StormGain Review 2021 - Is It Safe?
There are so many crypto trading platforms out there. And new ones continue to emerge trying to capture the attention of the potential users via unique features, more deposit methods, more intuitive interface, better conditions, and so on. Today we are going to review one of these new crypto trading platforms that allow leveraged trading of the crypto futures contracts. The platform is called StormGain. It allows up to 300x leverage and has such an unusual feature as Islamic accounts. Feel intrigued yet? Read this review to find out if StormGain is a scam, what are the features offered by this platform, what are the fees, and so on.
What Is StormGain?
StormGain is the UK cryptocurrency trading platform founded in 2019. It provides users with numerous features. It includes coin converter, cryptocurrency exchange, the opportunity to trade crypto futures using 300x leverage, use free trading signals, and others. Commissions on StormGain are quite low. The platform is available for any device and online. The mobile app is available both for iOS- and Android-based devices. Apart from a trading platform, StormGain offers crypto wallets and access to tokenized commodities and stocks.
According to the website, StormGain is available in over 230 countries (although there are only 195 countries in the world, but OK, probably the team considered the states of the USA as separate states or something like this — probably what really matters is that StormGain is available all over the globe). However, when I was using a German IP address I ended up unable to sign up as this country is not supported. So it is not clear how available StormGain in fact is. The same webpage claims that currently there are already over 5 million active users on the platform which also doesn’t look correct. StormGain supports over 50 cryptocurrencies — mostly those with the biggest market cap. StormGain is an official partner of the football club SS Lazio.
Main Features
There are many ways you can make money via StormGain. The available features are a crypto exchange, a crypto converter, the ability to exchange fiat money (numerous fiat currencies are supported) for cryptocurrency, a Bitcoin faucet, trading cryptocurrency futures, trading crypto indices and tokenized assets, using branded crypto wallets, using trading signals, using leverage, and even reading news on StormGain!
The interface of StormGain is quite intuitive, however, to make sure you understand how to use this platform properly you can practice without taking any risks. One of the great ways to dip your toes in trading on StormGain is via a demo account. This is quite a rare feature that allows users to try the platform in a virtual regime without spending real money. That's the secure way to learn the features, pros, and cons of the platform via your own experience and decide if the platform is convenient enough for you.
Thanks to the partnership with Simplex, on StormGain you can effortlessly exchange fiat money for cryptocurrency. StormGain supports dozens of national currencies so buying some crypto via your local fiat currency probably won't be a problem with StormGain. It makes StormGain an entry-level exchange allowing people without cryptocurrencies to become investors and traders.
Those traders who do not totally rely on their own analysis can try using trading signals on StormGain. These signals are free which is quite unusual as many social trading platforms take money for a permanent subscription however even those platforms always have free plans, so... Trading signals are the expert alerts giving you an idea of what to sell or buy and what is the recommended price so you will probably gain some profits on it. The experts from StormGain who form these signals rely on technical analysis of the market. According to the StormGain website, the accuracy of their signals is 70%. You can always additionally secure your funds using the stop limit and take profit orders which set the minimum and maximum prices at which the order is executed or closed. It can affect your gains, too, but in general, it's a good way to keep your portfolio from losses. If the market situation appears even better than you expected you might quickly use an Increase option to increase your investment or you can automate this process via an Auto-Increase feature. Easier access to the alerts is possible via the Telegram bot.
If you've only just started trading and your strategy is still in the testing phase, use the minimum leverage and trade amount. This'll allow you to minimize risk, while also gaining some valuable experience. Once you've made 10-15 trades, you can gradually increase these values.
— StormGain Exchange (@StormGain_com) November 4, 2021
You will need to choose the desired trading volume and a leverage amount. Based on this, you will be provided with recommendations aimed at boosting your profits. Of course, the input parameters can be changed at any moment. You don't have to be a hostage to the numbers you have typed in at some point. The signals feature is activated by clicking on "With Signals" in the Trading tab. Not all the supported trading pairs can be traded via signals. Currently, you can use signals for the following pairs: ETH/BTC, ETH/USDT, BTC/USDT, LTC/USDT, LTC/BTC, XRP/USDT, BCH/USDT, and DASH/BTC.
Apart from trading functionality, StormGain offers users built-in multi-currency crypto wallets. These wallets allow users to store, manage, and exchange numerous assets. Also, in the wallet, you can monitor the prices of the supported assets. Another feature that comes with the wallet is bonuses and discounts that are calculated based on balance. The StormGain wallet can be accessed via any device. The coins stored in StormGain wallets can be exchanged for tokenized gold and silver. The company offers wallets for the following currencies: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), XRP, Litecoin (LTC), Bitcoin Cash (BCH), DASH, Dai, Gold (XAU), and Silver (XAG). You can deposit fiat money to StormGain wallet using SEPA bank transfer or debit/credit card. The following currencies are accepted: American dollars, British pounds, and Euros.
