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Phemex crypto exchange review and features

Phemex crypto exchange review and features

  • 18 March 2022
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With the current emergence of cryptocurrency as the leading financial domain, many websites have started to delve into the same field. Among them, the Phemex crypto exchange trading platform appears as one of the most trustworthy and hassle-free sites for people to convert their crypto assets into profits. Phemex came about when its founders noticed a lack of professional etiquette, credibility, and customer support in cryptocurrency trading.

What are Phemex crypto exchange and its mission?

Phemex’s mission is to make everyone and not just experienced traders trade efficiently without risking chaos. They march forward with the vision of making themselves the best cryptocurrency platform available on the market and offer solid investment advice.

In this Phemex crypto exchange review, we will focus on how the site works, its main features, pros and cons, and more. Based in Singapore, Phemex is led by eight former Morgan Stanley executives. The Phemex exchange allows users to trade various perpetual trading contracts such as ETHUSD, BTCUSD, LTCUSD, LINKUSD, XRPUSD, and XTZUSD with 100x leverage.

Phemex allows users from all over the world to trade digital currencies through a medium that is secure and not too complicated to navigate. The efficiency of Phemex is quite high as it is currently ranked 6th for the daily trading volume. One can safely trade here with various trading strategies.

How does the Phemex crypto exchange work?

Phemex crypto exchange works in a fairly simple way. Users need to create their account on the site and after registering they can log in to their account and start trading and earning interest.

Short Summary

  • Phemex is a crypto trading platform founded by eight former Morgan Stanley executives.
  • Phemex aims to provide its customers with a hassle-free and safe space to trade in the crypto space.
  • The Phemex enables spot exchanges without any fees.
  • Users do not need to have their KYC done to start using the Phemex crypto exchange.
  • Phemex crypto exchange has a 24/7 customer support team that helps its users trade seamlessly at any point of the day.

Properties of Phemex crypto exchange

Phemex crypto exchange offers many features and benefits. Some of them are mentioned in this Phemex crypto exchange review:

One of the best things about Phemex is that it is extremely user-friendly and even a non-specialist would not find it difficult to navigate the site and start trading volume. The site also offers a wallet interface which only helps users more.

Another helpful feature of Phemex is that one does not need a completed KYC to start using the platform.

  • Phemex also offers Spot Exchange with no fees. Users enjoy this feature of the website.
  • The site offers a Phemex demo account for users to trade without any risk involved.
  • The site trades derivatives exchanges with up to 100x leverage and BTC or USDT settlement.
  • There is a Phemex mobile application that allows you to use it anytime, anywhere.

Phemex crypto exchange offers a fairly generous welcome program to its new users. Individuals who register an account with Phemex can expect to receive plenty of bonuses and facilities to get them started on the platform.

A user has the opportunity to earn up to ten percent interest on a USD Phemex deposit in a fixed or flexible savings account.

Another benefit of Phemex is that their customer support team works 24/7 ensuring user satisfaction every time.

Products and Services Offered by Phemex

Phemex offers a range of services and products that are of great use to the users. One of the many features of Phemex is spot trading. Another notable service that Phemex offers is that you can start trading by transferring Bitcoin from a crypto hardware wallet to a digital asset trading site. The USDT and Bitcoin deposits remain safe in the e-wallet.

Phemex also allows its users to trade with no trading fees and this happens to be another popular service offered by the crypto trading platform.

Phemex crypto exchange Review: Pros and Cons

Advantages

  • 100x leverage trading.
  • Various cryptocurrencies are supported on the platform.
  • A user can create sub-accounts and manage the sub-account system.
  • The platform is community-oriented.
  • One does not need to have their KYC performed to start spot trading on Phemex.
  • The Phemex crypto exchange user interface offered by the platform is modular. Phemex allows its users to trade many advanced order types.

Disadvantage

  • USA citizens are not accepted to trade on Phemex.
  • The site offers less liquidity compared to Bitmex and other similar sites.

