Farewell to StormGain

The Storm is passing: my farewell to StormGain

By Uncryptic | Uncryptic Crypto | 11 Mar 2024


I've had an email from crypto trading platform StormGain informing me that they are closing my account soon because I'm a UK resident:

StormGain not available in the UK

They are also urging me to "close any outstanding positions and withdraw your balance from your StormGain account". But my holdings on StormGain are less than their minimum withdrawal amount for most currencies: StormGain's minimum withdrawal for BTC, for example, is 0.0014 BTC - around $100 at today's prices:

StormGain minimum withdrawal amounts

I can't even exchange my assets for something like USDT, where there's no minimum withdrawal, as my ability to make exchanges has been revoked effective immediately.

Besides, the assets without a minimum withdrawal generally have a hefty withdrawal fee to compensate (0.003 ETH, for example - around $12). So those assets are just stuck and will be lost permanently on 25 March.

Not your keys...

I'm not upset though, as my assets on StormGain are just the result of trades made using 'earnings' from their free 'Cloud Miner'. You can't lose what you never really had. And I wouldn't be so stupid as to transfer my real assets into StormGain!

I put the word 'earnings' in inverted commas there because you can't withdraw the funds directly, just use them to trade with (and then withdraw the profits - assuming you're profitable enough to reach the withdrawal minimum).

I also put the word 'Cloud Miner' in inverted commas because you're not actually mining anything: it's more like an incentive from StormGain to use the app regularly. And since most people will never reach the point of being able to make a withdrawal, it's just wooden dollars.

Still, all this is another reminder (if one were needed): not your keys, not your crypto.

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Uncryptic
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You may remember me as Technically Product! I'm now called Uncryptic here on Publish0x to reflect my focus on crypto and explaining it in simple terms. I hope you find my writing useful.


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