Stacking up against other crypto trading platforms

Phemex is the latest addition to the world of Bitcoin derivatives trading. With the help of former Wall Street staff, the Phemex exchange has been designed to cater to institutional traders as well as regular investors. The platform features a range of user-friendly features that make it easier for novice and experienced traders alike to manage their investments. The platform strives to provide traders with outstanding liquidity and low fees, allowing them to maximize returns on their investments. Additionally, Phemex's team of experts are always available to assist clients with any questions or issues they may have.

What is Phemex?

Phemex was launched on November 25th, 2019, specializing in cryptocurrency derivatives trading. Headquartered at Singapore's PhemedEx Financial Pte. Limited, the platform aims to be one of the best in the business by providing a user-friendly, low-fee approach to crypto exchange trading. The firm operates offshore in London, Virgin Islands and elsewhere to benefit from fewer regulatory requirements and lower taxes. Since its launch, Phemex has attracted over 50,000 new users, with daily trading volumes exceeding 700M. This impressive performance has earned it a top ranking on the CoinMarketCap index.

Phemex team

Phemex is led by an experienced, notable team of former executives from Morgan Stanley, who come with a wealth of experience in the banking industry. The team’s expertise has been instrumental in driving Phemex’s success since its launch. Currently, the company has 40 employees in its offices, with more recruitment opportunities being considered. On top of this, Phemex has also been incredibly generous during the COVID-19 pandemic, donating 12,000 masks to support those affected. This act of charity and social responsibility speaks volumes about the company's culture and values, further solidifying its reputation in the world of crypto exchange trading.

Phemex $4050 Welcome Bonus

Phemex is offering an incredible welcome bonus to all new users – up to $4050 in Crypto Sign Up Bonus, as well as 2 BTC & 10,000 USDT in Trial Funds. To take advantage of this offer, simply register and get ready to explore the world of cryptocurrency derivatives trading with Phemex's generous welcome bonus. With this offer, you can jumpstart your trading journey and maximize your profits by taking advantage of high leverage and deep liquidity.

Deposit and withdrawal payment methods

Phemex initially only supported the deposit or withdrawal of bitcoins, but has since opened up to fiat payments via cards and debit cards. All transactions done using fiat currency require verification in accordance with regulatory requirements. One of the benefits of Phemex is that it provides support for anonymous, non-UKYC accounts, although this is restricted compared to BTSE which offers seven different digital currencies and 10 currencies for deposit. To trade on Phemex, users first need to buy or sell Bitcoin, which they can then use to purchase other crypto assets available on the platform. Additionally, Phemex provides a range of educational resources and tools to help traders maximize their potential and make informed decisions.

Phemex Deposit & withdrawal fees

The fees associated with deposits and withdrawals on Phemex depend on the deposit or withdrawal method chosen. When it comes to deposits, users can choose from card payments, bank transfers, depositing through any major crypto wallet, or making their deposit directly from the exchange account. Withdrawals are available for all major crypto wallets, as well as debit and credit cards. The fees for these methods vary depending on the transaction size, type, and amount. For up-to-date information about deposit and withdrawal fees for Phemex, it's best to refer to the platform's official website.

Phemex Exchange Design and Usability

This platform's navigation is clear and intuitive, with an easy user interface with easy navigation options. Despite the absence of a trade interface, all features are fairly simple for introductory users and their layout makes the system simple on the eye. You are unlikely to get lost while looking through different pages and sections of the website, an area I mention here. For the trading interface, as mentioned in the trading page, the integration with TradingView makes this platform suitable mainly for beginners. Traders are able to perform the entire charting and orders placement in an easily accessible screen.

Is Phemex safe to use?

The team that developed the platform has demonstrated itself in the industry and has 40 plus years of combined experience providing high-frequency technologies. They highlight that the organization consists of eight former Morgan Stanley employees and that the platform has high levels of trustworthiness. The system is secured using HD ColdWallet. Using an offline signup, the funds are periodically transferred into a single cold wallet. Phemex does not have a dedicated server, but uses the Amazon Web Services cloud, a leader in cloud services. Trade zones are separated from external networks by layer firewall.

