StormGain review and test: How good is the cryptocurrency exchange?
- StormGain review and test: How good is the cryptocurrency exchange?
- Getting to know StormGain
- What platform does StormGain use?
Cryptocurrency trading has been gaining popularity since 2017. A lot of people are looking to jump into the trend and try to gain a profit out of these online assets. But considering how fairly new crypto brokers are, it’s safe to say that a majority of them could be scams. This is why reading reviews or doing extensive research before partnering with a crypto broker is very important.
The questions you should always ask yourself when deciding on which broker to partner with are “Is it safe?” “Is it reliable?” or “Will I benefit from this broker?” In this review, you will find the answer to these questions if you are thinking of using StormGain’s platform. You will also get to know the company as a whole along with its pros and cons.
Getting to know StormGain
StormGain is an online cryptocurrency trading platform designed for everyone. This company was established in 2019 and aims to make cryptocurrency more profitable. Despite being one of the youngest cryptocurrency trading platforms, StormGain has significantly grown since its inception. To date, there are over 120,000 registered accounts from more than 100 countries.
One factor that contributed to StormGain’s popularity is the fact that this company sponsors the NUFC or the Newcastle United Football Club. To add to its popularity, StormGain was also featured in multiple media publication platforms, including Yahoo Finance, Crypto Daily, Sport Business Sponsorship, and many more.
CoinMarketCap, a famous price tracking platform for cryptocurrency, has listed this company as the number one interest rate provider for all cryptocurrency traders. The European, a well-known business publication, has dubbed StormGain as the number one cryptocurrency exchange platform of the year.
(Risk warning: Your capital can be at risk)
Is StormGain regulated?
As of this year, StormGain is not regulated yet, considering it has only been operating since 2019. However, this cryptocurrency trading platform is an official member of Blockchain Association. Blockchain Association represents trading platforms, companies, and other organizations dealing with cryptocurrency trading. This association regulated companies or brokers who offer trading platforms for digital assets.
Since cryptocurrency trading only gained popularity a few years ago, most crypto trading platforms are relatively new. Just like StormGain, most of these companies have not been regulated yet. But that does not mean that this company is not entirely trustworthy.
The maximum leverage for all of their products can range from 15 to 300, while the minimum leverage is 5. Keep in mind that StormGain has a minimum exchange size. The amount depends on the product being traded.
StormGain boasts of zero commission fees for all its products. However, instead of charging commission fees, they get a 10% profit share from profitable trades. The swap rates are at a fixed 0.010% for swap sales and -0.010% for swap buys except for Ripple. The swap rate for this crypto is 0.030% for sell orders and -0.030% for buy orders. Keep in mind that the percentages listed are the daily rates.
Their spreads depend on the crypto pair being traded. Though they do not have a list of specified spreads, you could access the order book of each crypto pair available on their platform.
What products are available on StormGain?
StormGain’s primary product is futures trading. Here, you can find more than 40 different tradable futures instruments. For indices, they offer three kinds of crypto indices. These are the Crypto Index 3.0, Crypto Index 5.0, and Crypto Index 10.0. The fixed leverage for these three instruments is 100. There are four tokenized stocks offered on StormGain’s trading platform. A tokenized stock is a virtual asset that follows the price of the underlying asset. Tokenized stocks function like a regular share, as it also provides dividends and can generate a profit on price appreciation.
The tokenized stocks available are for Tesla, Apple, Amazon, and Google. The maximum leverage for tokenized stocks is 1:15.
Lastly, StormGain offers two tokenized commodities for gold and silver. These could be used with leverage of 1:100. Tokenized commodities allow you to trade commodities using cryptocurrency. Prices of these tokenized commodities follow the underlying asset.
Keep in mind:
If you buy this financial instrument, you do not physically own it.
What platform does StormGain use?
