What is SnapEx? Should you trade on SnapEx? Check out this review and guide to registering on SnapEx right here!
On February 19, 2021, SnapEx announced it was ceasing operations, leaving many disappointed as it was arguably one of the first margin trading platforms for many users.
But perhaps not wanting to let its users down, SnapEx officially returned around September 2021 with exciting improvements. This article will help you learn about:
- What SnapEx is? A review of SnapEx’s advantages and disadvantages.
- A guide to SnapEx: account registration, identity verification, trading, deposits and withdrawals, etc.
- Finally, frequently asked questions about the KuCoin exchange.
What is SnapEx?
In its previous version, SnapEx was simply a derivatives exchange similar to Bingbon – one of the leading CFD margin trading platforms today. It stood out by allowing users to trade a wide range of assets, and its SNAP token was used to reduce trading fees or be exchanged for USDT upon reaching a specific threshold.
But in the new version launched in September 2021, SnapEx has returned with many exciting features besides asset trading. Let’s see what they are!
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 true exchange with its SNAP token. This makes SnapEx the first CFD platform with its own token.
- Referral commissions up to 50%: This is one of the ways SnapEx attracts users and supporters globally.
- The platform supports multiple languages.
- It has a mobile app.
- Allows you to view up to 6 charts simultaneously on your computer screen, a feature not many exchanges offer currently.
- K-line weighted feature: Averages the prices from 3 exchanges to determine the final price on SnapEx, making asset prices more transparent and accurate.
- No spread like other platforms; you place orders at the exact price you see.
Disadvantages
- The number of assets available for trading is quite limited.
- Requires a minimum of $5 per order.
- The highest leverage is only 100x, while other platforms like Bingbon offer up to 150x.
- Previously, the K-line weighted in the old version was an average of 4 exchanges, but in the new version, it’s only 3. While this doesn’t have a significant impact, it somewhat reduces accuracy compared to the previous version.
Fees on SnapEx
Trading Fees
When trading on SnapEx, you will have to pay the following fees:
- Trading 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 are only charged this fee when your order runs past 5:00 AM Vietnam GMT+7. This fee is calculated using the formula: Margin x (Leverage – 1) x 0.045%
Coin deposit and withdrawal fees
SnapEx does not charge deposit fees, but the withdrawal fee is 10 USDT per withdrawal.
SnapEx Interface Overview
The main SnapEx interface consists of:
[1] Trade: Where you can trade and choose the number of charts to display, up to 6 charts simultaneously, as mentioned above.
[2] Invite: Here you can get your referral link to invite friends.
[3] Finance: Currently only shows the Reward Hub, where you can view your rewards and the conditions to achieve them. For example, logging in consecutively for two weeks will earn you a certain amount of SNAP.
[4] More: Currently only has Affiliate, where you can learn more about the commission program for inviting friends.
[5] Token: Where SnapEx provides detailed information about the SNAP token.
[6] Campaign: All contests and programs from SnapEx will be displayed here.
[7] Login & Sign Up: Where you can register an account and log in.
[8] Language selection.
Right below are the prices of some assets supported for trading on SnapEx. You can click directly on the asset you want to trade.
How to Recover Your SnapEx Account
This step is only for those who:
- Have forgotten their regular account password.
- Want to recover an old account created before February 2021.
From the Login interface, click on “Forgot Password“.
Then, enter the required information such as your username, new password, and confirm the new password. Finally, click “Submit” to complete the process!
Guide to Registering on SnapEx
In this section, I will guide you through the registration and KYC identity verification process on SnapEx.
Preparation Before Registering
- Frequently used email address or phone number.
- Personal identification documents such as an ID card, driver’s license, or passport.
- Phone with Google Authenticator or Authy app installed.
Step 1: Register a SnapEx Account
To register on SnapEx, visit: https://www.snapex.com
Click the “Sign Up” button in the upper right corner of the screen to register.
Here you can register an account using either your phone number or email address.
- Step 1: Select your nationality.
- Step 2: Enter your email or phone number.
- Step 3: Click “Send” and enter the 6-digit code sent to your email or phone into the “Verification Code” field.
- Step 4 + 5: Enter and confirm your password.
- Step 6: Enter a referral code (if you have one).
- Step 7: Click “Sign Up”.
Next, SnapEx will ask you to log in with the email address (or phone number) you just registered. Enter your password and click “Submit” to finish!
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 the customers of a service. Basic information that is typically collected includes a portrait photo, ID card number, passport, address, and so on.
The purpose of KYC is to screen out individuals who do not meet certain criteria from using a particular service. These criteria can vary depending on the platform.
To complete the KYC process on SnapEx, follow these steps:
After logging in, hover your mouse over your profile icon and select “Verification”.
Enter the following information:
- Country/Region: Your country of residence.
- Name: Your full name.
- Certificate: ID Card, Passport, or other document.
