On February 19, 2021, Snapex announced its shutdown, much to the dismay of many hearts because Snapex was probably one of the first Margin exchanges for many.
But perhaps not wanting to disappoint you, Snapex officially returns around September 2021 with interesting improvements. This article will help you know:
- What is Snapex Exchange? Evaluate the advantages and disadvantages of Snapex floor.
- Snapex floor guide: account registration, identity verification, transactions, withdrawals, deposits, ...
- Finally, there are frequently asked questions about the Kucoin exchange.
What is SnapEx exchange?
In the previous version, SnapEx was simply a derivatives exchange similar to Bingbon - one of the leading CFD Margin exchanges today, with the highlight of allowing diversified trading of assets, and SNAP token used to reduce transaction fees, or convert to USDT if a specific milestone is reached.
But in the new version released in September 2021, SnapEx is back with many interesting features besides asset trading. Let's see what it is!
SnapEx Review - SnapEx Review
Let's take a look at the advantages and disadvantages of the new version of SnapEx:
Advantages
- SnapEX is proving itself to be a real exchange with its SNAP token . This makes SnapEx the first CFD exchange with tokens.
- Up to 50% Referral Commission: This is one of the ways SnapEx attracts users and supporters globally.
- The floor is supporting many languages , including Vietnamese.
- There is App on mobile application.
- Allowing you to look at up to 6 charts at a time on your computer screen, this is probably a feature not many exchanges have until now.
- K-line weighted feature: Averaging the prices of 3 floors to get the final price in Snapex, making asset prices more transparent and accurate.
- Not spread like other exchanges, you place orders at whatever price is that price.
Defect
- The number of assets that can be traded is quite limited .
- Need at least $5 for an order.
- The highest leverage is only 100x , while other decks like Bingbon go up to 150x.
- Previously, K-line weighted in the old version was the average of 4 decks, but in the new version it's only 3 decks . Although this does not affect too much, it also somewhat reduces the accuracy compared to the previous version.
Fees on SnapEx exchange
Transaction fee
When trading on SnapEx, you will have to pay the following fees:
- Transaction fee: 0.15%. This fee is only charged when you place an order and that order is in the “on position” state.
- Overnight fee: You will only be charged this fee when the Order runs past the 5h00 Vietnam time GMT+7 mark. This fee is calculated according to the formula: Margin x (Leverage - 1) x 0.045%
Coin deposit and withdrawal fee
SnapEx does not charge a deposit fee, but the withdrawal fee will be 10 USDT per withdrawal.
Introduction to the SnapEx floor interface
At the main interface of SnapEx, there are:
[1] Trade: A place for you to trade as well as choose the number of charts to display, up to 6 charts at the same time as mentioned above.
[2] Invite: You get the link to invite your friends here.
[3] Finance: Currently there is only Reward Hub, where you can view your rewards along with the conditions to achieve. For example, if you log in for 2 weeks in a row, you will receive an amount of SNAP.
[4] More: Currently only Affiliate, where you can talk more about the program to receive commissions when you invite friends.
[5] Token: Where SnapEx introduces SNAP token details.
[6] Campaign: All SnapEx contests and programs will be displayed here.
[7] Login & Sign Up: Where to register an account and log in.
[8] Display language.
Right below is the price of some assets that are supported for trading on SnapEx, you can click directly on the asset you want to conduct the transaction.
Instructions for recovering SnapEx exchange account
This step is only for you guys:
- Forget the normal account.
- Want to get back the old account if created before 2/2021.
From the Login interface , click Forgot Password .
Then you enter the necessary information such as: Username , new password , reconfirm the new password , and then click Submit to complete!
Instructions to register for SnapEx exchange
In this section, I will guide you through KYC registration and identity verification on SnapEx.
Prepare before registration
- Email or phone number commonly used.
- Some personal papers such as ID card, ID card, driving license, passport...
- The phone comes with the Google Authenticator or Authy apps pre-installed .
Step 1: Register for a SnapEx exchange account
To register for SnapEx, please visit: https://www.snapex.com
Click the Sign Up button on the right corner of the screen to register.
Here you can register an account by phone number or Email .
- Step 1: Choose your nationality.
- Step 2: Enter Email or phone number.
- Step 3: Select Send and enter the 6-digit code sent to your email or phone message in the Verification Code box .
- Step 4 + 5: Enter and confirm the password.
- Step 6: Enter the referral code (if any).
- Step 7: Click Sign Up .
After that, Snapex floor will ask to log in with the registered Email (or phone number ), you fill in the password and select Submit !
Step 2: Identity Verification - KYC
First, you need to know what KYC is , KYC (Know Your Customer) is the process of collecting identifying information related to customers of a certain service. The basic information that is usually collected is a portrait photo, identification number, passport, address, etc.
The purpose of the KYC process is to remove unqualified people from using a certain service. With different units, these standards may be different.
