StormGain Review: A Crypto DeFi and CeFi Platform & Exchange (2024)

Choosing the right crypto trading platform is never an easy task. One must consider a multitude of factors, including features, historical performance, and even aesthetics. These are just some of the aspects I'll delve into in my StormGain review. This platform has earned various awards and continually evolves to offer highly sought-after tools and options to its user base.

The StormGain exchange represents a significant part of the company's operations, but they delve into multiple other areas of the crypto sphere, embracing perpetuals, tokenized assets, indices, and even cloud mining. In other words, it asserts its presence throughout the industry, positioning itself ambitiously alongside leaders like Binance and Bybit.

However, to fully understand this platform, it is crucial to answer the question, "Is StormGain safe?". This means my StormGain review should not only focus on how robust it is, but also on its fee and commission structure, as well as the strength of the utilities it offers. It's essential to investigate these aspects thoroughly, allowing traders to gather as much information as possible before beginning any trading journey with the StormGain exchange.

Verdict at a Glance: StormGain is a well-rounded crypto exchange with additional functionalities, including a separate semi-decentralized ecosystem for perpetuals trading. While the platform is beginner-friendly and intuitive to use, it does offer a limited number of supported cryptocurrencies, and isn't available in the US.

What is StormGain?

Before diving into this StormGain review, it's essential to address the question, "What is StormGain?". While this company may not have the same brand recognition as some of its competitors, it has a core following and is gaining an increasing presence. At the heart of the company lies its StormGain exchange, a suite of trading tools encompassing spot trading, perpetuals, indices, and more.

These tools operate with a variety of cryptocurrencies, including altcoins and stablecoins. Owing to its centralized finance (CeFi) model, StormGain can also handle fiat currencies. However, the company has incorporated various decentralized finance (DeFi) elements into its ecosystem, such as offering decentralized exchange (DEX) perpetuals with leverage up to 500x.

As a global-minded brand operating in over 230+ countries, StormGain provides specific accounts for Islamic users who require different setups due to religious rules regarding trading practices. However, regrettably, there is no StormGain USA support within the CeFi elements of its platform.

The company's cloud mining, staking, public API, and referral program are among the features worthy of mention in this StormGain review, as they contribute to its rich and dynamic ecosystem. Unlike many exchanges that solely focus on trading, StormGain is clearly on a mission to attract crypto users and enthusiasts interested in a broader spectrum of activities.

In other words, the company does not view itself as being directed on one goal, but rather on facilitating many. Right off the bat, this sets it apart from services that have an individual focus within the crypto space. It marks it as being highly aware of the sheer breadth of the industry, and shows that it cares about making itself clearly known on multiple fronts.

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StormGain Review: PROS

Let’s start this StormGain review by assessing the features and components that make StormGain so enticing to both newcomers and crypto veterans alike!

Intuitive Trading Interface

The StormGain exchange has a sleek, inviting interface that caters to individuals from various economic and trading backgrounds. Its minimalist yet feature-rich layout enables users to easily place orders. Price charts can be viewed in multiple styles, including bars, candles, lines, and even Heikin-Ashi—a specialized type of chart originating from Japan that functions similarly to a standard candlestick chart.

The key distinction lies in its utilization of a modified formula of open-high-low-close (OHLC) data to provide a more visually appealing and easily interpretable representation of market trends. While commonly found on Japanese-specific exchanges, this feature is less seen on global platforms, showcasing StormGain's commitment to a global audience.

Additionally, it's worth noting in this StormGain review that its charts are powered by TradingView, giving access to a wide array of indicators. While these might not be critical to crypto trading novices, for seasoned professionals, the ability to apply indicators such as Bollinger Bands, Accumulative Swing Indices, and Moving Averages is invaluable, particularly for day-trading, where technical analysis tools are indispensable.

The procedure for creating market and limit/stop orders is straightforward and intuitive, with market activity logged and confirmed in the web app's right-hand column. This design keeps the interface uncluttered and crisp. Plus, it clearly states the commission that the platform charges when placing orders. This transparency is refreshing, as commission details are often buried in the technical documentation or support pages of many exchanges, treated as fine print.

An often-overlooked advantage of the exchange is its handling of stablecoins. When working with these, StormGain utilizes fiat spot quotes from leading industry platforms such as Kraken, Coinbase, and Binance. This practice ensures order execution is as precise as possible by minimizing the impact of depegging that occurs with stablecoins. Despite these cryptocurrencies being designed to represent the current price of their corresponding fiat, minor fluctuations are inevitable. This method, however, effectively mitigates these fluctuations.

