Deposit and Withdraw Funds

How to Deposit into your Snap Wallet?

There are two(2) methods to deposit USDT into your Snap Wallet:

1. You can buy BTC with your credit card; or

2. You can transfer USDT from an external wallet.

Note: Users whose local currency is CNY can only buy USDT from OTC 365 or transfer it from an external wallet.

Buying BTC with the credit card

1. Click on the OTC icon under the Account tab.

2. Click the filter icon to select your local currency (except for CNY) and choose the currency you want to pay with. Currently, we only support USD and EUR. Then key in the amount of BTC that you wish to purchase.

3. Click Buy BTC to proceed and follow the steps listed in the following pages to complete the purchase. 

Note: The BTC that you bought will be automatically converted into USDT.

Transfer USDT from an external wallet

1. To transfer USDT from an external wallet, click on the Wallet icon under the Account tab.

2. Choose the USDT type (OMNI/ERC20) that you wish to deposit, and then scan your SnapEx Wallet QR code address from your external wallet; or

Note: OMNI USDT utilizes the BTC network for deposits and withdrawals while ERC20 USDT utilizes the Ethereum network.

3. Copy your SnapEx Wallet Address link and paste it to the transfer page of your external wallet.

How to Withdraw from your Snap Wallet?

You can withdraw USDT from your Snap Wallet by transferring it to an external wallet.

Note: Users whose local currency is CNY can also sell USDT to OTC.

1. To transfer USDT to an external wallet, click on the Wallet icon under the Account tab.

2. Choose the USDT type (OMNI/ERC20) that you wish to withdraw, and then key in the address of your external wallet and the withdrawal amount.

3. Request a verification code by clicking SMS Code, and key in the code once you receive it.

4. Click on Confirm to complete the transaction.

Deposit with Your Credit Card

1. Click 【OTC】>【Buy】, select your local currency (except for CNY),  then choose the currency you want to pay with. Currently, we only support USD and EUR.

2. Fill in the amount to be purchased. Click 【Buy】. It will be automatically exchanged to USDT based on the current market rate of BTC. 

3. Fill in your credit card details and click 【PAY NOW】

4. Verify your email and phone number

5. Complete KYC by filling in your personal information.

6. Complete the next few steps of the payment.

Note: If you have any problems with your payment, you can contact Simplex Customer Service directly. (https://www.simplex.com/) 
 

For other deposit methods, please click: http://t.cn/Ai0jDmL6  

How is a buy or sell limit order executed on SnapEx?

A buy or sell limit order is an order to sell or buy a certain amount of coins at a specific price.

How does it work? If you want to buy (long) BTC at $8,500 when the current market price is $8,600, you can place a limit order that won’t be filled unless the price you set becomes available. When that happens, your buy (long) order will be filled at $8,500.

The same applies for sell limit orders. If you want to sell (short) BTC at $8,700 when the market price is $8,600, you can place a limit order that will be filled once the price you set becomes available.

When placing a buy or sell limit orders, it’s important to note that:

• A Buy/Long limit order is based on the Ask price. The buy limit order will only be executed when the asking price is at the limit price specified in the order.

• A Sell/Short limit order is based on the Bid price. The sell limit order will only be executed when the bidding price is at the limit price specified in the order.

• Bid price and Ask price are never the same, as it represents the different prices that buyers (long) and sellers (short) are willing to trade.

• Limit orders will be executed based on Bid or Ask price, not the K-line.

Buy Limit Order (Example):

A trader is expecting the price of BTC to temporarily pull back then increase and wants to go long. He places a limit order (2) to Buy/Long BTC at $8,220.50 with a margin of $100 at 10x leverage. The K-line price (1) for BTC at the moment the limit order was placed is $8,325.47. Once the Ask price (3) reaches $8,220.50, the buy limit order will be executed.

Note: Buy limit orders will not be executed even when the Bid price reaches $8,220.50. It will only be executed when Ask price reaches $8,220.50.

Sell Limit Order (Example):

Another trader instead foresees the price of BTC will go bearish in the short term and may decrease from the current market price of $8,325 to $8,100. He places a limit order (2) to Sell/Short BTC at $8,240.90 with a margin of $100 at 10x leverage. The K-line price (1) for BTC at the moment the limit order was placed is $8,325.21. Once the Bid price (3) reaches $8,240.90, the sell limit order will be executed.

