Why StormGain Sucks In 50 Words
Simply put, we don’t know enough about them due to their relatively short time in business. Of course, this doesn’t really suck, because for all we know StormGain could be the best exchange/trading platform in the world but hey, we can’t read the future, so they could also be a scam. This uncertainty is what sucks about them.
Why StormGain Doesn’t Suck In 50 Words
Leverage that goes up to 1:200 (200x multiplier) is this exchange’s main attraction. But this is not just a place where you can trade and make a potential profit when assets go up or down, it is also an exchange where you can buy crypto-assets and then transfer them to your crypto wallet. It’s a versatile platform and a “hybrid” between a CFD broker and a crypto exchange.
Is StormGain A Scam?
They’ve been in business for a short while at the time of our review, so it’s a bit too early to form an opinion without it being purely an assumption or guesswork. The fact is that this broker/exchange is not regulated (a lot of respectable crypto exchanges aren’t regulated) and whenever that’s the case, we recommend caution. That being said, they show a high level of transparency, which limits the possibility of a scam.
Should I Open An Account With StormGain?
StormGain is a cryptocurrency margin trading and investing platform that allows clients to trade different crypto futures contracts with leverage, but also to buy and hodl crypto assets. The website is owned and operated by STORMGAIN LLC, registered in St. Vincent and the Grenadines. StormGain launched in the summer of 2019, so at the moment they are a newcomer to the scene of margin crypto trading, without outstanding regulation.
The registration process is extremely simple and that’s always a plus: you will only have to provide an email address and a password and you’re ready to go. Keep in mind that in their Legal documents, they talk about Anti-Money Laundering (AML) and Know Your Client (KYC) procedures, so it’s unclear if those will be requested when trying to make a withdrawal.
The trading platform is very simplistic, without being rudimentary, and is divided into two main sections: trading with leverage (margin trading) and exchange (where you can place market or limit orders for the desired cryptocurrency – without leverage). To switch between trading modes, the user will have to click on the corresponding buttons available on the top left side of the platform. The main difference between the two is that trading with leverage doesn’t give you ownership of the asset (but you can profit from price fluctuations) whereas buying on the exchange will give you ownership and you can then transfer the coins to your personal crypto-wallet (or keep them on the platform).
Education is mostly limited to a few words about the cryptocurrencies available on the platform but there’s nothing else, such as tutorials, market analysis, news, or e-books. We can safely say that StormGain is not a place to learn how to trade crypto or how to perform different operations with digital assets.
In its very early days, StormGain did not accept fiat deposits but more recently, they have introduced this type of deposit, which is very convenient for people who do not own Bitcoin or any other crypto. However, apparently there is no possibility to withdraw using credit or debit cards, thus you will have to settle for crypto (or SEPA transfers for EU clients).
In its current form, StormGain looks like it may develop into a solid broker/exchange but at this time, they need more work: it feels like the website doesn’t have enough content and the tradable digital assets are too few. However, a quick web traffic check showed over 7.5 million monthly visits, which is quite a lot, so it looks like people are happy with this exchange in its current form.
STORMGAIN LLC lists the address Hinds Building, Kingstown, St. Vincent and the Grenadines. They can be contacted at email [email protected], phone +2484671957 or through their Telegram channel.
StormGain Online Presence And Reputation
Although StormGain has been in business for a short time at the time of writing, they’ve already become the official sponsor of SS Lazio football club and are taking part in Finance Magnates Awards in two categories: BEST MULTI-ASSET TRADING PLATFORM and BEST EMERGING FINTECH STARTUP.
On the website they boast 5,000,000+ total clients and a presence in 230+ countries, which is quite impressive, assuming these are real numbers and not a marketing flex.
StormGain Special Features
The high multiplier of 200x is surely a special feature, but apart from this, StormGain also offers an annualised interest rate of 3% – 12%% starting at 150 USDT. They also mention crypto trading signals, with an advertised accuracy of 70% but no additional information is provided.
StormGain Overall Ratings
User Friendliness 15/20
The website is translated into 12 languages, with well-structured information but a bit lacking in some places (more content and explanations would be useful for newcomers to the crypto space). The platform is easy to use and has mobile versions for both Android and iOS; the registration process is simple but US clients are not accepted.
Range Of Markets And Volume 12/20
StormGain only offers 37 tradable crypto pairs, which is an improvement compared to their offering at launch but it’s still very low for a major exchange. The multiplier goes up to 200x for a few assets, but for the majority it’s 50x, which is still high. Volume at the time of writing is relatively low (ranked #130 on CoinMarketCap, with just over $7 million daily volume) which is probably another consequence of their short time in business.
The fees are different for the exchange and for margin trading, as follows: 0.25% (or lower, depending on pair) per trade for using the exchange and 0.04% per trade for trading with margin (this type of trading also incurs daily swaps).
Deposits via cards have a 5% fee and SEPA withdrawals carry a fee of 0.1% plus a 5% currency exchange commission. Crypto withdrawals come with a fee of 0.1% plus a fixed amount that differs for each cryptocurrency (5 USDT, 0.0006 BTC, etc.). There’s no mention of an inactivity fee.
Deposits And Withdrawals 16/20
The minimum deposit is 50 USD, 1 USDT (Tether), 0.01 ETH, or 0.0002 BTC (each crypto asset has its own limits) and the minimum withdrawal is 50 USDT (other cryptos have different limits). The time needed for crypto withdrawals is simply the time needed for the network to confirm the transaction. The time needed for fiat withdrawals is not specified.
StormGain Extras 15/20
Although it’s not something unique, StormGain offers interest (up to 12% annually) if you keep your crypto coins on their exchange (Terms and Conditions apply, percentages may vary). Another thing that can be considered extra is the fact that you can buy crypto with a credit card from their platform. Also, they advertise trading signals but we couldn’t locate such a feature on the platform.
StormGain Overall Rating: 73/100