StormGain, a modern cryptocurrency derivatives trading platform has just been named ‘Cryptocurrency Trading and Exchange Platform of the year’ by The European—a quarterly business publication that is available in print and digital format.
The European Global Business Awards
Each year, The European highlights companies in a wide range of industries that are doing the most to innovate and bring positive contributions to society.
The latest issue of the quarterly magazine highlights the winners of 82 different awards categories, ranging from the Most Innovative Healthcare Solutions Provider, to Bank of the Year, and Cryptocurrency Trading and Exchange Platform of The Year.
This year, StormGain was the only cryptocurrency business to make the cut, but a wide variety of other financial institutions and trading platforms also made the list under different award categories.
“We set out to build the best crypto trading platform in the world and we are proud to be recognized as such by the experts at The European. At StormGain we are always striving for excellence in service, and we’re ready to do even more for our clients and partners going forward,” said StormGain CEO Alex Althausen in a response to the win.
StormGain also currently holds the title of number 1 platform by interest rate on the CoinMarketCap interest tracker. As it stands, the exchange offers 10% APR on cryptocurrencies deposited on the platform, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and XRP, beating out major rivals like Celsius Network and Bitrue.
As a cryptocurrency derivatives exchange, StormGain allows users to trade a wide variety of crypto derivatives products, including futures for several popular cryptocurrencies, including Bitcoin, Ethereum, XRP, Dash and Monero. Futures are a simple type of derivative contract that allow traders to speculate on the direction of the market—allowing traders to go long if they believe the market will appreciate, or short if they believe a downturn is on the way. This essentially means traders can turn a profit regardless which direction the market moves in.
It also includes basic spot exchange and credit card purchase functionality, for those looking for a less complex way to invest in cryptocurrencies.
Cryptocurrency Derivatives are Taking Off
Cryptocurrency derivatives exchanges have exploded in popularity in recent years, as cryptocurrency traders increasingly look to benefit from the trading advantages that are offered by derivatives products.
Among these, the ability to trade with leverage makes futures trading a potentially lucrative exercise, since traders can multiply their exposure to market movements by up to 200x on StormGain, and up to 100x on competing platforms. As such, a normal market movement of 5% could yield as much as 1,000% profit if timed correctly. With that said, it is also possible to lose money just as fast, so it’s important to exercise caution and restraint when trading on leverage.
Recent estimates indicate that the cryptocurrency derivatives industry might now exceed the Bitcoin spot volume by as much as 18 times, as an increasing proportion of traders look to use derivatives for both speculation and hedging purposes.
Now that new platforms are emerging to make cryptocurrency derivatives trading simpler and easier to access than ever before, it appears likely that 2020 will be a major tipping point for the industry for an industry that previously accessible to only the most advanced traders.