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StormGain Exchange Review 2023
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Sinead Burgess
After 2017, when the cryptocurrency market was well established and many cryptocurrency exchanges became regulated, the need for new crypto exchanges was dwindling. In order for a new cryptocurrency exchange to achieve any success in the already crowded exchange space, it had to bring fresh ideas and never-before-seen features to the crypto-exchanging table.
One such cryptocurrency platform is StormGain and in today’s review, we’ll explain some of the best features that the platform has to offer, along with its user interface, fees, ease of use, customer support, mobile phone support, and much more. Keep reading our full review for StormGain and find out if the platform suits your needs or not.
About the Trading Platform
StormGain (stormgain.com) is a newly released trading platform that was launched in 2019. The platform is UK-based and registered as a crypto-exchange and a leverage broker firm. They offer support for 100 counties and have an active community surpassing 120,000 users in just over 2 years of its existence.
Unfortunately, StormGain doesn’t support fiat deposits and withdrawals or fiat to crypto exchanges as only cryptocurrencies are available both for deposits and withdrawals.
StormGain can be considered as an all-in-one trading platform as it includes a cryptocurrency exchange, trading leverages, a built-in multicurrency wallet, and a native mobile app that has all of the features of the main platform along with their original cloud mining feature.
One of the platform’s strongest suits is the option for leveraging cryptocurrencies up to 200x along with advanced charting and trading tools to suit the needs of every type of user. Another great feature that the platform has to offer is the Tether (USDT) settlements. This type of stablecoin settlement is mostly utilized by users who want to keep their portfolio exposure to a minimum and control the exchange risks that are typical with volatile cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
With all of its features and options like cloud mining, loyalty programs, leverages, security, and much more, StormGain is a serious crypto exchange that has achieved a lot in the meager two years of its existence and it doesn’t seem that it will lose steam any time soon.
StormGain Features
Bitstamp doesn’t support a ton of currencies. That’s not really why traders use it. Bitstamp is a platform where users can buy large sums of altcoins with fiat currencies. The crypto exchange takes the most relevant and popular cryptocurrencies, such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP), and pairs them with the most frequently used fiat currencies, such as USD and EUR.
Bitstamp hasn’t had any problems in providing apt high liquidity levels for its supported digital assets. However, if your desired currency is not featured on the list of supported cryptocurrencies, then you might want to consider taking a peek at one of the most popular and well-respected cryptocurrency exchange platforms, Kraken, and what it has to offer.
The process of registering for an account on the platform is pretty straightforward. Upon entering a valid name, email address, as well as a place of residence, users need to accept the terms of service. Nothing out of the ordinary.
If the registration is successful, new users will receive an email that will include an activation link for their profile along with their unique username and password. The platform will ask you to add a custom password after the initial log in.
Cloud Mining App
First, we have the most notable feature on StormGain and that is the crypto-miner app. The StormGain app is free to download both on Android and iOS mobile devices. Users will have to register on the main platform in order to get a username for the app.
The crypto mining capabilities of the app are very easy to utilize due to the sleek and friendly user interface. When you open the app, you’ll see a miner button with a “Run” prompt on it. By clicking on “Run”, you’ll enable the cloud mining process, which will continue to work in the background.
Since the mining is done through an app, there are no extra electricity bills, overheating issues, and quarterly maintenance. The only thing that will be taxed is the users’ mobile devices’ battery life. This is ideal for beginners who are just getting into the whole mining industry because it’s a harmless way of learning some basics about crypto mining.
However, the catch with the miner app is that it’s created to motivate users to register and trade on the platform because the more trading volume users have, the more the cloud miner app will increase their chances of earning free bitcoins. If the main trading platform is utilized by the user as their main crypto platform, more free crypto will be mined. Users who trade in larger amounts of crypto can earn sizable amounts from the miner app and use those assets to pay off some trading fees that have been incurred from their trading.
Leverage Trading
The StormGain platform enables users to participate in crypto-trading with up to an x200 multiplier which is about 100x higher than what other competitive cryptocurrency exchanges have to offer. This type of high-leverage and margin trading can be a risky endeavor and active traders maximize potential profits by shorting cryptocurrencies.
Shorting crypto is selling the crypto at a higher price and then purchasing the same number of coins after the price has dropped. A short disclaimer, this type of trading is not suitable for beginners because there is a lot to learn about market predictions and analysis in order to achieve a profit.
One more feature in this department is the StormGain settlement with the stablecoin Tether (USDT), which is directly pegged to the US dollar (USD) in a 1-1 ratio. This allows users to convert any volatile crypto to USDT and use it for trading without exposing their capital and hedging their portfolio in case of sudden crypto price movements.
Charting Capabilities
The StormGain platform boasts an impressive interface that can function both as an advanced and a basic cryptocurrency trading platform for beginners. The GUI is so well built that both beginners and active traders can view and analyze the crypto price charts with ease.
The charting features rely on advanced crypto trading mechanics and include state-of-the-art charting tools, a fullscreen mode for the best view of the charts, and over 40 technical chart indicators.
