Goodbye SnapEx

I have a lot of trading platform in my phone, all of them I can say are unique with each other. I often trade different position in each platform at the same time. It is really fun trading crypto.

But SnapEx,

One of my favorite trading platform suffered financial risk 😔 This is really a bad news for all the traders using this great platform.

The Email

Earlier this evening I received an email from SnapEx. At first I just thought that it was just a promotional email or maybe an announcement regarding the Demo Competition.

I am so excited to be part of that Competition, round one should be on February 23. My team and I are all preparing for that event.

Here's a simple logo with slogan I created to be used by my team for the competition.

The slogan was suggested by one of my members, then I created the image based from the meaning of that slogan. I used shield as the main image to portray the defensive side of trading, which is the risk management. Star in the middle, signifies the goal we all want to achieve. The lines around the star signifies Us, the member of that team, who will doing our best to attain the main goal of the competition, to accumulate the highest profit in the event.

The reality

Then when I opened the email, I felt sadness, it is NOT about the Competition, but SnapEx will cease operation effective 28th of February 2021, was the header of the mail.

As you read one of my articles promoting how good SnapEx interface for beginner traders, I mentioned there the benefits of using SnapEx.

If you are interested on how great this platform is, check this simple article about it-- Newbie-Trader friendly: SnapEx

Here is the content of the email. Explaining why such a great platform decided to cease its very good service to a its users. 🥺

Dear valued SnapEx users, 

It is with a heavy heart that we wish to inform you SnapEx will cease operations effective 28th February 2021. We have made great efforts to fight against having to make this unfortunate decision, but ultimately found that we have no other options. 
 

Over the last month of operations, our platform has had to take on immense financial risk to stabilize the liquidity pool for all our traders. However, a lopsided trade direction proved to be the downfall of our platform's inherent design, leading to an inability to effectively offset losses. The result is a situation where we cannot continue operating our company at a financially sustainable level.

Here's what users need to take note of:

• All users are required to close all of their pending orders by 28th February 2021 (Note: All remaining pending orders that have not been closed by 5:00 pm (GMT+8) on 28 Feb 2021 will be force liquidated). 

• All user withdrawals will be processed and made available by 28th February 2021 

• All SNAP points and trading bonus rewards will be recollected by 28th February 2021 

• The minimum withdrawal limit is now set to 20 USDT or the same amount in BTC 

My thoughts

If you are part of the SnapEx community, I'm sure you already heard this sad news. I was moved reading some messages from their group chat. The moderators and admins are such a great help for us users. They are all saying goodbye and appreciating each and everyone. Such a nice community, I am glad that I've been part of it.

But some users, including me, are hoping that SnapEx will soon relaunch and operate again. I hope the team can create another platform like this, if not SnapEx again, but another reliable and very user-friendly platform in the future.

Thank you SnapEx for being a part of my crypto trading journey. I learned a lot on your demo and live accounts, learned from some advices posted on the channel and able to enhanced my trading skills.

Earning and Learning. Both was provided by SnapEx. 🎉

Again, thank you SnapEx for such a wonderful crypto adventure with your team. Good luck for future projects.

#TradeSafely

Image used in this article is from the official email of SnapEx.