Simple Trading and Exchanges

The StormGain exchange is distinctly beginner-friendly. Along with its fully-fledged trading dashboard, the platform also provides a highly streamlined interface where users can conveniently trade one asset for another, all without being overwhelmed by the intricacies of advanced tools or charts. This feature is located in its "Fast Exchange" tab, enabling users to execute simple swaps from one coin to another.

This is fantastic for those just venturing into the trading world, as it allows users to place the orders they desire in a swift and direct manner. Perhaps one of the most impressive aspects of this feature is that those who utilize the Fast Exchange service incur the same commissions as users who employ the advanced dashboard.

This aspect of the StormGain review highlights the company's equal value and consideration for both newcomers and veteran users. For most assets, the commission is set at 0.095%, although for certain coins, such as DAI and ZCash, it's set at 0.25%.

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DEX Perpetuals

This StormGain app review extends beyond its CeFi elements, encompassing DeFi tools that offer a slightly varied experience. The company has introduced its DEX perpetuals dashboard, a separate exchange enabling traders to leverage up to 500x. Although the interface maintains the same look and feel, there are significant differences under the surface.

Remarkably, anyone can access this aspect of StormGain, even without an account. You simply need to connect your wallet. While MetaMask is the primary wallet supported, its integration with Wallet Connect means most crypto users will find a compatible application. Intriguingly, explicit connectivity with Unstoppable Domains wallets is also available.

Once logged in with your wallet, you can commence trading, ensuring a seamless and straightforward process. To further streamline this, the StormGain exchange allows users to trade with any cryptocurrency without needing to convert it to USDT, even on its USDT pairs. This eliminates the inconvenience of conversion, which is a significant positive for traders who need to make quick decisions.

An Award-Winning Company

No StormGain review would be complete without acknowledging its array of awards. The company prominently showcases its accolades on its homepage, including the AIBC Crypto Trading Platform award, World Finance Best Broker award, and The European Best Trading and Exchange Platform award, among others. In fact, it lists seven prestigious awards on its site.

This level of recognition is impressive for any exchange, and in an era where giants like FTX have faltered, it's not only a positive but a necessity. Generally, if an exchange has garnered such awards, it signifies that esteemed, experienced individuals and institutions have thoroughly evaluated the company and deemed it superior to others.

All their awards date from 2020 through 2022, suggesting they accurately represent the company's current standing. These accolades lend significant credibility, setting the company apart from numerous competitors. The achievement is even more striking, considering the sheer number of exchanges on the market. For context, BitDegree tracks 1,863 of them. Bearing all of this in mind, is StormGain safe? It sure seems so!

Dedicated Islamic Accounts

For the uninitiated - Muslim individuals, residents of countries governed by Sharia law, and those adhering to Islamic traditions must comply with certain religious rules that dictate allowable trading activity. To accommodate this, StormGain offers dedicated Islamic Accounts.

The primary rule that impacts traders is the prohibition of Riba, or interest. Sharia law strictly forbids the charging or receiving of interest, meaning individuals cannot earn interest on their assets. The rationale behind this is that charging interest could potentially foster economic exploitation and social inequality, serving as a mechanism for wealth transfer at the expense of the poor.

The prohibition of Riba aims to safeguard vulnerable individuals from falling into unsustainable debt. Riba can also contribute to a separate concept in Islam known as Gharar, or uncertainty. High or fluctuating interest rates can inject uncertainty into financial transactions, potentially fueling speculation and financial instability. In essence, these rules are designed to prevent exploitative and unfair practices.

In adherence to these principles, StormGain's Islamic accounts do not accrue interest on overnight positions. This aspect of the StormGain review further demonstrates the company's global consciousness. Many Muslims and individuals living under Sharia law find their access to a broad range of exchanges restricted, and the platforms they can access may generate concern due to their lack of explicit compliance with these laws.

Having a platform dedicated to addressing these needs is highly commendable. Furthermore, the fact that such principles are woven into the company's ethos may benefit non-Muslim users as well. For instance, the prohibition of Gharar/uncertainty could be one reason why the exchange prominently displays its commission fees.

Bitcoin Cloud Mining

One of the most intriguing features of StormGain’s ecosystem is its Bitcoin cloud mining capabilities. Bitcoin cloud mining involves mining Bitcoins without the need to manage the hardware, software, electricity, bandwidth, or other concerns. Instead of setting up your own physical Bitcoin mining hardware at your premises, you access the company's mining capacity, and they mine Bitcoin on your behalf.

