Phemex Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?
In this evaluation of Phemex, we will provide you with all of the information
you require concerning the exchange. We will investigate their trading platform,
costs, and customer assistance as well as their security measures. Phemex has
its headquarters in Singapore, and it was established in 2019 by eight
executives who had previously worked at Morgan Stanley. The company became live
on December 25th, 2020. Visit Phemex Website.
Phemex has developed one of the quickest systems in the world for trading cryptocurrency derivatives and spot transactions. Phemex has a "User-Oriented" approach to product development, which allows it to offer more powerful features than other exchanges, allowing traders to buy and sell contracts with ease and confidence.
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Phemex has built and put into operation a Hierarchical Deterministic Cold Wallet System, which gives each user their own unique cold wallet deposit address. All of the deposits are brought together in the multi-signature cold wallet of the firm in a periodic fashion using an offline signature.
Phemex handles withdrawal requests three times a day, and each request is subject to a thorough investigation by the operators as well as the founders of the company. Phemex is able to identify any harmful behaviors and promptly respond in order to safeguard the assets of the users and the platform based on the advanced risk control knowledge that the team has garnered from working on Wall Street. In addition, qualified withdrawal requests are handled using offline signatures; as a result, all assets continue to be completely held in a cold wallet system, where all actions are carried out offline.
Phemex uses the Amazon Web Service (AWS) Cloud to deploy its system and ensure the safety of its computers.
Phemex makes use of a number of firewalls to partition distinct zones and machines for the sake of various trading activities. Controlling the accessibility of one instance to another is accomplished by the implementation of numerous layers of security as well as internal network access management protocols. Phemex does more than just manage firewalls for networks; the company also puts limits at the system level. Phemex only permits whitelisted instances to access the system in many of the restricted zones, and the system itself has to be whitelisted in order to access those zones.
Phemex protects the accounts of all of its users by utilizing a process known as two-factor authentication. Two-factor authentication is automatically triggered within the system whenever a user takes any action deemed to be of essential importance, such as logging in, transferring money, or making changes to their password. In order to maintain the reliability and safety of the account, the user will be required to complete a secondary authentication.
In a similar vein, Phemex protects its customers' accounts with a double-entry accounting method comparable to that used by banks. The equilibrium of assets and equity serves as the foundation for double-entry bookkeeping, which uses this figure as its basis for accounting. Phemex will undertake a matching accounting activity in two or more accounts whenever a user does a financing transaction. This is done to prevent the records from being tampered with in any way. Phemex is able to instantly identify, thanks to the process of double-entry bookkeeping, whether the user's account has been tampered with in any way. If this is the case, the system will instantly lock the account that has been tampered with and put a halt to any activities or operations that were in the pipeline.
The Phemex trading platform is made up of its two primary core components, which are referred to as the CrossEngine and the TradingEngine. The CrossEngine meticulously synchronizes customer orders with the available inventory based on pricing and delivery priority. On the behalf of the client's trading account, the TradingEngine is the one who is responsible for monitoring a comprehensive set of risk checks. In real time, they include things like charges, fees, PNL, computation, and a lot more.
Both of our engines were created in C++, which is a common programming language for high-frequency trading systems. C++ is ideally suited for use in current trading systems due to its performance that is both promising and predictable. Users want engines that are able to react as rapidly as feasible because of the very volatile nature of cryptocurrencies. Simply said, overloading is not an acceptable practice. Because the inability to trade during significant market moves is the most difficult and stressful problem that traders face, velocity is a vital requirement for them. When compared to those of other manufacturers, the engines produced by Phemex are at least ten times quicker. In addition, the engines have been extensively modified. Phemex has limited its reliance on libraries provided by other parties in order to make its main component straightforward and quick.
Phemex's engines provide a number of features, one of which is smooth catastrophe recovery, in addition to their excellent performance. Phemex is proud to announce the development of its own unique recovery system, which provides users with high availability of 99.99 percent. Every engine operates concurrently with a number of hot and warm backups at the same time. The vast majority of the time, users will not even be aware that system maintenance or updates are taking place. This kind of smooth and quick recovery is essential for round-the-clock exchanges.
In order to protect its customers' positions from being automatically deleveraged, Phemex makes use of an insurance fund. The purpose of the Insurance Fund is to reduce the number of unfulfilled liquidation orders on the platform before the auto-deleveraging system takes over and fulfills those orders. When a trader's position is liquidated in a leveraged transaction and the trader has a negative account balance, the Phemex exchange does not oblige the trader to make any payments because of the way the platform is organized. Instead, the exchange makes use of its Insurance Fund to guarantee that the party that emerges victorious in a deal will get their anticipated earnings, even in the event that the money provided by the losing party are insufficient to cover the successful party's winnings. The Fund expands as a result of liquidations that were successfully carried out in the market at a price that was higher than the price at which the particular position would have been sold in bankruptcy.
By making use of borrowed money or other financial assets, traders can increase their profits with the use of an investing method known as leverage. On the other hand, the potential for profits is increased to an even greater extent than the possibility for risking losses. The ratio between the entire value of the position and the minimum investment that is required is referred to as leverage (margin).
You are able to trade Perpetual Contracts on Phemex with up to 100 times the normal leverage. To open a position, you must initially commit a specific amount of margin or a fraction of your total capital. After that, you decide how much of an advantage you want to give yourself by using leverage. Phemex will make adjustments to your Liquidation Price based on the amount of leverage you are using. The greater the amount of leverage you utilize, the narrower the gap will be between your entry price and your eventual exit price. You have a greater chance of having your positions liquidated with minor market movements in the wrong direction when you use leverage, but it also allows you the possibility to make substantial rewards for a relatively modest outlay of capital.
Phemex now provides fifteen trading pairs, including BTC/USD, ETH/USD, LINK/USD, XTZ/USD, LTC/USD, UNI/USD, YFI/USD, DOT/USD, COMP/USD, LEND/USD, ALGO/USD, XRP/USD, BCH/USD, and ADA/USD, in addition to its historical product, GOLD/USD. Users of the trading wallet system have the ability to protect themselves against the effects of volatility at any moment by keeping funds in nominal USD.
The following procedures need to be carried out in order to create a new account on Phemex:
To register for Phemex, go to Phemex.com and click the Register button in the page's upper right corner.
Please enter your email address as well as your password. Don't stop here; continue.
After that, a verification email along with a code will be delivered to your inbox. Enter it in the window that comes up after that one.
Phemex is the first exchange to provide zero-fee spot trading in return for a straightforward membership requirement.
You have the option of subscribing to either the 30-day plan (which costs $9.90), the 90-day plan (which costs $19.90), or the yearly plan (which costs $69.90).
With this subscription, you will have the ability to trade cryptocurrencies without any restrictions (BTC, ETH, XRP, LINK, ONT, ADA, TZ, LTC, TRX, ONT, BCH, NEO, etc.).
Phemex Pros: The Phemex team's institutional background and premium membership Phemex's design criterion Phemex's design criteria
Very safe and sound
No KYC verification
Phemex Negatives: It is a very recent product.
Does not function for anyone living in the United States.
Even though it is still relatively new, Phemex has a lot of amazing features that set it apart from other rivals, and this makes it one of the top platforms for crypto traders despite the fact that it is still very recent.
The zero-fee trading model that is included with the Phemex Premium membership is Phemex's biggest selling feature. If you want to trade on a consistent basis, purchasing the $69.90 yearly membership plan will very certainly save you a considerable deal of money.
Phemex is continually expanding its offering of trading pairs, which bodes well for the company's prospects in the years to come.
Jack Tao serves as the Chief Executive Officer of Phemex, a cryptocurrency
exchange that was established in 2019 in Singapore. The exchange is one of the
most streamlined on the market, including a user interface that is very
responsive and exceptional levels of stability. You can engage in spot trading
or derivatives trading on Phemex, in addition to a few other trading activities.
Jack Tao, a former executive at Morgan Stanley, was one of the eight founders of the company that would later become Phemex. They decided to create Phemex because there is a significant issue in the cryptocurrency sector, which is a dearth of exchanges that are both reputable and run by trained professionals. This trading platform aspires to be a straightforward cryptocurrency exchange that is also highly effective, reliable, and secure.
Phemex provides everything that a seasoned trader could like to see in an exchange, including the ability to engage in spot trading as well as contract trading with up to 100x. An introduction to the various order types and the operation of the exchange may be gained through the use of simulated trading, which is provided to novices.
Phemex works with a variety of third parties (such as Simplex, MoonPay, Coinify, Koinal, Banxa, and Mercuryo) to facilitate the use of debit and credit cards for the purpose of purchasing cryptocurrencies.
Phemex offers trading in the following cryptocurrencies against USDT via its Spot trading platform:
BTC; ETH; ADA; LINK; EOS; BCH; LTC; ONT; TRX; NEO; XTZ; XRP
The following cryptocurrencies may be bought and sold against US dollars via futures contracts:
BTC; ETH; UNI; ADA; DOT; LINK; ALGO; COMP; LTC; XTZ; YFI; BCH; GOLD; XRP
When compared to Binance, the number of cryptocurrencies that can be deposited on Phemex's platform is rather low; nonetheless, the number of cryptocurrencies available is sufficient for users who do not wish to trade in altcoins with smaller market caps, which are regarded as being significantly riskier.
It is important to take note that withdrawals are handled three times a day at 00:00, 08:00, and 16:00 UTC. If you want to deposit a significant quantity of bitcoins on Phemex, you should be aware that the daily maximum for withdrawals is 2 bitcoins.
On Phemex, you are able to make deposits and withdrawals using the following cryptocurrencies:
BTC; USDT; ETH; XRP; LINK; XTZ; LTC; ADA; TRX; ONT; BCH; NEO; EOS
Phemex has put in place a Hierarchical Deterministic Cold Wallet System for the goal of ensuring its users' privacy and safety. This system gives each user their own unique cold wallet deposit address. Phemex provides both the required two-factor authentication (2FA) with Google Authentication as well as email verification.
Phemex constructed its platform with two primary components, namely the CrossEngine and the TradingEngine, to ensure the reliability of the trading engine. While it is the responsibility of the CrossEngine to match client orders based on price and time priority, it is the responsibility of the TradingEngine to keep a real-time security check for user accounts that includes PNL, cost, fees, and other relevant information.
Phemex's user interface maintains a layout comparable to that of other cryptocurrency trading platforms, such as Bitmex, while also incorporating some elements that are unique to Phemex. The layout is designed to provide the trader a clean view by default, so that they can see all of the information in a flash of an eye. You have total control over the appearance of the user interface, which is a significant advantage since it enables you to design a trading setting that is tailored to your preferences.
When compared to spot trading, which involves significantly lower levels of risk, the user interface for futures trading is a little bit different. This is done in order to offer the necessary atmosphere for more complex trading sessions. The order tab provides a more thorough perspective, along with a leverage slider that enables you to make real-time adjustments to the leverage that is being employed.
Phemex has a comprehensive set of instruments for executing all three of the available order types: limit, market, and conditional. In this section, you may also choose the sort of suborder you want to place, such as Post-Only, Reduce-Only, Bracket Order, or Good till cancelled.
Phemex, just like other exchanges, endeavors to create a positive trading environment while maintaining costs that are both modest and competitive. The charge for trading in the spot market is 0.1 percent, whereas the fees for trading in futures are as follows: the Maker fee is -0.025 percent, and the Taker fee is 0.075 percent. This places Phemex in a leading position among large exchanges such as Binance, FTX, and Margex, all of which provide cheap fees in order to give the best possible terms for their user base.
Phemex also provides a subscription option that obviates the need for payment of any fees and confers the following advantages on those who pay for the complete premium membership:
A fee of 0.1 percent is charged to both takers and makers for API Zero Trading Costs associated with placing conditional Orders via the Website and Mobile App
0.075% for the Contract Taker, 0.0255% for the Fee Maker Fee
Withdrawals on an hourly basis
There are no withdrawal caps.
