SnapEx is a derivatives exchange that enables the trading of digital assets and tokenized stocks while offering the smoothest user experience.
Trading, in and of itself, already has technical barriers to entry. Add in crypto to the mix and you got yourself a complex and scary concept that often scare away potential new traders. To address this issue, one platform dealt decided to provide novel opportunities for traders to help them tap the potential of digital currencies.
SnapEx’s team has a diverse background from various industries including banking, blockchain, and financial market, which equips the platform with the right expertise to enable it to thrive in a highly competitive industry.
And since its main focus is the Asian market, it is headquartered in Hong Kong and has offices in Malaysia, Vietnam, and Singapore.
What is SnapEx?
SnapEx is a derivatives exchange that enables the trading of digital assets while offering the smoothest user experience. The platform has been operating since 2018. It will be one of the first firms to offer tokenized stocks, allowing its users to trade stocks against digital currencies.
The platform primarily provides opportunities for traders to gain exposure to digital assets, including Bitcoin, Ethereum, Cardano, Litecoin, XRP, and more. Even though they are given the opportunity to get involved in cryptocurrencies, traders do not buy actual cryptos but trade price movements through derivatives contracts. The project also offers trading products, lending, and crowdfunding.
SnapEx already has a strong presence in Vietnam, Indonesia, India, the Philippines, Korea, Turkey, Malaysia, Bangladesh, and Pakistan. One of its main goals is to make crypto trading accessible to more people by making it affordable and easy to understand.
Why Use SnapEx?
Derivatives are ideal as a hedge against the volatility risk that cryptos pose and are useful for gaining the benefits of cryptocurrencies. They can also be used by merchants to open positions when they expect a plunge in an altcoin’s price, and execute an inverse, say, BTC/USD futures, to lock in a specific value to protect themselves from losses.
Let’s explore some of the benefits SnapEx offers to its users.
- Low Slippage
The SnapEx platform can reduce the impact of slippage while trading on the market price as much as possible. Trades are immediately executed, and no international slippage can happen if a user’s order has a short/long price synced with the current market’s short/long price.
- Low Commission
SnapEx’s commission is only 0.15%, which is relatively low. Moreover, users can utilize their SNAP tokens to gain commission discounts, which is another excellent addition to the token’s utility. Furthermore, the platform plans to launch fee rebate events, which could give traders returns proportional to their trade volume.
- Stablecoin Settlement
All settlements done inside SnapEx will be based on USDT and other stablecoins to prevent the risk of having significant losses caused by inadequate price anchors.
- CFD Trading Cryptocurrency
Contract for Difference or CFD enables platform users to speculate on a change in the price of a cryptocurrency which includes Bitcoin and Ethereum.
- Retail Level Crypto Trading
SnapEx desires to make crypto trading more affordable for the general public by bringing its price to the retail level. Moreover, it has also focused on making its platform user-friendly to encourage more traders to use it.
- TradingView Charts (better)
The platform uses TradingView to display platform charts that provide traders with quick access to various and relevant economic indicators that would help them formulate a proper technical analysis, which is necessary for executing trades well. This is different from the generic candle charts offered by many crypto exchanges, which lack indicators and other functionality.
- Affiliate Program
SnapEx has a dedicated page for affiliate programs and pays affiliates 10% of referral commissions.
Traders and interested users can access SnapEx on both Android and AppStore, which means that, aside from using PCs and laptops, they can also trade in their smartphones and tablets.
- Strong Client Support
SnapEx users need not explore the platform all on their own as they can contact SnapEx’s Help Centre to ask questions whenever they experience difficulties or confusion in using its services.
One of the protections that the platform provides on traders is the stop and take profit order options, enabling users to better manage the risks they will encounter.
- Other Benefits
Here are additional benefits that traders need to know: SnapeEx has sizable leverage of between 10x to 100x; users can accumulate SNAP points by completing tasks and converting these points into USDT, demo account availability, and maximum withdrawal of 100,000 USDT.
1. The platform will soon offer hedging orders to protect users from clawbacks when their accounts plunge under the maintenance margin.
2. Users will soon be able to use its social trading feature that would allow them to mirror-trade their preferred traders to increase their chances of hitting successful trades.
3. Support for OMNI, ERC20, and TRC20 standards.
4. Cryptographically validated and immutable audit trail for all transactions done within SnapEx.
5. Stock Market Products
SnapeEx’s native blockchain protocol, SNAP token, is set to be the world’s first CFD token and is equipped with incentive schemes designed to manage the circulating supply of its tokens properly.
It fuses the DeFi and CEX model, allowing retail and institutional level customers to join in crypto CFD trading. Here are the major features of SNAP Token:
1. The platform will utilize 20% of trading fees to buy back SNAP tokens in the marketplace and will be kept for future transactions.
2. SNAP token holders will have the privilege to join in SnapEx’s launchpad and gain additional rewards with staking.
3. SNAP holders with enough tokens will be eligible for rebates from their OTC trading transactions on SnapeEx.
4. Traders can use SNAP tokens as collateral for margin and futures positions.
5. Holders will have the opportunity to have up to a 70% discount on trading fees and management fees.
SnapQuant is a feature that enables users to establish their trading strategies on the platform while SnapEx will provide traders with a server to help them execute their trades.
SnapEx aims to better hone its trading algorithm by storing user records and feeding them into its system, which will thoroughly analyze and select the ones that can truly improve its algorithm. Additionally, SnapQuant uses artificial intelligence and machine learning to pick for the ‘alpha’ in executing trades, allowing users to input their trading algorithms to further improve SnapEx’s performance over its competitors.
Deposit and Withdrawals
Quick reminder: Users can deposit and withdraw funds in Bitcoin, Ethereum, and USDT, and traders who don’t possess these cryptos, can buy fiat money on the OTC platform to fill their accounts.
Crypto Deposit Transactions
- Traders who already have Bitcoin, Ethereum, and Tether must go to the “Deposit” page, under the “Assets” dropdown menu.
- Next, they need to select the crypto they want to deposit, copy the address, scan the QR code and complete the deposit process. They also need to check the indicated minimum deposit because any deposits less than that amount will not be processed by the system.
Fiat Currency Deposit
To buy Bitcoin with fiat money, go to the “Buy Crypto” page. The platform allows users to buy BTC using credit cards in Euro and Dollars, and all the purchased Bitcoins are converted right away into USDT and will reflect on users’ USDT wallet.
Users need to enter their wallet and address and the amount of crypto they want to transfer. They can also get notifications through Google Authenticator, SMS, or email regarding the confirmation of their transactions.
Cryptocurrencies are one of the most, if not the most, innovative assets of the decade. However, if we were are to welcome billions of people across the globe to this the new market, we need to make it as user-friendly and familiar as possible while offering more features and possibilities that would present them with enormous opportunities.
With this dilemma, SnapEx offered a heaven-sent solution by protecting traders from cryptos’ dangers while allowing them to access these benefits all at the same time.