Note: Sell limit orders will not be executed even when the Ask price reaches $8,240.90. It will only be executed when the Bid price reaches $8,240.90.

Limit orders are incredibly useful to place orders in advance based on your analysis of the movement that a cryptocurrency price will make. It helps traders automate their orders and perform better trade management.

When is the buy or sell limit order executed on SnapEx?

The K-line price indicated on SnapEx is a weighted average of prices pulled from four large cryptocurrency exchanges. The purpose of the K-line is to show the most accurate market price for traders.

The K-line is a fair and transparent indicator, but not the price line by which limit orders are executed. Similar to how all other trading platforms work, limit orders are only executed when the Bid or Ask price is met (depending on the long or short order placed).

Start Trading and Open a Position

Margin, Leverage and Position

Position = Margin x Leverage / Open Price

For example, if a user utilizes 200 USDT as the Margin and 40X leverages, the user can open a position of a total of 8,000 USDT (around 2 BTC).

It is recommended that you choose the appropriate margin and leverage level according to your risk tolerance level. The higher the leverage, the lower the margin and the higher the risk and return. And vice versa.

How to place an order?

1. Click “Market” and select the cryptocurrency you want to trade.

2. There are two modes in the "Trade" interface-"Quick" and "Pro".

a. Under "Quick" mode, users need to set the Margin and Leverage in the window, then select "Buy / Long" or "Sell / Short".

b. Under "Pro" mode, users need to select "Buy / Long" or "Sell / Short", and then set the Margin, Leverage,Take Profit and Stop Loss in the window.

How to check your positions?

1. Click “Position” to view position details. You can close the position at any time. The system will close the position automatically when the Take Profit/Stop Loss price is reached.

2. In “Position Details”, you can choose to change Take Profit/Stop Loss, Hold Overnight, add Variation Margin, Add or Close.

a. Key in the variation amount that you want to add and click "OK".

b. Click "Add" to add a new order with the same margin, leverage and direction as the old one.

Why Choose SnapEx?

The cryptocurrency trading market is far more matured compared to the pre-2017 bull market. There are many services that offer cryptocurrency margin trading, spot trading, and contract trading. Although the general service offered are similar, there are few yet crucial differences between these services.

This article is meant to help you understand SnapEx better in the context of other cryptocurrency trading platforms - and how you can benefit by choosing to trade on SnapEx.

Key Differences in SnapEx

• Tether (USDT) as the base currency.

• Low entry barrier.

• Zero spread.

• Fair prices based on a K-line weighted average of 4 major cryptocurrency platforms.

• Ability to leverage from 10x to 100x.

• Only a one-time transaction fee for every position opened.

• No slippage cost and no clawback.

What is K-Line Weighted Average

The K-line weighted average is a unique feature to SnapEx, exemplifying the platform’s commitment to price transparency. Many trading services carry higher platform and trading spreads and slippages. On SnapEx, the K-line weighted average shows real-time spot prices from 4 major cryptocurrency exchanges - ensuring that the prices that traders see on SnapEx are as fair and transparent as possible.

Another key distinction in SnapEx is its “zero spread and slippage.” Technically, every platform cannot avoid either spreads or slippages, as there will always be a gap between the bids and asks. On this platform - unlike other trading services - SnapEx does not add its own spread. The prices that traders see on SnapEx are the most accurate spot prices (without additional spreads and slippages) in the market.

This unique feature is part of SnapEx’s goal of making contract trading easy and accessible for all traders - no matter if you are trading with a margin of 5 USDT or 5,000 UDST. The fair and transparent prices are to help traders make a more informed and accurate analysis, without losing more potential profits from additional platform spreads.

Brief Comparison of Competitor Products

SnapEx is created for the average trader in mind - whether you are a beginner or an expert trader. All prices indicated on the platform is consistent with market spot prices at no additional spread costs. The transaction fee is applied only once - when a position is opened - and no other handling fees are charged when the position is closed.

The low entry barrier to SnapEx allows anyone to trade, while the absence of any slippage cost and spreads allows for potentially higher profits compared to many other platforms in the market.

How to Reduce Transaction Fees with SNAP Points

SnapEx users are able to get free SNAP points by completing simple tasks. Users will also earn SNAP points for every trade made on the app or web trader.