Donate an Exclusive Premium Trial to Increase Daily Trading Volume
As a result of the bullish market and the influx of new users into the cryptocurrency industry, a significant number of exchanges are witnessing an increase in the amount of trading activity that is taking place on their platforms, which has led to a significant increase in the daily trading volumes that are being transacted. Phemex's average daily trading volume has increased to 1.2 billion dollars since the beginning of the year 2021. This place you at the very top of the exchanges spectrum for the game. The BTC/USD trading pair accounts for ninety percent of the day's total trading volume, while Ethereum, Cardano, and Tron each account for only twenty million dollars' worth of trades.
Phemex customers have access to an All-star program that enables them to develop huge passive income streams. This program is offered to Phemex subscribers. The trading platform will split with you fifty percent of the commissions it earns from the trading fees paid by other traders who sign up using your referral link. Phemex now holds the first position due to the fact that their referral program is one of the most generous ones that can be found in the cryptocurrency industry.
In hindsight, Phemex is an exchange that has a nice user interface, a trading engine that is able to handle up to 300,000 trx/s, and is connected to 30 or more liquidity sources, which guarantees the best pricing rates. Phemex is making a name for itself as a very serious rival to other major trading platforms, namely Binance. Consider Phemex as an option if you are searching for a market that has a significant amount of untapped potential and possibility for expansion.
Phemex allows users to trade in a variety of goods; however, the scope of these products is not as extensive as those offered by other derivatives exchanges, such as ByBit and Binance. For instance, Phemex allows for the trading of cryptocurrency derivatives on the following pairs:
BTC/USD stands for "Bitcoin to US Dollar."
ETH/USD (Ethereum/US Dollar)
LTC/USD stands for "Litecoin to US Dollar."
LINK/USD, also known as ChainLink and the US Dollar.
XRP/USD (XRP/US Dollar)
XTZ/USD (Tezos/US Dollar)
In addition to that, Phemex offers trading in the Gold/USD pair.
Phemex provides up to 100 times leverage for trading in the cryptocurrency derivatives described above, in addition to the Gold/USD pair. This is akin to other exchanges like as FTX and BitMEX that also provide 100x leverage to their customers.
When you use leverage, it implies that you are able to purchase a particular quantity of cryptocurrency without being required to hold the same amount of assets. For instance, 100x leverage indicates that you are able to retain cryptocurrencies with a value that is one hundred times more than your initial investment. Therefore, if you have $100 in your Phemex account, you have the potential to trade up to $10,000 worth of currency. Because of this, your exposure will rise, which will also result in an increase in both risk and return.
Phemex launched its Spot Trading services in May of 2020, with support for 11 different currencies. BTC, BCH, ETH, XRP, LINK, LTC, XTZ, NEO, and ONT are the cryptocurrencies that can be traded at this time.
Cryptocurrency traders who are considering using Phemex should, however, be aware of the following few considerations.
The trading of options is not supported by Phemex.
Phemex does not enable trading of cryptocurrencies with other cryptocurrencies.
Phemex does not participate in trading in fiat currencies.
Phemex does have a few downsides, but other from that, they provide all the trading items that are necessary for both novice and professional traders.
Phemex provides a selection of order types to meet all of your buying and selling needs on the marketplace. A brief overview of all of the order types that may be placed on the Phemex trading platform is provided below.
Market orders are executed at the price that is currently available on the market. These orders are not entered into the Order Book and are instead carried out at the current price at which the cryptocurrency asset is being traded. If you need to place an order quickly but don't want to pay more than a certain amount for it, one of these orders is just what you need.
The difference between limit orders and market orders is that limit orders are executed at a certain price. You will need to indicate the price at which you want the order to be carried out when you are placing the order. Your request is going to be carried out as soon as the pricing reaches that level. As a result, limit orders are an excellent choice whenever you wish to place orders at a particular price alone.
Conditional orders are the primary tool utilized by experienced traders. You can set a trigger price (TP) for these sorts of orders, and it will be based on either the Index Price, the Last Traded Price, or the Mark Price.
Stop-Loss Orders: If the direction of your trade moves against you, you may cut your losses and get out of the deal at a predetermined price by using a stop-loss order. If your first order was to Buy, then your stop-loss order will be to Sell at a price that is lower than the price at which you initially purchased the asset. In the event that a transaction does not go as planned, you will be able to control your risk and restrict the amount of money you lose.
Take-Profit Orders: Take-profit orders are comparable to stop-loss orders; however, as opposed to placing them in the opposite direction of your trade, you put take-profit orders in the direction in which your trade is moving. These orders enable you to get out of your positions while retaining a predetermined level of profit. If you make a buy order, for instance, you have the option of later placing a take-profit order, also known as another buy order, at a price that is higher than the first buy price. Your position will be closed out automatically whenever the price hits that level.
In addition to these fundamental order kinds, Phemex also provides advanced order capabilities, which provide traders further authority and management over their own transactions. Phemex gives users access to a variety of sophisticated order features, including the ones listed below.
Only Postal Order: One type of limit order is known as a post-only order, and it is one that only takes effect after other limit orders have failed to take effect. If you want your orders to enter the Order Book and provide you the Market Maker advantage, then these orders are the ones you should use. Orders that are entered into the Order Book contribute to the maintenance of liquidity in the derivatives market.
By selecting the "Post-Only" check box inside Phemex, traders have the ability to convert limit orders, stop-loss orders, and take-profit orders into post-only orders.
Close on Trigger commands: The stop-loss and take-profit orders are expanded with the close-on-trigger orders. In the event that there is insufficient margin for their execution, these high-priority orders will seek to cancer other outstanding orders. If you wish to get out of a situation, you can utilize these instructions to get out of it. In the event that the order would result in a higher rank, it will be instantly canceled.
Choosing an exchange to trade cryptocurrencies on has always been difficult
for cryptocurrency traders, and this is only becoming more difficult as more and
more cryptocurrency exchanges enter the market.
Phemex is a relatively new cryptocurrency exchange that has emerged. Phemex is a cryptocurrency exchange with its headquarters in Singapore that began operations in November 2019 and provides customers with the opportunity to trade cryptocurrencies at no cost. Phemex ranked 11th globally among all crypto exchanges in terms of daily trading volume as of February 2021, with a 24-hour trading volume of USD 912 million.
Phemex may have gained quite a bit of popularity over the past several years; nonetheless, this is not an argument in favor of its usage on your part.
An in-depth analysis of Phemex is presented here, covering a variety of topics like as the company's product offerings, fees, security, trading platform features, and more.
The following is an alphabetical list of the cryptocurrencies that are supported by this platform.
Aave abbreviated as AAVE; Algorand abbreviated as ALGO; Basic Attention Token abbreviated as BAT
Bitcoin Cash ABC, also known as BCH Bitcoin, also known as BTC Cardano Coin, also known as ADA ChainLink Coin, also known as LINK
CHZ is for Chiliz Token, while COMP stands for Compound Coin.
Decentraland Token – MANA
Dogecoin (symbol: DOGE), Enjin Coin (ENJ), Ethereum (symbol: ETH), Litecoin (symbol: LTC), Maker (symbol: MKR), and Ripple (symbol: XRP).
SushiSwap Token, also known as SUSHI Synthetix Network Token, also known as SNX Tezos, also known as XTZ
GRT stands for the Graph Token, whereas TRX is the TRON Coin and YFI is the yearn. finance Token.
A liquidation mechanism is present on each and every bitcoin derivatives exchange. The act of liquidating a trader's position is referred to as "liquidation," and it occurs when the trader loses all or almost all of their Initial Margin. For instance, if the market price hits the liquidation price you set for your trade, Phemex would liquidate your position for you immediately.
Phemex employs a feature known as Fair Price Marking to assist traders in avoiding being compelled to liquidate their positions as a result of market manipulation or a lack of liquidity.
Orders placed on Phemex are heavily leveraged due to the fact that the exchange offers a leverage of up to 100x. In order for traders to keep these positions open, they are required to maintain a maintenance margin equal to a certain percentage of the value of their position on the exchange.
If at any point you are unable to meet the maintenance criteria, your positions will be liquidated, and you will lose the entirety of the original margin that you had available. The liquidation mechanism protects dealers from such unexpected liquidations.
In addition, Phemex applies Risk Limits to bigger position sizes that call for a greater maintenance margin. These positions are subject to this policy. Because of this additional margin, the exchange is able to open and close huge positions without any problems.
In the event that the liquidation is triggered, the system will cancel all of the open orders for the current perpetual contracts. This will free up cash for the trader and enable them to keep their position.
When it comes to Spot Trading, Phemex uses a strategy in which there are no trading fees at all.
Phemex utilizes a pricing structure that differentiates between Market Makers and Market Takers for the trading of perpetual contracts and leverage. In order to assist you have a better grasp on how Phemex fees are calculated, let's briefly go over these two phrases.
Market Makers are traders whose orders enter the Order Book rather than being instantly executed, which adds liquidity to the market. Market makers are also known as "market takers." These orders may be broken down into two categories: limit orders and conditional orders. These traders are known as Market Makers because they contribute to the increased liquidity that strengthens the market.
Market takers are subject to a fee of 0.075 percent of the total order amount from Phemex. Market makers, on the other hand, get a rebate of 0.025 percent, which indicates that they are compensated for engaging in trading activity.
Phemex levies a fee of 0.1 percent of the total order value for its Spot Trading service. In addition, there is no cost associated with being a Premium or Premium Trial subscriber.
In order for us to fully grasp the idea of financing rates, we will first need to have a solid grasp on the distinction between standard futures and perpetual futures.
Futures contracts that have been around for a long time always have a certain date when they will expire or settle. Therefore, even though their price is different from the price of the underlying cryptocurrency asset, it will always converge when the contract comes to an end.
Perpetual futures, on the other hand, never come to an end and do not settle in the same way that ordinary futures do. As a result, the price of these derivatives could be very different from the price of the underlying asset.
A funding rate method is utilized by crypto exchanges in order to guarantee that the price of the perpetual future will remain relatively close to the price of the underlying asset. If the prices are greater than the spot price, the purchasers will be responsible for paying the sellers finance fees. If the price is lower than the spot price, sellers will be responsible for finance expenses that are incurred by purchasers.
When determining the financing rate for each trading pair, two elements are taken into consideration:
The various rates of interest that apply to various currencies and trading pairings
The index of premiums paid
The premium index is recalculated every eight hours, which means that the funding rates must likewise be recalculated every eight hours. Please take into consideration that the financing rates for each trading pair are unique.
Phemex does not charge any fees for the process of depositing monies. However, there is a little cost that must be paid in order to withdraw funds, and this price is different for each cryptocurrency. For example, the withdrawal costs on Phemex are 0.0005 BTC, and the lowest amount that may be withdrawn is 0.02 BTC.
In addition, Phemex does not levy any fees for the transfer of funds from one subaccount to another.
Back in the day, Phemex was the only cryptocurrency that was accepted, which made it challenging for new investors to begin trading cryptocurrencies on the site. However, in June of 2020, Phemex entered into a partnership with the payment gateway Banxa to begin accepting debit and credit card transactions as options for depositing cryptocurrency.
When it comes to withdrawing your cash, however, Phemex only supports cryptocurrencies, and you are unable to withdraw funds in the form of fiat currency. Phemex only accepts cryptocurrency payments.
In contrast to the majority of cryptocurrency exchanges, Phemex does not employ a tiered system that is determined by the leverage trade volume and available account balance.
At the moment, Phemex offers two distinct types of trading accounts for perpetual contracts:
Trading account for Bitcoin
Account for trading in USD
The cryptocurrency that you use to deposit and withdraw funds is taken into account when determining the minimum and maximum withdrawal restrictions as well as the minimum deposit criteria for the exchange. For example, the maximum amount of Bitcoin that regular users are allowed to withdraw is 2 BTC.
Phemex is a cryptocurrency derivatives exchange that does not need any kind of know your customer (KYC) information. You may start trading on Phemex in a matter of minutes after registering on the platform with just your email address.
