StormGain Review: Is It Good Crypto Exchange?

StormGain is a cryptocurrency exchange that aims to make trading accessible and easy for everyone. The exchange provides leveraged trading, with its built-in multicurrency wallet. Therefore this is the all-in-one platform offers some unique features, which include its Cloud Miner tool, loyalty program, and easy-login process.

About StormGain

The exchange was launched in July 2019 in the UK. The platform supports only major cryptocurrencies, including USDT, BTC, CH, ETH, LTC, and XRP. The exchange emphasizes up to 200x leverage on certain trades on their platform, low fees, and a demo account that you can use to train until you become confident or comfortable in trading with real money.

Although, high leverage appears attractive, new traders must be aware that high leverage can lead to more losses. Nonetheless, if you’re looking to trade big with minimal capital, then this platform provides the best option. That is, the platform has three key services, namely leveraged crypto trading, regular and instant crypto exchange, and multicurrency crypto wallet. Also, StormGain is one of the few platforms that allows deposits via credit/debit cards. Moreover, the exchange has experienced rapid growth over a short period, partnering with the UK-based football club, Newcastle FC, and recently Italy’s SS Lazio.

How to use StormGain exchange?

Starting with StormGain is easy, as it requires basic signing up to get an account. So, you need just a few seconds to complete registration. This is because Stormgain does not require users to fulfill “Know Your Customer” (KYC). This means that a new user can begin trading immediately with no restriction.

Registering on StormGain

Click on this banner in order to get 25 USDT for you first deposit:

To register, all you need is an email address and password. Follow the following steps to register a free account:

1. Go to website.
2. Enter your email address
3. Choose a password
4. Accept the terms and confirm that you are not a US citizen
5. Click ‘Create Account‘
6. Confirm your email address by clicking on the link sent to your email.
7. You now have an account with StormGain and ready to transact.

You can trade on StormGrain via the web, desktop, and mobile versions. The desktop version can be accessed through windows Mac, and Linux OS, and is compatible with all major browsers, also is accessible from smartphone and tablet devices.

The exchange provides a demo account to those who want to practice how to trade, with 50,000 USDT virtual money. This no-risk demo account is a great step for beginners looking to test the waters before committing to a live account with real money. The demo account can be as active as long as you need it, and you can simply switch from a demo to a real/live account within the platform’s dashboard.

Depositing in your account

To begin trading on the platform, you will need to deposit money into your account. You can deposit in your account through the following cryptocurrencies:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• XRP (XRP)
• Bitcoin Cash (BCH)
• Tether (USDT)
• Credit/Debit Cards (deposits only).

To deposit, you will need to:

1. Login to your account
2. Select the crypto you want to deposit (e.g. BTC OR XRP) from the ‘Wallets‘ section
3. Copy the deposit address (or use QR code).
4. Send crypto to the address.

The alternative means is to use credit/debit cards to deposit in your StormGain account.

StormGain is beginner friendly

In the review of the StormGain exchange, it’s worth mentioning that the trading platform is highly intuitive and easy to use even for rookies. Unlike many exchanges, this exchange is one of the most suitable platforms for beginners. The majority of its competitors are only suited for experienced traders. For instance, many new traders have complained about the Binance platform’s complexity. Most of those who have used the exchange reports great experience, especially with bonus risk management features such as ‘stop-loss’ and ‘take profit’, which are very useful when day trading. Through these features, users can define the amount of risk they are willing to take per trade.

There is also an ‘auto-increase’ feature that will automatically add to a losing trade to prevent it from getting liquidated. Traders can also monitor the status of their live trades through the ‘My Open Trades’ feature. Users can monitor the progress or details of their trade, such as current profit/loss and when the trade was opened.

Is Stormgain safe?

One of the most important factors to consider before registering an account with an exchange is to check its security/safety features. This is to ensure that your funds are secure. Therefore, you need to assess the legitimacy of the company behind an exchange and the security features on the platform.

