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Finding a trustworthy exchange is complicated due to changing regulations and the huge range of available platforms. However, StormGain has gained attention thanks to its high leverage limits and innovative cloud mining tool. But how does it compare to other popular trading platforms? Throughout this StormGain review, we'll discuss the platform's features, fees, and ease of use to help our readers determine whether it's right for them.
Our StormGain Review - Quick Verdict
StormGain is a well-balanced trading platform to speculate on digital currencies using USDT as collateral. Featuring advanced trading tools and an equally impressive engine, StormGain boasts one of the better trading experiences for leverage traders. However, beginners may be overwhelmed by the advanced features, busy interface, and 1:500 leverage. Furthermore, only ten assets are available for spot trading, meaning StormGain is only really suited as a leverage trading platform.
- Up to 500x leverage
- Competitive spot trading fees
- Free demo account
- Limited assets for spot trading
- Takes 10% off profitable trades
- Up to 500x leverage. Experienced traders can take advantage of the high leverage limits to earn profits from small movements in the market or boost their earnings without high capital.
- Competitive spot trading fees. Although StormGain's fee structure is convoluted, users can trade selected spot pairs for 0.095%, which is 0.005% cheaper than Binance.
- Free demo account. Users wishing to practice trading or work on new strategies can use a StormGain demo account with $50,000 worth of virtual funds.
- Limited assets for spot trading. As StormGain only offers ten unique assets for spot trading, the platform isn't suitable for investors looking to build a well-diversified portfolio
- Takes 10% off profitable trades. While StormGain states that it takes no commission on trades, the company takes 10% of the earnings on profitable derivative trades, which is exceptionally high. Moreover, crypto withdrawal fees are very high.
StormGain Compared and Alternatives
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|229+||0.02% (maker) / 0.04% (taker)|
|Up to $100 welcome bonus||Visit Binance Fu...||Binance Futures Review|
|331 (608 trading pairs)||0% (spot), 0.06% / 0.01% (futures)|
|Deposit bonus up to $30,000 USDT||Visit ByBit||ByBit Review|
|None available at this time||Visit eToro|
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk."
StormGain At A Glance
StormGain is one of the best crypto exchanges in the UK that is available in over 200 countries worldwide with more than 5 million customers (according to their “About” page). The platform offers up to 500x leveraged trading on digital currencies. The cryptocurrency trading and investing platform features cutting-edge charting and trading tools.
|Features||Spot Exchange, Unlocked Staking, 500x Leverage, Swaps, Cloud Mining, Demo Account|
|Accepted Fiat Currencies||USD, EUR, GBP, +13 Others|
|Deposit Methods||Bank Transfer, Credit/Debit Card|
|Number of Trading Pairs||80|
|Trading Fee||0.095% to 0.25%|
|Customer Support||Help Center, Ticket System, Telegram Group|
|Security Measures||2FA, AES-256 Encryption, Real-Time Monitoring, Cold Storage|
|Mobile App||Yes (Android and IOS)|
StormGain Features & Services Reviewed
StormGain Leverage Trading
One of the most attractive features of the StormGain exchange is its availability of high-leverage trading. Users can boost their profits and losses by up to 500x using StormGain by longing or shorting Bitcoin and other cryptocurrencies.
However, we must caution that high-margin trading is not suited for beginners. Regardless, the StormGain platform has a well-built Futures exchange that will appease advanced traders. However, it does not stack up in liquidity against our list of the leading crypto leverage platforms.
There are hundreds of cryptocurrency exchanges. However, not all have a crypto demo account to practice trading with virtual funds. StormGain's demo mode uses real crypto data to allow its users to simulate trading risk fees and to become familiar with the platform before funding a real account. Because StormGain uses live pricing for its demo accounts (unlike a testnet), users can sharpen their skills and build strategies designed for live trading with real funds.
A unique feature offered by StormGain is its unlocked staking, which enables users to earn rewards passively on funds held in a StormGain wallet without worrying about lockup periods. Although the rewards offered through unlocked staking are low, at 2% APY, they can be boosted in line with trading volume as part of the StormGain loyalty program. Users that complete at least $150,000 worth of trades in a month can attain 10% staking APY, with a maximum rate of 20% available to those with more than $75 million monthly trading volume.
Furthermore, customers are not required to pledge their tokens to earn rewards. Instead, users need only hold USDT in their wallets. As such, users can use their staked funds for trading, providing far more freedom than most other trading platforms. Read this article for a list of places to stake crypto.
StormGain allows its users to instantly swap one cryptocurrency for another using the in-built swap feature. Instead of using instant swap platforms such as Changelly, ChangeNOW, SimpleSwap, and SwapSpace, users can perform crypto swaps within StormGain using the instant exchange. The standard commission rate for crypto swaps begins at 0.095% and can be reduced via the loyalty program. Unfortunately, the range of cryptocurrencies available to swap on StormGain could be much higher but the fees are quite reasonable.