StormGain has a built-in web-based trading terminal on its website. To access it, you will either need to sign in or navigate your way to their exchange tab. Their charting platform features ten different timeframes, namely 1s, 1m, 5m, 15m, 30m, 1h, 4h, 1D, 1W, and 1M. They also have seven different candle customizations together with more than 30 different indicators to help you with your trade.
On their platform, they also feature a sentiment bar and an order book that shows pending orders. You will also find a tab that acts as a portfolio that shows your active trades, limit or stop order, and closed trades at the bottom of the chart.
Their simple interface allows you to easily execute a trade. You simply need to choose your desired asset, trade amount, and leverage. You will be able to see the volume of your trade and all commissions you will incur.
Mobile trading application
StormGain’s trading platform is also available on mobile devices. You can download this from the Apple App Store, Google Play Store, or Huawei AppGallery. On the mobile platform, you can enable push notifications, access charts, and utilize technical analysis tools. Their crypto-mining feature is also available on the mobile version.
Types of accounts on StormGain
StormGain only offers three accounts, a live account, a demo account, and an Islamic account. The signup process for live and demo accounts is the same. You will need to fill out the form with your full name, contact number, your chosen password, and an optional promo code. You also have the option to register by linking your Apple or Google account to make the process easier.
(Risk warning: Your capital can be at risk)
- Demo account: StormGain’s demo account allows would-be clients to test out their trading platform with zero risks. Demo account holders will have a virtual fund of 50,000 USDT, also known as Tether.
- Live account ($50): Live accounts require a minimum deposit of $50 USD or USDT. There are seven tiers for live accounts. These are Standard, Gold, Platinum, Diamond, VIP, VIP 2, and VIP 3. These are basically loyalty programs. Details of each tier can be found in the Bonus section below.
- Islamic account: StormGain offers Islamic accounts to traders who, due to religious beliefs, can not pay or receive swaps. The sign-up for an Islamic account, scroll down to the bottom of the website and look for the “Islamic account” tab underneath the Service column. From there, you will sign up by clicking on the “open an account” button.
Clients with live accounts are eligible to join their loyalty program. This consists of seven tiers, namely Standard, Gold, Platinum, Diamond, VIP 1, VIP 2, and VIP 3. Each tier has its own trading and exchange volume requirement. For Standard accounts, you will be given a 0.095% discount on commission for trading cryptocurrencies. This is the only tier that has no trading and exchange requirements.
- Gold account holders have a 3% annual interest rate, 5% deposit bonus, and 0.085% exchange commission discount. To upgrade your account to Gold, you will need a trading and exchange volume of 150,000 USDT.
- To upgrade to a Platinum account, you need a trading and exchange volume of 750,000 USDT. With a Platinum account, you can enjoy a 4% annual interest rate, 8% deposit bonus, and 0.08% commission discount.
- Diamond accounts are required to have a trading and exchange volume of 2,500,000 USDT. Its benefits are 8% annual interest, 12% deposit bonus, and 0.075% exchange commission discount.
- For VIP accounts, you can enjoy 10% annual interest, an 18% deposit bonus, and a 0.07% discount on exchange commission. The requirement for this account tier is 7,500,000 USDT in trading and exchange volume.
- VIP 2 account holders should have a trading and exchange volume of 15,000,000 USDT in order to enjoy 11% annual interest, an 18% deposit bonus, and a 0.065% discount on exchange commission.
- Lastly, VIP 3 accounts can enjoy 12% annual interest, 20% deposit bonus, and 0.06% discount on exchange commission. To get to this tier, you will need a trading and exchange value of 75,000,000 USDT.
Did you know? You can also refer a friend:
This broker features a referral bonus where clients can get a cut of 17% of funds that are withdrawn from the Cryptominer software by your referred friend. In return, your friend will earn 3 USDT upon registering.
With this feature, clients can mine Bitcoin for absolutely free. You can earn up to 0.318 Bitcoin per day, depending on your mining speed. The mining speed depends on your account’s loyalty tier. Below is a list of the mining speed of each tier.