Phemex does, however, provide KYC services, which means that if you prove your identity, you may remove the daily restriction of 2 BTC that is placed on your withdrawals.
In addition, Phemex has a Premium membership option. When you upgrade to premium, you are entitled to the additional perks that are listed below.
Free of charge trade fees for spot transactions
Encouragement of the use of conditional commands
Withdrawals on an hourly basis
There are no withdrawal caps.
Phemex Accounts and Subaccounts
One of the few cryptocurrency exchanges that enables users to create sub-accounts from a single trading interface, Phemex is one of the few cryptocurrency exchanges that offers this functionality. Sub-accounts are an excellent solution for professional and institutional traders who want to explore a variety of trading methods but need more than one trading account.
These accounts come with useful features, such as the ability to separate money used for trading and to move funds from the main account to sub-accounts.
Traders have the ability to create sub accounts and customize the trading environment for each of those accounts independently. You are able to modify the balances, leverage, permissions, and margin levels of each account, for instance, without those modifications impacting your main account or any of your other sub-accounts.
In addition, Phemex makes it possible for you to smoothly navigate between many sub-accounts.
Because it is straightforward and uncomplicated to operate, the Phemex trading platform is an excellent choice for novice traders. However, at the same time, it is equipped with all of the necessary analytical tools and features that are required by experienced traders.
Phemex provides traders with a robust trading platform that includes a variety of useful features.
You are able to trade from any location in the globe using the desktop version of Phemex, which is configured for cloud storage. Additionally, there is a user-friendly trading interface available on the platform. In spite of the fact that Phemex has a very straightforward user interface, it has a vast array of built-in technical analysis tools and indicators that are designed to meet the needs of experienced traders.
In addition to that, the platform allows for the importation of indicators that have been custom-built. This is a crucial characteristic of institutional traders, as they favor making use of their very own in-house technical analysis tools.
In addition, there is an Order Book on the site, which allows you to make orders as well as monitor and manage your running positions. You also get access to real-time price notifications, as well as a number of other order types, including limit orders, market orders, and conditional orders.
In addition to this, you are able to export your prior transactions to other trading platforms, which will allow you to evaluate your historical performance and enhance the various trading techniques you employ.
Phemex's desktop platform offers features and functions that are well suited for users of all experience levels, from novice retail traders to seasoned institutional traders.
The Phemex trading system features a modular layout, which gives traders the ability to personalize the look and feel of their trading dashboard. The following are some of the features included with the vanilla version:
chart that is powered by TradingView
Chart of the order book's depth
Crypto perpetual contracts details
Manifestation of the trading account
The TradingView chart is the component of the trading system that is the easiest to understand. You have a selection of charts from which to pick, such as line charts, candlestick charts, Heikin-Ashi charts, and many more.
You have the option of customizing the chart to display data for a variety of intervals of time, such as one minute, five minutes, fifteen minutes, thirty minutes, one hour, four hours, daily, weekly, monthly, quarterly (three months), and yearly (12 months). This allows for seamless examination across several time frames and assists you in making more informed trading selections.
TradingView provides its users with access to all of the indicators that are currently accessible on the platform. In addition, there is no restriction on the amount of indicators that you may use on a single chart, which is something that skilled traders may find to be a significant consideration.
The Phemex exchange has developed a mobile trading program that gives traders the ability to monitor their positions, do market analysis, initiate and close positions, and more all from their mobile devices. You may download the app from the relevant app stores for both iOS and Android trading systems, since the software is accessible for all of those platforms.
The mobile app comes pre-loaded with the majority of the built-in tools and features that are available in the desktop edition. In addition, the program offers a straightforward user interface and is quite simple to operate. The charts are especially optimized for mobile viewing, so you can simply examine them on your mobile device without having to zoom in and out an excessive amount.
The application provides support for fundamental tools for doing technical analysis, including as built-in indicators, numerous periods, chart kinds, and order types. Although the desktop client is easier to use, the mobile app is also quite good and may fulfill all of your trading requirements in the event that you do not have access to a desktop computer.
In addition, the platform shows the ping in the top right corner of the chart. This ping reflects the amount of time that has passed since the real price was updated on the Phemex servers. When trading on shorter time frames, keeping track of the time lag is a vital consideration to bear in mind.
Before you can begin trading on Phemex, you will first need to open an account with the platform. Because Phemex does not need KYC, the procedure of registering for an account is quite simple and straightforward.
Following are the steps that you need to do to begin trading on Phemex.
Visit phemex.com and look for the button labeled "Register" in the upper right hand corner of the page. (Use our Phemex Invite Code to earn a Deposit Bonus)
Please provide your email address as well as your password. You will be required to input an invitation code, which is going to be sent to your email shortly.
In order to authenticate your account, please enter the verification code.
During the registration process, you will be asked to select the type of trading account you want to open: a BTC trading account or a USD trading account. That sums it up well. You are now prepared to begin trading.
It is now time for you to make a deposit into your account for trading contracts. If you have a trading account for Bitcoin, the only currency you will be able to deposit and withdraw is Bitcoin. To add Bitcoin to your wallet, select the Transfer In option and enter the necessary amount.
Both Bitcoin and US Dollar Tether may be used to deposit funds into USD trading accounts.
It is time to execute a transaction now that you have funds in your account. Proceed to the dashboard and then open the pair you wish to trade in. After that, navigate to the Order Book and choose the kind of order that you want to put in. You have the option of placing either a limit, market, or conditional order.
The next step is to define the amount of leverage you want to utilize as well as the quantity of trades you want to make. In the case of limit orders, you will additionally be required to identify the price at which you wish your order to be executed. Last but not least, if you want to, you may pick sophisticated order functions such as Post-Only.
After you have entered all of the information, click the Buy button to make an order to buy, and click the Sell button to submit an order to sell.
Exit a Trade
You can get out of a transaction by opening your position and then clicking the Exit button. You will close out of your trade at the current market price if you proceed in this manner. As was just mentioned, you may use stop-loss orders and take-profit orders if you wish to get out of your holdings at a specific price. This was covered before.
All of the standard safety precautions that are taken by other cryptocurrency exchanges are also taken by Phemex. In light of this, let us briefly go through the many safety measures that Phemex possesses.
The hierarchical Deterministic Cold Wallet System is utilized by the exchange, and a one-of-a-kind cold Phemex wallet deposit address is provided to each individual user. In addition, the exchange does an offline signature check on a regular basis in order to collect all deposits made to the multi-signature cold Phemex wallet that belongs to the corporation.
AWS, or Amazon Web Services, is now the market leader when it comes to cloud security services. The platform protects its servers with the usage of AWS Cloud. In addition, Phemex utilizes firewalls that are differentiated according to the various trading zones.
TradingEngine and CrossEngine are the two primary components that make up Phemex's trading platform. These components work together to guarantee that there is as little time lag and price delay as possible.
In addition, the Phemex team has assured traders that there would be no downtime throughout their trading. This is due to the fact that the exchange makes use of a recovery mechanism that is capable of providing high availability of 99.99 percent even during unexpected maintenance.
Users of Phemex have access to an open line of communication with the company's customer service staff. In the event that you run into any problems, you may visit their website and submit a support request. Within the next 24 to 48 hours, the team will get back to you. Phemex is also active on a large number of social media channels, such as Twitter, Facebook, Telegram, and Reddit, among others.
Phemex also provides a support center with frequently asked questions (FAQs) that provide answers to typical issues regarding the creation of an account, the addition of funds, the withdrawal of cash, etc.
Phemex does not, however, provide direct telephone help; instead, you will need to rely on the company's support through email for assistance with any technical concerns.
Phemex is an online cryptocurrency exchange that was launched not too long ago but has seen explosive growth in its user base over the course of the previous several years. You don't need to verify your identity to open an account or trade on Phemex because it's an anonymous exchange. This is one of the primary advantages of using Phemex.
Phemex offers additional benefits such as 100x leverage, capability for sub-accounts, support for different cryptocurrencies, a flexible user interface, and complex order types. These are just some of the reasons to use Phemex.
A few downsides should be taken into consideration, despite the fact that they are not considerable. To begin, if you are located in the United States, you won't be able to utilize Phemex without first connecting to it using a virtual private network (VPN). Additionally, compared to exchanges like as BitMEX and Binance, Phemex has a lesser trading volume, and thus, a lower level of liquidity.
Phemex is an incredible cryptocurrency exchange that comes equipped with all of the most important features and capabilities. In conclusion: If you are new to trading cryptocurrencies and are seeking for a cryptocurrency exchange, Phemex could be the best choice for you.
The 25th of November saw the introduction of Phemex, a cryptocurrency trading
platform based in Singapore. It supports seven different languages, including
English, Russian, Spanish, French, German, and Korean, and its primary
concentration is on spot and futures trading for cryptocurrencies.
Phemex Trading Volume: The trading volume of an exchange is a crucial feature that is taken into consideration by its customers. There is typically (but not always) a strong correlation between high trade volume and deep liquidity. If the liquidity of a platform is high, it indicates that it will be simpler for you to locate a buyer for the item you want to sell or a seller for the item you want to buy when you use that platform.
Phemex has a 24-hour trading volume of 6.5 billion USD according to CoinMarketCap as of the date of the most recent update to this study, which was on January 21, 2022.
Regarding its popularity, it is possible to state that ever since its introduction, Phemex has garnered considerable acceptance among a large number of crypto fans. Why has Phemex gained such a large following? However, we believe that it is imperative that you view it for yourself. The website for Phemex has just been redesigned, and the updated version is intuitive and simple to use. In addition to this, the network is well-known for organizing massive contests and events in which its members may compete to win opulent prizes and additional crypto incentives.
Starting on the 30th of March in the year 2020, users of Phemex will also have the ability to trade in Gold/USD. Having access to this trading pair may prove useful at various times, but particularly during periods of extreme volatility. You have the ability to trade Gold/USD with a leverage of up to 100x.
Phemex also competes with other pharmacies in the area by offering a variety of benefits to entice clients. If you make a first deposit of 0.03 bitcoins or more, Phemex will match your initial investment with a bonus of up to sixty dollars. It is also possible to qualify for this incentive by making a deposit of other cryptocurrencies, such as ETH. In addition, if you share the pinned tweet from the Phemex Twitter account and complete the identity verification process, you will earn a trading bonus of ten dollars (USD). In addition, if you place a single order with Phemex that is worth 500 USDT or more, you are eligible for a $10 spot trading incentive, and if you do a single transaction involving BTC/USD that is worth 5,000 USD or more, you are eligible for a $10 contract trading bonus.
Phemex also provides its customers with a popular program called "Learn and Earn," through which they have the opportunity to earn additional incentives by completing quizzes and viewing instructional videos.
Take note that the terms of these benefits are subject to modification at any moment.
Trading with Leverage: Phemex enables you to trade with leverage of up to 100x for its crypto derivatives products. This indicates that you are able to acquire a greater exposure towards the change in price of a particular cryptocurrency without really holding the required quantity of assets. This is accomplished through the use of "leverage" in your deal. This implies that you take out a loan from the exchange in order to increase the amount that you wager.
However, trading using leverage may be fraught with danger. Consider the following scenario: you have 100 USD in your trading account, and you place a wager of this amount on BTC continuing its long-term trend (i.e., going up in value). In this scenario, you would have made a profit of 10 USD provided that the price of BTC increased by 10%. If you had utilized 100 times the normal amount of leverage, your initial 100 USD position would have become a position worth 10,000 USD; hence, you would have earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). However, the space between your current price and your liquidation price will get shorter the more leverage you apply. This implies that if the price of Bitcoin travels in the other way (down, in this example), then it only has to fall by a very tiny percentage for you to lose the full 100 USD that you started with. This is because the price of Bitcoin changes in cycles.
Again, the amount of leverage you apply determines the minimum amount by which the price movement must go in the other direction for you to lose your investment. As a consequence of this, you can probably guess that the ratio of risk to return in leveraged agreements is quite delicately regulated (there are no risk-free profits).