Phemex Registration and Login Process

Registration process

The registration process on the Phemex crypto exchange is quite simple. The step by step guide on how to register with Phemex is described below:-

  • The first step of the Phemex registration process is to go to the official page of the trading platform.
  • Once on the page, you’ll need to provide your email id along with a password strong enough that you can remember it too.
  • Once you have finished providing this information, you will need to confirm that the email id you provided is valid. You can do this by clicking on a specific link provided by Phemex in your mailbox. If you can’t find the link in your inbox, you can also check your spam folder.
  • Make sure the email you provide is active and secure as all the information related to your Phemex accounts, such as OTP codes, various relevant notifications, and security updates, along with 2FA authentication, will only be sent to your email be sent.

Login process

After registering with the Phemex crypto exchange, you need to log into your account to start your crypto trading journey. The sign-up process is simple and secure, and the site uses 2FA authentication along with OTP and other relevant measures to be sure that your account is not hacked.

The login process on the website is detailed below:-

  • As a first step, you need to visit Phemex’s website. Make sure that you have visited the trading platform’s official website and have not been redirected to the page of a fake hacker who is fishing for your credentials.
  • After you are on the homepage of the website, you need to click on the “Login” button.
  • When you click login, you will be prompted to enter your email id and password that you used to register on the site.
  • You will then be asked to enter an OTP that was sent to your inbox.
  • You must go to your inbox, copy and paste the OTP into the appropriate field on the website to complete the signup process.
  • After you have successfully logged in, you need to ensure that you have updated your account security by completing your account configurations and security settings and also enabling the 2FA security feature that the website provides.

Phemex Sub-Accounts

Since Phemex crypto exchange allows its users to have sub-accounts or accounts, the site ensures that users can seamlessly switch between their various secondary accounts. This Phemex review provides the steps one needs to follow to manage, use and switch between their sub-accounts with ease.

As the first step, you need to go to Phemex.com/sub-accounts.

Once you are on the said web address, you can create or delete or switch between the various sub-accounts that you have. If you only have one sub-account, you can use the same procedure to manage it.

Another way you can follow to reach your subaccounts page is:

  • First, log into your Phemex account.
  • After logging in, you need to click on your profile name in the top right corner of the page and click on “Subaccounts”.
  • Clicking will take you to the relevant page where you can easily manage your sub-accounts.

How to trade on Phemex with no fees?

Phemex crypto exchange is one of the best spot trading platforms and allows its users to trade without Phemex fees. Mentioned below are the steps one needs to follow to trade Phemex for free:-

  • As the first step, you need to log into your Phemex account.
  • Once you’re logged in, you’ll need to navigate to the menu above and hover over the “Products” heading.
  • You then need to use the drop-down menu and click on “Spot Trading”.
  • The next step is to choose the crypto asset you want to trade. You can choose assets like Ethereum or Bitcoin.
  • Next, you need to enter the amount you want to buy or sell back to USDT.
  • For security reasons, you should review the order once to ensure that all the details you have provided are correct.
  • As a final step, you need to click the red “Sell” button or the green “Buy” button to complete the purchase.

According to the Phemex crypto exchange website, the exchange also offers perpetual contract trading for GOLD/USD as well as other assets such as S&P 500 stocks, stock indices, interest rates, FOREX, commodities, energy, and metals that will be available on the platform soon.

Phemex Bonus Details

Phemex offers several bonuses to its users if they perform three different tasks, so check them out below:-

Opening an account

As the first step in using Phemex, a user can register their account on the website. Users receive a $2 account opening bonus. The bonus amount will be automatically credited to your account and you can use it to start trading on the platform. And also new users can earn up to a $100 welcome bonus!

Deposit for the first time

If you are a Phemex user you will receive an additional bonus on top of your first deposit. The maximum bonus amount one can receive from this establishment is $60, and a deposit of at least 0.2 BTC is required to unlock this benefit.

Call it out on social media

Once you have your trading account with Phemex you will get an additional $10 in bonus amount if you like them and engage them on social media.

