Phemex is an advanced cryptocurrency exchange that provides the flexibility to trade on both the spot and options market. What makes it unique is its innovative zero-fee trading model where the traders are not charged any trading fee per transaction. Phemex exchange supports multiple cryptocurrencies including Bitcoin, Ethereum, and Chain-link Perpetual futures. This exchange is an invention of ex-Morgan Stanley executives. The purpose of this invention was to provide institutional-grade trading tools and security for traders. Derivatives trading allows traders to increase their exposure to certain assets and the ability to “short”.
Key Features of Phemex
- Institutional grade trading and security
- Free trades on Spot Exchange (Premium account)
- No deposit fees
- Robust trading insurance
- Ability to Leverage up to 100X margin
Phemex Spot Exchange & Free trades
The key benefit of using Phemex exchange is the flexibility it offers when it comes to transaction and withdrawal fees. This specification is groundbreaking in the crypto world because all other models charge a certain amount on every transaction. This makes a huge difference because previously traders use to pay thousands of dollars are part of their transaction and withdrawal fee. With Phemex, these traders can take advantage of the zero-fee trading model and only pay monthly Phemex fees of USD 9.99 per month.
Phemex is also offering a 30-day free trial for the Premium account. To take advantage of this, users need to make a deposit of over 0.02 BT and complete a transaction over 1000 USD.
How to get started with Phemex?
Sign Up on Phemex by following these easy steps:
- Go to the Phemex website
- Press the ‘Register’ button on the top right-hand corner
- Fill in your email address and set a password
- Use the DDLJW invitation code and get a discount on the Phemex fees.
- Enter the verification code to verify your email address
- Use your new credentials to log in on Phemex
You can transfer cryptocurrency directly to the Phemex wallet following these steps:
- Log in to your Phemex account
- Click the ‘Assets’ option on the top right corner
- Click the ‘Deposits’ button and choose the cryptocurrency
- Copy the unique wallet address for the chosen coin
Use your Phemex crypto wallet to scan the QR code or copy and paste the address to process the transaction. Choose the intended amount and send it to your Phemex wallet.
Margin & Leverage on Phemex
Let’s go through the concept of leverage trading first, leverage trading means that the trader can use borrowed funds to amplify trades and returns. Moreover, on the Phemex exchange investors can trade Perpetual Contracts with more than 100X leverage. The process is quite simple, first select the initial margin or collateral to open a position and then select the amount of leverage for trading.
This strategy is great for making profit in a short time, but it also involves risk. If you do not have sufficient experience or background with this medium of trading, then it may end up as liquidation of your account.
Tip: To avoid the risk of liquidation keep the leverage as low as possible.
Phemex Review: Security
Phemex implements a Hierarchical Deterministic Cold Wallet System that allocates a separate cold wallet deposit address to every end-user. Moreover, it compiles all occurring deposits to the multi-signature cold wallet via offline signatures.
Phemex exchange utilizes AWS (Amazon Web Service) Cloud to make sure that the platform is protected against any cyber theft or failure. In addition to Cloud services, Phemex also utilizes firewalls to separate the trading zones within its internal network, making things clear and easier to track.
According to Phemex users experience zero downtime because of its solid recovery system. This system plays a key role in offering users 99.9% high availability.
Mobile Support
Phemex also offers its users the ability to open new trades, close old ones, or monitor and tweak an opened position while on the go.
With Phemex trading, traders are allowed to open new positions, close the old ones, and make tweaks in the current trade. The Phemex bespoke mobile application is also remarkable when it comes to security, stability, and speed. The application is also available for Android users and iOS phones for free on the google play store and the iPhone app store.
Conclusion
Phemex is a newly developed platform, it offers traders with numerous opportunities and countless advantages. This key selling point to this exchange is that it is straightforward to understand and easy to use. Phemex’s specialty is that it lets the users make trades without any transaction or withdrawal fee per transaction. This gives Phemex a competitive edge over the other trading platforms.