Spot Trading: On May 15, 2020, Phemex launched its Spot Trading services to the general public. Spot trading is a direct exchange of cryptocurrencies, in contrast to contract trading, which involves placing a wager on the price of a particular cryptocurrency or the value of an asset without actually holding the asset yourself.
The fact that the spot trading service offered by Phemex has no fees attached to it is one of its most impressive features. When buying or selling cryptocurrency through the majority of exchanges, you will be required to pay a commission. In most cases, this falls somewhere in the region of 0.1 percent to 0.2 percent. If you sign up for a premium membership with Phemex, which costs just $9.99 per month, you won't have to pay any fees to engage in spot trading. Phemex claims that its premium membership provides huge numbers of traders with the opportunity to enjoy considerable cost reductions.
Phemex also provides its consumers with the opportunity to earn up to 8.5% annual percentage yield (APY) through both fixed and flexible savings choices with its Earn Crypto product. The flexibility of the accounts enables deposits and withdrawals to be made instantly at any time. Earn Crypto on Phemex is an excellent method to continue making passive income without taking on the risks associated with trading cryptocurrency. Phemex is now offering an estimated annual percentage yield (APY) of 6.00% on USDT for a flexible duration, and an estimated annual percentage yield (APY) of 8.50% on USDT for a set 7-day period. In addition, you have the option of receiving an estimated annual percentage yield (APY) of 1.00 percent on BTC for a flexible time or an estimated annual percentage yield (APY) of 1.80 percent on BTC for a set term of 7 days.
Support for Mobile Apps Phemex is not just accessible on desktop computers, but it can also be downloaded as an app on mobile devices running Android or iOS. Users need just download the Phemex app in order to engage in trading at their convenience. The vast majority of crypto traders in today's market do their business on desktop computers. However, a growing number of people are also beginning to trade using their mobile devices, particularly smartphones. Phemex could be the right choice for you if you count yourself among such individuals. They provide an app that is not just feature-rich but also simple to operate.
Phemex Trading View: A trading view is a component that is shared by all trading platforms. The trading view is the section of the website that the exchange provides users with access to in order to examine the price chart of a certain cryptocurrency as well as the price at which it is now trading. Additionally, there are generally buy and sell boxes where orders may be placed in relation to the respective cryptocurrency, and on the majority of platforms, you will also be able to view the order history (i.e., previous transactions involving the relevant crypto). On your desktop, you may enjoy having all of the crucial information displayed in a single, straightforward manner. There are, without a doubt, more possibilities in addition to what we have just stated.
It is entirely up to you to decide whether or not the trading view that was presented before is appropriate for you. Adjustable on the Phemex trading view are a wide variety of different elements that may be tailored to the user's own requirements.
Trading Fees on Phemex: As was indicated previously, in terms of Spot Trading, Phemex has selected a methodology in which there are no trading fees. They do this by charging for Premium Memberships on a monthly basis, with pricing ranging from $9.99 for 30 Days to $19.99 for 90 Days to $69.99 USDT for 365 Days. If you become a premium member, you will be able to create conditional spot orders, make hourly withdrawals without any limitations, and even provide trial premium memberships to your friends.
Every transaction involves two parties: the maker, whose order is already in the order book prior to the trade, and the taker, who enters the order that matches (or "takes") the maker's order. The maker is the party who initially places the order on the order book. We refer to market participants' orders as "makers" since their orders are what create liquidity in a market. On the other side, takers are those who "take" this liquidity by "taking" orders placed by makers and matching them with their own orders.
Phemex implements a taker fee that amounts to 0.075 percent of each order. This is a reasonable charge. There are several smaller exchanges out there that provide taker costs for contract trading that are far cheaper than the rates charged by many of the larger exchanges out there, which charge significantly higher fees.
Phemex's trading cost for makers is a negative 0.025 percent of the total transaction value. This simply indicates that each trader is compensated for their work. For the sake of illustration, let's imagine that you are the maker in an order in which you acquire a derivatives contract for the price of one thousand US dollars. This results in a savings of USD 0.25, bringing the total amount due down from USD 1,000 to USD 997.50. Indeed, there is a lot of competition here.
When you withdraw cryptocurrency from your account on the Phemex platform, you will not be subject to any fees that are levied by the company itself. When making a withdrawal, the only costs you need to be concerned with are the blockchain network fees, which are paid to the miners of the relevant cryptocurrency or blockchain. You do not need to worry about the fees paid to the exchange itself. On Phemex, the Bitcoin Network fee starts at 0.00005 BTC and is dynamically determined by the amount of work being done on the blockchain.
Phemex now has partnerships in place with six different fiat payment gateways. These gateways are named Banxa, Koinal, Coinify, Moonpay, and Mercuryo. These partnerships allow Phemex to make it possible for all customers to buy cryptocurrency using credit and debit cards. A wide range of payment methods, including bank transfers, Apple Pay, and over-the-counter services, are available to you, and the rates may be adjusted to meet your specific requirements.
Is it Safe to Use Phemex? Phemex operates a Hierarchical Deterministic Cold Wallet System, which provides users with their own unique cold wallet deposit addresses. All of the deposits are put into the multisignature cold wallet that the firm uses, which requires an offline signature, on a regular basis. Phemex uses the Amazon Web Service (AWS) Cloud to deploy its system and ensure the safety of its computers.
Phemex makes use of a number of firewalls to partition distinct zones and machines for the sake of various trading activities.
Phemex protects every user account using a system that requires authentication from two different sources, which is another measure taken to ensure the safety of user accounts. Two-factor authentication is automatically triggered within the system whenever a user takes any action deemed to be of essential importance, such as logging in, transferring money, or making changes to their password. In order to maintain the reliability and safety of the account, the user will be required to complete a secondary authentication.
Does Phemex Require KYC? At this time, Phemex does not require customers to provide KYC documentation. The registration process at Phemex is instantaneous, and proving your identification does not need through a time-consuming verification procedure or submitting official paperwork in any form. It works wonderfully for business owners who place a high priority on privacy. However, in order to better comply with local rules and to guarantee that platform operations are carried out in a safe manner for all users, Phemex has implemented KYC procedures, and it strongly encourages that its customers complete the KYC process. Customers who do not complete KYC will be subject to specific service limits on the platform. These restrictions include things like not being able to qualify for a premium membership, a variety of perks, and more. It is highly recommended that you finish your KYC in order to fully use all of Phemex's services without any restrictions.
Phemex provides excellent customer service and includes live help on their platform that is available around the clock. Users can also get in touch with Phemex if they have any additional requests or problems, such as comments or complaints regarding a product.
Is it Okay to Buy Phemex in the United States? Since Phemex is not yet registered in the United States, it is not possible for Americans to engage in financial transactions using this platform.
Phemex also functions as an exchange for derivatives. A derivative is a type
of financial contract that replicates the value or price of a target coin.
Derivatives are also known as derivative instruments. As an illustration, the
price of a Bitcoin derivative is equivalent to the price of a genuine Bitcoin.
You may speculate on the price of Bitcoin using these derivatives, which frees
you from the requirement to actually acquire or sell the cryptocurrency itself.
Since you are able to trade using leverage on these exchanges, experienced traders utilize their services at a very high rate. The use of leverage in financial instruments is fraught with peril, yet doing so can result in greater and more rapid profit. On the other hand, you run the risk of losing your money in a very short period of time. One of the motivations behind the introduction of Phemex was the continued and pervasive inconsistency problems that other rivals, such as BitMEX, face.
The business bank Morgan Stanley, which is well-known in the United States, is where the founders of Phemex got their start. They want to achieve a level of dependability and safety in the crypto scene that is comparable to that of the traditional financial industry. Their objective is to build a reputation as the most trustworthy cryptocurrency and derivatives exchange in the world.
Phemex's goal is not only to make cryptocurrency trading easier, but also to close the gap that currently exists between cryptocurrency and traditional finance. To this end, the company plans to provide services and products in the areas of stock indexes, interest rates, foreign exchange (Forex), energy, and other commodities. To achieve their ultimate goal of developing the most user-friendly platform possible, each of their services and products is developed with the goal of making trading less complicated and decreasing the entrance barrier for new traders.
Why should you pick Phemex instead of another brand? Phemex provides its customers with a variety of valuable services. The business was once a cryptocurrency derivatives exchange that provided services and goods including Bitcoin everlasting contracts.
The highest leverage that may be applied to these goods by Phemex is 100x. This indicates that you have the potential to retain a position with a value that is one hundred times greater than your initial investment. On the other hand, if the price moves in the other way, even a very slight amount, you run the risk of having to liquidate your position and losing all of your money. BitMEX and ByBit both already provide this form of power to their customers. Products that involve leverage come with a significant increase in risk and should only be utilized after careful evaluation.
Phemex provides you with resources, such as take profit and stop loss conditional orders, to assist you in mitigating the risk that you face. You will be able to create and enhance your trading strategy while simultaneously expanding your possibilities to make a profit with these orders.
Phemex has also been offering a cutting-edge spot trading solution with no commissions since May of 2020. You won't have to pay any fees when you use it to trade BTC, ETH, XRP, LINK, XTZ, LTC, ADA, TRX, ONT, BCH, and NEO versus USDT on the site. Compare this to the fees that are charged by the majority of prominent exchanges, which range from 0.10% to 0.50% each time you buy or sell a cryptocurrency.
Phemex Mobile App: Additionally, the platform is capable of processing 300,000 deals every single second. This indicates that even during periods of severe volatility, you may have peace of mind in the knowledge that your transactions will unquestionably be processed. In contrast to the ongoing outages that we observe occurring at BitMEX on a regular basis.
Last but not least, Phemex also offers its own app for mobile devices running Android and iOS. The most significant rival, BitMEX, does not have this feature. Please keep reading our analysis of Phemex to acquire further information regarding this platform.
How can I sign up for an account on Phemex? The process of creating an account couldn't be simpler:
To begin, you should visit the signup page on Phemex.com.
Please provide your email address as well as your password.
The code for your invitation is HUDHN.
After you have clicked on Continue, an email with a verification code will be sent to you.
In the new window that has just appeared, type in the code.
That sums it up well. The procedure of registering is quite easy, and unlike with many other derivatives exchanges, it is not required to finish a KYC check before trading.
How exactly does Phemex conduct its job? You have already signed up for this service and have successfully logged in. What options do you have? To get started, you can purchase some Bitcoins or currencies. It is possible to acquire six distinct cryptocurrencies by utilizing the numerous websites that enable you to make payments in a variety of convenient ways, including by credit card, SEPA, bank transfer, and others. Each payment processor has its own set of fees that they charge. To purchase Bitcoin through a broker is, in our opinion, still the most cost-effective option. You may purchase Bitcoin with a variety of simple payment ways from numerous locations, such as Bitvavo, if you do not yet possess BTC. This exchange offers the lowest costs in Europe at only 0.25 percent, making it the most cost-effective option.
Bitcoin deposits at Phemex: If you already have Bitcoin or if you buy it first at another exchange, you may still transfer it to your Phemex Wallet by following a few easy steps, even if you already have Bitcoin.
After logging in to Phemex, navigate to the Assets tab and select the Deposit button.
Select "Continue" from the menu.
Here you see your unique Bitcoin wallet address.
Enter this address when prompted to do so on the withdrawal page of any other cryptocurrency exchange or wallet you use. Check out our tutorial for information on how to purchase Bitcoin using simple payment options.
Enter the total amount that you wish to pay to Phemex. Please make sure that the address is copied correctly. Errors on your part might result in the permanent loss of your bitcoins.
Simply confirm the purchase in the email notice after clicking the Continue button.
Your Bitcoin will be confirmed after 1 confirmation on the network, at which point you will be able to start trading on Phemex. At this time, you are able to deposit any of the following cryptocurrencies:
Bitcoin; Ethereum; Tron; Chainlink
Ripple; USDT; Tezos; Litecoin
Cardano; Tron; Ontology
Bitcoin Cash Neo (NEO)
After that, you will be able to utilize these cryptocurrencies to either engage in spot trading or to acquire perpetual contracts.