To KYC your account on SnapEx, you need to follow these steps:
After logging in, point to your personal account and select Verification .
Enter the following information:
- Country/Region: Country of residence.
- Name: Full name.
- Certificate: ID Card (ID card), Passport or other documents.
- ID Number: Enter ID or Passport number.
Download images include:
- Photo of ID card or Passport .
- Portrait of brother holding ID card or Passport with handwritten form with content: SnapEx + KYC + date . For example, I would write: SnapEx KYC 2021-09-28.
After providing information and images, select Submit .
Then you just have to wait for SnapEx to check and verify it!
Step 3: Enable SnapEx 2FA security
Activating the two-factor security code (2FA) will help increase the security of your account. This code will be used every time for account login, withdrawal, API creation, etc. and can freely switch to SMS verification mode (reverse).
To enable 2FA for your SnapEx account, follow these steps:
In your personal account section , select Account .
You scroll down and click Enable in the Google Auth section .
Click Send to receive the code in the email, then enter the code in the Verification Code box and click OK .
You will be taken to an interface showing how to open Google Authenticator . Download the application according to the phone operating system and click Next .
Next, copy or scan this code into Google Authenticator.
Save this code for Backup in case the Authenticator is lost.
Note: You should save this code carefully on paper, in case you lose your phone or have a problem later, you can still restore it and log in to your SnapEx account.
Finally, enter your transaction password and 6-digit code in Google Authenticator, select Next.
So you have completed the steps to register and secure your SnapEx account!
Instructions for trading on Snapex exchange
Snapex currently supports viewing charts of 6 assets at the same time, so it is very convenient to trade. But for the most completeness, this part I will guide you to trade on 1 chart.
Here is an overview of the trading interface on 1 chart:
[1]: Where to decide whether to play Long or Short.
[2]: Where to choose Limit or Market orders. If it is Market, you cannot enter the price in the Margin box, and if it is Limit, you enter the Trigger price in the Margin box.
[3]: This is where the lever is chosen. You can enter as you like in the Leverage box, or manually drag it below.
[4]: Where to enter Stoploss (SL) and Take Profit (TP) of the order. After entering, you click the Buy/Long or Sell/Short button below to execute the order.
[5] Where to adjust some other parameters of the order such as Take Profit, Stoploss by percentage, not specific price; hang orders overnight or automatically cut off; and whether transaction confirmation is required or not.
[6]: Where to see the running command.
[7]: Where to view pending orders.
[8]: Where to view the history of commands.
Frequently asked questions about SnapEx exchange
Is SnapEx exchange reputable?
In February 2021, Snapex was shut down until September 2021 when it started to reopen. According to some sources, Snapex has been sold to another party, so it can be said that its credibility has not been verified. But since its inception, SnapEx has established strategic partnerships with Ecotree, Coin25ex and Bestex.
In 2018, they won the “2018 New Digital Asset Exchange” award. I also have not seen any articles or media channels mentioning that SnapEx is not reputable during this period.
Is SnapEx hacked or often suffers from maintenance failures?
Except for the period of closure from February to September 2021, SnapEx exchange has never been hacked and has not encountered any maintenance errors.
SnapEx exchange is a scam, right?
As of now, no!
What trading markets does the exchange support?
Based on Testet version, SnapEx currently only supports Margin Trading .
What is SnapEx exchange coin?
SnapEx exchange coin is SNAP.
Currently, SnapEx exchange is using SNAP to reward users who take attendance every day or complete tasks such as:
- General tasks: Account registration, verification, phone link, join Telegram group.
- Trading tasks: Place an order once, the transaction reaches 5000 USDT, 20000 USDT, 50000 USDT, 100000 USDT.
- Referral mission: Use the ref link to invite 3 friends.
In addition, SNAP can be used to deduct transaction fees and to charge overnight transaction fees.
You can learn more details about the tokenomics of SNAP token at: What is SNAP Token ?
What is the withdrawal limit on SnapEx exchange?
Withdraw money:
- Minimum withdrawal limit: 50 USDT.
- Maximum withdrawal limit: 20,000 USDT.
- Number of withdrawals per day: 3 times.
Recharge:
- Minimum deposit limit: 50 USDT or 0.002 BTC.
- Maximum deposit limit: None.
Does the exchange have an IEO?
No! Currently SnapEx does not have an IEO or a token sale program on their exchange. When there is information from the floor, I will update in the article.
How to download SnapEx App?
Currently, SnapEx exchange has not yet operated on the App version.
summary
More and more exchanges are launching to serve the different needs of the brothers. Let's wait and see how SnapEx's return will be!
So, cryptobnb has introduced you to SnapEx exchange and the most detailed instructions for trading on SnapEx, if you have any questions or problems in the process of using SnapEx, please comment below. for instant support!
