StormGain is a new cryptocurrency trading platform. StormGain opened its doors in June 2019 and gained worldwide visibility through a sponsorship deal with the English Premier League club Newcastle United. This article is a StormGain review and a beginner’s guide. We’ll go through the key features of this platform and share our opinions with you.
StormGain is one of the new operators in the fast-growing cryptocurrency trading market. It is a fully-featured trading and investment platform, which has been running since June 2019. StormGain is running the popular Libertex trading engine. This service is used by over two million clients worldwide.
StormGain was founded by a group of finance and technology specialists. The company headquarters is in Montenegro. StormGain has more than 50 employees in several countries and the website has also been translated into twelve different languages.
At the beginning, every newcomer in every market always has the same problem: getting visibility and building trust. StormGain solved this by landing an impressive partnership with the English Premier League club Newcastle United.
“We believe that the collaboration of cryptocurrencies and mainstream sports is inevitable and therefore, it’s a privilege and an honour for StormGain to be the spearhead of the blockchain community colliding with mainstream sports”, says CEO Alex Althausen.
Next, it’s time to try the StormGain platform in practice. Opening a new account couldn’t be easier. All you need is an e-mail address and password. Start the process by clicking on the button below.
You’ll land on a page where you see a box for your e-mail address and your desired password. Just fill in the required information and click the Register button.
After this, you’ll get two e-mails in your inbox. One e-mail confirming your account has been opened and another one welcoming you as a customer. If you are not automatically logged into the platform already, click the button in the e-mail you receive (the one titled “account opened”).
Note: StormGain is not available to US customers and some other selected countries, like Japan and China. See the site Terms & Conditions for further details.
We strongly recommend enabling 2FA (2-factor authentication) in StormGain and in any other trading site you are using. Click your user ID (e-mail) in the top right corner and a dropdown menu will open. Select ‘Security’, ‘enable 2FA’ and follow the on-screen instructions.
StormGain deposits and withdrawals
Now it’s time to deposit some funds. There are basically two types of platforms available: fiat and non-fiat ones. Fiat platforms are ones like Coinbase and Coinmotion, which support bank wire deposits and withdrawals. Each user is required to go through a strong KYC process on such platforms.
Non-fiat platforms like StormGain don’t support bank wire deposits. The US dollar, the Euro, and other fiat currencies are replaced with Tether (USDT) or other stable coins. Trading is done from Bitcoin or stablecoin to another cryptocurrency.
The StormGain platform interface is very user-friendly. You can see all the supported cryptocurrencies in the right column.
Click the deposit link and a popup will open. Click the ‘Deposit’ button in the popup and you’ll receive your StormGain wallet address. Just make a deposit from your existing wallet to this address. Make sure that you deposit more than the minimum required amount.
The transaction time depends on the currency and provider you use. StormGain currently supports deposits in Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and XRP. We tested a Bitcoin transaction from a Coinbase wallet, which is the slowest option. It took less than 30 mins to be credited in StormGain.
Alternatively, you can also fund your account using a credit or debit card. Click the green [BUY CRYPTO WITH CREDIT CARD] button and buy any of the supported cryptocurrencies directly.
When you wish to withdraw, just click a coin in the right column again. The same popup as earlier opens when you make a deposit. Select the withdraw button instead and input your wallet address to take your funds out. Our withdrawal of Bitcoin was processed in less than a minute.
Note: We encountered an error here before, which the support team solved quickly. It happened because 2FA was not enabled. If you encounter an error too, please go enable 2FA first. It should be the first thing you do when opening a new account anyway.
StormGain is a fully-featured trading platform, which allows you to trade with up to 100:1 leverage. This is called margin trading and it is strongly recommended that only experienced users do it. The good thing is that StormGain also offers you the traditional exchange features.
You have two options: Instant exchange and Exchange.
Instant exchange is exactly what the title says. It’s a simple feature that allows you to quickly exchange all your bitcoins with litecoins or ethers with bitcoins etc. You’ll get a good price and only need to pay a small commission.
If you want to trade on your own terms, click Exchange from the top menu. You can trade all supported cryptocurrencies against USDT (Tether), as well as Ethereum, Litecoin and Bitcoin Cash against Bitcoin. Make a trade by clicking the “Open Order” button.
