Cryptocurrencies are becoming more and more popular by the day. Even though the current interest in the field might be lower compared to the 2017 hype, it’s undeniably true that the industry has matured a great deal ever since.
We saw many companies receiving regulatory greenlights, while certain authorities even granted banking charters to some cryptocurrency exchanges.
Apart from that, 2020 saw an influx of institutional investors marching into the field with tremendous allocations of billions of dollars. This further strengthened the narrative that Bitcoin is a store of value while benefiting many other altcoins in the process.
When it comes to trading and investing, users need a reliable solution where they can use various tools and access a broad range of cryptocurrencies. This is what StormGain attempts to deliver.
What is StormGain?
StormGain is a cryptocurrency trading platform, providing a convenient solution for people who want to receive exposure to the wildly volatile market. The exchange caters to both active traders who look to benefit from the constant movement in the prices of cryptocurrencies and to investors who are looking to put in some money for a long-term hold.
It’s available on both desktop and mobile, and it also offers leveraged trading. To those who are unaware, cryptocurrency leveraged trading allows you to open positions worth way more than the money you have deposited. In essence, you will post your position as margin while using a multiplier. This way, you can greatly increase your profits. However, it’s worth noting that the risks are also expanding severely.
For example, StormGain allows you to start trading the most popular and most capitalized coins with a multiplier of up to 200x. Let’s say you want to open a position using $100 as margin and a 200x multiplier – this will enable you to receive exposure to $20,000. If the price goes up by, let’s say, 10%, you would net a profit of $2,000. However, if the price goes down by $100 (which is a fluctuation of just 0.5%), your position will be liquidated, and you would lose your margin. As a general rule of thumb, inexperienced users should stay away from leverage trading as it’s very risky and should only be practiced by people with sufficient knowledge of the markets.
Cryptocurrency Futures Trading and More on StormGain
Right off the bat, it’s worth noting that using the futures exchange is relatively easy. Creating an account is quick and straightforward.
Once you get that out of the way, this is how the actual trading interface looks like:
On top, you can put the cryptocurrency trading pairs that you are most likely to use and have them at your disposal. To see all available pairs, just click on the plus sign. On the right side, you can see the different market orders. The platform has market, limit, and stop orders.
Below the input price, you can also see the leverage bar and adjust it according to your risk tolerance. Using high leverage is very dangerous, keep this in mind.
In addition, there’s also a spot exchange that is more suitable for long-term investing where you buy cryptocurrencies at spot prices, and you receive the underlying asset.
Apart from the traditional and futures cryptocurrency exchanges, StormGain also has a built-in wallet where users can hold their assets.
The platform promises top-level security using industry-leading protocols and encryption. The solution is free to use, and it’s accessible 24/7 and from any of your devices. As a general rule of thumb, you shouldn’t keep more than what you intend to trade on exchange wallets. However, if you’re an active trader, this is a good solution, providing an added layer of security for your funds.
All in all, StormGain looks like a convenient solution for both traders and investors. It has a simple-enough interface that caters to inexperienced users while also providing enough tools for those who are into serious cryptocurrency trading. The exchange works quickly, the registration process isn’t tedious, and you can start engaging with this exciting market relatively quickly.