Futures contracts often include a date by which they must be fulfilled, while perpetual contracts do not have this need. This is one of the key differences between perpetual and other types of futures contracts. Because of this, you are able to acquire or sell perpetual contracts, and you can terminate them at any time you choose.
BTC/USD is the typical shorthand used at Phemex when referring to the Bitcoin perpetual contract. The value of each BTC/USD perpetual contract is one dollar. Therefore, when you buy contracts denominated in BTC/USD for $1,000, it is the same as purchasing BTC denominated in that amount.
Orders for BTC/USD perpetual contracts may be placed using Phemex in one of three different ways: limit orders, market orders, or conditional orders. The three approaches can be summarized as follows, in a general sense:
When you decide to utilize a limit order, you will first pick a price to restrict the order to (also called the limit price). This indicates that you will not purchase or sell at any other price than the one provided. In the event that the predetermined limit price is never reached, the order will not be fulfilled.
The conditional order works in a manner that is comparable to the limit order. The one and only distinction is that it has a trigger price, which means that the order will not even become active or be "triggered" until the price that you specify is achieved. This is a tool that is utilized by expert and professional traders.
These are the sorts of orders that are executed straight from the order book and are filled at the best available market price. A market order is one of the most common forms of orders. If you choose a market order, then your order will be filled instantly at the price that is currently the best available.
On Phemex, the commission rates for market makers are set at -0.025 percent, while the commission fees for market takers are set at 0.075 percent. A market maker charge that is negative indicates that the exchange will pay you for the additional liquidity that you provide to the order book. Because the platform encourages users to fill the order books and, as a result, produce a higher level of liquidity, the fees for market takers are a little bit more than average. This occurs pretty frequently while we are in the market.
Funding fees are an additional significant charge that must be taken into consideration. Every eight hours, a financing charge will be imposed. Based on a number of different considerations, the algorithm decides whether the financing fee will be positive or negative. If the funding fee is positive, this indicates that the short positions will get a percentage from the long positions in exchange for the funding charge. If it is negative, this indicates that shorts are making longs money. To be very clear, this is a price that is paid between traders; Phemex does not in any way charge for this service.
When you withdraw Bitcoin from the Phemex trading platform, you will be required to pay the usual minimum network transaction fee of 0.0005 Bitcoin. Phemex does not, in fact, impose any fees on customers for making withdrawals.
Phemex gives you a premium membership as an alternative in order to take advantage of its concept that does not charge any trading fees for its spot trading marketplaces. Prices start at $9.99 per month, $19.99 per three months, and $69.99 per year for the cheapest plan. Becoming a premium member grants you access to additional features, including the ability to make unlimited hourly withdrawals, place conditional spot orders, and provide premium trial memberships to your friends. When you don't have the membership, the normal cost is 0.10 percent of the whole transaction.
Phemex provides a variety of benefits in the hopes of luring in new consumers. Every single new user is given a Premium Trial membership that lasts for a full week at no additional cost.
Phemex is running a limited-time special deal that is open to both new and current users through December 22, 2020. You may be eligible for an additional bonus of up to $ 700, depending on the amount that you deposit.
You will receive 100 USD if you deposit 0.2 BTC.
You will receive 400 USD if you deposit 0.5 BTC.
You will receive 500 USD if you deposit 1 BTC.
You will receive 600 USD if you deposit 1.5 BTC.
On top of that, you may earn a bonus of up to one hundred dollars by completing a series of simple activities, such as the following:
Get an extra $80 for making a deposit of at least 0.2 Bitcoin.
Get a discount of $10 on any spot order that is more than $500 USD.
You will receive $10 for each Bitcoin to US Dollar exchange that is 5,000 USD or greater.
When there are fresh bonus offers or free Bitcoin offerings, we will make the appropriate adjustments to our Phemex review.
This is possibly the most critical issue of all, particularly in light of the fact that you are dealing with actual money and the exchange is still in its infancy. You should inquire whether or not they are able to protect your cash from being stolen by hackers and whether or not they have security measures in place.
The reason for this is that they place a high priority on their own personal safety (as they should). Each and every asset is kept completely secure within cold storage wallets. Each withdrawal is subject to extensive scrutiny by the team, and it must be authorized by the offline signatures of two different humans. They are able to swiftly detect any harmful activity and take prompt action to protect their users' funds and the platform because to the considerable experience the founders have in Wall Street risk management.
The fact that former managers and developers from Morgan Stanley make up the core team at Phemex is another another piece of evidence supporting the legitimacy of the company. This demonstrates a confident attitude toward the market. Jack Tao, the current CEO of Phemex, formerly spent 11 years as a vice president at Morgan Stanley, where he specialized in the development of algorithmic trading platforms. Because of his extensive expertise in the industry, Phemex has evolved into one of the most professional trading platforms now on the market.
It is up to you to decide if this is sufficient to get an advantage over the other companies. Phemex now holds a higher ranking on CoinMarketCap in terms of trading volume than Deribit, Kraken, and Bitfinex. They are ranked in the top ten of the derivatives exchanges.
Trading cryptocurrencies does not necessarily need the payment of high
transaction fees. There are currently choices available on the market that
enable individuals to trade cryptocurrencies with each other without incurring
any fees or charges associated with the trade. Phemex is an example of an
exchange that was an early pioneer in the no-fee trading model.
In this analysis, we will compare and evaluate one of the first exchanges to offer zero-fee crypto trading by looking at its features, charting interface, trading pairs, other fees, security, and customer support. Specifically, we will focus on Coinbase because it was the first exchange to offer zero-fee trading. Creating an account, making a deposit of USDT, purchasing Bitcoin on the spot market, and making a withdrawal to a hardware wallet are the steps that make up our technique for experiencing the fundamental aspects of the platform.
Phemex is a spot and everlasting exchange platform for Bitcoin and other digital currencies that is on par with the best in the world. The exchanges provide a gateway for buying cryptocurrency directly with fiat currency, a spot exchange for premium users, the opportunity to convert one cryptocurrency into another, and the possibility of earning interest on savings choices. The zero-fee trading costs for premium members and the speedy transaction execution speeds on the spot market are the two elements that stand out the most as being very impressive.
Phemex is a cryptocurrency derivatives trading exchange that was established in Singapore in 2019. The year 2019 was the year of its inception. Phemex is a startup that is being directed by 8 executives who previously worked at Morgan Stanley. These executives have the goal of providing the most effective leverage trading platform for digital assets. Individuals are given the opportunity to trade perpetual contracts on the exchange, including BTCUSD, ETHUSD, XRPUSD, LTCUSD, XTZUSD, and LINKUSD, with a leverage of up to 100x.
Individuals from all around the world are able to gain access to digital currencies by utilizing the cryptocurrency platform, which provides a crypto trading exchange that is user-friendly, secure, and effective. Phemex is presently rated #38 for daily trading volume, which is a significant drop from when we first reviewed the company when it was ranked #6.
Phemex is an all-in-one platform that allows users to purchase, trade, store, and sell cryptocurrencies. It is designed with both novice and experienced cryptocurrency traders in mind. The fact that it does not charge any trading fees on its spot market gives it an advantage over other companies. However, there is a restricted amount of trading pairs accessible on the exchange, and it is not open to consumers from the United States.
Phemex was established by a group of eight individuals who had previously held executive positions at Morgan Stanley. Collectively, these individuals have more than 40 years of expertise in the field of supplying HFT (high-frequency technology) with excellent stability. By providing access to a user-friendly, secure, and effective trading platform, the proprietors of the exchange want to attract millions of new users to the digital currency system.
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It would appear that Phemex is a real business, as it is registered in the British Virgin Islands and has workers and users situated all over the world. At the time of this writing, the use of cryptocurrency derivatives platforms was prohibited in both the United States and the United Kingdom. Since the exchange is not regulated, it is prohibited in a number of countries that have stringent financial laws, such as the United States and the United Kingdom.
Users of the Phemex trading platform have access to a variety of cutting-edge trading features and financial tools, with the goal of increasing users' potential earnings from trading cryptocurrencies. The marketplace offers functionalities such as:
Charting and wallet UI that is friendly to beginners
No need to provide KYC to begin trading.
Spot trading market that does not charge any fees.
Exchange for derivatives offering leverage of up to 100x and settlement in bitcoin or US dollars
Demo account for trading cryptocurrencies, so you may practice without taking any risks.
Mobile software that allows trading at any time and in any location
Affiliate scheme that is generous and will reward you for bringing in new users.
In either a flexible or a fixed savings account, you may earn an interest rate of up to 10 percent on deposits of USDT.
Support staff available around the clock
Phemex employs security protocols that are comparable to those used by banks to protect the financial and personal information of its consumers. A 100% cold wallet system, a multi-signature withdrawal procedure, and a Two Factor Authentication (2FA) option for all user accounts are some examples of the security measures that have been introduced. According to the findings of our study, the Phemex exchange has not been the victim of a hacking attempt or a compromise that has resulted in the loss of customer cash or information since it was established in 2019.
Phemex is a cryptocurrency exchange that offers the buying and selling of 13 different spot cryptocurrencies. These cryptocurrencies include BTC, ETH, XRP, LTC, LINK, XTZ, LTC, DOGE, and USDT. When compared to other trading platforms like Binance, Huobi, and Kucoin, which each offer over 300 currencies available for trading, the list of acceptable coins on this site is rather small.
The signup process for Phemex is quite simple and takes only a few minutes. Afterwards, you can immediately begin trading with them. Phemex does not charge any fees for either the creation of an account or the maintenance of a wallet. To begin going, just carry out the following easy steps:
Please go to https://www.phemex.com/ to view the website.
Simply select the "Register" option that can be found in the upper right-hand corner of the page.
Please enter your email address, and be sure to select a robust password.
Please use the verification code to confirm that you own the given email address.
You may now use your updated credentials to log in to Phemex.
Making Financial Deposits With Phemex
The Phemex exchange gives users the ability to begin trading immediately after transferring bitcoin from a crypto hardware wallet right into the digital asset trading platform. Deposits of Bitcoin and USDT are kept safe within the wallet. The amount of time it takes for a deposit to be received by the wallet is determined by the crypto asset, the number of confirmations that are necessary, and the load on the blockchain network. For further information on transaction speeds, please refer to our post on "How Long Does It Take to Send Bitcoin?"
Follow these procedures in order to make a deposit into your Phemex account:
You may access your account by going to Phemex.com and logging in.
Find the link labeled "Assets" in the upper right corner of the screen.
Simply pick the cryptocurrency or stablecoin you wish to deposit by clicking the "Deposit" button.
Make a copy of the one-of-a-kind wallet address for the chosen coin.
You may scan the QR code or type the address into your browser.
Choose the required amount, and then transfer it to the address of your Phemex wallet.
phemex deposit bitcoin
Phemex has formed a partnership with Banxa, a fiat-to-cryptocurrency gateway that is globally compatible, to provide its consumers with the ability to acquire cryptocurrency straight from the Phemex website using a credit card, debit card, or bank transfer. At the moment, the user interface supports the acquisition of Bitcoin, Ethereum, and Tether. Your Phemex wallet will be credited with the purchased money, and you will be able to trade them or withdraw them to a hardware wallet.
For cryptocurrency traders who rely on technical analysis, the user interface is an extremely important consideration. After utilizing the Phemex trading platform, we found that the charting interface and the capabilities it offered were really impressive. The process was uncomplicated and easy to follow, and it provides the high-quality technical indications and drawing tools that one would anticipate. Tradingview, a platform that is widely used in the cryptocurrency trading community, is the provider of the charting software.
