How does the 100% deposit bonus work on bitcoin exchange WhaleClubCo?

[bitcoinmarkets]

There's a hot new bitcoin exchange out with zero trading fees (but 0.2% daily interest fee on any leverage trading borrowed funds). The promotion they are running right now is they will give you a 100% Deposit match -- that's right, double your bonus. Use this link to get the bonus. It should show you a yellow bar saying that you are eligible for the bonus as in above.
Now all you need to do is sign up and you will be able to get a bonus on your 1st deposit amount. So if you deposit 1 BTC you will be able to get 1 BTC matched.

​But how does it work exactly? I deposited and tried it out so you could see my experience:



So I deposited 0.4 BTC to start, which credited as 0.3999 (but there is not supposed to be deposit fees). And the bonus is not available right away, but it shows that it is there. So basically you can't trade or withdraw the bonus, but it will release as you are trading on the platform. As it releases, you can use the money to withdraw or trade or do whatever you want. So it slowly credits as you have more trading volume. This is what they do for a fraud reduction measure. Here's the bonus terms:



If you are used to certain casino and poker promotiosn which offer a deposit match, perhaps you are accustomed to being able to gamble with the bonus right away. Not with WhaleClubCo though. You can't touch any of the bonus until you start trading with what you deposited. This may make the bonus less attractive to you, but it is important you fully understand how this deposit match works at WhaleClub.

Any questions? Leave a comment below or ask on Twitter @bitcoin_markets.

[whaleclubco]

Hello!

Thank you for the write-up.

Just a few points:

• There are no deposit fees. Perhaps you sent (0.4BTC - network fee), which is credited as 0.3999BTC
• The deposit bonus is unlocked to you as you trade at a rate of approximately 1 USD for every 250 USD traded. This is almost exactly the same process as what poker sites and even fantasy sports offer. See here for example on how DraftKings does their bonus. Poker sites unlock the bonus over time as well as you play more hands and they collect rake. Essentially the bonus should be seen as a way to make some additional money as you trade.

Hope that helps.

Thank you,
Jenny
Whaleclub Customer Support

[bitcoinmarkets]

>There are no deposit fees. Perhaps you sent (0.4BTC - network fee), which is credited as 0.3999BTC

The amount send to the deposit address was 0.4 BTC as can be seen on the blockchain:

https://bitref.com/1Gx5C2spksJ4hoKpHBESzNDjPNMASd3jee

> Poker sites unlock the bonus over time as well as you play more hands and they collect rake. Essentially the bonus should be seen as a way to make some additional money as you trade.

This is not true. I have promoted many poker sites and it is more common that they credit the $20 (like on POkerstars, the biggest site on the wordl...) or whatever amount and then you can gamble with it immediately after you deposit and receive double.

The distinction here is that Poker sites dont let you WITHDRAW the money right away, the ability to WITHDRAW the bonus is what they use an algorithm to limit ability to, NOT to play with the bonus. This is where WhaleClub's offer is different: the bonus can NOT be traded or withdrawn, only credited in tiny amounts as your volume increases. Poker sites unlock over time for WITHDRAWAL, not for USING ON THE SITE.