Phemex

The Phemex trading platform is one of the most reliable and hassle-free platforms where consumers can turn their cryptocurrency fortunes into income. Phemex was founded after its creators recognized the lack of professionalism, reliability, and customer service in bitcoin trading. This article will outline some facts to know from the customer perspective about this exchange platform, and thus, Phemex will be evaluated with the highest level of fairness.

What is Phemex?

Phemex is a straightforward cryptocurrency exchange led and supported by eight former Morgan Stanley executives. Based in Singapore, it was launched on November 25th, 2019. Currently, Phemex offers 244 cryptocurrencies and 245 trading pairs, with the most active and dynamic pairs being BTC/USDT and ETH/USDT, which consistently dominate the highest trading volume in the market.

Phemex Goals

Phemex’s goal is to help everyone, not just experienced traders, trade efficiently and without danger. They aim to become the best cryptocurrency platform on the market, as well as provide sensible financial advice.

In this review of Phemex, we will examine how it works, its key features, the advantages and disadvantages of the Phemex website, etc. Phemex is led by eight former executives of Morgan Stanley and is headquartered in Singapore. Users of the Phemex trading platform can trade perpetual contracts such as ETHUSD, BTCUSD, LTCUSD, LINKUSD, XRPUSD, and XTZUSD with leverage up to 100X.

Phemex allows individuals from around the world to trade digital currency through a safe and user-friendly platform. Its effectiveness is relatively high as it is currently ranked sixth in terms of daily trading volume. Trading volume is crucial for users. Different trading techniques can be safely used here.

General information
Official website https://phemex.com/
Singapore Headquarters
Year of establishment 2019
Tokens None
Cryptocurrencies listed BTC, ETH, BCH, LTC, USDT…
Trading pair 272
Fiat currency supported USD
Free Deposit Fee
Transaction Fee Recipient：0.075%
Creator：-0.025%
Withdrawal Fee Depends on the currency
Sign Up Yes
Customer Support Mail, Live Chat, Help Center

How Phemex works

Phemex operates on a simple method. Firstly, users need to register an account on the website, after which they can log in and start trading and earning interest.

Phemex has many features and benefits. An evaluation of Phemex highlights some of them:

One of the best aspects of Phemex is its extreme user-friendliness; even non-experts can easily navigate the website and start trading with volume. Phemex also includes a wallet interface, providing more benefits to users.

Another favorable characteristic of Phemex is that it does not require KYC to start using the website.

Phemex also provides minimal instant trading. This website function is very popular with users.

The website offers a Phemex demo account so users can trade without risk.

The website provides futures trading with leverage up to 100x and payment in BTC or USDT.

Phemex has a mobile application that you can use anytime, anywhere you want.

Phemex provides a very generous welcome program for new users. Those who set up an account on Phemex can expect to receive many privileges and benefits to help them get started on the website.

Users can earn up to 10% interest for their Phemex USD deposit in a fixed or flexible savings account.

Another advantage of Phemex is their customer care team operates around the clock to ensure complete user satisfaction.

Products and services

Phemex offers a wide range of highly valuable services and products for its customers. Spot trading is one of many features of Phemex. Another unique feature provided by Phemex is the ability to start trading by transferring Bitcoin from a hardware wallet to the digital asset trading platform. USDT and Bitcoin deposits are securely held in wallets.

As mentioned above, this platform also allows users to trade at a minimum transaction cost, which is another popular option provided by cryptocurrency trading platforms.

Advantages and disadvantages
Advantages Disadvantages
Trade 100X leverage. US citizens are not allowed to trade on Phemex.
Various cryptocurrencies are supported on the platform. The site offers less liquidity than Bitmex and other similar sites.
User can create sub-account and manage sub-account system.
The platform is focused on the community.
One does not need to complete KYC to initiate spot trading on Phemex.
The Phemex user interface provided by the platform is modular. Phemex allows users to trade with many advanced order types.

Phemex sub-account

Because Phemex allows its customers to have multiple sub-accounts, the website ensures that users can easily switch between them. An overview of Phemex outlines the actions that must be taken to manage, use, and switch between sub-accounts easily.

The first step is to navigate to Phemex.com/sub-accounts. Once you access the specified web URL, you can create, delete, or switch between your sub-accounts. If you only have one sub-account, you can manage it using the same steps.

Another link you can use to access your sub-account page is:

To start, log in to your Phemex account. After you log in, navigate to your profile name at the top right corner of the page and select ‘Sub-accounts.’ Clicking on it will take you to the relevant page where you can easily manage your sub-accounts.

