StormGain highlights the following three factors as the main advantages with its platform: it offers up to 200x leverage on certain trades, it has the "lowest fees" and that you can start trading with a demo account until you feel comfortable enough to trade using real money. We put lowest fees in quotation marks seeing as this is not true, there are countless exchanges out there with much lower fees. Not even "low fees" would have been entirely true. The fees here are slightly below the industry average.
StormGain Mobile Support
A word of caution might be useful for someone contemplating leveraged trading. Leveraged trading can lead to massive returns but – on the contrary – also to equally massive losses.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD if you simply held Bitcoin. Now, as you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, there is potential for a huge upside but also a huge downside. In most cases though, there are different safety limits that you can set so that your loss doesn't exceed a certain level.
StormGain Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders concerning the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at StormGain:
It is up to you – and only you – to decide if the above trading view is suitable for you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
It is unclear whether StormGain permits US investors or not. We have read their Terms and Conditions and have not found any explicit prohibition of US investors. We urge any US investors to form their own opinion on the permissibility of their trading at StormGain though.
StormGain charges what we call flat fees, meaning that both the takers and the makers pay the same fee: 0.25%. These taker fees are somewhat above the global industry averages for centralized exchanges. Sure, industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%.
StormGain Withdrawal fees
StormGain has percentage based withdrawal fees (0.10%). This means that just as with the trading fees, the fee charged when withdrawing from the platform is a percentage of the relevant amount. For trading fees, the fees are a percentage of the traded amount. For withdrawals, the fees are a percentage of the withdrawn amount. Essentially all crypto exchanges in the world have percentage based trading fees, but out of the 600+ exchanges we have listed in our Exchange List (including those that have died and been moved to our Exchange Graveyard), only 15-20 have charged percentage based withdrawal fees. The rest have fixed fees (e.g. around 0.0005 BTC per BTC-withdrawal). So it’s quite unusual to have the withdrawal fee model that StormGain has.
With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.000010 BTC (extremely low and very consumer-friendly). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.01 BTC (extremely high). You should consider yourself whether this withdrawal fee suits how you trade or not.
Seeing as fiat currency deposits are possible at this trading platform, StormGain qualifies as an “entry-level exchange”, making an exchange where new crypto investors can start their journey into the exciting crypto world.
StormGain also offers its investor and trader loyalty program. The client's status depends on the account balance and trading volume. The assigned status can vary from “standard” (account balance less than 499 USDT and no trading volume) to VIP (account balance more than 49,999 USDT and trading volume more than 7.5 million USDT). Benefits include various exchange fees and discounts based on status. The program also offers a bonus to the percentage of the deposit in the range from 5% to 15% for different levels.
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