- ID Number: Enter your ID card or passport number.
Upload the following images:
- A photo of your ID card or passport.
- A portrait photo of you holding your ID card or passport along with a handwritten note containing: SnapEx + KYC + date. For example, you would write: SnapEx KYC 2021-09-28.
After providing the information and images, click “Submit“.
After that, you just need to wait for SnapEx to review and verify your information!
Step 3: Enable 2FA Security on SnapEx
Enabling two-factor authentication (2FA) will enhance the security of your account. This code will be used every time you log in, withdraw funds, create an API, etc., and can be freely switched to SMS verification mode (and vice versa).
To enable 2FA for your SnapEx account, follow these steps:
From your profile menu, select “Account”.
Scroll down and click “Enable” in the “Google Auth” section
Click on “Send” to receive a code in your email, then enter the code into the “Verification Code” field and click “OK“.
You will be directed to an interface with instructions on how to set up Google Authenticator. Download the app according to your phone’s operating system and click “Next“.
Next, copy or scan this code into Google Authenticator.
Save this code as a backup in case you lose your authenticator.
Note: It is recommended that you write this code down carefully on paper, in case you lose your phone or experience any issues later. This will allow you to recover and log in to your SnapEx account.
Finally, enter your trading password and the 6-digit code from Google Authenticator, then select “Next“.
That’s it! You have completed the steps to register and secure your SnapEx account!
Guide to Trading on SnapEx
SnapEx currently supports viewing charts of 6 assets simultaneously, which is very convenient for trading. But for the sake of completeness, in this section, I will guide you through trading on a single chart.
Below is an overview of the trading interface on a single chart:
[1] Order Type: Where you decide whether to go Long or Short.
[2] Order Mode: Where you choose between Limit or Market order. If you choose Market, you cannot enter a price in the Margin field. If you choose Limit, you enter the Trigger price in the Margin field.
[3] Leverage: This is where you choose your leverage. You can enter it manually in the Leverage field or drag the slider below.
[4] Stop Loss/Take Profit: Where you enter your Stop Loss (SL) and Take Profit (TP) for the order. After entering, click on the Buy/Long or Sell/Short button below to place the order.
[5] Advanced Settings: Where you can adjust other parameters of the order, such as setting Take Profit and Stop Loss as a percentage instead of a specific price; choosing to hold the position overnight or automatically close it; and whether to require trade confirmation notifications.
[[6] Positions: Where you can view your active orders.
[7] Orders: Where you can view your pending orders.
[8] History: Where you can view your order history.
Frequently Asked Questions about SnapEx
Is SnapEx reputable?
In February 2021, SnapEx ceased operations until September 2021 when it reopened. According to some sources, SnapEx was sold to another party, so it can be said that its reputation has not yet been fully verified. However, since its establishment, SnapEx has established strategic partnerships with Ecotree, Coin25ex, and Bestex.
In 2018, they won the “2018 New Digital Asset Exchange” 1 award. I haven’t seen any articles or media channels mentioning SnapEx having a poor reputation during this period.
Has SnapEx been hacked or experienced frequent maintenance issues?
Except for the closure period from February to September 2021, SnapEx has never been hacked and has not experienced any maintenance issues.
Is SnapEx a scam?
As of now, no!
What trading markets does the platform support?
Based on the tested version, SnapEx currently only supports Margin Trading.
What is the SnapEx platform coin?
The SnapEx platform coin is SNAP.
Currently, SnapEx is using SNAP as a reward point for users who check in daily or complete tasks such as:
- General tasks: Registering an account, completing verification, linking a phone number, joining the Telegram group.
- Trading tasks: Placing an order once, reaching trading volumes of 5000 USDT, 20000 USDT, 50000 USDT, 100000 USDT.
- Referral tasks: Using a referral link to invite 3 friends.
In addition, SNAP can be used to deduct fees when trading and to calculate overnight trading fees.
You can learn more about the tokenomics of the SNAP token at: What is SNAP Token?
What are the deposit and withdrawal limits on SnapEx?
Withdrawal:
- Minimum withdrawal limit: 50 USDT.
- Maximum withdrawal limit: 20,000 USDT.
- Number of withdrawals per day: 3 times.
Deposit:
- Minimum deposit limit: 50 USDT or 0.002 BTC.
- Maximum deposit limit: None.
Does the exchange hold IEOs?
No! Currently, SnapEx does not have any IEOs or token sale programs on their platform. I will update this article when there is information from the exchange.
How to download the SnapEx App?
Currently, the SnapEx app is not yet operational.
Summary
More and more exchanges are launching to cater to the diverse needs of users. Let’s wait and see how SnapEx’s comeback unfolds!
With that, coinrin has introduced you to SnapEx and provided the most detailed guide to trading on the platform. If you have any questions or encounter any problems while using SnapEx, please leave a comment below to get immediate support!