SNAP points can then be used to reduce transaction fees and improve profit potential for users’ trades. Each 100 SNAP is equivalent to 1 USDT.

Transaction fees calculation

Fee = Margin x (Leverage - 1) x 0.15%

How much do users save on transaction fees with SNAP points?

Let’s say you place an order with a margin of 100 USDT at 25x leverage. The transaction fees will be:

100 x (25 - 1) x 0.15% = 3.60 USDT

Assuming that you have 1,000 SNAP points, once you enable “SNAP deduction,” 360 SNAP points will be deducted. The deducted SNAP points will then offset your fees by 100%.

Since the value of SNAP points is tied to 1 USDT for every 100 SNAP, the amount of fees that will be deducted will depend on the amount of SNAP points that a user holds.

Disclaimer: SNAP points is not a token or cryptocurrency on the blockchain. It is a reward system created for SnapEx users.

How to Use SNAP to Reduce Fees:

APP - When placing a trade on the app order page, click the three dots on the upper right-hand corner to go to "Settings". Click the slider to enable "SNAP deduction".

WEB TRADER - When placing a trade on the web trader order page, click the three-lined icons at the "New order" bar on the upper right-hand side. You will see the "Trading settings" pop-up. Click the slider to enable "SNAP deduction".

Instruction To Register For a SnapEx Trading Account

In this article, I will show people how to register and validate KYC identities on SnapEx.

At the main interface of SnapEx include:

[1] Contract: The main place of the transaction on SnapEx. In it, you will directly trade derivative products.

[2] OTC: Access to make OTC purchases/sales with Crypto.

[3] Invitation: For those who have signed up and KYC successfully, SnapEx will provide the Invitation code or referral link for you to recommend to your friends.

[4] Competition: Where you can check the information of Trading Competitions. Including real Demo and Trading contests.

[5] Affiliate: For those of you who are bloggers, or influencers ... you can join SnapEx's Affiliate program, refer to this exchange through your communication channels to receive Commission.

[6] Assets: This is the place that allows you to manage your Fund, Deposit, Withdraw and SNAP tokens.

Right below is the Trading interface of the SnapEx platform. I will talk more about this interface below.

Prepare the documents before registering

• Email or phone number you use often.
• Some personal documents such as identity card with national ID, identity card, driving license, passport ...

Register a trading account on SnapEx

                                                                       Special Offer

Get 1,200 Free SNAPs Upon Successful Registration

Here you enter the basic information to register.

Then click Submit to submit a registration request.

At the first step of this registration, you don't have to use email.

Verify your identity KYC

Authentication with email

Under Account >> Select the Unlinked button >> Enter your email information >> Click the Send button.

Go to the registered email to get the code >> Enter Verification Code >> Click OK to finish.

After successfully verifying the email, you will see in the Account section has a Bank Card section.

KYC authentication with Passport

You choose to Verification.

Then enter the basic registration information. Here, you can use it with your Passport, ID card, or Driver's License.

After you have entered all the information and attached the image, select Submit to send the KYC request to SnapEx.

That's it, now you just need to wait for the floor's team to check and authenticate one last time.

Turn on 2-factor authentication (2FA)

Step 1: Click Enable in Google Auth section

Step 2: Download the Google Authenticator IOS – Android app. Once you've downloaded the Google Authenticator app, click Next to go to the next step.

Step 3: Open the Google Authenticator application to scan barcodes or can enter the key provided then click Next.

Step 4: Backup Key to paper then click Next. You can recover when your phone is damaged or lost.

Step 5: Enter the password in the Login password and the code in the Google Authenticator application into Google Authenticator Code then click Next.

Get free Snap points after successful registration

After successful registration and verification, you will receive free SPAP points to reduce transaction fees or convert USDT for official transactions.

At Assets -> SNAP -> Scroll down to SNAP Details and click on Get Rewards to get free SNAP points.

• 600 SNAP SNAP reward points for verifying your phone number
• 300 SNAP reward points for Email address verification
• 300 SNAP reward points for Google Auth verification
• 300 SNAP reward points for KYC verification

In addition, SNAPEX offers 100 SNAP reward points every week, you log into your SNAPEX account every day and press CHECKED to get reward points.

In the following article, we will talk about the benefits of free SNAP points.