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Nami Insurance updates early termination feature of insurance contract
15/10/2024

Dear Nami community

In order to improve product quality to meet the high demand from users and the community, Nami Insurance announces the update of early termination feature of insurance contract from 2024-10-17 08:00 (UTC)

Specifically, users will be able to close available insurance contracts before the period with a cancellation fee. The cancellation fee will range from 2.5% to 100% of the margin value. This fluctuation depends on the close price at the time the user decides to close the insurance contract. The cancellation fee will be deducted directly from the user's margin refund when terminating the insurance contract early.


To close the insurance contract before period, users follow these steps below:

Step 1: Access the Buy Cover page, scroll down to see the list of Available contract. Here, users can also see the cancellation fee of the insurance contracts.

Step 2: Select "Close" the insurance contract you want to terminate early.

Step 3: Confirm the information about stopping the contract, including: Contract ID, Margin refund, Cancellation fee, Time remaining. Then select "Confirm" to stop the contract.

After confirming the early termination of the contract, the user will be refunded the assets equal to the Margin refund minus the Cancellation fee.

Step 4: Users can review the information about the closed contract in the “Contract History” section.

Illustration on the Nami Exchange application


Illustration on the Nami Insurance website


Important Note:

The user can not close the insurance contract before the period if:

    • The cancellation fee is greater than the contract's margin
    • The time remaining is less than or equal to 20 minutes

All images used in the article are for illustration purposes only and may not represent the latest product interface.


Best Regards,

Risk Warning: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Nami is not liable for any losses that might arise from your investment. This information should not be regarded as financial or investment advice.


About Nami Exchange

Nami Exchange is a trading platform belonging to the Nami Foundation ecosystem that enables dynamic trading and effective investing through its Spot and Futures trading systems, which offer a wide selection of nearly 700 trading pairs, support leverage up to x125, and 24/7 live support in Vietnamese & English.
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Website: https://nami.exchange/

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About Nami Insurance

Nami Insurance is a decentralized hedging protocol applying Blockchain technology to provide a solution to support asset insurance when the market fluctuates against predictions.

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