The Drawbacks of Trading with Phemex

Phemex is certainly a capable exchange, however, there are a few drawbacks that prospective traders should be aware of. Unlike some other top exchanges, Phemex does not offer fiat currency support, instead limiting transactions to the popular crypto pair BTC only. Additionally, Phemex currently only provides support for cryptocurrency perpetual contracts and is unable to provide cryptocurrency for crypto pairs such as Bitcoin, Ethereum, or any other coin. As a result, all trading on Phemex is linked to the US dollar. For those seeking more features and access to multiple crypto pairs, other crypto trading platforms may be a more suitable choice.

Trading Derivatives on your Phemex account

When trading derivatives on Phemex, BTC cannot be transferred directly to the buyer or seller. Instead, the contract is entered using underlying assets and quoted in USD. As with most other exchanges, Phemex offers three different kinds of order types – FillOrKill, ImmediateOrCanceling, and GoodTillcanceled – which can be used to complete a trade. Those who are new to Bitcoin trading are advised to carefully go through the instructions available on Phemex before attempting to trade it. This will help ensure that trades are as successful and secure as possible.

Exploring 100x Leveraged Trading on Phemex

Phemex gives traders the opportunity to take part in leveraged trading on seven pairs, offering up to 100x leverage. This high level of leverage enables traders to quickly achieve high profits or suffer from high losses, depending on market conditions. It is important for experienced traders to bear in mind that setting a high leverage level can be risky and should be done with caution. Furthermore, Phemex offers financing rates that are dependent on the type of leveraged position taken by the trader. Depending on market conditions, users may benefit from a “negative financing” rate, which directly benefits those with short or long positions.

Phemex Earn – fixed and flexible savings accounts on BTC and USDT

Phemex Earn is a unique savings feature that allows users to securely store their BTC or USDT in either a fixed or flexible savings account. Fixed accounts provide users with an interest rate of up to 10% while allowing them to withdraw funds at any time. Meanwhile, the flexible account option offers higher interest rates of up to 15% with a lock-in period of 30 days. In addition to the high returns, these savings accounts can be used as collateral for margin trading. With Phemex Earn, users can maximize their returns on both crypto and fiat deposits.

Phemex's Popularity in the Derivatives Market

Phemex is a widely-used derivatives market platform that processes an impressive 6,000 trades per day and averages a weekly trade value of around $800 million. It also holds an impressive liquidity score of 585 (out of 1000), which exceeds the industry average. This high liquidity level ensures that traders experience fewer price slippages when executing their trades, as well as lower spread costs. Bitcoin and Ethereum are highly liquid assets, whereas some smaller cryptocurrencies may be less liquid. Nonetheless, Phemex offers access to top-tier liquidity through its cutting-edge platform.

Phemex FAQ's

Can US citizens use Phemex?

US citizens cannot use phemex for commerce. Various crypto currencies support this software. It provides less liquidity when compared to Bitmex and similar websites. The system includes sub account setup and sub account management.

Is Phemex better than Binance?

Phemex stands out from Binance in terms of its high leverage margin trading, deep liquidity and educational resources. However, Binance offers a wide range of trading pairs, low fees, and a more established brand recognition. Ultimately, it depends on what is important to you and which platform best meets your needs.

Is Phemex better than Coinbase?

Whether Phemex is better than Coinbase depends on what factors you prioritize. Both platforms offer an easy and secure way to trade cryptocurrencies. Phemex stands out from Coinbase in terms of features, such as its high leverage margin trading and deep liquidity. However, Coinbase has a more straightforward interface and offers a wide range of supported fiat currencies. Ultimately it depends on what features are important to you and which platform meets your needs best.

Conclusion

In conclusion, Phemex is an advanced cryptocurrency derivatives platform with a range of features to appeal to both casual and experienced traders. The platform's high liquidity and low fees ensure that users can maximize their profits and minimize their risks when trading with Phemex. Moreover, the platform's user-friendly design and accessible educational resources make it ideal for those who are just getting started in the world of crypto trading. All in all, Phemex is a great platform for crypto traders looking for a secure and reliable way to trade cryptocurrencies.