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Stormgain experience

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Avatar for onlymythoughts
Written by   64
9 months ago

14th Feb 2022

I had heard about Stormgain quite some time ago, but to be honest was very nervous about using the platform.

There is a way in which you can use Stormgain without any risk though which I have learned from my experience and have explained later on in this article.

They are a well regarded exchange in my view, based on the research I have done and my own experience.

The reason why I was nervous about trying 'Stormgain' was that the offer up to 300 times leverage, which for sure can make you a lot of money quickly but it works the other way round as well, you can lose your money in no time at all if you take such a risk.

Screenshot from my Stormgain app, using x100 leverage is very risky indeed.

Stormgain seems to be aimed at the retail investor and is also unregulated.

Their company is registered in St Vincent and the Grenadines, which is a country regarded as a tax haven.

See the article below for more about this.

https://tinyurl.com/stormgainoffshore

Stormgain does though seem to be transparent regarding its operating practices, it is well known and is an official sponsor of Newcastle United and Lazio FC.

I did my research and thought that I would give Stormgain a try.

It is quite easy to register, with only an e-mail address and a password and then you can verify your account using a text sent to your mobile.

The fees to buy 'Tether' on the platorm using a 'Visa' or 'Mastercard' are pretty high so I wouldn't recommend this at all.

I was attracted buy the promo which said that they would give me a $25 USDT trading bonus if I deposited $100 USDT to my trading account.

Instead of buying 'Tether' with a credit or debit card I deposited some 'Bitcoin Cash' instead.

Please note there is a minimum deposit of 0.003 BCH and any amount which you send less than this will not be credited.

I deposited the equivalent of $100 USDT using BCH and converted it into Tether using the Stormgain exchange for a small fee, and hey presto I received my $25 USDT trading bonus.

There is a caveat though. This bonus cannot be withdrawn and only used for trading, however you can keep any profit that you make from the trading bonus.

Be very careful when placing your first trade as the default option is to use your entire balance at a high leverage!

I think it is a good idea to just start with 10 USDT and set the leverage to the minimum of x5.

Also you can set a 'stop loss' amount and also an amount at which you can automatically 'take profit' which is a good idea to minimise the risk.

I tried doing a few trades and made a profit on some and lost some as well. I quickly realised that the odds are stacked in favour of Stormgain.

For a start there is a spread on the buy price and the sell price, so you always start from a losing position.

They also charge 0% commission on losing trades, but take a 10% cut of your profitable trades.

I figured out that over time unless I was very lucky I would steadily lose my money if I kept this up.

To me the fact that this platform is aimed at inexperienced investors is the reason that Stormgain makes a lot of money.

Below is a screenshot of some of my first trades.

Screenshot of my first trades on Stormgain

I decided that I wouldn't continue on this route, I learned from my experience and converted all my 'Tether' back to 'Bitcoin Cash' and withdrew it to my wallet for a low fee.

My trading bonus disappeared as I have withdrawn my funds but I got my BCH back safely.

If you ever want to withdraw your funds from Stormgain I would recommend converting them to BCH before doing so, the fees to withdraw 'Tether' are high.

Since then I have decided instead to pursue a risk free trading strategy using funds I have earned using the built in 'miner'

Whether this actually mines or not or whether it is a clever marketing strategy is up for debate, but it doesn't matter much its free to use.

Every 4 hours you need to manually activate the miner by solving a captcha then when you reach $10 USDT you can withdraw this to your trading account.

You cannot withdraw the funds but you can keep any profit you make from your trades.

I earned $10 USDT pretty quickly and have made a few profitable trades using my funds earned from mining.

I have started mining for my next $10 USDT now, below is a screenshot of my miner.

Screenshot of my Stormgain miner

If you sign up for Stormgain using this link you will get a $3 USDT bonus to get you started.

https://app.stormgain.com/friend/BNS112616673

Here below are a few of the trades which I have made using my mining bonus, the profits of which I have converted to BCH.

Screenshot of my trades using my mining bonus

I set my stop loss at -$9 USDT and to take profit at $3 USDT, but closed my positions manually before they hit the 'take profit' target.

If you only use the funds from the miner, then you can make a bit. I guess I could have let the profits run and make a bit more, but then the trades could always turn negative again.

However you decide to proceed is your choice, but for a safe trading strategy I am going to stick with only using my mining bonus.

If you made it to here thank you for reading, I hope you enjoyed this article.

If you are interested you can check out some of my other articles here.

https://read.cash/@onlymythoughts

Article is my own

Pictures: Screenshots from my Stormgain app

Lead image: Pixabay

Disclamer: This is not financial advice always do your own research.

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Written by   64
9 months ago
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Comments

Work on crypto is too hard can you only tell wether the free miner earning be withdrawn or not?

$ 0.00
9 months ago

No, but you can use it to trade and withdraw any profit you make.

$ 0.00
9 months ago

Well you can trade with minimum risk if you buy low and sell high and wait for your trade to be positive again but if BTC drops down and you have a leverage of about 10x only then you can easily lose your money if you went all in at first place.

$ 0.02
9 months ago

Thats right, thats the reason why I am only using the funds earned from the miner to trade. 😉

$ 0.00
9 months ago

for me ,its also financial advice yet you do it well for me. Thankss

$ 0.01
9 months ago

Glad you enjoyed the article.

$ 0.00
9 months ago