Comprehensive Stormgain Review Guide From A To Z
As the popularity of digital currencies continues to increase, more people continue to join the crypto sector to invest and make some profit. However, it has become more difficult to select the best exchange platform that suit the needs of different crypto enthusiasts.
StormGain is among the exchanges that offer unique features to users. These features set it apart from the pack.
In this comprehensive review, we cover all about StormGain, including trading on the exchange, deposit options, fees, security features, pros and cons, and customer support
What is StormGain?
StormGain is a cryptocurrency broker and exchange platform founded in Seychelles in 2019. The exchange’s core services include a regular and instant exchange, multi-currency crypto wallet, leveraged crypto trading.
Since the platform was founded in 2019, it has gained popularity and it is now recognized among many crypto exchanges.
The headquarters of the company is based in London, England. The platform is supported by many countries including Russia, Spain, Poland, France, Germany, China, the UK, Vietnam, Turkey, Netherlands, and Italy.
This exchange is among the few that offer crypto investment opportunities at a guaranteed APR of 10%. The funds saved through this exchange are used as leverage by the traders. As will be reviewed in this article, the platform has the most competitive trading fees. Additionally, it has one of the best trading platforms in the crypto industry.
Despite being a relatively new exchange, StormGain has a lot to offer compared to most exchanges. Most mainstream media have also covered this platform.
In 2019, StormGain was nominated as the best multi-Asset Trading platform and the Best Emerging Fintech Startup. Moreover, the exchange continues to assert itself as an industry leader through high-level sponsorships.
Opening a new StormGain account is simple and can be done in seconds. In fact, this is among the fastest registration processes you can encounter.
First, opening an account with StormGain does not require you to fill the KYC process. As such, you can start trading immediately with no restrictions.
- Step 1 go to the exchange website and click ‘Register’.
- Step 2 Enter your email address.
- Step 3 Enter a strong password.
- Step 4 Accept the terms and conditions and confirm your area citizen of one of the countries mentioned above.
- Step 5 Click ‘Create Account’
- Step 6 confirm your email address by clicking on the link sent to your email.
After successfully registering your account, you’ll need to first deposit some funds before you can start trading.
Deposit and Withdrawal Methods
All the deposit and withdrawal methods on the exchange are the same. The only restriction for withdrawing is that you cannot use a credit/debit card. You can deposit or withdraw on the exchange with the following digital currencies: BTC, ETH, LTC, XRP, BCH, USDT.
Making a Deposit
The exchange offers very simple deposit methods. You can deposit funds on your account through the web or mobile applications.
To deposit, you first log in to your account, select the digital currency that you intend to deposit, from the ‘Wallets’ section.
Copy the deposit address, then send the amount of crypto that you intend to deposit to the address.
Alternatively, you can deposit funds in your new StormGain account using credit/debit cards. However, for this option, there are high fees charged because of the processing fees.
You can purchase cryptocurrency from another exchange and send it to your StormGain account.
If you still want to deposit using a credit/debit card, click the ‘Buy crypto with credit card button’ and follow the instructions.
StormGain does not charge any fee for a deposit, unlike other exchanges.
You may wonder whether there is a minimum/, maximum deposit?
Yes, there is a minimum deposit on the exchange, and it varies by the coin you intend to deposit. As a general rule, the minimum deposit on the exchange is $30-$50 USD.
The table below shows the minimum deposit amount for all digital currencies allowed.
There is no maximum amount for depositing. However, there is a maximum limit of 20,000 EUR/20,000 USD for credit/debit card deposits.
Additionally, making a deposit on the platform takes 1-2 hours. The amount it takes mainly depends on the deposit method you use.
The whole deposit experience is smooth and quick.
Exchanges that allow convenient and fast withdrawal improve a trader’s experience on the exchange. With this in mind, let’s take a look at how you can withdraw funds from your new StormGain account.
As earlier stated, the withdrawal methods are similar to the deposit methods.
To withdraw some funds from your StormGain account, head over to your wallet, enter the amount you want to withdraw and press the ‘Withdrawal’ button. Enter the desired destination address for your funds and the amount.
Next, you’ll see a dynamic fee showing you exactly how much the withdrawal will charge you. After confirming the details of the withdrawal process, click ‘Withdraw’ and confirm the withdrawal from your email.
Next, wait for the funds to show up.
Usually, all exchanges charge some fees for making a withdrawal. For StormGain, the withdrawal fee is 0.1% of the withdrawal amount.
For instance, if you withdraw $1000, you will be charged a $1 withdrawal fee, which is quite low.
This dynamic withdrawal fee makes the exchange perfect for beginners as you don’t have to pay a high withdrawal fee from making small withdrawals like other exchanges.
The minimum withdrawal amount is shown in the figure below.
Withdrawals on the platform are instant. The amount of time it takes for your withdrawal to clear in your destination is hinged on the digital currency you intend to withdraw. The quickest is XRP, followed by ETH and LTC. The slowest withdrawal method is BTC.
