In recent times, with traders trading on the derivative market (Margin), the name SnapEx is frequently mentioned. So, after learning and experiencing SnapEx for a while, today I will write a review about SnapEx and share some experiences when trading on this floor. Let us begin with.
SnapEx floor review
After a period of using and conducting margin trading on SnapEx, I have learned and noticed some advantages and disadvantages as follows.
Advantages of SnapEx exchange
Interface support Vietnamese. This is an advantage worth paying attention to, because most of the big margin exchanges do not support Vietnamese. With this, SnapEx will create more favorable conditions for Vietnamese traders to access.
There is an application for mobile phones. On both Android and iOS, SnapEx has apps that work smoothly.
The referral commission sharing policy is up to 60%. This is one of the ways to help SnapEx engage users and supporters globally.
Additional proprietary technology K-line weighted average. This technology SnapEx will take the average price of 4 other major exchanges to display. It will ensure maximum transparency and fairness.
Besides the above advantages, compared to BitMEX (the most popular margin exchange in the crypto community), SnapEx has a remarkable advantage, making it an outstanding choice today.
That advantage is:
On Bitmex for trading in Bitcoin (BTC) and it is inconvenient that if the trade wins, the price of BTC decreases, it may still be unprofitable . As for SnapEx for trade in USDT. Especially with the market downtrend, when the trade wins, it is always possible to preserve your winnings. That’s the advantage Snapex has over BitMEX.
In addition, when having problems, with SnapEx you can contact the admin for support. And BitMEX, you will not know who to contact.
Disadvantages of SnapEx exchange
The trading products are not diverse yet: This can be easily understood when SnapEx is a new market entering the market. Currently, they only offer Crypto derivative trading and OTC trading.
The current trading pairs are also quite limited. Currently there are 8 trading pairs with USDT, including: BTC, ETH, LTC, XRP, EOS, ADA, BCH, ETC.
High Withdraw fee: Withdraw fee of SnapEx is 10 USDT per withdrawal. This is a relatively high fee compared to many other exchanges.
Experience when trading on SnapEx
With the period of about 1 month of using SnapEx continuously, I have gained some experience. In addition, I have joined a number of groups to share experiences when trading at SnapEx, and I have given me valuable lessons.
Readers who want to step into the path of margin trading on SnapEx should refer to the following experiences to avoid being “burned” in vain.
Determine the psychology when entering SnapEx trading
Psychology, will be a very important issue. It has a huge impact in your decision making.
Should be determined first, playing margin will win or lose. Do not want to like buying lottery tickets, will get rich overnight.
It is necessary to be firm mentality, do not let losing orders get discouraged and make incorrect decisions.
Need to be able to manage capital
When we first step into SnapEx, we often have high expectations. That is, I always want to open orders and win with a profit of up to 100% per order. Few people understand that, in order to enter an order with high leverage, the risk also increases many times. If you miss that order, you will definitely lose a lot.
There is a point that few people think about, is that if you enter and win every day with a 10% profit, the loss will be very low. After 1 month like that, your account will increase significantly.
For example, if the trade loses 10%, it must win 11% to draw. If you lose 25%, you have to win about 34% to draw. That means if the trade loses too much, the possibility of winning is very difficult. With 1,000 USD losing 50% and remaining 500 USD, so if he wants to break even, he must win 100% (x2 of 500 USD). But at that time, the trader often suffers from psychological problems and easily loses the rest.
Use trade Demo and need to improve and learn
New players should best trade Demo and invest the time to learn knowledge. With SnapEx, you will be given 10,000 USDT to play the demo so feel free to try first.
When playing on a Demo account, be like a real account, real money. If you lose your demo account, you must know why you lose and feel like you lost real money. Instead of losing real money and then hurting, that is too great a lesson for newcomers.
Especially for new traders, losing too much at first is very frustrating and gives up.
Do not use too much capital to play Margin
With margin trading, not just on SnapEx, you shouldn’t invest too much capital in it. Especially should not borrow money to play margin. Because its risk is very large, much greater than other types of trade.
Besides, when entering an order, you should not use the entire balance in your account to enter an order. Should allocate capital scientifically, avoid all-in and then lose it.
Conclude
Above are all my experiences as well as what I have learned after using SnapEx. I hope that through this article, readers will partially grasp the basic information, thereby making the right decision when joining SnapEx.
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You can visit the Snapex Exchange homepage and start testing HERE
Good luck!