This is primarily a free tool where users can theoretically mine up to 0.0318 BTC per day. However, there are some conditions attached to this. To access the miner and maximize its potential, you are required to execute a series of trades and exchanges, directly engaging with the platform. By doing so, you level up your miner, increasing its potency. It operates on a tiered system, with each successive tier offering more mining power.

The first tier, known as the “Standard” level, is where everyone starts. As you trade on the platform, you ascend to Gold, Platinum, Diamond, and eventually to three VIP tiers. The Standard tier provides x0.5 speed, while VIP3 offers an impressive x465. Such systems often favor high-level traders, as they frequently move large quantities. For such individuals, they can potentially earn what essentially amounts to passive income.

Cloud miners operate this way because an increase in trades equates to greater profits for the platform. These profits are then reinvested into running and maintaining the mining rigs used behind the scenes. In essence, your financial activities act as an implicit form of payment, which grants you access to this facility.

However, it is important to note that DEX Perpetual activity likely will not impact your performance within the cloud miner, as it is a separate application within the StormGain ecosystem. In other words, to fully appreciate this feature, you need to have a full account. With this in mind, this cloud miner might not be Sharia-compliant, as there is a plausible argument that mining constitutes a type of speculative activity. Therefore, some individuals may wish to approach it with caution.

StormGain Review: CONS

To give a balanced perspective within my StormGain review, I must make note of some of its shortcomings and areas where it is lacking. Knowing this is deeply important, as it arms traders with the knowledge they need to give a real assessment of the platform.

Absence of StormGain USA Support

Despite its dedication to being a globally inclusive platform, regrettably, there is no StormGain USA support. The company is not regulated in America, thereby making it impossible for US users to utilize its CeFi tools and features. This isdisappointing, given that the range of services provided is certainly enticing, undoubtedly sparking the interest of numerous US residents who would like to participate.

However, there's a silver lining to this situation. While its CeFi features are off-limits to the US, StormGain's DEX perpetuals dashboard remains universally accessible, even to US residents. This is primarily because it operates on decentralized networks, meaning there are no distinctly defined jurisdictions that can impose restrictions on them.

At first, this may sound unconventional, even leading some to question, "Is StormGain safe if it can permit this?". However, this is far from unusual. Regulations are often approached from a legal standpoint, with different countries implementing distinct rules and restrictions that pertain to the projects operating within their territories. The beauty of decentralization, however, is that a truly dispersed network exists globally without a central point, making it difficult to apply laws in the traditional sense.

That said, if you reside in a country that has unequivocally outlawed cryptocurrency, such as China or Afghanistan, it is in your best interest to comply with these laws and abstain from using DeFi tools. These laws apply to individuals as well as companies. Always make sure to review your country's own regulations on this matter. But for US residents, this shouldn't prove to be a problem as cryptocurrency trading isn't banned.

Looking ahead, StormGain's DEX perpetual access in the US might potentially encounter regulatory challenges if the SEC and other global regulatory bodies decide to scrutinize projects they believe to be 'Decentralized in Name Only' (known as DINOs). The crux of the matter is that if a project or network has an actor or individuals who can exercise control over it, it inherently possesses a centralized point of authority, which means it must adhere to the regulations of that country. Nevertheless, as it currently stands, this isn't an issue.

This predicament also ties into a broader issue the US is grappling with concerning cryptocurrency. In numerous instances, platforms are growing increasingly hesitant about offering US support due to the SEC initiating complex legal battles. Several scenarios are unfolding along these lines. A recent example includes Coinbase, but perhaps the most notorious case involves XRP, which the SEC recently lost.

Overall, this extent of SEC involvement fosters a somewhat hostile environment for crypto companies to operate within, making them reluctant to offer their services within the nation. There might be a shift in the future where a more balanced approach is adopted. However, in its current state, it often justifies the absence of US support for certain exchanges.

This could largely be chalked up to the growing pains that the industry is facing, in the sense that the world is still in the process of coming to terms with how it should view cryptocurrency from a legal standpoint. It cannot be stressed enough just how unique and distinct crypto is to other asset classes, and so it makes sense that there are some regulatory actions that have formed that may feel unusual or restrictive. It is not necessarily a demerit to the industry, but more a representation of how hard governments are finding the process of navigating it.

