Retail cashback reward programs are very popular among consumers. A majority of banks and credit card companies often utilize them to entice customers to use their services. Simply put, cashback reward programs are a great way for businesses to drive sales, drive volume, and even reward customers. In fact, several cryptocurrency firms such as Coinbase and BlockFi have revealed that they intend to introduce crypto-backed debit and credit cards that offer cashback rewards in crypto.
With that said, one Seattle-based cryptocurrency project has realized that cashback rewards are also a great way to introduce people to the world of cryptocurrencies. Through the cashback concept, online shoppers now have the opportunity to earn crypto as they shop. StormX is taking advantage of the popularity of cashback rewards and is offering a blockchain-based cashback program for online shopping with over 1,000 retailers. What is StormX and how exactly does it work? Let’s find out in the next section.
StromX is a decentralized global crypto-based cashback solution that runs on Ethereum. Users can engage with it by either installing the Chrome browser extension or by downloading the mobile app version of it. StormX aims at enabling users to earn rewards and cashback in crypto for their online purchases. However, the rewards differ in size depending on a participant’s membership level. It also offers additional features such as micro-task rewards where participants earn rewards by taking quick surveys and completing simple marketing tasks.
Some of the key features of StormX include:
StormX users can now earn cashback rewards at any of more than 1,000 online retailers. This includes retail giants such as Lenovo, Nike, Samsung, eBay, among others. The number of rewards earned depends on a user’s membership levels.
Although cashback rewards are the backbone of the platform, StormX also offers micro-tasking services as a way to earn STMX. By doing small tasks such as online surveys, trying out new apps or games, users can earn some extra STMX tokens as rewards for participation. Rewards are also available in other kinds of coins such as ETH, LTC, YFI, DAI, and BTC.
StormX’s main product is cashback services. However, the platform is diversified in regard to its product range. It offers several products to its users. These products include:
Users of StormX can still earn annual interest from their staked amounts with amounts accrued from staking being distributed to users on a weekly basis. There’s a guaranteed 10% annual return on every staked STMX. Not to mention, whenever you stake your tokens, you are not locked into a contractual obligation that requires you to stake them for a particular period of time. You can stop staking and access your tokens at any time.
The StormX debit card is another product that allows its users to make purchases anywhere where Google Pay, Samsung Pay, or Apple Pay is accepted. Funds on the debit card are held in STMX and are only converted to fiat money at the time of purchase.
There are six membership levels which include; Purple, Bronze, Silver, Gold, Platinum, and Diamond. The higher the platform level, the higher the final reward. Therefore, if someone were to make a purchase at one of the many partners, the Purple level membership may earn a crypto cashback of around $9 USD while the Diamond membership may earn a crypto cashback of around $31.50 USD.
The StormX coin, popularly known as STMX, is StormX’s native cryptocurrency for the platform. Because StormX is Ethereum-based, STMX is an ERC20 token that’s compatible with any and all Ethereum-based wallets. However, in order for this to work, the wallets must be connected to the StormX app. STMX was first listed on CoinmarketCap in 2017. In 2018, it experienced a subdued performance thanks to the market crash. However, this year, StormX has expanded its partner network, therefore, successfully growing in value since February 2021.
You can use STMX for two purposes; staking and governance. Governance is more straightforward as all you have to do is visit governance.stormx.io using a supported browser. Supported browsers include Chrome, Safari, or Microsoft Edge. You will be presented with all the proposals that are currently being voted upon along with a pie chart that reveals the current voting status. When it comes to staking, users are guaranteed a 10% annual yield from staking their STMX tokens.
The STMX token was previously referred to as STORM. In 2017, StormX held an ICO whereby the STORM token was sold helping the platform raise around $32 million USD. STORM tokens were replaced by the newer STMX tokens in June 2020. STMX tokens featured new security improvements that STORM tokens lacked, thus improving the overall decentralization of the platform. Additionally, you can stake STMX tokens today but it was impossible with the previous STORM tokens. The whole swap process ended in November 2020
If you are looking for a platform that can help you exchange ETH to STMX crypto without any hassles, then we recommend using Swapzone. SMTX exchange process is fairly simple and we will let you know how to do it below:
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.