Phemex Review

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Phemex Review
Phemex Review

Phemex Review – Best Crypto Exchange For Spot And Derivatives Trading

As a Singapore based firm, Phemex started its operations on November 25, 2019. The company mainly focuses on spot trading and other derivatives of crypto. Apart from that, it supports eight languages, including Korean, German, Chinese, French, Japanese, Spanish, Russian, and English.

The trading volume of an exchange is an important element for the users because generally, the trade volume is directly proportional to the liquidity. High or deep liquidity means that sellers and buyers can easily buy or sell currencies. As per Coinmarketcap, On April 21, 2020, the trading volume of Phemex for 24 hours was 405.6 million, and this trading volume stood at 50th place in Coinmarketcap’s list of global exchanges. This figure jumped to 912 million USD on February 5, 2021, and it moved to the 11th spot in Coinmarketcap’s list.

There are several reasons for such a quick surge in Phemex’s popularity and trading volume. The company shared an overview of their platform on their own website, but here are some of the exciting features of Phemex.

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Phemex Features

USD/Gold trading

As of March 30 2020, Users could trade USD/Gold at Phemex. Having access to this trading pair can be beneficial for users, especially when the market is having a high volatility situation. A user can trade USD/Gold with leverage up to 100x.

Bonuses

New firms mostly use different methods, such as bonuses, to attract new customers, and Phemex is no exception. If you deposit a minimum of 0.2 BTC, you will get a bonus of $60. More, this bonus is not restricted to Bitcoin only. You can also earn a $10 spot trading bonus on a single order of at least 500 USDT. Moreover, you can get a $10 contract trading bonus on a single BTC/USD transaction with a minimum worth of $5000. You can get bonuses of up to $80 in total.

Note: The bonuses may change from time to time.

Leverage Trading

Phemex is a great platform for leveraged trading on crypto derivatives. That said, you can actually invest in a certain crypto’s price to decrease or increase even without having the necessarily required assets. You can do this by borrowing from the platform and leverage your trading by 100x. Let’s take an example for better understanding.

Suppose, your trading account has 100USD, and you want to bet this amount on a specific asset believing that its value is going to increase. Now, if the price goes up by 10 per cent, you will earn 10 USD. But if you bet it with 100x leverage and the prices go up, the position of your 100 USD will shift to 10,000 USD. That way, you will earn 1,000 USD extra.

However, with the increase in leverage ratio, the liquidation price distance also shrinks. That said if you made a bet for prices to go up, but they go down, then even a slight decline may cost you all your investment. The more you stretch the leverage option, the risk of losing your investment will be greater too. That is why you need to maintain a balance between risk and rewards.

Spot Trading

Phemex started spot trading services on May 15, 2020. The company allows you to trade eleven different currencies against USDT, including XTZ, LTC, ADA, BTC, ETH, XRP, LINK, TRX, ONT, BCH, and NEO. Phemex keeps adding more options to this list. Spot trading is not betting or speculating the prices of any asset; rather, it allows you to sell or buy above-mentioned currencies directly.

Zero-fee model is another unique feature of Phemex. Whenever you buy or sell cryptos from any exchange, you have to pay a fee that usually ranges between 0.10 per cent to 0.25 per cent. Phemex, on the other hand, offers premium membership packages starting from $5.80 monthly. This helps traders in saving trading fees, especially on higher trading volumes.

Mobile Support

Apart from desktop availability, Phemex is also available for Apple and Android mobile users. Statistically, 70 per cent of the crypto traders prefer conducting business on the desktop. However, a lot of them also find it easier to use mobile apps. Phemex also facilitates its users with mobile trading, and they have a native mobile application (unlike many other platforms).

Phemex Trading View

Trading views are different for different exchanges, and no overview can be perfect for everyone. Therefore, as a user, you need to decide which trading view is suitable for you. The common elements in most trading views include showing order book or any of its part, order history, and price chart of a particular crypto. Mostly, they have buy/sell boxes as well. Therefore, before opting for any exchange platform, do your own research and choose the most suitable option.

Phemex Review

Phemex Fees

Trading Fees

As mentioned above, Phemex offers its users monthly membership packages (zero trading fee model) related to spot trading fees. Rather than charging a fee on every trade, they offer monthly packages (prices are $9.99 for 30 Days, $19.99 for 90 Days and $69.99 USDT for 365 Days).

A premium member can enjoy the following benefits:

  • Set conditional spot orders
  • Hourly withdrawals with no limits
  • Gift trial premium memberships to friends.