Users have the ability to choose and select a cryptocurrency pair to purchase or sell on the left side of the screen. Following the selection of a pair, the order input window will appear below, allowing you to conduct trades via either the spot exchange or crypto perpetual contracts. There are various sorts of orders, which include the following:
The order window amount percentages (such as twenty-five percent, fifty percent, and one hundred percent), which are used to populate the trade volume as a ratio of the available trading account balance. This is something that the vast majority of bitcoin trading exchanges do as a matter of course. The order window for the contract markets is a little bit different than the one for the other markets since it contains a leverage slider.
The order book is located on the right side of the screen and displays all of the prices at which buyers and sellers are willing to purchase and sell the selected cryptocurrency for. The figures in the center represent the most recent sale price as well as the volume or amount of merchandise that was transacted at each price level. Simply clicking on a recently completed transaction will cause the order input form to be populated with the precise price of the pair. When entering the pricing manually, this helps save time and eliminates the risk of making a mistake.
In order to get started trading with Phemex, just follow these easy steps:
Please sign in to your account on Phemex.com.
You can find the products by going to the top menu and hovering over the word "Products."
Select "Spot Trading" from the list that appears below the menu.
Pick the appropriate crypto asset (e.g. Bitcoin, Ethereum)
Please enter the amount you wish to purchase or sell in USDT.
Check the order to make sure that all of the specifics are accurate.
To complete the transaction, either click the green "Buy" button or the red "Sell" button.
According to the Phemex website, the exchange also offers a trading contract for GOLD/USD, and it is expected that additional assets, including stocks from the S&P 500, stock indexes, interest rates, foreign exchange (FOREX), commodities, energy, and metals, will be made available on the platform in the near future.
Phemex provides its customers with a testnet that enables them to experiment trading cryptocurrencies using a demo account without having to first make a deposit. The main exchange's features and functionality are replicated in the simulated trading environment for your convenience. Under the heading "Products" in the top menu, you will find access to the Phemex testnet account.
Users with a Premium or Premium trial account have access to the Phemex spot exchange, which enables them to purchase or sell cryptocurrency with no transaction fees or commissions, using either the website or the mobile app. One of the least expensive methods to trade between digital currencies is to do so using this method. Traders will be charged a transaction fee of 0.1 percent of the total value of their transaction if they utilize an API. In addition to the currencies listed below, trading pairs for XTZ, LTC, ADA, TRX, and ONT will soon be available with no associated transaction costs. There are restrictions that must be observed, one of which is a minimum size of ten dollars USD.
Users of Phemex who sign up for an account are entitled for a free trial of the Premium Membership for a period of one week. The Phemex Premium account provides access to a number of additional features, some of which are not available with the basic account, including the following:
Dealing on the spot trade for cryptocurrencies
ZERO commissions are charged for orders that are filled on the spot market.
Conditional orders, often known as advanced orders, are a kind of risk management used on the spot market.
Give your close friends and relatives a free premium membership for a whole month.
Phemex Premium accounts are available to traders as a premium membership that eliminates the transaction costs associated with buying and selling cryptocurrencies on the spot market. The beginning fee for a subscription to Phemex Premium is:
$9.99 USD each month for a period of 30 days
$19.99 U.S. Dollars for a period of three months
A one-year subscription costs $69.99 USD.
Users that make frequent trades or trade in high volumes on a spot cryptocurrency exchange will benefit from the fact that they will not be required to pay any fees on their transactions, which might cut into your earnings. A subscription that costs as little as $0.19 USD a day is offered at a reasonable price and has the potential to make a sizeable impact on the overall profit or loss at the end of the year.
The Premium membership cannot be terminated prior to the account's natural expiration at the conclusion of its term since cancellation would cause the membership to become invalid. Cancelling the recurring payment for a subscription at any moment is possible.
A user is charged a different cost for trading contracts on Phemex according to whether the user submits a market or limit order. This fee is calculated using a maker and taker model. Traders who provide liquidity to the order book (for example, by placing limit orders) will be eligible for a refund on their transaction amount of -0.025 percent. On execution, a fee of 0.075 percentage points is assessed to traders who remove liquidity from the order book (for example, by placing market orders).
Every eight hours, long position holders and short position holders are required to either pay or receive Phemex financing fees. The overnight holding of positions is not subject to any fees imposed by the exchange. When compared to fees charged by other cryptocurrency exchanges like Bybit, FTX, BitMEX, and Bitfinex, the overall trading costs on this platform are relatively reasonable. According to Coinmarketcap, these exchanges offer better liquidity than Phemex does, which is beneficial for day traders and high-net-worth people who long or short Bitcoin with leverage.
When making deposits or withdrawals into or out of its trading account, Phemex does not impose any fees of any kind. When you make a withdrawal from your Phemex wallet, you will be subject to the regular blockchain charge, which fluctuates depending on the cryptocurrency asset and the amount of traffic on the network. The network cost for Bitcoin withdrawals is 0.0005BTC, which is low in comparison to the fees charged by other exchanges for a regular processing time.
To compete with trading platforms such as Binance and Crypto.com, Phemex has established an Earn Program that allows its members to earn up to 10 percent APY through Fixed and Flexible Saving choices. At this time, the only type of account that can be opened for USDT wallets is a savings account.
The funds that are included inside an arrangement with a flexible term can be withdrawn without difficulty at any moment to be used on the spot exchange. To compete with larger lending and borrowing sites like BlockFi, Nexo, and Hodlnaut, which offer annual percentage yields (APYs) of up to 12 percent on USDT, support for additional coins will need to be added to the feature, which is otherwise an excellent way to earn interest on cryptocurrency while one waits for a trade to be set up.
There is no indication on the website as to whether or not an insurance policy applies to the monies included within a USDT interest account.
The cryptocurrency trading and investment platform known as Phemex is among
the largest and most cutting-edge of its kind anywhere in the world. Phemex has
established itself as a reliable brand in the crypto community by garnering the
support of more than two million active users from all around the world. Phemex
gives its customers a limitless number of trading possibilities in addition to
providing a convenient marketplace for the sale and purchase of
cryptocurrencies. It is the mission of the exchange to "empower everyone to
trade easily and manage risk effectively," as the mission statement puts it.
Phemex takes a customer-centric strategy in order to obtain a deeper understanding of the requirements and preferences of its end consumers. This is how they are able to effectively satisfy the requirements of the users and give them solutions that are of assistance. The platform has its headquarters in Singapore, where it employs hundreds of employees to ensure that its traders and investors receive the highest possible quality of service.
Phemex is a comprehensive cryptocurrency exchange that provides all of the essential trading tools in addition to a wide variety of additional features that may be used to improve the overall trading experience. Phemex provides a wide variety of appealing benefits, each of which will be discussed in further depth in the following paragraphs. Both novice and experienced traders are well taken care of by the intuitive user interface, comprehensive help center, comprehensive trading instructions, and premium customer service. Phemex has made it possible for customers to make a few dollars without having to perform any work by providing a number of different ways in which they may do so. If I had to choose, though, the following are the qualities of Phemex that I like the most:
1) The platform allows for simple and speedy purchases of cryptocurrencies. Buying cryptocurrencies on Phemex does not include any time-consuming procedures, verifications, or wait times. You won't have to wait more than a few minutes to be able to call yourself the proud owner of your cryptocurrency. Because of this, the platform draws in a significant number of digital investors.
2) Phemex is an advanced and professional trading platform. Using Phemex, you are able to trade in a variety of various marketplaces. Trading on the spot market is, without a doubt, the most common. However, the platform also supports margin trading, contracts, and everlasting assets, giving users the ability to trade in whatever manner they see fit. The trading experience is of the highest caliber since you are provided with a full-fledged platform that is accurate and precise and that also allows for customization.
3) Users have the opportunity to profit through staking: Users have the ability to stake assets that they currently hold and receive a high rate of interest on those assets. If an investor does not want their money to just sit in their pockets, this is an excellent opportunity for them.
As I will explain in more detail below, Phemex is not a flawless platform. On the other hand, I have high expectations that they will get better because they always endeavor to provide the finest experience possible for their customers.
Phemex provides cryptocurrency traders and investors with access to a diverse range of advantages and chances, the likes of which may be difficult to locate in a single location anyplace else. Because it is not very complicated to operate, the platform is well-suited for usage by both novices and experienced users alike. Phemex has solidified its position as a dominant player in the industry by highlighting the company's major benefits, which include an approach that is user-friendly, a transaction time that is astonishingly quick, and the option to construct sub-accounts.
Phemex stands out from its rivals in a number of ways, including the aforementioned advantages; nevertheless, there are many more aspects of the exchange that people adore. These advantages are outlined in the following paragraphs. If you are seeking for a trading and investing experience that is professional and streamlined, as well as additional features that may increase your investments even more, Phemex is an outstanding alternative that you should really consider.
Phemex is widely considered as one of the most reliable, honest, and ethical suppliers of financial services in the business. They are unrivaled in terms of integrity, honesty, and reliability. They plan to continue growing alongside the community while working toward the goal of providing services of the greatest possible quality.
The exchange provides all of the tools and choices that are necessary for successful trading and investing by any level of professional. Phemex is renowned all around the world for its exceptionally cheap trading costs, which may even be reduced to nothing for premium members of the platform. Find out more about how Phemex operates and the services they offer by reading the following:
Instantaneous purchases of cryptocurrencies are now possible because to advancements in technology that make it possible to complete financial transactions swiftly and effectively. This extends to the realm of digital money, including the acquisition of various cryptocurrencies. However, when it comes to cryptocurrency exchanges, the speed of your transfers is contingent upon the alternatives provided by the exchange. Users of Phemex now have the ability to acquire cryptocurrencies promptly and without encountering any difficulties thanks to Phemex's collaboration with a number of independent payment gateways.
Users have the option of paying using either debit or credit cards. There is even a bank transfer option, which enables users to directly transfer funds in order to acquire cryptocurrencies. This option is accessible for countries that are supported. Because Phemex supports a wide variety of fiat currencies, customers may typically pay in their own currency, which eliminates the need for costly currency conversions.
Phemex may not provide the biggest variety of cryptocurrencies, but they have a good enough selection to satisfy the needs of many traders and investors. Here are 50 of the most popular crypto assets. You don't need to convert fiat currency or engage in cryptocurrency trading in order to get your hands on practically all of the most prominent cryptocurrencies. You are able to purchase and trade a wide variety of cryptocurrencies on Phemex, including but not limited to the following:
BTC; ETH; USDT; DOGE; XRP; LINK; ADA; ALGO; ATOM
Phemex presently supports something in the neighborhood of fifty different crypto assets; but, they are progressively growing their range, which means that in the not too distant future, you may be able to trade or purchase other cryptocurrencies.
Spot trading is without a doubt the most popular trading market since it focuses on well-known assets that are simple to comprehend and trade. Contractual trading is another type of trading market. Spot trading is only one type. Phemex provides trading on the spot market in addition to all the perks that are associated with this type of trading. Phemex provides you with the opportunity to leverage up to one hundred times the amount of your initial investment, which not only makes your experience that much more enjoyable but also significantly boosts the potential earnings you may generate. If you use leverage, you can trade and make money with a far larger quantity of assets than you could if you only used your own money. Always keep in mind that trading with leverage comes with some level of risk. Trading on margin carries with it the risk of incurring significant losses in addition to significant gains.
Phemex facilitates both spot trading and contractual trading in addition to spot trading. Phemex now offers customers the ability to trade in over 40 different contracts.
There is no longer a need to rely on a laptop or personal computer thanks to mobile applications that are both professional and easy to use. Mobile phones have, as a result of technological advancements, made our lives simpler and more convenient overall, and this is also true within the crypto community. Phemex has developed mobile applications that let users to purchase and sell digital assets regardless of where they are located.
You won't notice much of a difference between using the Phemex mobile app and using the Phemex website because of the excellent work that Phemex has done in building their mobile apps. You will have access to practically all of the tools that are necessary for you to trade effectively, and you will also have the ability to purchase digital assets directly from within the app. Phemex has mobile applications that are immediately accessible for download on all iOS and Android smartphones.
