SnapEx Review: Complete Exchange Overview
SnapEx is a cryptocurrency contract trading platform that allows users to trade in cryptocurrency markets without having to directly own digital assets. The company is headquartered in Hong Kong and professes to have offices in various parts of the world, including Seychelles, Singapore, South Korea, Japan, Malaysia, Vietnam, and many more. In this SnapEX review, you’ll learn more about this new and innovative trading platform.
As per the SnapEx company profile, contract trading on SnapEx allows users the possibility to sustain profits and losses in both bullish and bearish markets, with a “propriety platform built on fairness, transparency and flexibility to users’ trading strategies.” The platform offers one of the lowest entry points into the leverage trading markets, with as little as 5 USDT being enough to initiate a trade on the cryptocurrency contract trading platform.
SnapEX does not charge deposit fees for USDT-Omni, USDT-ERC20 and BTC. However, the platform charges 0.003ETH for Ethereum deposits.
When withdrawing, SnapEx charges a similar withdrawal fee for Ethereum.
- USDT-Omni = 10 USDT
- USDT-ERC20 = 5 USDT
- BTC = 10 USDT
SnapEx charges a flat 0.15% fee once a position is opened, and will not charge additional fees when the position is closed. The platform also does not have hidden transaction fees and boasts a tight spread with minimal slippage. In addition, holding SNAP points opens the door to reduced transaction fees, which are set to be announced in the official SnapEx Help Center.
There are several ways to deposit funds on SnapEx. You can deposit in USDT or BTC directly to the exchange, buy using a credit or debit card, or buy USDT using the OTC (over the counter) market feature. The SnapEx team created a simple tutorial to show users how to deposit funds to their wallet which is great for inexperienced traders.
On the flipside, withdrawing funds is also simple – the SnapEX team created this tutorial video on how traders may withdraw their earnings safely, which can be done on both the desktop and on mobile platforms. Thankfully, SnapEx has integrated both desktop and mobile usability, allowing for full functionality across platforms and the option to trade on the go.
The cryptocurrency exchange focuses primarily on derivatives, offering a selection of currencies to trade against USDT. At the time of writing, such currencies include: BTC, ETH, LTC, XRP, EOS, ADA, BCH and ETC against US Dollar Tether.
As you may know, leverage trading allows traders to use a financial instrument on margin. Effectively, traders borrow money from the SnapEx exchange in order to buy and sell bitcoin, and other supported digital currencies. This loan from the exchange allows users to purchase contracts that one might otherwise not be able to, and trade for amplified gains or losses.
To this end, SnapEx offers a familiar trading experience to that of Phemex or Bybit. As with similar exchange, users are able to set both limit and market orders with a set stop-loss and take profit function all at one go. This appears to be an attempt to streamline the buy and sell process in the cryptocurrency contracts trading landscape, but ultimately doesn’t provide any meaningful difference to competitors in the space.
US traders are currently barred from the SnapEx trading platform. As such, users attempting to use the service from unsupported countries have to use workaround solutions in order to access the platform. Most traders in restricted areas use a VPN to access the platform. The most popular one among Bitcoin traders is NordVPN.
From an average trader’s perspective, SnapEx has a standard exchange charting system powered by TradingView. Unlike Phemex, the exchange is not modular and has a fixed design with the possibility of switching from light to dark mode. The simple Trading-View-powered platform provides chart data, live positions, the order menu and contract details.
The trading view chart features several commonly used time-frames, though arguably not enough for professional traders. However, the settings on offer allow a trader to gauge the market on some key timeframes, including the 1 minute, 5 minutes, 15, minute, 1 hour, 4-hour, and daily charts. This provides the essentials for a basic trading experience. Traders can choose from all the available indicators on the platform. On the plus side, there are no limits on the number of indicators per chart, which is great for traders looking for confluence of a variety of indicators for their trades.
The trading page supports multiple charts on a display, which is a good feature to have for those dealing with multiple trading pairs at the same time. Oddly enough, the bottom right corner features a short introduction to bitcoin with references to the bitcoin white-paper, making the case for “fast and anonymous transactions” using Satoshi Nakamoto’s SHA-256 protocol. In a future build, it would be better if this section were to display the order history or liquidations on the exchange bearing in mind that most traders looking to trade bitcoin futures are probably very familiar with what bitcoin is. That said, it’s nice that the exchange refers to the original white-paper, despite the fact that bitcoin transactions are more pseudonymous than anything else.
Fortunately, SnapEX has never been hacked. Also, all funds are stored in cold storage, which is the most secure way to store crypto. Rest assured, your funds are most likely just as safe on SnapEX as on its direct competitors.
The website does not feature the team and only refers to the people running the show as a “professional R&D and dedicated management team”. However, if one searches on LinkedIn several employees can be found there, ranging from the head of digital marketing to business development managers working with the company.
SnapWallet technical details
From a technical standpoint, the SnapEx R&D team created a user-oriented, multi-signature digital currency cold wallet, which stores USDT and BTC holdings under encryption that is “never connected to the internet”. At the same time, an integrated hot wallet is also included to facilitate transactions using a 3-wallet mechanism.
When using the SnapWallet, user data is encrypted in order to prevent any monitoring. This is also facilitated through multi-sig support, where transactions generate a unique cold wallet address through the public key of three separate wallets.
For a transaction to take place, SnapWallet requires at least two out of three devices to complete the signature and subsequently give the go-ahead for the transaction. The signature data of the cold wallet will need to be transferred between different devices, whereby the data usually exceeds the capacity of a single two-dimensional code.
As opposed to conventional software vendors, the SnapWallet uses a QR code system to generate signatures instantly. The transmitted data reaches a speed of 125kb per second, which the team boasts is “the first time the technology has been applied in the industry.”
The data is transmitted from one end to the other, whereby the transmission speed of the two-dimensional codes reaches 125kb per second. This marks the first time the technology has been applied in the industry.
As with most exchanges, SnapEX has a direct line of customer support as well as an FAQ with exhaustive information about features and frequently asked questions on how to operate and navigate the exchange. The company boasts that it also provides support and knowledge pertaining to major trading platforms in the industry, most probably to help users shift to the SnapEx platform safely without any issues.
The company handles support directly on its Telegram chat groups as well as on its platform. One can expect a response on the email system in about 24-48 hours and the support staff is very helpful in providing answers. The English-speaking version for the telegram chat is available here. The platform has a presence on most social media platforms and its track record for customer support is more or less solid.
SnapEx is clearly a platform in its infancy that is trying to compete in a market with huge upside potential for user growth. The direct competitors to SnapEX would be Phemex and ByBit. Indeed, SnapEX does provide a competitive platform, and anyone looking for a reliable trading platform should switch to SnapEX. Since the exchange works off a K line of 3 major exchanges – Binance, OKEx and Huobi – one of the main upsides to this platform is that it suffers from virtually no slippage, mitigating risks if and when price volatility exceeds expectations.
The attempt to capture market share from established exchanges might be stifled considering the very similar trading experience, save the additional charting which could be useful for traders who have that preference. Of course, this is not enough to entice a shift but could serve as an acceptable platform for new beginners in the space, especially given the “demo” account function. While the relatively simple setup helps, the fact that users must go through KYC presents another step for traders who are used to simple experiences that only require an email-signup.
Overall, the platform gets a pass for its trading experience and caters towards new traders in the bitcoin contract trading space. The Help Centre provides enough content, tutorials, and videos for users to be shown the ropes about cryptocurrency leveraged trading. Rest assured, if you’re looking for a Bitcoin trading platform with great user experience, you should sign up to SnapEx.