- Standard: 0.5 mining speed
- Gold: 1 mining speed
- Platinum: 3 mining speed
- Diamond: 12 mining speed
- VIP 1: 38 mining speed
- VIP 2: 86 mining speed
- VIP 3: 530 mining speed
How to deposit funds to your StormGain account
There are two ways to add funds to your StormGain account. One way is buying crypto with your debit or credit card. Once you have made your account, you are given a cryptocurrency wallet. To purchase crypto, you need to select your desired payment method and click deposit. The next step would be to fill in your card details, billing address, and contact details. Remember to review the order summary to avoid any kind of mistakes.
Once you’ve reviewed your order form, click pay now to complete the transaction. Your funds will then be credited to your wallet. The second way to add funds is to deposit cryptocurrency directly to your wallet. Take note that StormGain only accepts 11 cryptocurrencies. These are Tether, Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, Dash, Zcash, Stellar, Dai, and USD Coin.
StormGain does not charge a deposit fee for the mentioned cryptocurrencies. They do, however, have minimum deposit amounts, which you can see on their website.
How to withdraw funds from your StormGain account
There are also two ways to withdraw funds from your StormGain account. The first way to withdraw is to transfer your crypto to a third-party wallet or exchange. With your third-party wallet or exchange, you can then convert your funds into other cryptocurrencies or withdraw them as fiat.
There is a fixed withdrawal fee and minimum withdrawal amount depending on the cryptocurrency you withdraw. A list of this is available on their website. Additionally, a 0.1% withdrawal fee is added to the fixed withdrawal fee. For EU countries, a SEPA transfer withdrawal is allowed. With this method, you can withdraw Bitcoin and Ethereum as fiat currency. This will be credited directly to your bank account.
There are two commission fees involved in this transaction. The first is a withdrawal commission worth 0.1% and a currency exchange commission worth 5%. The minimum withdrawal amount is worth 150 EUR, while the maximum withdrawal amount is 100,000 EUR.
If you have any questions on queries, you can search their knowledge base for the answers or solutions. You may also fill out the web form to contact their client department. The categories for questions or queries are General Questions, Log-in recovery, Refill of funds, and Withdrawal. If you would like to contact a customer support representative, you may send a message via their live chat system. You may also call them on +248 467 19 57 or email them at [email protected]. StormGain clients may also join their Telegram community to get in touch with other clients or employees.
You may also send them messages on StormGain’s social media accounts. You will find them on Facebook, Twitter, LinkedIn, and YouTube. It is important to note that the live chat option is only available to clients who have already made a deposit into their accounts.
Accepted and forbidden countries:
Traders from Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Luxembourg, Singapore, Hong Kong, India, Sweden, Norway, Italy, Germany, Australia, Canada, Thailand, South Africa, the United Kingdom, the Philippines, Luxembourg, Vietnam, Spain, and other countries. However, StormGain does not accept traders from the United States of America, Korea, Iran, Tunisia, Trinidad and Tobago, Sri Lanka, Ethiopia, Syria, Uganda, Vanuatu, Yemen, Laos, Iraq, Guyana, Bosnia and Herzegovina, Japan, and Afghanistan are not eligible to open an account with StormGain.
Learn to trade with StormGain
StormGain is definitely not lacking in terms of research materials and articles. Almost every week, they publish an article about their products. Topics included but not limited to these are analytics, day trading, mining, trading strategies, and cryptocurrency analysis. For research materials, which they post on their blog, they post videos on their website and a short discussion on the topic. They upload new videos almost every day.
Conclusion: advantages and disadvantages at a glance
One of the best things about StormGain is it is a simple and easy-to-use platform. You can see everything on one screen, and all of their available assets are found on one dropbox. Each part of the web trader is properly sized, and the chart has enough built-in indicators to suit your needs. Their website is also beautifully made as well as organized. To access their live chats, you would need to first create an account. However, you can also contact them via Telegram, Twitter, and Facebook, and they would promptly reply.
