My Experience with StormGain Miner

So as many of you may have seen StormGain is advertising loads at the moment. Besides being a cryptocurrency trading platform StormGain has now developed a mining tool in their app, which you can run in the background and won't need heavy mining equipment for. Sounds great right? So I decided to test it for myself. Note: this is not a review of StormGain as a trading platform, but I will just be discussing the mining feature.

What does it say it will do?

Usually if you want to get into the mining business you will need to get some decent hardware, set up your computer and find a profitable way or coin to mine. This can be quite tricky and especially if you don't want to put an investment in hardware in most people get deterred from mining. Since mining from your phone's hardware is illegal (as it could damage the hardware on your phone AppleStore and PlayStore don't offer any mobile mining apps) that leaves crypto beginners with little to no mining options.

StormGain says it can solve these problems by offering you an in-app mining application that does not require the hardware on your phone to be used. Instead, you simply open the app, press the mining button every 4 hours and you will get bits of mining rewards. StormGain is a so-called cloud mining app, so it does not produce high electricity bills or lots of costs on hardware.

What does it actually do?

I read many mixed reviews from it's a scam to it works pretty well so I decided to try for myself. Simply download the StormGain app, make a profile and get started. You don't have to deposit funds to get started simply go to the miner section and press start mining. When 4 hours have passed you can press the button again and it will keep accumulating.

I found the app very straightforward and every block of 4 hours some rewards are given to your miner. You have to wait until it reaches a value of 10 USDT before you can withdraw to the in-app wallet. The first 10 USDT is reached pretty quickly (it took me about 4 days I did not press the button every 4 hours for obvious reasons of sleep and work).

Sounds pretty good right? But there are some things to be aware of:

Your rewards are in USDT. Even though it calls itself a Bitcoin Miner you will receive your rewards in USDT. So if you came for easy bitcoin money, this is not what you will find here.
Mining after the first 10 USDT goes pretty slow. You can increase it by trading on their crypto trading platform in the app, but that requires quite some trading volume.
Your rewards will go to your StormGain wallet and can only be traded there, you cannot move the money you make on mining to an outside wallet, you can however, move the profits you make on your trades to an outside wallet and to do that you need to exceed 50 USDT value.

And this last point is it's main catch: your money is basically trapped in the StormGain wallet unless you have a high volume and make a profit or if you are extremely lucky with your small volume to make a really large profit.

So what is this trading thing?

In the StormGain app you can earn your money by futures trading. To learn what that is visit: What is Futures Trading but in a nutshell: you are betting on what the market will do next. To help you with this StormGain has a demoaccount so you can try it out before you commit. It also gives you signals or giving you a heads up if they think a crypto is going to increase or decrease in value. If you were right about the future price you win and if not you lose the money you have decided to put in. You determine when you want to take profit, when you want to stop the loss and at what price you want to start and/or stop.

You can therefore best see the mining in StormGain as providing you with in-app tokens to trade with that could potentially become real money that you can move to an outside wallet if you are doing very well with the trading. Please note that trading is a pretty risky thing to do, so if you are new to crypto and don't fully know what you are doing I would not recommend putting your own money into a Futures account.

StormGain miner: yay or nay?

In the end I mined 10 USDT, moved it out of the miner and into the StormGain trading platform and tried to make some trades. In the end I managed to increase my funds to about 15 USDT (lost some, won some, lost some again and won a bit more) when I grew bored of it mostly because my goal was to hopefully move my funds out of StormGain to elsewhere. So for me it was a nay, but here a couple of considerations:

If you want to make quick money and deposit that into another wallet it is a definite nay. It takes time to mine, risk to trade and 50 USDT is a long way off....
If you want to figure out how futures trading works without sinking your own hard earned cash in then you could give it a try here in that case it's a good way to practice with real money that you didn't pay for.
If you want to mine but don't want to invest in a computer, pay the electricity etc I still don't think it is a great option. Unfortunately mobile mining just isn't really a profitable thing at the moment.

So my conclusion is don't be afraid to try it, but don't expect to make any money on it. If you do want to try it and start with 3 USDT you can use my Referral link Note: I benefit from this on my account, so if you feel uncomfortable with that just directly download the app yourself.

Note: I do not give financial advice nor am I a professional in this field, always do your own research and base your decisions on that.