On average, withdrawals on the platform take 1-2 hours.
Trading on Stormgain
Leverage trading means that a trader increases the amount they are trading without the need for a larger balance. This type of trading allows you to profit from smaller price movements and profit extremely well from large price movements.
However, it also risks the other way; if the trade fails to go as you expected, you can lose more profits and losses multiplied with the leverage. You can also lose your entire balance.
StormGain offers up to 150x leverage. To change leverage on your account, press the “Multiplayer’ button on the account and use the slide or enter the amount of leverage you intend to trade with.
The maximum amount as indicated above is only for the BTC/USDT pair. All other coins on the exchange have minimum leverage of 50X.
The exchange offers four main order types. The first order type is market orders, which is a default on the platform.
Market orders are orders that execute instantly at the market price. This order type is good for taking advantage of opportunities in the market. This type is also good for those who don’t have the patience to fiat for orders to fill.
The second-order type is limit orders (at the price). In this case, if the price increases to a certain amount X, buy/sell Z amount of the asset. This order takes longer to complete but it has lower fees.
This exchange also has stop-limit orders for stop losses and take profit orders. You can limit the loss of a trade or secure profits if it is going in your direction.
Below is a list of all the coins supported by StormGain exchange.
- Bitcoin (BTC)
- XRP (XRP)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BTC)
- Nem (XEM)
- Ethereum Classic (ETC)
- QTUM (QTUM)
- OmiseGO (OMG)
- NEO (NEO)
- EOS (EOS)
- Tron (TRX)
- IOTA (IOTA)
- Cardano (ADA)
- Zcash (ZEC)
- Stellar Lumens (XLM)
- Dash (DASH)
- Monero (XMR)
- Bitcoin Gold (BTG)
Each of the above coins has both USDT and BTC pairs, which is really awesome.
If you’re looking for somewhere to margin trade smaller coins as well as large caps, then this exchange might just be perfect for your crypto needs.
How to trade on Stormgain
To trade with leverage, following the steps below.
Step 1: fund your account.
Step 2: open a trade.
Go to the ‘Trading with Multiplier’ tab, select the pair you intend to trade, then click ‘Open Trade’.
You’ll see a box pop up; now select the order type you intend to use from the tow tabs.
After selecting the order type, enter the amount you intend to trade and the leverage amount. If you’re new to leverage trading, we highly recommend you select low leverage (about 10-20x).
After entering the trade, click ‘Buy’ or ‘Sell’ depending on the trade you would like to make.
Tip: You can enter a stop loss or take profit if you would like, this means you can automatically close your trade-in profit or loss of your choice.
The exchange has a feature called ‘Auto-increase’, which is similar to the Bybit’s Auto margin Replenishment. This feature adds to your trade if it is losing to ensure you do not get liquidated.
Step 3: Monitor your trade
You can monitor your trade by looking at the ‘My open trades’ section. This feature enables you to see your current profit/loss on the trade and see details on when you open it.
You can also close the trade from when you’re ready.
Step 4: close the trade
After making that trade, the next step is locking it. Well, this is pretty simple. Go to the ‘My open trades’ section, and click ‘Close Out’.
A box will pop up asking you to confirm that you’d like to close your trade. Additionally, this box will show you details of the trade before you close it.
Next, click ‘Yes close’ and if you don’t want to anymore, click ‘cancel’.
The trading fees on this platform range from 0.15% to 0.25% per trade. The exchange also charges open-position fees of up to -0.04% per day.
Unlike most exchanges, StormGain charges the same fee from any order type, thus making it easier to understand. However, this is not advanced for advanced traders.
For this reason, this exchange is ideal for beginners.
Countries and languages on Stormgain
StormGain can be used in all countries except in the United States, and in countries identified by the FATF as high-risk or non-compliant jurisdictions.
Additionally, this platform supports more than 15 of the most common languages, including English, French, Russian, Spanish, Turkish, Chinese etc.
StormGain is a platform that has invested heavily in privacy and security.
First, the exchange provides cold wallets to protect its investors and traders from theft. Cold wallets are offline, thus inaccessible to hackers.
Second, the platform offers 2-Factor authentication. This is an additional security feature, where you’ll need the Google Authenticator application to log in to your account each time.
Additionally, the platform recommends that you use a unique password while opening a new account.
Pros & Cons
Good customer support for any exchange can make it extremely popular. Customer support is among the vital features of a good exchange.
StormGain offers 24/7 live customer support to its users on Telegram, phone and emails.
The trading screen offers a live chat, which saves tons of time spent sending emails. To use the live chat, log in your account and click on the button.
The phone support is quite impressive because it is easier and faster, as compared to email, which you’ll have to wait for a replay.
StormGain is a user-friendly exchange that takes care of both new and advanced traders. The exchange supports multiple digital currencies and offers relatively low fees for all transactions.
Overall, the cryptocurrency exchange is a great platform for the majority of crypto enthusiasts. The platform has different trading options and offers 24/7 live support for all users.