StormGain has a loyalty programme. It offers multiple benefits. One of them is a 20% bonus on deposits. These bonuses cannot be withdrawn however, you can use this money in trading to boost profits. Another way to gain profits via this platform is simply by holding money and earning interest. The rate can reach up to 12% annually. The loyalty programme has several levels. To get one you need to gain a certain trading volume. There are Standard, Gold, Platinum, Diamond, VIP1, VIP2, and VIP3 levels. To reach Gold status you should trade $150k worth of crypto in 30 days while the highest status is gained by those whose trading volume reaches $75 million per month. All of these levels give you a bigger mining speed. It is possible to increase the mining speed by 100,000%. Additionally, as you get the status, your trading fees get lower. At the Gold level, you pay 0.085% per trade instead of the default 0.095% fee. The lowest fee which is charged on the VIP3 level is 0.06% per trade.
There are many different Bitcoin faucets in the world. What is the Bitcoin faucet on StormGain? It is not clearly described on the website. The description basically reminds us of CPU mining via a mobile phone which is very unprofitable and at the very same time consumptive for the device and its battery. According to the website, mining takes place on the company servers and doesn't take many resources from the user's device. However, it is not clear how BTC can be successfully mined with such a weak device as a smartphone. Probably users mine a different asset which is then exchanged for BTC and are sent to miners as a reward. The fact that the website doesn't make it clear what exactly happens while mining is quite disturbing. On the company website, it is noted that you can earn up to 497 USDT per day with Miner without any damage to the device's CPU and battery. This info doesn't look reliable.
The Islamic accounts mentioned above are more or less regular accounts made for those who cannot receive or pay swaps because of their religious beliefs. On Islamic accounts, users cannot swap coins or earn from interest.
Fees & Limits
There are several types of fees on every crypto exchange and StormGain is not an exception. You pay some commission per trade, you pay when you withdraw, and in some cases, you pay when you deposit some money to your account.
As for trading fees, StormGain is quite a democratic platform. Fees are not the same for all of the cryptocurrencies but in most cases, users are charged only 0.095% per trade which is one of the lowest rates on the market. Depending on the monthly trade volume you might get your trading fees discounted. The minimum fees that you can pay on StormGain are 0.06% per trade.
If you trade via trading signals and trades don't end up successful you don't pay trading commissions at all. However, if trades that bring profit are charged with a 10% commission. It's a very high fee compared to other exchanges but let's not forget that StormGain doesn't charge you with anything for using trading signals in the first place while other platforms provide this feature on a monthly payment basis.
Like on most other crypto exchanges, deposits made in cryptocurrency are free. When it comes to withdrawal fees, the rates are quite high. The worst part is that there are two fees that you have to pay when you withdraw — a flat fee which is already quite sensitive (for instance, for BTC it is 0.0006 BTC and for USDT it's 35 USDT) and an "additional" 0.1% fee. The minimum withdrawal amount (for Bitcoin) is 0.0014 BTC. For USDT there is no such limit.
Is StormGain Safe?
If you take the security of your funds and data for granted you might end up losing everything you have earned via trading cryptocurrencies. When you wish to try a new trading platform, please make sure that the platform provides enough security measures and has a good reputation so you won't end up entrusting your money and personal information to scammers.
The user reports about their experience with StormGain are polarized. Some users call StormGain a scam and others praise the platform. In the Twitter account of the company, some people complain about the problems they have while using the platform. A good sign is that these people are contacted by the support team for assistance. In general, it's safe to say that any cryptocurrency-related project is accused of being a scam. We are yet to find any evidence that StormGain is a scam. There are concerning facts, however. First off, there is not much info about the company. And the second thing is that the company advertises its features as something outstanding even when these features aren't that special or good.
As for the available security measures, we should say that StormGain provides a solid set of protection features that are enough to maintain the safe trading process. One of the crucial features is 2-factor authentication that drastically decreases the risks that your account might be hacked. All the sensitive data is encrypted via AES-256 while SSL encryption protects the traffic coming through the platform. Transactions are secured via multi-signature. Most of the funds are stored in cold wallets. In general, StormGain provides more than enough security measures to ensure the safety of the platform. However, it’s better to look through the user reviews to get a better idea of what you can face while using StormGain.
Easy to use and nce opurtunity
Worst ever. Automatized scam on trades and leverages
Their customer service is extremely disappointing because when you raise a ticket they either never respond or take days to respond.
I have started using the cloud miner of Stormgain and made my first $10 in one week. Now I am making trading operations with low leverage. Is really a very good and trustworthy platform.