Trading experience in its purest form, complete with sophisticated charts: It is irrelevant whether a platform offers a diverse range of trading marketplaces and assets if the experience of trading on that platform is poor. Charts that are accurate and exact, extensive insights, customisation, flexibility, and a user interface that is easy to use are the components that contribute to a positive trading experience. Phemex is one of the few places where one may locate all of these factors. TradingView, which is both one of the largest and most reputable chart providers in the world, is where their charts get their pinpoint accuracy and precision from.
The charts are quite adaptable and may simply be modified to meet your requirements. Indicators may be used, assets can be compared, lines can be drawn, different time periods can be selected, and a lot more can be done to improve trades. You may place orders, control leverage, and check other facts about the assets from the left panel of the trading part of Phemex.
Staking is similar to putting money into a savings account in that you deposit some cryptocurrency and then receive returns on that investment after a set amount of time has passed. Staking may be used to generate passive income. Investors have the opportunity to stake several assets and earn a sizeable amount of interest at the conclusion of the term that was agreed upon by using the staking option that is made available by Phemex.
Users of Phemex have the ability to stake a variety of assets, including Bitcoin, Ethereum, USDT, LINK, and XRP, among others. If you already have any of these assets stored in your Phemex account, all you need to do to get some extra cash is stake them on the site. Before you do so, you should make sure that you have carefully checked the returns and the time period, since those money will be effectively frozen until the end of the staking term.
Phemex has two different choices for staking, which makes everything that much better. The first one is adaptable, meaning that the time frame that is covered is dependent on your own preferences. The second one is fixed, and the staking duration is determined by the platform rather than the user.
Quick and easy registration: If you wish to begin professional trading or investing at Phemex, the registration process on the platform will only take one minute of your time. Verifying your email address and coming up with a password are the only requirements, as opposed to filling out a long form with all of your personal information. The nicest part is that you are free to make purchases and engage in trade without being subject to any further verification. However, if you wish to eliminate some limitations and restrictions or if you want to withdraw your assets in an expedient manner, you may be required to authenticate every aspect of your identification. In order to accomplish this, you will first be required to supply a photo ID and then finish a face verification.
Multiple advertising efforts centered on the question: "Who doesn't like to save money or earn easy money?" One of the simplest methods for consumers to do so is by participating in promotional activities. The marketing campaigns that Phemex does are great because rather of offering just one or two ways for customers to get amazing perks, they provide customers a variety of different alternatives to choose from. If this is your first time using the site, make sure to take advantage of the welcome incentives, which will allow you to earn up to $60 for doing nothing more than adhering to the rules.
Phemex also hosts events called "0-fee" events, during which customers are able to acquire various cryptocurrencies without having to pay any transaction fees. The next step is the prize pools and the all-star program, both of which allow you to earn commissions of up to fifty percent dependent on your level of influence. Visit the exchange's promotional area if you are interested in making a few additional cash or making the most of your money in order to save money.
Massive learning site packed with walkthroughs: If you are just starting out and you have a lot to learn about the fundamentals of trading and investing, then don't worry since Phemex has you covered with all the resources you need to get started. Anyone may gain access to the platform's enormous learning site, which is among the largest I've seen on any other exchange. Using these instructions, you will be able to learn everything from the fundamentals to the most complex and professional trading alternatives.
There is a whole section on the website referred to as "Academy," and its primary focus is on cryptocurrencies and how they function. In addition, there is a part on trading that is meant to instruct you on how to trade. There are some instructions that concentrate on the fundamentals, but there are other specialized manuals that cover practically all of the areas of trading that are significant. Even a blog area with the most recent cryptocurrency news is included.
Great referral program: With the Phemex referral program, you have the opportunity to earn 10 percent of the contract taker fee that your reference earns, in addition to 50 percent of the welcome bonus that your referral earns. It is possible to do so in a time- and effort-efficient manner, making it a viable option for generating some additional revenue. You have the ability to invite as many people as you want through your link, whether they are friends, family members, or coworkers at work. Once they begin trading, you will be paid with their fee.
You may contact the Phemex customer support staff with just one click if you have any questions or concerns. This team provides prompt and effective assistance. Phemex provides an integrated chat feature, in contrast to other exchanges which need you to fill out forms, visit help pages, and compose lengthy messages. Your only task is to locate the message icon in the bottom right corner of the platform, click it, and then describe the issue you are having. After that, a representative will be assigned to you specifically to assist you in finding a solution to your problem.
Phemex is another company that does not skimp on important aspects of their products, including their premium security measures. The system employs a large number of different approaches and procedures for security. In addition to securing their wallets, they have also safeguarded their system, the accounts of its users, and the trading engine.
In spite of the many wonderful features that Phemex possesses, there are a few aspects of the platform that might prove to be problematic for its users.
Not the top cryptographic variant available: Over the course of the last ten years, tens of thousands of different cryptocurrencies have been introduced. Naturally, no exchange can or should list them all, and none of them can. The most successful exchanges focus their attention on the assets that both have room for growth and are currently in high demand. However, any cryptocurrency exchange that provides fewer than sixty different cryptocurrencies to trade and purchase is not competitive in current market, when other cryptocurrency exchanges offer thousands of different cryptocurrencies to trade and buy.
Phemex only provides access to a small selection of cryptocurrencies, which means the company has a ways to go before it can meet the requirements of its traders and investors. The positive aspect is that they support practically all of the widely used cryptocurrencies.
Trading over-the-counter is limited in numerous countries: Over-the-counter trading, which was first developed for the purpose of stock trading, is acquiring a substantial amount of popularity in the ecosystem of digital currencies as a means of catering to a wider range of users from different income strata. Phemex does not yet provide over-the-counter (OTC) trading for a significant number of countries. It is accessible for many large nations, such as the United States, the United Kingdom, or China; nevertheless, it is not available for many countries in Europe or Asia.
Phemex does not charge any fees for cryptocurrency deposits.
Phemex asserts that its third-party payment gateways are likewise completely free, however the reality is that this assertion is only partially accurate. When paying with a Visa or MasterCard, you may be subject to a cost of up to 2 percent, although fees associated with using other payment methods, such as SEPA or straightforward bank transfers, are waived.
The following is a breakdown of the trading fees at Phemex:
Fees for spot trading are set at 0.1 percent for ordinary customers (both takers and makers)
Trading commissions for premium users and premium trial users are as follows: Takers pay a charge of 0.075 percent, while makers pay a fee of -0.025 percent when trading free contracts.
Withdrawal Charges for Phemex Fiat
Phemex does not offer any payment options that may be used to withdraw fiat money at this time.
At Phemex, the cryptocurrency withdrawal cost is different for each asset, and it is subject to change based on how the market is performing. Therefore, before withdrawing your digital assets, you should be sure to examine the cost.
Traders and investors in the modern day value variety, security, ease of use, and opportunity to develop, learn, and increase their wealth. Phemex excels in every aspect and provides the very finest services in the industry to its customers, who include traders and investors. In spite of the fact that they do not provide a particularly wide variety of cryptocurrencies, they make up for this shortcoming with the incorporation of spot, margin, and contractual trading markets. Investing with Phemex is also simplified by the addition of a button that allows users to purchase cryptocurrencies with a single click.
Phemex is an even better alternative for anyone starting the blockchain business because of its friendliness, guidance, customer assistance, opportunity to earn some additional money, and security.
Have a look at our informative piece on the most successful cryptocurrency exchanges before signing up for an account with Phemex. It will provide you with information about other cryptocurrency trading platforms that you may find useful. To further aid you in contrasting the various options, we have included the following table with some of the most important details.
Many websites have recently begun to focus their attention on the
cryptocurrency industry as a result of its meteoric rise to prominence in the
financial sector. People's cryptocurrency riches may be turned into earnings
through the use of the Phemex trading platform, which stands out as one of the
most reliable and user-friendly of these many sites. Phemex was established
because the company's founders observed a deficiency in the cryptocurrency trade
about lack of professional etiquette, credibility, and customer service.
Phemex's objective is to ensure that all traders, not just experienced ones, are able to engage in profitable commerce without exposing themselves to any potential for mayhem. They go on with the goal of being the most reliable cryptocurrency platform that is currently accessible on the market while also providing sage investing guidance.
In this Phemex review, we are going to focus on how the site operates, its most important features, the Phemex pros and disadvantages of the site, and a lot of other information. Phemex is directed by eight individuals who were once executives at Morgan Stanley and are now situated in Singapore where the company's office is located. Users of the Phemex exchange have the ability to trade multiple trade perpetual contracts with a leverage of 100X. These contracts include ETHUSD, BTCUSD, LTCUSD, LINKUSD, XRPUSD, and XTZUSD.
Phemex gives customers located in any part of the world the ability to trade digital currencies in an environment that is both secure and not overly difficult to understand and use. Phemex's effectiveness is fairly great, as seen by the fact that it is now ranked sixth for the daily trading volume. Trading volume is a highly essential consideration for users of an exchange. Several various trading tactics are permitted here without risk to the trader.
The operation of Phemex is rather straightforward. Users are required to register for an account before they can begin trading and earning interest on the platform. Once they have successfully registered, users may log in to their accounts and begin trading immediately.
Phemex Phemex is a cryptocurrency trading platform that was launched by eight individuals who had previously held top positions at Morgan Stanley.
Phemex is committed to giving its customers a hassle-free and secure environment in which to conduct business in the cryptocurrency industry.
Phemex offers spot trading without charging any commissions or fees.
To begin utilizing Phemex, users are not need to have their KYC completed first.
Phemex provides its users with a customer support crew that is available around the clock to assist them in trading smoothly at any time of the day.
Discover the Phemex Platform and Receive Rewards
Phemex provides its users with a wide variety of features and advantages. Several of them are discussed in this Phemex review, including:
Even a non-specialist would not find it difficult to go through the site and start trading volume, which is one of the many reasons why Phemex is considered to be one of the greatest online trading platforms available. The Phemex platform has a wallet interface, which provides customers with additional benefits.
One further advantageous aspect of Phemex is that beginning use of the platform does not necessitate the completion of a KYC procedure first.
Phemex also provides spot exchange, and there are no costs associated with it. Users have shown a high level of satisfaction with this aspect of the site.
A Phemex demo account is available to visitors of the website so that they may practice trading without taking any actual financial risks.
Trading on the site's derivatives markets is possible with a leverage of up to 100x, and settlement can take place in BTC or USDT.
Phemex comes with a mobile application that you may use to access its features whenever and wherever you want.
Phemex provides its new users with a very helpful and accommodating onboarding approach. People who sign up for new accounts on Phemex may anticipate receiving a large number of perks and facilities when they first begin using the site.
Phemex users who deposit US dollars in either a fixed or flexible savings account have the opportunity to earn interest at a rate of up to ten percent on their money.
Another advantage of using Phemex is that it offers round-the-clock support from a customer service staff that sees to it that users are completely satisfied.
Phemex provides its customers with a variety of services and products that are of tremendous value to those customers. Spot trading is only one of the numerous capabilities that are available with Phemex. Another notable feature that Phemex provides is the ability to begin trading immediately after moving Bitcoin from a crypto hardware wallet to a digital asset trading website. This is just one of the many benefits that come with using Phemex. The deposits of USDT and Bitcoin will continue to be kept secure within the wallet.
Another one of Phemex's popular services is that it does not charge its customers any costs when they make trades, and this ability to trade with no expenses is what makes the platform so attractive.
100X leverage trading.
Phemex does not allow users who are located in the United States to participate in trading.
The platform is compatible with many different types of cryptocurrencies. When compared to Bitmex and other platforms of a similar nature, the site provides a lesser level of liquidity to its users.
A user has the ability to create sub accounts and control the system for managing sub accounts.
The community is the primary emphasis of the platform.
To begin spot trading on Phemex, one does not require their KYC to be completed in order to do so.
Modularity lies at the heart of the user interface for Phemex, which is provided by the platform. Phemex gives its customers the ability to trade using a wide variety of sophisticated order types.
