam.

Frankly, and this is my honest opinion, I think the trader, in this case, has good trading skills – but you never want to sacrifice risk management for exaggerated confidence in your own trades – especially not when trading clients funds.  The lost amount of money is out of imagination. It makes me dizzy even thinking about this kind of loss.

As told in the beginning, we have been informed by a reader about the “Whale Service” looked inside and what service has been done. It turned out it was an actual “Whale Feed Service” and one of the fastest way to lose your money.

Here is his whole story, read it and learn from the experience the guy made.

If you are thinking about joining a “Whale Programme” – if from CryptoPro400 or anyone else – you might feel excited at first. A pro trades your big stack, and you fantasize about doubling it in a short time frame – then come back to this report read it and imagine this is you once you started. Just put yourself in this guys shoes and see if you like it to be there.  We saw these experiences countless times. and still every day another guy with a big bunch of BTC gets out of his bed, gets a coffee and decides to participate in such stupidity.

Remember, you flip huge amounts of money without any kind of contracts or other securities – it is INSANE. If you want such a thing, go for a legally approved fund management by a real company.  As you can see from the document above, the customer begged to have stop-loss applied, he begged for actual risk management – and the trader just ignored it! Working with contracts gives you the ease to fixate such things. Sure, you can still lose if the fund management service is bad, but it enables you to set up a proper set of rules, they have to work within and makes them legally liable.

You might also ask, what about the signal providers we have on our side? Some of them offer an auto trader, can’t this happen with them as well? Yes and no, you never know if a trader starts doing stupid things. It is out of your control radius, but with the auto trader software you are in control to manage your risk, like setting up stop rules, used percentage per trade. Check the liability weaver properly before you sign it – this is a piece of general advice.

WE URGE YOU: NEVER TRUST A WHALE PROGRAMME WITHOUT A PROPER LEGAL SETUP!

To summarize:

  • NEVER HAND OUT YOUR LOGIN DETAILS TO ANYONE
  • THERE ARE NO CONSISTENT FAST LANES TO RICHES
  • HUGE, FAST GAINS MEANS FAST LOSSES ALMOST EVERY TIME
  • NEVER TRUST SOMEONE YOU MEET ONLINE AND EMPOWER HIM/HER TO TRADE YOUR ACCOUNT WITHOUT YOUR CONTROL
  • YOU CAN STOP ALL API TRADING ACTIVITIES BY SIMPLY DELETING THE API KEY. IT IS MORE DIFFICULT IF THE TRADER LOGS INTO YOUR ACTUAL ACCOUNT
  • GAMBLERS ALWAYS NEED MORE, MORE, MORE. FEELING PUSHED BY A PROVIDER TO SIGNUP FOR A WHALE PROGRAMME? MOVE ON AS QUICK AS YOU CAN
  • A FUND MANAGEMENT ALWAYS NEEDS A CONTRACT AND A PROPER LEGAL BASE – DO NOT MOVE A SATOSHI IF THIS IS NOT GIVEN
  • TRUST YOUR GUTS – IF YOUR INTUITION TELLS YOU SOMETHING IS NOT RIGHT, IT LIKELY ISN’T
  • ASK HOW THE RISK MANAGEMENT WORKS AND HAVE IT SEALED  IN THE CONTRACT

 

 

When nu post?

Get the armor to fight the bear market - delivered to your inbox:
  • Learn which Crypto Signals Provider really perform
  • Get unbiased well-researched & merciless coin reviews
  • Grab trading education, our market updates and cryptocurrency news!

Welcome to the Family! Now activate your subscription by hitting the "CONFIRM" button we just send to your inbox.

This is odd. Something did not work out.

5 Comments

  1. I sent you guys a message on your website about Bitmex Syndicate, that he simply posts (steals) posts from Crypto Trooper. I received posts from both, so I saw firsthand. It was simply copy and paste. I never got a reply email from you. Why was I ignored by your customer service? Are you still shilling Bitmex Syndicate?

    • Hi Michael,
      Our customer service doesn’t ignore anyone, we just don’t have one 😉
      However, I searched our inbox for your email address (mlg…) but only this comment popped up. We get a lot of assumptions about this service and that, but most often it turns out the authors are competitors. In general, you should have gotten an email asking for proof.

  2. nice article! thanks for the share! unfortunately its all true! many of us for rekted and lost many many btc due to gambling attitude of CP400. shame and heads up for new whales. read article and full history.

Leave a Reply

Your email address will not be published.

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest from SIGNAL NEWS

Smart Options

Smart Options

Go to Top

When nu post?

Get the armor to fight the bear market - delivered to your inbox:
  • Learn which Crypto Signals Provider really perform
  • Get unbiased well-researched & merciless coin reviews
  • Grab trading education, our market updates and cryptocurrency news!

Welcome to the Family! Now activate your subscription by hitting the "CONFIRM" button we just send to your inbox.

This is odd. Something did not work out.

When nu post?

Get the armor to fight the bear market - delivered to your inbox:
  • Learn which Crypto Signals Provider really perform
  • Get unbiased well-researched & merciless coin reviews
  • Grab trading education, our market updates and cryptocurrency news!

Welcome to the Family! Now activate your subscription by hitting the "CONFIRM" button we just send to your inbox.

This is odd. Something did not work out.

Thank you, Darling! Let's stay in touch so we can feed with more Crypto frenzy!