Avoid.

[Issa56]

I recently became a victim of an exchange, and I would advise everyone to be very cautious and avoid becoming a victim also. I came across an exchange that is not well-known or trusted, but as crypto traders, we are just looking for ways to make money, so I wanted to do something on the exchange, so I deposited XLM coin on the exchange, and within 3 minutes, I received the coin on the exchange, which is stormgain.com, so after doing everything and I wanted to withdraw my fund, after submitting my withdrawal request, I waited for about 6 hours but didn't receive any coin after about 24 hours, so I messaged them on Telegram and the admin told me to contact their support, which I did right away. After about 48 hours, I received a message saying my transaction was successful, but then they sent me another message saying my withdrawal was rejected, so I messaged them again
on Telegram and the admin asked me to contact the support team again which I did but have not heard from them again so pls we all have to be careful because for 2days now have not been able to withdraw my money, so we all have to be careful so that another person won't fall for this, have already forgotten about the money there but I don't want another person to fall.




My withdrawal was rejected without giving me any reason and I still contacted them but no response from them.




The money is just in my wallet in their exchange but I can't withdraw it.

Website link: https://stormgain.com/

[Yogee]

... but as crypto traders, we are just looking for ways to make money,

Crypto traders can still find ways to make money using more popular centralized exchanges. I think you were gambling since you already know the risk of depositing there.

Technical problems are common on newer exchanges but a customer support that doesn't respond properly is a red flag. I hope you didn't submit any personal information while trying to withdraw your balance.

[mk4]

Have you submitted AML/KYC? Because I assume this is pretty much what's going to be demanded; exchanges denying withdrawals and suddenly requiring KYC seems to be the norm these days. And while I don't want to defend them(never used StormGain, heard of it the first time today), this is pretty much like 90% of crypto exchanges, just bad customer support everywhere.

Unfortunately the only way to prevent these kinds of problems today is to simply comply, or to just use peer-to-peer exchanges like LocalCryptos and HodlHodl.

[dansus021]

Crypto traders can still find ways to make money using more popular centralized exchanges. I think you were gambling since you already know the risk of depositing there.

Technical problems are common on newer exchanges but a customer support that doesn't respond properly is a red flag. I hope you didn't submit any personal information while trying to withdraw your balance.

Agreed but this also give us a lesson back year ago one of my friend has same problem that exchange cant withdraw at all the name was cryptonetus but now the site was gone.

Like the @yogee if i were u i would prefer using popular exchange if you want ping-pong trade/arbitrade and nowadays u can  using dapp decentralized exchange rather rather than new site

[Upgrade00]

Do not rely on centralized third parties to mediate transactions
Some are more legitimate than others, but they all can lock up your funds and require you to prove to then why it should be returned. Doxxing yourself on so many websites also eliminates your privacy and pseudo anonymity. Most traders sign up to multiple platforms and undergo KYC, and they sometimes even forget where their private documents could be.
There's also the risk of hacks where you can lose your funds or your details gets stolen and used for illegal activities.

The money is just in my wallet in their exchange but I can't withdraw it.

Most probably is not, what you see on the exchange would be just a written balance, not your actual funds

[Issa56]

... but as crypto traders, we are just looking for ways to make money,

Crypto traders can still find ways to make money using more popular centralized exchanges. I think you were gambling since you already know the risk of depositing there.

Technical problems are common on newer exchanges but a customer support that doesn't respond properly is a red flag. I hope you didn't submit any personal information while trying to withdraw your balance.

I know I made a mistake which I accepted already but I don't want another person to fall for thesame thing that's why I decided post it here, and I believe some newbies that don't really know much about exchange can endup falling a victim too.

I didn't didn't submit my personal details the only thing I submitted is my mobile number and my Gmail.

Have you submitted AML/KYC? Because I assume this is pretty much what's going to be demanded; exchanges denying withdrawals and suddenly requiring KYC seems to be the norm these days. And while I don't want to defend them(never used StormGain, heard of it the first time today), this is pretty much like 90% of crypto exchanges, just bad customer support everywhere.

Unfortunately the only way to prevent these kinds of problems today is to simply comply, or to just use peer-to-peer exchanges like LocalCryptos and HodlHodl.

The exchange is not requesting for kyc, but after rejecting my withdrawal they are suppose to give reason why is rejected and after contacting their support they should respond and atleast tell me my error and what I have to do, but the withdrawal last for 48 hours before is been rejected and no reason for the rejection and support is not even responding.