Bitcoin Cloud Mining Tool
An intriguing feature offered by StormGain is its innovative cloud mining tool. Using this feature, customers can passively earn rewards by simply clicking a button every four hours. Rewards are meager, with base users making $0.38 daily if they consistently reactive the miner every four hours.
Although rewards are initially low, users can boost their earnings by trading on StormGain. By completing over $150,000 worth of trades in a month, users can earn $0.77 daily. The rewards rate can be increased by 530x with over $75,000,000 trading volume, which results in daily earnings of just over $400.
Previously, the mining tool offered by StormGain only paid out virtual currency that was not tradable. However, the tool has now been fully released, allowing users to withdraw their funds for trading after earning at least $10.
With that said, the service provided by StormGain is more akin to rewarding traders that are active rather than typical Bitcoin mining. Users wishing to get directly involved in the mining industry should consider other Bitcoin mining pools which are significantly larger and have a variety of payout methods.
StormGain offers a loyalty program designed to reward its most active users. Tiers are based on trading volume and impact staking APY, swap commission, and mining speed. The perks are useful for those immersed within the StormGain platform, however, there are no trading fee discounts on the spot or futures exchanges like most exchanges on the market.
|Trading Volume||Unlocked Staking APY||Swap Commission||Mining Speed|
Creating and Verifying a StormGain Account
StormGain users can begin trading on the platform with basic information such as a name, email address, and mobile phone number. There is no requirement to complete Know Your Customer (KYC) verification or submit personnel documentation. This will be appealing to some traders that prefer to remain anonymous and prefer to use a non-KYC crypto trading exchange.
However, users wanting to buy crypto with fiat on StormGain must complete the verification process by providing a photo ID (passport, driving license) and proof of address (utility bill, bank statement).
Supported Fiat Currencies & Deposit Methods
StormGain supports deposits using cryptocurrency and fiat currencies via bank transfer or credit/debit card. Customers can deposit 16 fiat currencies, including USD, GBP, and EUR, to StormGain for free using a SEPA transfer.
However, for amounts under $250, users can exchange fiat for crypto by utilizing a supported third-party gateway on the platform, which include Simplex and Koinal. However, the fees for credit/debit cards are high with these providers, with transactions costing up to 4% which is well above market rates and should be avoided.
Supported Cryptocurrencies and Trading Pairs
StormGain only supports ten cryptocurrencies on the spot trading platform; BTC, ETH, LTC, XRP, USDT, BCH, DASH, ZEC, TRX, and XLM. However, users can access 14 spot trading pairs denominated in USDT and BTC. Additionally, two tokenized commodities (gold and silver) can be traded on StormGain.
There are far more supported cryptocurrencies in the futures market, with StormGain supporting 61 cryptocurrency-based trading pairs, three indices, two crypto options trading contracts, and two commodities pairs.
Spot trading fees
Trading fees are an essential consideration when deciding which cryptocurrency exchange to use. Unfortunately, StormGain utilizes a needlessly complex fee structure, with the fees charged differing based on the trading pair and market.
For trading spot markets, most USDT-denominated trading pairs will cost 0.095% per transaction, while crypto-denominated pairs are typically priced at 0.25% per trade. However, there are a couple of notable exceptions. For example, XLM/USDT and ZEC/USDT both incur fees of 0.25% per trade. Due to this complex fee structure, a user should head to the StormGain website to double-check the charges for a specific pair before placing a trade.
Derivatives Trading Fees
When trading using leverage, the fees charged by StormGain differ slightly. Although the exchange doesn't charge a direct commission fee, the platform takes a 10% 'profit share' from profitable trades. Furthermore, an additional funding charge applies at a rate of 0.01% per eight hours.
Deposit and Withdrawal Fees
There are no fees to deposit crypto onto the StormGain platform. However, a 0.1% withdrawal fee applies when withdrawing crypto off the exchange to another platform or a hardware wallet. The withdrawal fee is unusually high, considering most exchanges only charge the standard network mining fee.
For fiat deposits, bank transfer payments are free, but users wishing to deposit less than $250 in a single transaction will have to transact via Simplex or Koinal, which charge 3.5% to 4% fees.
StormGain Fees Compared
Due to the complex fee structure, it can be challenging to determine how StormGain compares to other popular trading platforms. While the 0.095% trading fee is slightly cheaper than exchanges like Binance or ByBit, the 0.25% fee is comparable to exchanges like Coinbase, which has costs starting from 0.4%/0.6% (maker/taker) based on our review, and also CoinCorner (0.3% fee), which is a local UK exchange.
|Exchange Name||Trading Fees|
StormGain Ease of Use
StormGain features a unique and custom-built interface, combining one of the best crypto charting packages, TradingView, with a simplified layout. The user interface has expected trading features, including over 30 technical indicators and various drawing tools helpful in finding new trading opportunities.
