Is StormGain Legal in Malaysia? Is StormGain Safe?
Choosing a trustworthy cryptocurrency exchange is crucial as it directly impacts the safety and security of your digital assets. The high risk of scams in this area necessitates extreme caution from users.
Our analysts have noticed a growing interest in StormGain services among users in the Malaysia. However, questions remain regarding its safety and legal status within the Malaysia. Traders Union experts have addressed this concern by crafting a detailed review that explores both the pros and cons of using StormGain.
So, let us tell you if StormGain is allowed in the Malaysia and if it's safe to use for trading.
Short summary about the StormGain exchange
The StormGain cryptocurrency exchange is a platform for cryptocurrency trading and exchange. Bitcoin, Tether, Dash, Monero, Tron, and dozens of other cryptocurrencies and tokens are traded on this exchange. The platform has its proprietary trading terminal, of which there are browser and mobile versions. StormGain offers a standard referral and loyalty program to improve trading terms. There is also an investment deposit program with a profit of up to 12% per annum. The platform provides basic training guides, and there is a high-quality support service operating twenty-four/seven. The Bitcoin mining function with its zero commissions is an important cryptocurrency exchange feature. The commission fee is charged only on successful trades in the amount of 10% of the trader's profit.
| 💰 Account currency: | Cryptocurrencies |
| 🚀 Minimum deposit: | USD 1 |
| ⚖️ Leverage: | 1:300 |
| 💱 Spread: | Market |
| 🔧 Instruments: | USDT, BTC, ETH cryptocurrencies, etc. |
| 💹 Margin Call / Stop Out: | No |
StormGain Pros and Cons
👍 StormGain Pros:
•all major cryptocurrencies are traded and exchanged on the exchange;
•the website provides the user with a free cryptocurrency wallet;
•simple verification, intuitive interface;
•increased security for data and personal information;
•there are opportunities for passive earnings (deposit and mining);
•no trading commissions,
•fees are activated only on profitable trades;
•localization into the world’s main languages.
👎 StormGain Cons:
•there are no instruments with fiat funds on the cryptocurrency exchange;
•there is no hot way to store cryptocurrencies.
Rules and Regulation
Licensing in Malaysia
Malaysia's approach to cryptocurrency is evolving. Regulation depends on your activity:
- The Securities Commission Malaysia (SC) regulates entities dealing with cryptos considered “securities”. You might need to register with the SC depending on your specific services.
- The regulations are less clear for other crypto businesses. While Bank Negara Malaysia (The Central Bank of Malaysia | BNM) is involved, specific licenses might not be available yet.
Investor protection in Malaysia
Formal investor protection schemes specifically for crypto are not yet established in Malaysia. Regulations for entities dealing with cryptos as securities (under the SC) offer some level of oversight.
Taxation in Malaysia
Cryptocurrency is not recognized as legal tender in Malaysia. The taxation of crypto gains is still under development. It's best to consult with a Malaysian tax professional for the latest guidance on reporting crypto gains.
Is StormGain legal in Malaysia? Does it have a license?
Before you start working with an exchange, it is important that you check whether it has a financial license. Exchanges may be regulated by various financial regulatory authorities, including central banks, securities and exchange commissions or even regional bodies. A cryptocurrency exchange may not be regulated in Malaysia, but it can hold a license issued by another reliable regulator. Below, you can find out about the regulation of the StormGain cryptocurrency exchange.
| StormGain | |
|---|---|
| SEC | No |
| FINRA | No |
| SIPC Protection | No |
| Other regulators | No |
Cryptocurrency exchanges often hide information about the company, and it could be very difficult to find it to check whether the crypto exchange is legit or not. However, you still need to try.
Take notice of the following information:
-
Name of the broker.
-
Country of registration.
-
Registration license number.
-
Legal address.
As a rule, this kind of information can be found in the About Us section, in the disclaimer or in the regulatory documents of a cryptocurrency exchange: Terms and Conditions. As for the license, a crypto exchange might not have this document. This is due to the peculiarities of cryptocurrency regulation, as many countries still have not adopted the licensing law in this area.
Do I recommend using StormGain in the Malaysia?
The StormGain cryptocurrency exchange can be chosen by clients from Malaysia, although there are certain nuances. The exchange does not have a financial license, but that is rather because the financial regulator of Malaysia does not issue the licenses to crypto exchanges in general. There have been certain security-related incidents, but those very singular cases. The reputation of the exchange can be considered standard.
FAQ
Can I work with crypto exchanges considering that they don’t have a license in Malaysia?
The fact that a crypto exchange does not have a license doesn’t mean that traders from Malaysia will have problems while working with it. Cryptocurrency exchanges are not subject to licensing in many countries, while there are many exchanges with good reputation. Assess the available information about the exchange and check its reputation.
What security methods for account protection do crypto exchanges employ?
Cryptocurrency exchanges may offer various security methods. These include the two-factor authentication, first and foremost, and also such methods as a security question, additional passwords, etc.
Can an exchange that has had a security-related incident in the past be trusted?
You need to check whether such incidents were regular. If it was one episode several years ago, while the reputation of the exchange is good, you can work with such an exchange.
Should I work with an exchange if I have doubts about its reputation?
No. Always choose the cryptocurrency exchanges that have a good reputation.
Related Articles
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.