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Phemex review in 2023: pros, cons , and the most important features

New cryptocurrency exchanges are popping up every day. This makes it more challenging for traders to make their decisions on the best exchanges that are worthy of their time and cash.



If you're searching for the next top trader to sign up with, Phemex is a name you should consider. Let's look at the reasons why.



What is Phemex?


Phemex is an exchange that allows far more than buying or selling digital assets. High security, high profit with 100x leverage zero KYC, and a solid platform are just a few of the areas where Phemex shines brighter.




Singapore is the location where the headquarters of Phemex is, and the exchange was founded in the year 2019. The platform is regulated by FinCEN and is licensed to perform money transfer processes across the world. At present, there are more than 5 million users worldwide who enable Phemex to build a trading volume of five billion.




Top Features of Phemex Exchange


To be able to stand out from the crowd, a cryptocurrency exchange must offer an exclusive service to its users. With the swift growth of the popularity of cryptocurrency an abundance of exchanges have popped up out of out of nowhere. However, the milestone of 5 million users of Phemex means that they're doing something right.



What is it that makes Phemex an exceptional exchange? Let's take a look at specific features Phemex customers have access to.



Phemex Spot Trading


Within the exchanges, traders are able to find a trading platform that is both robust and user-friendly. It also has a modular design approach and includes the trading view charting interface. Additionally, Phemex also offers a trading engine powered by CrossEngine and TradingEngine. This exchange is capable of reaching 300 000 transactions per second and capable of matching client orders by price and priority.



In the section of trading, Phemex does not allow the use of leverage or margin, however it permits spot trades. For spot trades traders can make use of three kinds of orders which are supported by over 500 spot trading currencies. The available order types include:




Market orders - instant execution as well as the use of the highest market price.


Limit orders - When your price exceeds the predetermined value, the order will be executed instantly.


Conditional orders : Instant execution with the trigger price that is set by the traders



Phemex Derivatives Trading


If you are someone that is interested in trading derivatives, Phemex is one of many of the top cryptocurrency exchanges. The traders on the platform can get support for over 150 USD-M and Coin-M perpetual contracts. It also mentions that USDC Perpetual contracts will be available very soon on the platform.



Contract trading here offers 100x leverage. Additionally, it allows for the option of choosing between three order types: market, limit and conditional. With the advanced settings of Phemex customers can be able to access,




Reduce Only - Just reduce the position of the trader, not increase it.


Post Only - Used to make sure there is the marker rebate and will not start immediately


Bracket Order - Helps limit the loss of a trader, while locking in profit


Good until Canceled. open until they're completely filled, or the user manually does so.



Phemex Sub-Accounts


Sub-accounts are a fantastic feature that allows users to create an account inside the existing account in order to hold short and long positions. Furthermore, separate sub-accounts could help with hedging, employing bots or isolate and testing various trading strategies. This option isn't present on all crypto exchanges, but can be quite useful for quantitative traders. On Phemex customers can create any number of sub-accounts up to 20.



Phemex Earn


Earning interest on the cryptocurrency held by the platform is a great option to have. With Phemex You can take part in three earnings options which can allow you to earn extra money on top of your existing income.



Flexible Savings product enables customers to earn dividends on their cryptos with no any locking-in durations. With regard to the major assets, the saving rates could range between 0.3 percent or 2%. They currently supports 11 cryptos.



Fixed Savings Accounts - allow users to earn higher amounts of interest through a lock-in time. They also offer APRs of 0.5 percent to 8.80 percent. The period of lock-in is either 7 or 14 days.



Phemex Launchpool - Allows users to explore new projects and earn more from their tokens.



Top Trader Competition


The idea of gamification for trading is excellent way to attract the attention of either new or experienced traders. That's why Top Trader Competition is Phemex's strategy for gamification of trading. The most recent competition Top 3 traders got a $500 bonus in addition to a 20% commission increase, as well as the opportunity to be featured on social media. Further, traders who were ranked between 4-50 earned an additional $100 for their efforts.



Phemex Copy Trading


Copy trading is now a popular option in the world of trading. phemex pending review is that most crypto exchanges, like Phemex provide copy trading to their customers. Because of this, novice and less experienced traders are able to perform the exact trades that someone other (a professional) is making and boost their chance of earning a profit. Additionally, by allowing others to copy their trades, experienced traders also receive additional earnings, gifts, commissions and exposure on social media in addition.