[moderator's note: consecutive posts merged]

[UserU]

Have you submitted AML/KYC? Because I assume this is pretty much what's going to be demanded; exchanges denying withdrawals and suddenly requiring KYC seems to be the norm these days. And while I don't want to defend them(never used StormGain, heard of it the first time today), this is pretty much like 90% of crypto exchanges, just bad customer support everywhere.

Unfortunately the only way to prevent these kinds of problems today is to simply comply, or to just use peer-to-peer exchanges like LocalCryptos and HodlHodl.

It's one of the exchanges that give free USDT in the form of some cloud mining and it's quite heavily promoted. Users can cashout but only from the trading profits, with 50 USDT as the minimum threshold.

Most probably at that point is when they'd start asking for the KYC. Haven't reached my first one yet though.

[Stanlo]

It's almost same thing with the squid token, after people made over 4000% gains it's now impossible to withdraw, I mean you can't even sell lol, I just pity the newbies cos their is enough FOMO in the air to trap anyone who don't really understand what they are doing, without research you could end up losing it all

[DdmrDdmr]

<...>

I suppose that, when you are attempting to make the withdraw, you are taking into account what is mentioned here:

<…> Note: When withdrawing funds to Ripple (XRP) and Stellar (XLM) wallets, you must add a memo ID and tag. <…>

See: https://support.stormgain.com/articles/how-can-i-withdraw

You’re just above the minimum amount you need to have to withdraw, so that should this aspect should not be the issue (even when taking into account the fees): https://app.stormgain.com/fees-and-limits/payments

Other than that, there’s not much else to do other than to insist with Support (perhaps multichannel). Weekends may be slower in response time.

[Issa56]

<...>

I suppose that, when you are attempting to make the withdraw, you are taking into account what is mentioned here:

<…> Note: When withdrawing funds to Ripple (XRP) and Stellar (XLM) wallets, you must add a memo ID and tag. <…>

See: https://support.stormgain.com/articles/how-can-i-withdraw

You’re just above the minimum amount you need to have to withdraw, so that should this aspect should not be the issue (even when taking into account the fees): https://app.stormgain.com/fees-and-limits/payments

Other than that, there’s not much else to do other than to insist with Support (perhaps multichannel). Weekends may be slower in response time.

Thanks but I added the memo ID if I don't even add the memo ID I won't be able to click on withdrawal.

The amount I want to withdraw is above the minimum withdrawal and have not exceeded the maximum withdrawal.
I made the withdrawal more than 48 hours now before weekend.

[GeorgeJohn]

Since it's happen this way i think everyone that come across this information will not fall victim again towards it, this is totally scam of highest order from my perspective, after investment and gain are made but unable to withdraw, that is one of the reason i dont engage in all centralized exchanges, obviously you have reached their maximum requirements before you a withdrawal, because some platforms are like that, if you don't get ride to their particular requirements you wont be able to withdraw. I will say that you should keep on waiting incase it's their operating system that is the factor withholding the transaction not to reflect.

[passwordnow]

What you have experienced is the reason why I avoid using those unknown exchanges and swaps. They might seem to be good upon seeing them for the first time but reputation and customer service are very important to me. I may not have huge funds but I don't want to be in trouble of contacting the support again and again as that's a waste of time. Thank you for sharing this and I think there are a lot of traders that do like to test new exchanges and want to take the risk, if you're in for that and you don't mind having been in trouble and you only use an affordable amount, good luck to you.

[SquirrelJulietGarden]

I know I made a mistake which I accepted already but I don't want another person to fall for thesame thing that's why I decided post it here, and I believe some newbies that don't really know much about exchange can endup falling a victim too.

What coin do you want to trade on Stormgain and is it available on other exchanges, big ones?

If you can have bigger and better exchanges to trade that coin, why did you choose Stormgain?

You must think of it because if you don't learn from your lessons, you will repeat it and make deposits to other small exchanges. Stormgain is listed on coinmarketcap but it does not mean you can be safe there.

[Mpamaegbu]

Honestly, I hadn't heard about that exchange until this moment. The first thing I do whenever I read about an exchange or someone tells me is to check up the rating of the exchange. I also did so now and what I found on Coingecko about Stormgain didn't impress me at all. It scored low there for me.



I wouldn't get on that exchange for anything. Just look at the trading volume. It's a huge no-no. How do you trade on such an exchange and don't expect withdrawal issues will come up? Of course, the exchange wouldn't want people taking out the cash and reducing their trading capacity and volume. It may not even be a KYC/AML thing at the end. I hope OP learns a lesson from this encounter and begins to avoid such average exchanges. There's a reason they're average.

[libert19]

Should have did some research, I just checked play store reviews and this screams scam.