In total, you can expect to receive up to $80 in bonus amount from Phemex. However, you should keep in mind that these bonus amounts are subject to change at any time.

In addition, Phemex premium account holders enjoy several additional benefits.

Phemex Fees

The platform also offers extensive options in terms of Phemex withdrawal fees. Deposits on the platform are free.

However, in terms of trading fees, Phemex crypto exchange charges a 0.075% taker fee and -0.025% maker fee. These prices are calculated according to industry standards.

Besides, the site also has a funding rate according to the leveraged position. In other words, a heavily leveraged position will have a significant impact on the equity issue.

Phemex deposit and withdrawal methods

Phemex Wallet allows its users to withdraw and deposit using credit cards and bitcoin. There is also a specific minimum withdrawal limit which is set at 0.002 BTC.

You need to buy bitcoin before you can use Phemex. Users can either deposit BTC into their BTC wallet or dig into the market from there or on Phemex once they join. Users then need to fund their bitcoin trading accounts with pre-deposited funds from a wallet to trade bitcoin-settled contracts. Also, users can also trade BTC from their best crypto wallets to their USD trading account at a real-time rate to trade USD-settled contracts.

Withdrawals, on the other hand, are a breeze for customers. All a user has to do is enter their wallet address and the amount of bitcoin they want to withdraw and then complete the transaction using the normal 2FA features. Unfortunately, unlike other exchanges like Coinbase, there doesn’t seem to be a way to whitelist bitcoin addresses. This could be interpreted as a security hole.

 Phemex trading platforms

The Phemex crypto exchange was created to ensure that both novice and experienced crypto traders alike can trade on Phemex with ease.

The Phemex brokerage firm uses the best technology in terms of security and web development and is, therefore, able to offer one of the best cryptocurrency trading platforms. Users can always rest assured that no matter the type of volatility in the crypto market, this particular site will continue to provide a safe, secure, efficient, and stable environment for contract trading.

Another interesting fact about this platform is that it has not recorded any incident of the website hanging or freezing, something Bitmex, a big name in the crypto industry, has had to go through.

Phemex security

Phemex crypto exchange has a hierarchical deterministic cold wallet system that assigns different cold wallet deposit addresses to each user in terms of security, making it the safest cryptocurrency exchange. All these deposits are collected and periodically sent to the company’s multi-signature cold wallet via offline signature. Withdrawal requests are processed three times a day on the site, which could be the reason for the unusually long wait times for withdrawals.

The platform maintains its servers using Amazon Web Service (AWS) Cloud, and this is a recognized industry standard that meets or exceeds security requirements. Additionally, Phemex uses firewalls to partition trading zones within its internal network.

Technically, this contracts trading platform happens to consist of two main elements: the CrossEngine and the TradingEngine, which match client orders based on time priority and their price.

The developers have also said that there would be little downtime for traders. Phemex says consumers won’t notice any unexpected system downtime. This is due to its recovery technology that ensures consumers 99.99 percent uptime. If this continues over time, it will be critical for exchanges that are open 24 hours a day, seven days a week.

However, since Phemex is a new derivative trading exchange platform, only time will tell how it will respond to hostile attacks when they inevitably occur.

Supported currencies and countries

Phemex offers 21 cryptocurrencies and some of them are:-

Phemex allows several countries to trade on their site. Some of them are mentioned below:-

  • Angola
  • Austria
  • Barbados
  • Finland
  • Greenland
  • Hungary
  • India
  • Malawi
  • Nauru

However, some countries like the USA, North Korea, Quebec, Cuba, and Singapore are not allowed on their platform.

Phemex Customer Service

Phemex crypto exchange offers efficient customer service that is available 24/7 to help traders with any crypto-related queries. The customer care team ensures that investors have a seamless experience transacting on the site.

Conclusion

Phemex offers cryptocurrency traders a plethora of benefits and perspectives, with few downsides. The site is easy to navigate and ideal for both novice and experienced investors interested in crypto investing. Even investors without much knowledge of trading strategies will easily find the platform for investing.


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One response to “Phemex crypto exchange review and features”

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