As an active options trader, you may have come across Unusual Whales, a platform that offers insights into options order flow. But with the number of trading tools and platforms out there, you might be asking, “Is Unusual Whales legit?” In this review, we’ll delve into the platform and its features to help you answer that question.
Unusual Whales was created by retail traders for retail traders, aiming to provide comprehensive access to options orders. This platform has seen significant growth since its launch in 2020 and is now populated by a large community of traders. But how does it stand up in terms of legitimacy and value? Let’s dive in.
What Makes Unusual Whales Unique?
Unusual Whales is primarily a platform for tracking large, unusual options activity or “whales.” It also offers an array of tools such as live charting, an options profit calculator, dark pool and stock flow, live news, research tools, and much more.
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Here is a closer look at the main features of Unusual Whales:
Options flow – Unusual Whales provides data on every options order executed on all U.S. exchanges. This can help traders identify and capitalize on significant options activity.
Interactive charting – With advanced live charts and charting tools, users can analyze various options activities and potentially identify trends.
Options profit calculator – This tool helps traders visualize the potential profit and loss based on given trades.
Alerts – Customizable alerts can be set up based on user-defined criteria.
Community – Unusual Whales has an active community on its platform and Discord, where traders can exchange ideas and learn from experienced peers.
Politician tracker – A unique feature that lets users track trades recorded by U.S. congresspeople.
Pricing and Plans
Unusual Whales offers a free plan with limited features, and a paid plan at $48/month or $528/year. Opting for an annual subscription allows users to save 8% off the monthly cost.
Security and Customer Support at Unusual Whales
Two significant factors to consider while assessing the legitimacy of a platform are the security measures in place and the quality of customer support. Here’s how Unusual Whales fares in these two critical areas.
When it comes to security, Unusual Whales assures users of robust measures. The platform utilizes secure server technology and encryption to ensure that your personal and financial information is kept safe. While no platform can guarantee 100% security, Unusual Whales places a high priority on protecting user data and keeping its systems secure.
Customer support is a crucial aspect of any trading platform, as users often require timely assistance to navigate the platform or address technical issues. Unusual Whales provides reliable customer support via email, and there is also a comprehensive FAQ section on their website that answers a wide range of questions.
Additionally, the Unusual Whales community is active and supportive. Here, users can get answers and insights from other traders who use the platform. This collaborative environment can help newcomers quickly get up to speed with the platform’s features.
In summary, Unusual Whales takes user security seriously and provides a dependable support system. These factors further strengthen the platform’s legitimacy and make it a reliable choice for options traders.
Understanding the Basics of Options Trading
Before delving further into the offerings of platforms like Unusual Whales, it’s crucial to understand the basics of options trading, as it is quite different from regular stock trading.
Options are derivatives, meaning their value is derived from an underlying asset, usually a stock. An options contract gives the buyer the right, but not the obligation, to buy or sell the underlying asset at a set price, known as the strike price, within a certain timeframe.
There are two types of options: calls and puts. A call option gives the holder the right to buy the underlying asset at the strike price, while a put option gives the holder the right to sell the underlying asset at the strike price.
One key aspect of options trading is that it involves speculation. Traders must speculate not only on the direction of an asset’s price but also on the timing of the price change. For this reason, options trading can be risky and is best suited for experienced traders.
However, the risk associated with options trading is counterbalanced by its potential for significant returns. Moreover, it offers a range of strategic possibilities, from hedging against price fluctuations to speculative plays based on anticipated price movements.
Platforms like Unusual Whales provide traders with the data they need to make informed decisions when trading options. These tools are crucial in the fast-paced and complex world of options trading, providing real-time data, tracking features, and insightful analytics.
However, remember that while tools like Unusual Whales can provide valuable insights, they cannot guarantee profits.
So, Is Unusual Whales Legit?
Based on its robust features, transparency, and competitive pricing, Unusual Whales is, indeed, a legit platform. It provides valuable real-time information across all U.S. options exchanges, offering useful tools that can assist in making informed trading decisions.
While the platform has competitors in the market, Unusual Whales distinguishes itself with its comprehensive platform and unique features such as the Politician Tracker.
That said, whether Unusual Whales is the right choice for you will depend on your specific trading needs and objectives. So, before making a decision, you might want to take advantage of the platform’s free plan to get a sense of whether it’s a good fit.
Remember, as with any trading tool, it’s essential to do your research and consider all factors before investing your money. Unusual Whales is a tool that provides information, but the final trading decisions are always in your hands.