Stormgain is one of the latest cryptocurrency trading platforms and has recently had a very aggressive marketing strategy. The platform has only been active since 2019 and the headquarter is located in the Seychelles. The exchange is mainly focused on margin trading with leverage. If you do not know exactly what this means, we advise you not to use this exchange yet. In this Stormgain review we examine the platform and explain how it exactly works. This way you can decide for yourself if you want to use this exchange.JOIN TO STORMGAIN
Stormgain is a cryptocurrency exchange and focuses on leverage trading. You can go short or long with a multiplier, this means that you can anticipate on a price decrease or increase. It is possible to trade dozens of currencies against USDT (the stablecoin with an equal value to the dollar). You can also just buy cryptocurrency and just hold it.
The platform is available using a browser, but they also have an iOS and Android app. This way you can trade anytime and anywhere when you are connected to the internet. Stormgain was developed by the same company that is behind Libertex. Libertex focuses not only on cryptocurrency, but also on stocks and commodities and is originally a CFD platform.
If you would like to trade with a leverage, Stormgain is a great exchange. As with BitMEX, there is little personal data required and the platform looks good. A leverage of 200x is nice, but too high to trade responsibly. Of course, you are not obliged to use 200x. There are enough cryptocurrencies and trading pairs offered to trade at this platform. You also get free cryptocurrency signals and see the trading sentiment of other users.
You can contact the helpdesk 24/7 via the contact form and using Telegram. You may also find the answer to your question in the frequently asked questions.
The costs of trading on the platform are indeed low, but the depositing and withdrawing are very expensive.
The commission for depositing using credit card of 5% is too high and the cost of 0.1% to withdraw is also too high in our opinion. Also, using USDT is not very handy for all users.
The fact that the company exists since 2019 means that it has to build a reputation.
Stormgain is part of Libertex, which offers trading platforms for 20 years. A large part of the people who work for the company are visible on the website. For example the CEO of the company: Alex Althausen.
Although Stormgain is safe, we can guarantee that many negative reviews will appear on the internet. The instruments they offer are very risky and if you start trading with a 200x multiplier it is almost the same as gambling (our opinion). This means that you can make a quick profit, but also a quick loss. Especially if you don’t understand a thing about the platform and therefore lose your deposit, chances are, you will have a negative experience. That’s why these reviews regularly appear on the internet.
The company is not only a shirt sponsor of Newcastle United F.C., but is also discussed on Yahoo Finance and Goal.com.
We advise you to activate 2-factor authentication. And don’t leave any funds, that you are not trading, on the exchange. In the next paragraph you’ll find the conclusion of our Stormgain review.
According to Stormgain, they offer the lowest commissions on the market. The exchange costs depend very much on which trading pair you are trading with. BCHBTC costs 0.25% of fee, which is the same as Bitvavo. And BTCUSDT costs 0.08%, this is very competitive. See the table below for the exchange costs.
The fees for leveraged trading are higher. This is, on average, between 0.15% and 0.25%. See the table below for the fees for trading with leverage.
When you open a position, you see the actual commission Stormgain charges. The above commissions are an average.
The fees are a lot higher when you pay with a credit card. For a deposit they charge 5% fee starting at 10 USD. This is very high and forces the client to deposit a minimum of 200 USD. If you deposit 100 USD, you still have to pay a 10 USD fee.
We have to stay honest in this Stormgain review and we think that the withdrawing of cryptocurrency is also very expensive. There is a 0.1% fee for each withdrawal. These are costs you should keep in mind when trading on this exchange.
Depositing cryptocurrency is free of charge, but as mentioned above, there is a minimum.
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