StormGain offers two ways to trade, a simple crypto swap order form and an advanced trading interface complete with analysis tools, making the platform accessible for beginners and more experienced users. However, despite offering an advanced mode, users can only place market, limit, and stop orders, which is a significant limitation for serious crypto traders.
Using 'Full Screen' mode brings up the complete charting interface where users can add popular crypto indicators and analyze using drawing tools. The charts are smooth, intuitive, and responsive. Furthermore, any analysis on the chart will remain even after leaving the full-screen mode and switching to other cryptocurrency pairs, which is helpful.
With StormGain being easy to navigate, offering simple/advanced modes, and boasting ample analysis tools, the platform is ideal for traders of all experience levels. However, the limited range of order types could cause issues for advanced traders looking to enter and exit trades precisely.
StormGain Mobile App
The StormGain mobile app is available on IOS and Android platforms and enables users to engage in Bitcoin mining, trading, and staking. The app has been downloaded over 1,400 times on the App Store and boasts an average rating of 4.3 / 5 stars.
The StormGain mobile app is highly versatile, with users able to utilize almost every service on the desktop version of the online trading platform. After logging into the app, users are shown a list of available instruments, with features like the exchange and the integrated crypto wallet accessible via the bottom navigation bar. People trading on the StormGain app can access multiple markets, including spot, futures, commodities, and Bitcoin/Ethereum options contracts. Furthermore, the StormGain app offers AI-generated crypto signals available exclusively on mobile.
Technical traders looking for a mobile platform to perform analysis will be disappointed because while the StormGain app lets users access a plethora of indicators and various chart types, no in-built drawing tools make plotting complex strategies challenging. Another downside of the StormGain app is its lack of order types. Users can choose between market, limit, and stop orders, meaning there are few options available for traders looking to enter a position precisely.
While the analysis tools could be improved, the StormGain mobile app is phenomenal for its earning products. Users can access the cloud mining tool and the unlocked staking feature, which enables anyone with a StormGain account to earn interest on their holdings while simultaneously using the funds for trading. In short, the StormGain mobile app is well-designed and offers many exciting features. However, it lacks the tools to perform detailed analysis, so the app is better suited to investors than experienced technical traders.
Customer service is an essential factor when using a particular cryptocurrency exchange. We noticed that StormGain has a 24/7 live Telegram chatbot that responds promptly. Additionally, StormGain provides the ability to create a ticket to receive email support from a customer service representative. However, there is no timeframe provided for a response.
StormGain also has a 'Knowledge Base' which provides over 70 guides and troubleshooting articles for common issues and questions. The sections are divided into categories with a search bar so customers can easily browse and view topics of interest.
StormGain has avoided being compromised and hacked, likely thanks to the team implementing a series of advanced safety measures. While account-centric security measures are limited to two-factor authentication (2FA), the online crypto trading platform has implemented system-level protective measures. These include AES-256 encryption for data, real-time activity monitoring, multi-signature wallets, and hardware wallets for client funds.
Although the addition of further account-level measures, like IP/withdrawal address whitelisting and device management, would be an improvement, StormGain remains a secure trading platform that places a great deal of importance on protecting its customers.
Frequently Asked Questions
StormGain is a reputable and trustworthy cryptocurrency trading exchange. The platform is a member of the Blockchain Association within the Financial Commission. StormGain is also a former Official Sleeve Partner of the famous UK Football Club Newcastle United.
StormGain is a safe and secure crypto exchange that has never been hacked since launching in 2019. The platform employs industry-standard security measures for crypto exchanges, including cold storage for most crypto assets, multi-signature access restrictions, and SSL encryption.
StormGain processes about $4 million in daily spot trading volume at the time of writing, which is a low liquidity compared to most other crypto exchanges. However, it processes around $350 million in daily derivatives transactions, making it the 30th largest derivatives trading platform by volume.
CoinMarketCap has yet to give StormGain an average liquidity score, and the spot trading volume is very low. This means that users placing large spot orders may pay higher prices due to excess slippage, making the spread fees much higher than other exchanges.
StormGain states that it supports 230 countries around the globe, except the United States. Moreover, other countries may not allow the trading of crypto derivatives and limit access to the platform due to strict regulations.
To conclude our StormGain review, the platform is easy to use and packed with excellent features for traders needing access to high leverage. The state-of-the-art trading interface and charting tools make managing trades and finding opportunities easy. However, only limited features and less than ten assets are available for spot trading.
Although the fees for spot trading and crypto swaps are reasonable, StormGain takes a massive 10% of the profits earned on derivatives trades, which is sure to eat into earnings over time. As such, while StormGain is a suitable platform for traders looking for high leverage, there are far cheaper options with similar features.
|Review Criteria||HWC Score|
|Features||4 / 5|
|Supported Fiat and Deposit Methods||3 / 5|
|Supported Crypto & Trading Pairs||3 / 5|
|Fees||2 / 5|
|Ease of Use||4 / 5|
|Customer support||4 / 5|
|Security Measures||4 / 5|
|Mobile App||4 / 5|