StormGain also has a loyalty program for clients that trade a certain amount. At the highest tier, you are entitled to a 12% annual interest rate and a deposit bonus of 20%. Keep in mind that the bonuses from the deposit cannot be withdrawn, but they can be used for trading. For traders that would want to use leverage, they can access and use the leverage of 1:5 up to 1:300 depending on the asset class they would trade. On their website, you could also see a volatility tracker to gauge if a trade is safe to enter or not. They also have proprietary trading signals that you can access after you make an account. These find opportunities for you based on profitability and probability. You won’t also need to worry about risks in using these trading signals since they would also provide parameters such as Take Profit levels and Stop Loss levels.
As a crypto exchange, it would be nice to have a bit of diversity for your portfolio, and StormGain delivers just that. Aside from cryptocurrency pairs, they also have crypto indices, tokenized stocks, and tokenized commodities as well. Even with the mentioned advantages, StormGain has a lot of disadvantages. The primary disadvantage is that it’s an unregulated exchange. Though most of the crypto exchanges are unregulated, it should not give you full confidence as there are no laws to protect you if there is fraud or unfair practices that involve you and your broker.
As a crypto exchange, one would expect them to have hundreds if not thousands of crypto pairs, but they only have 50. They only have the major cryptocurrencies and a few others. Though this is enough for those that just want Bitcoin and Ethereum, this is not definitely enough for a regular cryptocurrency trader. They boast about having a mobile Bitcoin mining application that does not drain your battery or use up your CPU. It states that you don’t need to have a regular Bitcoin mining rig and is supposed to be risk-free. The only catch is that you need to trade more using StormGain to increase your mining speed.
Being a part of Blockchain Association of the Financial Commission, they claim that their Bitcoin miner is legitimate but on the other hand, several reviews of their mining platform show difficulties in both withdrawing and maintaining their account. Multiple clients have complained that the Bitcoin they have “mined” has been removed from their account. It could be further assessed that StormGain’s Bitcoin miner is doing more of a marketing strategy rather than a legit cloud mining activity. This could be deduced since StormGain requires clients to trade huge amounts of capital to be able to hasten their mining speeds. Additionally, instead of using clients’ mobile phone CPU, it utilizes only the internet for multiple required clicks per day.
Mining through StormGain seems to be something else entirely and could possibly be a Satoshi Faucet that is made to look like a legit miner. This fools and takes advantage of newbies and veterans that are not familiar with how actual Bitcoin cloud mining works. As mentioned, they don’t have any commissions, but this also comes at a price. Aside from having spread, you will be charged a 10% profit cut if ever you close a trade with again. In most, if not all, cases, being charged with commissions is always better.
Assuming that you make a trade that doubles your initial investment and earns you a million dollars, you’ll be asked to pay $100,000. Now, if you compare this to the usual commission charge, most likely, you won’t be even paying more than half a percent of your total trade value, which is less than $10,000. It does not matter if you gain big or gain small. You will always be on the losing side if you participate in this 10% profit share.
For deposits to StormGain, all funds must go through a third-party broker. Purchases through that broker made by credit cards and debit cards will be directly credited to your wallet. While this is efficient, it is costly because of commissions and terms set by StormGain. Credit and debit cards both have a 50 USD minimum deposit but, by default, have a 10 USD minimum deposit fee or a 5% commission on your total deposit amount, depending on whichever is higher.
(Risk warning: Your capital can be at risk)
Withdrawal fee is also another problem that StormGain clients have to face. Their fixed withdrawal fee could reach up to 35 USD plus 0.1% of the total withdrawn value. Though this is not that costly to high-value customers, small-time traders will definitely feel the decrease in their funds.
For a fairly new cryptocurrency trading platform, StormGain goes above and beyond to ensure that its clients get the best service while trading cryptocurrency. The platform is great and easy to use, which makes it ideal for beginners or newbie traders.
Frequently asked questions:
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