Phemex separates “takers” and “makers” with respect to contract trading. The fee for takers on Phemex is 0.075 per cent on each order. It is difficult to compare this trading fee with other exchanges around the world because different platforms allow trading of different assets/instruments. However, under general circumstances, 0.075 per cent per order is a pretty fair fee.

On the other hand, the fee for makers is -0.025 per cent on each order. What does that mean? Well, a maker is actually get paid for trading on this platform. Suppose you bought crypto for 2000 USD, but you won’t have to pay 2000USD, rather, you will pay an amount after a discount of 0.025 per cent, and that is 1999.5 USD. Now, that is a very attractive and rare feature.

Withdrawal Fees

According to my understanding, the company doesn’t charge any fee of their own when users withdraw from their accounts. The only fee you may have to pay is the networking fee while making a withdrawal. That said, you have to pay a fee to miners of the relevant blockchain/crypto, and the exchange doesn’t charge any fee. These networking fees change on a daily basis depending on network pressure.

Deposit Methods

Before June 18, 2020, Phemex used to accept only cryptos as deposits, and that means it wasn’t a platform for new investors. However, the company joined forces with another company Banxa, which allowed users to purchase crypto through debit and credit cards. This service was introduced on June 18, 2020.

As of now, the company has paired-up with MoonPay, Coinify, Koinal, and Mercuryo. Users now have multiple payment options such as bank transfers, Apple pay, etc. and different rates according to their suitability.

US Investors

A lot of exchanges don’t allow US investors to open accounts on their platforms, and that is because of the Security Exchange Commission. SEC doesn’t allow foreign firms to accept applications from US investors unless those companies are also registered in the US.

If any exchange accepts any request from US investors, SEC sues them, and it has happened in the past. Common examples include EtherDelta (an unregistered firm), and Bitfinex was also sued by SEC for misleading the investors. With that being said, Phemex doesn’t welcome US investors. If you are a US investor, this is not an option for you. However, US investors have other options such as CEX.io, Kraken, KuCoin, etc.

Pros

  • High-quality exchange and wallet security
  • The option of having sub-accounts
  • Easy-to-use APIs
  • Zero-fee trading option
  • Developed by ex-Morgan Stanley Executives
  • No KYC for small withdrawals

Cons

  • Phemex is relatively new in the market.
  • The company has regional restrictions and doesn’t provide any alternative to restricted areas.

Conclusion

You can be a member of this company the next minute. All you have to do is to sign up and send in some Bitcoins. Your profits start calculating the moment you successfully make a deposit.

Visit the Official Phemex website


FAQ

  • How do you buy Bitcoins on Phemex?

    – Sign up to Phemex
    – You can buy Bitcoin using cash: you can link your debit/credit card or bank account

  • Is Phemex safe?

    Phemex is considered a safe exchange that allows user account protection via the use of Two Factor Authentication (2fa).

  • How can I withdraw money from Phemex?

    Phemex supports multiple different payment methods. Select the fiat currency you’d like to withdraw and the payment method. Phemex supports credit cards, debit cards, bank transfer, or cash balance.

Visit the Official Phemex website

Phemex score
  • 9.7/10
    Cost - 9.7/10
  • 9.8/10
    Support - 9.8/10
  • 9.8/10
    Reliability - 9.8/10
9.8/10

Phemex Summary

As a Singapore based firm, Phemex started its operations on November 25, 2019. The company mainly focuses on spot trading and other derivatives of crypto. Apart from that, it supports eight languages, including Korean, German, Chinese, French, Japanese, Spanish, Russian, and English.

The trading volume of an exchange is an important element for the users because generally, the trade volume is directly proportional to the liquidity. High or deep liquidity means that sellers and buyers can easily buy or sell currencies. As per Coinmarketcap, On April 21, 2020, the trading volume of Phemex for 24 hours was 405.6 million, and this trading volume stood at 50th place in Coinmarketcap’s list of global exchanges. This figure jumped to 912 million USD on February 5, 2021, and it moved to the 11th spot in Coinmarketcap’s list.

You can be a member of this company the next minute. All you have to do is to sign up and send in some Bitcoins. Your profits start calculating the moment you successfully make a deposit.


? PHEMEX BEST EXCHANGE FOR BUYING & TRADING CRYPTO ?

? ZERO FEE TRADING + $150 SIGN UP BONUS

Visit the Official Phemex website

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