Limited Cryptocurrency Selection

The StormGain exchange is not exclusively focused on Bitcoin, offering several altcoins. However, its range might seem limited to many traders. In addition to BTC, it operates with Litecoin, Bitcoin Cash, Ethereum, Tether, XRP, DAI, USDC, Stellar, Zcash, and a few others. While this lineup is by no means inadequate, it can indeed seem restrictive when compared with industry giants like KuCoin and Binance, which offer hundreds of different crypto assets.

This limited offering may prove frustrating and stifling for altcoin traders who are keen on working with smaller tokens. Typically, these individuals appreciate the volatility that these assets offer, as altcoins tend to experience more significant price fluctuations. This can prove highly beneficial for day traders who aim for swift returns. Understandably, this lack of extensive support can be disappointing.

Additionally, the range of trading pairs offered by StormGain is also somewhat limited. For instance, there are very few Ethereum pairs. Similarly, the absence of many USDC and DAI pairs is frustrating, given that these two are major players in the stablecoin arena. It seems that within the context of this StormGain review, the company has chosen to concentrate its stablecoin efforts primarily on USDT. This is not necessarily a disadvantage, but it does seem somewhat restrictive.

However, it's important to note that this issue can be relatively easily addressed. All it would require is for StormGain to expand its offering by adding more coins and tokens to their platform. A similar shortcoming existed for Coinbase several years ago when the platform supported only a small handful of assets.

Over time, they managed to incrementally add more and more assets, significantly expanding their range. Given this precedent, it's plausible that StormGain might follow a similar path at some point in the future, broadening their cryptocurrency selection to cater to a wider range of traders' preferences and strategies.

How to Access StormGain DEX Perpetuals

Let's explore the process of utilizing StormGain's DEX perpetual dashboard. This interface shares similarities with its CeFi components, yet the steps to access it are quite different. For those familiar only with fully centralized platforms, the process may initially seem daunting or confusing. However, it becomes straightforward once you get accustomed to it.

Step 1: Navigate to the StormGain landing page and locate the "Product" tab. Upon clicking this tab, a drop-down list will appear. Near the bottom of this list, you will find a link labeled "DEX Perpetuals". Click on this link to proceed.

Step 2: After clicking the link, you'll be directed to the DEX Perpetuals introductory page, which provides an overview of how the service operates and the features it offers. Near the top of this page, you'll see a button labeled "Connect Wallet". Proceed by clicking on this button.

Step 3: A prompt will appear, asking you to connect an external wallet. StormGain clarifies that this connection only provides "read-only" access, implying that the application cannot execute any actions without your explicit consent. If you possess a MetaMask or Unstoppable Domains wallet, you can initiate the connection by clicking the corresponding buttons. If you're using a different external wallet, select "Wallet Connect" to see if it is compatible. For the purpose of this demonstration, we'll use MetaMask.

Step 4: Upon clicking the MetaMask button, the application will open on your device. If you're not already logged in, you'll be prompted to sign in. Subsequently, a "Signature Request" will appear. This request serves as a confirmation that you consent to StormGain accessing your wallet. Click "sign" to proceed.

If your MetaMask is configured to a network other than the Ethereum Mainnet, you may be asked to switch your network to Ethereum before receiving this signature request.

Step 5: Upon completing these steps, you'll gain access to the DEX perpetual dashboard. Here, you can start conducting trades using the funds available in your connected wallet. Note that this process does not create an account with StormGain, hence your access will be restricted solely to the DEX dashboard. Remember that this is not a full StormGain account, but a user-friendly way of using the decentralized aspects of their platform.

After doing this, you will be able to use the DEX perpetual dashboard in any way you wish!

Conclusions

Overall, my StormGain review has made it abundantly clear that the platform is robust, feature-rich, and contemplative in its decisions. With its simplistic trading tools, clean interfaces, cloud mining, and wide range of awards, it is definitely a welcome addition to the crypto world.

Of course, in the process of understanding what is StormGain, I have also discussed several limiting factors, such as its lack of US availability and relatively low range of coins and tokens on offer. Depending on where you live and how you engage with crypto, this will either be detrimental or of no regard whatsoever. These are definitely negatives, but not so devastating as to mark it out as unusable or undesirable. Overall, its pros outweigh them.

With this in mind, my StormGain app review has revealed just how versatile and user-friendly this platform is. It is globally conscious, welcoming to beginners, and additionally pays attention to the DeFi space– something that not every exchange typically does. This makes StormGain a possible contender for being viewed as a potential market leader, such as the likes of Coinbase, Kraken, and Binance.

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