The popular European crypto trading platform StormGain is catering to its user base’s desire for self-custody of their assets with the launch of its alternative, decentralized exchange, known as StormGain DEX.
The launch of StormGain DEX follows a successful beta testing period and means its users now have a way to trade digital assets with no custodial risk. With it, users simply link a supported wallet to the DEX, meaning they can retain control of their private keys, then begin trading through smart contracts.
Experienced traders will be familiar with StormGain, which is one of the most popular European centralized cryptocurrency exchanges and widely known for its strong customer reviews, trusted by millions of traders. By launching its DEX platform, StormGain is providing an alternative to traders who may have become wary of entrusting their digital assets to any CEX platform. Such fears have risen sharply in the wake of the collapse of the once highly respected FTX platform, which suddenly suspended withdrawals late last year before filing for bankruptcy, leaving thousands of customers with no way of getting their funds back.
DEXs are much safer because there’s no need for traders to deposit their assets into an exchange’s wallet. Rather, they connect their wallet to the platform and engage in trading through smart contracts, retaining control of their crypto at all times. So, even if the platform collapses or goes offline, users cannot lose access to their crypto.
With StormGain DEX, the company promises that orders will be executed promptly and efficiently, with users trading between themselves via smart contracts. So there’s no need to make any deposit or even register to use the platform. Simply link a wallet such as MetaMask or Argent and start trading. Whenever a user sends funds to the platform, a trade will be opened and their order matched to a willing buyer/seller and settled rapidly on the blockchain.
Unlike other DEXs, StormGain DEX claims a significant advantage in both its brand reputation and its incredibly deep liquidity. One of the problems associated with trading on DEXs is that they suffer from a lack of liquidity, leading to high slippage for traders. StormGain DEX avoids this by pairing its platform with the StormGain CEX, using its liquidity to facilitate decentralized trades. As a result, users will suffer from much lower slippage, ensuring their orders are executed at the desired price point, Stormgain said.
Add to that its slick, highly responsive and easy-to-use web and smartphone apps, a vast array of crypto instruments such as tokenized commodities and crypto options, customer support in multiple languages, cloud mining capabilities, and StormGain DEX has everything required to emerge as a solid player in the decentralized trading space.