A popup window will open, giving you a nice and clean view of the data and a simple box to type your order in. A market order is fine if you’re an amateur and buying small amounts. Your order will be executed at the best price available. The smallest possible trade varies by currency. For example, the lowest BTC amount is 0.01 (currently about $73), but the lowest LTC amount is only 0.1 (currently about $4).
If you make larger purchases, which clash with the available liquidity, choose the LIMIT/STOP tab. This allows you to set a certain purchase price, which will be filled over time if the price reaches the level set with enough liquidity.
The market order is risky in situations; sometimes the price is moving fast when you’re making a very large order. In this case, the liquidity might not be there, so the platform could process your transaction with a really poor price.
Once you have opened a trade, it will show in the right column under ‘reports’.
StormGain Trading with multiplier
As mentioned earlier, StormGain also offers margin trading. This is called “Trading with multiplier” in the platform. You’ll see the link in the top menu.
Margin trading makes it possible to make insane gains with small investments, but it also carries a high risk. We don’t recommend margin trading for amateurs. If you want to try it out, we recommend using play money first.
StormGain has an excellent newbie feature for trial and error. Click the top menu and select the ‘Demo account’ tab.
Now you have an account with 50,000 USDT in it. You can safely try any features on the site as if you were using real money. If you do margin trading with real money, we recommend using small amounts first and educating yourself properly before trading.
To open a margin trading position, click ‘Trading with multiplier’ from the main menu. Next, select a currency pair you like and click the ‘Open Trade’ button. A similar popup like you had on the Exchange side will open.
Now, you can choose the desired risk and multiplier values. The price tab is similar to the limit/stop tab in the normal exchange. You can only open a position if the price reaches a certain value. For example, if the price was $9,900 right now, you could open a long position at $10,500 – after the price has broken a psychological 10K limit and is moving up.
Note: As an example, if you want to trade Litecoin/Tether, you need to have a Tether balance in your account, not a Litecoin one.
The limit profit and loss selections are extremely important in margin trading. If you use a high multiplier and the trade starts to go the wrong way, you’ll lose money very fast. Limit loss is a feature that allows you to exit the trade after it has reached a certain point.
It is strongly recommended that you only use leverage with the limit loss feature.
Let’s put this StormGain review together. Our experiences so far are positive. StormGain support and marketing representatives have always quickly responded and offered information on the platform whenever asked. Being an official sponsor of Newcastle United FC, a Premier League club known worldwide, also gives a lot of credibility to the company.
We also like the demo account feature a lot. It’s a great tool for amateurs to learn how to trade safely. There are also several educational videos for newbies inside the platform. StormGain supports 2FA as well, which you should always enable right away.
What are the negative sides? Pretty much the things you’d expect. StormGain is a new operator and yet to establish itself in the market. Hopefully, we’ll see this service grow in the future and expand their offers.
The coin selection could be a bit wider. We also don’t like the minimum trading limit for Bitcoin, which will be a problem for the smallest of traders. It’s good that the limits are lower on alternative currencies.
The good thing is that Bitcoin, Ethereum, Bitcoin Cash, Litecoin and XRP are the most popular cryptocurrencies. Hence, the StormGain selection will be big enough for many traders. If you want to buy more unknown coins, you’ll need to use a bigger operator.
Update: StormGain has added many new coins in late December to the margin trading section. You can now trade even coins like Cardano or IOTA with a margin.
StormGain review – overview of the service
So, who is this platform built for?
StormGain is a very good choice for the regular crypto investor, who wants a clean and easy interface with margin trading features. StormGain’s trading platform is very easy to use and it also looks great. If you’re not a professional day trader, this platform will fit you much better than BitMEX, for example.
There is also a special promotion running until April of 2020 called “Interest on deposits”.
StormGain will pay you 10% yearly interest on any asset you hold, as long as it’s between 100 and 50,000 USDT in value. The interest is paid to your account monthly. This is a great offer and it beats Binance and BlockFI, the current market-leading operators. Click the image above to see all the terms and features of this promotion in detail.
StormGain also has an Android and an iOS app. You’ll find these in the Google Play Store and Apple Stores respectively. These apps give access to the platform on any portable device.
If you like what you’ve read so far, give StormGain a try!
And remember to follow StormGain on social media in order to access competitions and maybe even win a VIP tour to see Newcastle United! The official Twitter handle is @StormGain_com. We also recommend following the CEO, Alex Althausen, at @alex_althausen.