The sign-up procedure on Phemex is really straightforward and simple. The following is a detailed description of each stage of the process for registering an account on Phemex:
Phemex requires users to first go to the platform's official website in order to complete the registration procedure. Phemex is a trading platform.
When you arrive at the page, you will be asked for your email address and to create a password that is both secure and easy to remember at the same time.
After you have finished entering this information, the next step will require you to verify that the email address that you have supplied is a legitimate one. You will have the ability to do so by clicking a specific link that will be sent by Phemex to you in your inbox. In the event that you are unable to locate the link within your inbox, you should look in the spam folder instead.
It is your responsibility to ensure that the email address you provide is both functional and secure. All of the information that pertains to your Phemex accounts, including one-time passwords (OTPs), various relevant notifications, and security updates, as well as two-factor authentication, will be sent to your email address only.
After you have successfully registered on Phemex, the next step in your road toward being an expert in cryptocurrency trading is to log in to your account. The procedure for signing in is straightforward and safe, and the website employs a two-factor authentication in addition to one-time passwords (OTPs) and other pertinent security measures to ensure that your account will not be compromised in any way.
The following is a rundown of the steps required to log in to the site:
You need to begin by going to the Phemex website as the initial step in this process. Make sure that you have visited the legitimate website of the trading platform and that you have not been led to a false page that was created by a hacker in an attempt to steal your login information.
It is necessary for you to choose the "login" option after you have arrived at the homepage of the website.
After you have clicked the Login button, you will be asked to enter the email address and password that you specified when you initially registered for the website.
After that, you will be required to enter a one-time password (OTP) that has been delivered to your mailbox.
In order to finish the process of logging in, you will first need to navigate to your email, copy the OTP, and then enter it into the appropriate area on the website.
After you have successfully signed in, you are responsible for ensuring that your account security has been updated by finishing the configurations and security settings for your account, and that you have also activated the two-factor authentication mechanism that the website offers.
Because Phemex users are permitted to have several accounts and sub-accounts, the website makes it easy for them to go back and forth between the numerous secondary accounts they have created. This Phemex review will walk you through the procedures that need to be taken so that you can easily manage, use, and switch between the several sub-accounts that you have.
Phemex.com/sub-accounts is where you need to go initially as the first step in the process.
When you get to the website that was specified, you will be able to create new sub-accounts, delete existing ones, and swap between the several sub-accounts that you have. If you just have one sub-account, you'll be able to handle it by adhering to the same procedure as the other sub-accounts.
You may also go to the page for your sub-accounts by using the following alternative route:
To begin, go ahead and sign in to your Phemex account.
After you have successfully signed in, you will need to select the 'Sub-Accounts' option from the drop-down menu that appears next to your profile name in the top right corner of the screen.
Sign Up Right Away
When you click on the link, you will be transported to the appropriate page, which will allow you to easily manage any sub-accounts that you have created.
Phemex, which is widely regarded as one of the most effective spot trading platforms, gives its customers the opportunity to trade without charging any Phemex trading costs. The following is a list of the procedures that one must carry out in order to trade with Phemex for no cost: -
You will need to sign in to your Phemex account initially as the first step in the process.
After you have successfully logged in, you will need to go to the menu at the very top of the page and put your mouse pointer over the header that reads "products."
After that, you will need to utilize the drop-down menu and select "spot trading" from the available options.
In the following stage, you will be tasked with selecting the cryptocurrency asset that you wish to trade. You have the option of investing in cryptocurrencies like Ethereum or Bitcoin.
After that, you will be prompted to key in the quantity of US Dollar Coins that you wish to purchase or dispose of.
It is highly recommended that you check the order thoroughly before submitting it to verify that all the information that you have supplied is accurate.
To complete the transaction, you will need to select either the red button labeled "sell" or the green button labeled "buy" as the last step.
According to the Phemex website, the exchange also offers a perpetual contracts trading for GOLD/USD, in addition to other assets such as S&P 500 equities, stock indexes, interest rates, FOREX, commodities, energy, and metals, which will soon be available on the platform. Additionally, the exchange offers trading in perpetual contracts for GOLD/USD.
Users of Phemex are eligible for a variety of benefits when completing one of the following three activities; for more information, see below:
In order to begin using Phemex, a user must initially create an account for themselves on the platform. Users receive a bonus of $2 just for creating an account. Your account will have the bonus amount transferred to it automatically, and you will be able to utilize this money to begin trading on the site. In addition, first-time customers are eligible for a welcome bonus worth up to one hundred dollars.
If you have previously used Phemex, you are eligible to get an extra bonus on top of your initial investment. It is necessary to make a deposit of at least 0.2 bitcoin in order to have access to this perk and receive the maximum bonus sum of $60 that is available from this facility.
After you have established a trading account with Phemex, you may earn an extra $10 in the form of a bonus amount by following the company on social media and mentioning them in a post.
As a potential bonus sum from Phemex, you can anticipate receiving up to $80 in total if you meet the requirements. You should, however, keep in mind that the aforementioned bonus amounts are subject to modification at any given moment in time.
Phemex premium account customers receive a variety of additional privileges in addition to these standard perks.
In addition to this, the platform provides a comprehensive range of options for Phemex withdrawal costs. The platform does not charge a fee for making deposits.
Phemex, on the other hand, levies a taker fee of 0.075 percent and a maker fee of -0.025 percent for its trading services. These charges are charged in accordance with the standards of the industry.
In addition to that, the website in question also possesses a financing rate in accordance with the leveraged situation. To put it another way, a position that is heavily leveraged will make a significant contribution to the equity issues at hand. Please visit this link for further information.
Users of the Phemex wallet have the ability to withdraw and deposit using credit cards as well as Bitcoin. In addition, there is a minimum amount that may be withdrawn, which is currently set at 0.002 BTC.
Getting some Bitcoin under your belt is a must for using Phemex. After joining Phemex, users have the option of either depositing Bitcoin into their Bitcoin Wallet and then working their way into the market from there, or using Phemex directly. In order for users to be able to trade Bitcoin-settled contracts, their Bitcoin trading accounts must first be funded with money that has been pre-deposited from a wallet. Users also have the option to trade USD-settled contracts by exchanging Bitcoin from their best cryptocurrency wallets into their USD trading accounts at a real-time rate.
Customers, on the other hand, won't have any trouble with their withdrawals. The only information a user is required to provide is their Bitcoin wallet address and the quantity of Bitcoins they wish to withdraw before they can proceed with the transaction utilizing standard 2FA capabilities. There does not appear to be any mechanism to white-list Bitcoin addresses, in contrast to other exchanges such as Coinbase. This might be interpreted as a loophole in the security system.
The Phemex platform was designed to make it simple for crypto traders of all expertise levels, from novices to seasoned pros, to engage in transactions on the Phemex exchange.
Because it makes use of the most advanced technology, both in terms of web construction and web security, the broker business known as Phemex is able to provide one of the most advanced cryptocurrency trading platforms available. Users may be certain that this specific website will continue to provide a secure, safe, efficient, and stable environment for contract trading regardless of the level of volatility that may be present in the cryptocurrency market at any given time.
Another notable aspect about this platform is that it has not documented any instances of the site hanging or freezing, which was a challenge that was faced by Bitmex, a well-known brand in the cryptocurrency market.
Phemex is the most safe cryptocurrency exchange because it uses a hierarchical deterministic cold wallet system. This system gives each user a unique cold wallet deposit address, which contributes to Phemex's status as the most secure cryptocurrency exchange. All of these deposits are gathered together and then periodically transferred to the multi-signature cold wallet maintained by the firm using an offline signature. The fact that withdrawal requests are handled three times a day on the website might be the cause of the exceptionally long wait times for withdrawals.
The Amazon Web Service (AWS) Cloud is used to host the platform's servers; this cloud hosting service is a recognized industry standard that satisfies or exceeds the standards for safety and security. In addition, Phemex's internal network is partitioned into several trading zones via the utilization of firewalls.
Technically speaking, this contract trading platform is composed of two primary components, and those components are the CrossEngine and the TradingEngine. These two components are responsible for matching customer orders based on the priority of time and its price.
Additionally, the developers have said that there would be very minimal downtime experienced by traders. In point of fact, Phemex assures customers that they won't be inconvenienced by any unscheduled system outage. This is because to its recovery technology, which provides customers with a guaranteed uptime of 99.99 percent. If this trend continues for some time, it will be extremely important for markets that are accessible around the clock, seven days a week.
On the other hand, given that Phemex is a relatively new platform for the trading of derivatives, only time will tell how the exchange will react to malicious attacks when they inevitably take place.
Phemex is now trading all 21 cryptocurrencies, some of them are as follows:
Bitcoin Cash (BCH)
Phemex welcomes customers from a variety of nations to conduct business on their website. The following are examples of some of them:
The United States of America, North Korea, Quebec, Cuba, and Singapore are examples of nations that are not permitted on their site.
Phemex provides a helpful customer support service that is accessible around the clock to assist traders with any cryptocurrency-related questions they could have. The customer service team works hard to guarantee that investors do not encounter any difficulties while conducting business on the website.
As a result of our research of Phemex, we have come to the conclusion that it offers cryptocurrency traders a vast array of benefits and opportunities, with very few drawbacks. However, the website's navigation is straightforward, making it an excellent choice for inexperienced as well as experienced crypto investors alike. Even investors who don't have a strong understanding of trading methods will find it simple to make trades using the platform.
Is Phemex a Reputable Trading Platform? The cryptocurrency trading platform Phemex, which has only been around for a short while, is an excellent platform that possesses all of the essential features and benefits.
Phemex is it legal for US citizens to use? Phemex does not accept users from the United States, which is a very unfortunate restriction.
Does Phemex Charge For Its Services? Phemex provides its users with the opportunity to trade on the platform at no additional cost. However, a little price for using the network is required.
Is It Risk-Free to Use Phemex? Following the completion of this in-depth Phemex review, it is without a doubt possible to state that the Phemex platform is a reliable one that should be utilized for crypto-related trading. However, before beginning, users should first familiarize themselves with Phemex on their own.
Is the Phemex Exchange Subject to Regulations? Phemex is not subject to any regulations at this time, despite the fact that it is a very active exchange.
Sites like Phemex in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- Swissquote - It's a Swiss bank that offers an online trading platform for forex and CFD trading. (Swissquote Review)
- easyMarkets - Israeli brand that is big all over. (easyMarkets Review)
- Forex.com - Google ranks them in the top 10 for the term "forex". (Forex.com Review)
- Plus500 - UK brand that has its own platform, OK for CFDs, with mediocre reviews. (Plus500 Review)
- AvaTrade - Regulated by ADGM's Financial Services Regulatory Authority (FSRA) in Abu Dhabi. (AvaTrade Review)
- FXCM.com - Oldest brand when it comes to retail online forex trading. (FXCM.com Review)
- Mashreq Neo - An online trading platform provided by Mashreq Bank. (Mashreq Neo Review)
- ForexTime (FXTM) - Owned by Andrey Dashin from the Alpari broker fame. (ForexTime FXTM Review)
- Noor Capital - Licensed and Regulated by the UAE Central Bank and SCA. (Noor Capital Review)
- XM.com - XM broker is big in Africa and South East Asia, and now promoting themselves hard in the UAE. (XM.com Review)
- Saxo Bank - Danish Investment Bank with a long history of catering for premium forex investors. It also provides crypto trading facility. (Saxo Bank Review)
- Pepperstone - Originally Australian, but licensed locally by Dubai Financial Services Authority. (Pepperstone Review)
- CMC Markets - UK-based broker that is popular among CFD traders. (CMC Markets Review)
- ETX Capital - UK broker that has a decent reputation among Arab investors. (ETX Capital Review)
- Interactive Brokers - American online-trading broker that is expanding into Asian and Arab markets nowadays. (Interactive Brokers Review)
- Rakuten Securities - Japanese broker that usually looks out for large institutional investors. (Rakuten Securities Review)
- Dukascopy Bank SA - Swiss bank that offers online forex trading on its own proprietary platform. (Dukascopy Bank SA Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.