Bitcoin and Other Supported Currencies
The StormGain platform supports 20 cryptocurrencies that include Bitcoin (BTC), Bitcoin SV (BSV), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), Tether (USDT), along with DASH, EOS, XLM, XMR, QTM, TRX, ONT, NEO, MRK, ADA, ATM, ZEC, and XTZ.
There are also risk management tools available on the platform and they include: stop loss, take profit, indicators, and cryptocurrency forecasts that are created by their own StormGain crypto specialists.
The option for cryptocurrency trading pairs is also available on the platform with the 6 most popular cryptocurrencies BTC/ETH/BCH/XRP/ETC/BCV.
When users choose their desired crypto and begin trading, they should know that the minimum deposit is 50 USDT, while the minimum trade threshold is 10 USDT. A great feature of the USDT trading deal is that a user with an initial 10 USDT deposit can multiply it 150x and increase the trade value to 1,500 USDT.
StormGain Fees and Limits
Utilizing cryptocurrencies as a way of investing or trading with them always incurs some sort of fee and StormGain isn’t any different than other crypto exchanges.
When using StormGain, users can buy crypto from the main platform both with a credit card or a debit card with a minimum deposit of $50 USD along with a 5% deposit commission with a minimum of $10. There is an exception for instant credit card purchases and that is that credit card transactions are daily capped at 20,000$.
For withdrawals, users can directly withdraw digital assets by transferring them to their personal crypto wallet or the one provided by StormGain. There is a minimum withdrawal limit that’s equal to 50 USDT or an equivalent of this sum in the user’s target cryptocurrency. There’s a fixed 0.1% fee when withdrawing cryptocurrencies or sending them to another exchange or personal hardware wallet.
A great feature of the platform is that there are no deposit fees, just a minimum deposit threshold and, as disappointing to US users as it may sound, no PayPal support is currently available on the platform.
Ease of Use
The StormGain crypto trading platform offers a margin trading and investments desktop platform that has a user-friendly interface, along with a customizable dashboard from which users can view assets that are increasing or decreasing in value and price.
One interesting feature of the platform is its “Rapid Verification” feature. This feature eliminates the KYC verification process and only requires basic information like name, surname, mobile phone number, email address, etc.
This adds to the functionality of the platform because it is faster than traditional KYC verifications and appeals to users who don’t want to disclose remain more private about their credentials
There are 9 time-frames available on the platform with included charting tools and trading signals that can be utilized to track the movements of prices and trends.
StormGain Loyalty
The StormGain loyalty program for traders and investors comes in 5 different tiers, each with its own benefits and requirements. The status of an investor and the tier placement depends on the user’s account balance and overall trading volume.
The benefits from the tiers include different trading commissions, along with trading commission discounts that depend on the tier status. There is also a deposit bonus for depositing percentages that range between 5% and 15% depending on the tier. For the VIP tier members, the bonuses and benefits are individualized.
The tiers that the platform offers are:
- Standard: This tier is for basic users who have an account balance of less than 499 USDT and zero trading volume.
- Gold: This tier is for users who have traded for some time on the platform and have an account balance of more than 499 USDT with a trading volume that exceeds 150,000 USDT.
- Platinum: This tier is for users who are experienced and conduct daily transactions on the network both in large and small amounts and have an account balance with more than 1,499 USDT and a trading volume above 750,000 USDT.
- Diamond: This tier is also for experienced users but with higher account balances of more than 4,999 USDT and with a trading volume above 2.250,000 USDT.
- VIP: As the name states, the VIP tier is for the top of the class on the StormGain platform and requires users to have more than 49,999 USDT in their account balance and trade more than 7.500,000 USDT.
Is StormGain Safe to Use?
Although the platform is unregulated, it provides its users with the industry standard when it comes to safety and security. The platform enables a two-factor authentication system for logging in to an account or withdrawing crypto. This is also available on the mobile app, with the option to add a one-time password or (TOTP).
The platform states that it keeps all assets in cold storage but this is not transparently explained, so it would be worthwhile to look into this with more caution.
By all signals and operations, StormGain seems like a legal crypto exchange and it’s a member of the Blockchain Association.
StormGain Customer Support
StormGain changes the game when it comes to customer support by providing 24/7 live support as well as maintaining an active social media presence.
Users with any issues can contact the platform’s customer support at any time on their designated email address [email protected], on their Telegram group, Facebook, Twitter, and Linkedin. They can even check out their YouTube for some handy tutorials.
A Few Words Before You Go...
To wrap up our StormGain review, the platform is easy to use and it’s packed with interesting features like cloud mining and the high leverage trading option. Users who are looking for a more serious platform with tiers for loyalty and reasonable withdrawal fees should look no further than StormGain.
Although there have been some disputes about the safety of the cold storage assets on the platform and its overall low-security level due to the lack of KYC verification and regulation, there haven’t been any incidents in the 2 years since the platform has been launched, which is why you should definitely give it a go.
frequently asked questions
Yes, their mobile app is available for download both in the Play Store and Apple Store.
The platform is available in over 100 countries in the world including Australia, China, Turkey, etc.
Yes, StormGain has its own multi-currency wallet that can store 6 cryptocurrencies; BTC, ETH, LTC, XRP, BCH, and USDT. Users can register and download the wallet on the platform’s website.