Based on the above factors, the platform is regarded as a safe exchange due to its moderate level of transparency and range of in-exchange security features. The first line of security on the exchange is the strict approach to the digital currency they allow on their platform. The exchange only trades on major cryptocurrencies, hence it is not possible to purchase new crypto that is not yet established in the market. This reduces the risks of losing money on digital currencies that are not legitimate. The platform also offers a 2-factor authentication (2FA) for both SMS, Google Authenticator, data encryption, and cold fund storage for its built-in crypto wallet. The exchange also provides basic account security advice on its website to help new users secure their accounts, and to learn basic security precautions they need to securely trade their cryptocurrencies. 

However, it is worth noting the company behind StormGain is private, which can be problematic to some people who prefer to invest in public companies.

Stormgain App

The StormGain review must mention its mobile app for both iOS and Android users. The app is free on the App Store and Google Play Store. The mobile app has all the features available in the web and desktop versions.

The mobile app version is better when using the demo account through the mobile application. Additionally, the mobile app has other important features lacking in the desktop version, such as a notification and tracking link system to notify the user of trading opportunities as they arise.

Stromgain Exchange

StormGain offers four main products on its web and mobile app, namely instant exchange, regular exchange, margin exchange, and multi-currency crypto wallet. In addition, clients can access all the products from one free standard account.

• Instant Exchange– this is where instant swapping of cryptocurrencies takes place at the market rate.
• Regular Exchange– Powered by advanced tools and order types, this is where trading cryptocurrencies take place.
• Margin Exchange– this is where a user can trade with a multiplier, which is simply trading cryptocurrencies with leverage up to 150x.
• Multicurrency crypto wallet– this where you can store, send, and receive your digital assets online.

The multiple products offered under one account makes the exchange suitable for both beginners to advanced traders.

Buy crypto with a credit card

StormGain exchange allows you to deposit assets to the exchange in different ways, including wire transfer, debit/credit cards, and from an existing crypto wallet. $50 is the minimum amount required to deposit via credit card. You can buy crypto directly from the platform with your credit or debit card. The exchange also, offers bonuses for each deposit, in the form of a loyalty program. The bonuses begin from 5% for Gold members and go up to 20% for VIP 3 members. However, the bonus funds can only be used to trade, and cannot be withdrawn. The platform also offers up to 12% interest on deposits.

The table below indicates the minimum deposits by each cryptocurrency on StormGain.

Although there is no maximum amount you can deposit on StormGain for crypto deposits, credit/debit card deposits are limited to 20,000 EUR/20,000 USD.

StormGain Wallet

The exchange provides users with a free wallet. The wallet is connected directly to its exchange. You can use the wallet to receive and send crypto. This wallet supports all major cryptocurrencies. You will need to download the wallet section from the StormGain website.

StormGain Fees & Limits

Trading Fee

The StormGain review is never complete without talking about fees and limits. The exchange charges trading fees to its users, which is often based on the value of the trade order. Unlike most crypto exchanges that divide between takers and makers, the exchange charges flat fees, meaning that both the takers and the makers pay the same fee of 0.25 percent. It means that the taker’s fees are a bit higher than the industry average rate, which ranges between 0.10-0.15 percent.

Withdrawal fees

StormGrain’s withdrawal fee model is special in its own way because it’s not only fixed and percentage-based but is a hybrid one. As such, withdrawals are charged fixed fees of 0.0006 BTC per BTC-withdrawal. Additionally, a 0.10% fee is charged on the withdrawn amount.

A purely percentage-based model is favorable for those who withdraw a small amount. For example, if you withdraw 0.1 BTC, the withdrawal fee will be 0.00010 BTC, which is way low and friendly to the user. However, a withdrawal of say 100 BTC will attract a withdrawal fee of 0.10 BTC, which is way higher than the industry standard, hence expensive on the side of a user.