Trade on Phemex with minimal fees

Phemex is one of the most powerful spot trading platforms that allows users to trade with minimal Phemex trading fees. Here are the steps to trade with Phemex at minimum fees:

The first step is to log in to your Phemex account. After you log in, navigate to the top menu and hover over the header labeled ‘Products.’ Next, you will need to use the dropdown option and select ‘Spot Trading.’ The next step is to determine the cryptocurrency asset that you want to trade. You can choose investment options such as Ethereum or Bitcoin. Then, you will need to enter the amount you want to buy or sell back to USDT. For safety, you should double-check your order to ensure that all the information you provide is valid. The final step is to click the green ‘Buy’ or ‘Sell’ button to complete the purchase transaction.

The program also provides many options for Phemex’s withdrawal fees. Deposits on the platform are free of charge.

Regarding Phemex’s trading fees, the company charges fees to both the taker and the maker depending on your account level. These rates are set in accordance with industry standards.

Furthermore, the website has a funding rate based on the leverage position. In other words, a position with high leverage will have a significant impact on the owner’s capital.

Phemex Deposit and Withdrawal Methods

Phemex users can withdraw and deposit funds using credit cards and Bitcoin. There is also a minimum withdrawal limit of 0.01 BTC.

Before using Phemex, users must first purchase Bitcoin. Users can send BTC to their BTC wallet and enter the market from there, or they can join Phemex and deposit BTC there. To trade contracts settled in Bitcoin, users must first fund their Bitcoin trading account with a deposit from their wallet. Users can also trade contracts settled in USD by transferring BTC from their best cryptocurrency wallet to their USD trading account at real-time exchange rates.

On the other hand, customers find the process of withdrawing money very easy. Users simply need to enter their wallet address and the amount of Bitcoin they want to withdraw, and then confirm the transaction using standard 2FA capabilities. Unlike other exchanges such as Coinbase, there seems to be no means of adding Bitcoin addresses to a whitelist. This could be understood as a security loophole.

Phemex Exchange

The Phemex platform is designed to make it easy for both new and experienced crypto traders to trade on Phemex.

Phemex’s brokerage utilizes cutting-edge security and web building technology, allowing the company to offer one of the leading cryptocurrency trading platforms. Users can trust that regardless of the type of volatility that exists in the cryptocurrency market, our website will continue to provide a secure, safe, efficient and reliable contract trading environment. trust.

Another attractive feature about this platform is that it does not have any instances where the website crashes or freezes, as Bitmex, a well-known company in the cryptocurrency business, does.

Security

In terms of security, Phemex has a hierarchical cold wallet system that designates separate cold wallet deposit addresses for each user, making it one of the safest cryptocurrency exchanges. Typically, all these deposits are collected and transferred to the company’s multi-signature cold wallet through offline signatures. Withdrawal requests are processed three times a day on the website, which could explain the long wait times for withdrawals.

This platform uses Amazon Web Service (AWS) cloud to store its servers, an industry-standard recognized to meet or exceed security and safety requirements. Phemex also uses firewalls to separate transactional areas within its internal network.

Technically, this contract trading platform comprises two main components: CrossEngine and TradingEngine, where customer orders are matched based on priority of time and price.

Developers have also declared that there will be almost no downtime for traders. In fact, Phemex has claimed that customers will not experience any unexpected system downtime. This is due to its recovery system, which ensures 99.99% uptime for customers. If this holds true over time, it will be essential for 24/7 trading.

However, as Phemex is a new derivatives exchange platform, only time will tell how it will react to hostile attacks, which cannot be avoided.Conclude
Therefore, after reviewing Phemex, we believe it offers a lot of benefits and opportunities for crypto traders with a few downsides. However, the site is easy to use and suitable for both novices and seasoned crypto investors. Investors unfamiliar with trading tactics will also find the platform user-friendly.

Phemex customer support

Phemex provides excellent customer support services 24 hours a day, 7 days a week, to assist traders with any questions related to cryptocurrencies. The customer service team ensures that investors enjoy a seamless trading experience on the platform.

Conclude
Therefore, after reviewing Phemex, we believe it offers a lot of benefits and opportunities for crypto traders with a few downsides. However, the site is easy to use and suitable for both novices and seasoned crypto investors. Investors unfamiliar with trading tactics will also find the platform user-friendly.