Phemex Launchpad


Launchpads can be an effective way for traders who are not professionals to gain early access on projects in the blockchain. This allows investors to gain access to the project's tokens at a fraction of the cost and also earn huge percentages should the project be successful. Keep in mind that not all launchpad ventures are likely to be successful. You will need to take your time and research the possibilities and then make educated choices to choose those with the potential when you decide to make a bet.




Phemex Mobile App


There is not much to talk about with regards to the Phemex mobile app. However, it's an impressive application that comes with the same features of the web-based trading platform and features an appealing UI/UX. It's got a solid average rating from 4.5 and is available on iOS and Android and has more than 1 million downloads.




Phemex: Cryptocurrencies available


Presently, there are over 250 Phemex-supported digital assets to users. Beyond the major tokes Phemex provides support for numerous smaller-cap tokens making it simpler for traders looking to collect them. To view the complete list of Phemex-supported tokens check out this page. Phemex Markets Page.



Phemex: Fees and price


While not the best, Phemex offers some good rates for trading. In addition, this exchange employs a 30-day trading volume-based tier structure that helps to determine the taker and maker fees.



A few of the features are




In terms of contracts, maker and taker fees are 0.075% and -0.025%, respectively.


Phemex does not charge overnight fees.


Trading account funding fees are charged or issued every 8 hours.


Fees for withdrawing funds from cryptocurrency can vary depending on the cryptocurrency and network.


To purchase cryptocurrency traders must make an application for an OTC account or with debit or credit cards, credit cards, Apple pay, bank transfer, or any other third-party payment providers. (MoonPay, Advcash, Banxa, Simplex, Coinify, Mercuryo, etc...)



Phemex: Security


The security of cryptocurrency exchanges is something everyone who trades is concerned about. However, fortunately Phemex is an exchange that has several solid security features. Here are some security features the exchange offers.




Cold storage technology that requires multiple signatures for access.


Unique cold wallet deposit addresses to each user.


Only processes withdrawals three times per day to detect suspicious transactions.


Secured using SSL technology. Also, it uses PCI scanning.


Automobile-Deleveraging as well as insurance money.


2FA


Amazon web service (AWS) cloud usage


Device Codes


Password


Anti-phishing


Publication by a third-party security auditor.



Phemex - Design and Usability


Although it's by no means the most beginner-friendly interface out there, Phemex comes with an efficient and robust interface, which comes with a range of options. But, because of phemex also offers of TradingView There are a few aspects of the platform that are still beginner friendly. An array of trade options is offered through the main trading interface and you will need some time to become familiar with the interface. The exchange also offers great modular customization to make things easy for traders.



Phemex: KYC and Account Verification


In the event that a trader wishes to withdraw or deposit crypto, they could do so via Phemex without the need of KYC. However, if a person needs to do the buying or selling off of crypto they will require a KYC process to establish an OTC account.



With only the email addresses, you will be able to establish and sign in to you Phemex account. If you're ever in need of checking the authenticity of your account, then you need to complete the KYC procedure.



Phemex: Deposits and Withdrawals


Phemex is an exchange which offers the ability to support multiple payment processors. phemex review allows traders to use debit or credit card, Union Pay, Bank Transfer, SEPA, Apple Pay, POLi, Bpay, PayId, IDEAL, and Sofort to complete any crypto purchase.



To transfer dollars in fiat currencies, one will need to sign up for and maintain an OTC account. These accounts support wire transfers and charge 30 cents for everything smaller than $10,000. It also provides P2P market in which users can buy USDT, BTC and ETH from the members of the platform.



Here are some cryptocurrency assets supported by Phemex for deposits and withdrawals.




BTC


USDT


ETH


XRP


LINK



Phemex: Customer Support


When it comes to customer support, Phemex is not that way behind the most popular crypto exchanges. They provide fast and efficient solutions and are known for the friendly support they provide. Traders can contact their support team via live chat, email and even their Telegram community. In addition to providing fast and reliable customer support as well as a variety of excellent self-help and education segments. The education section that is part of Phemex academy is made up of researchers of educational articles can be utilized to your advantage.



Pros and negatives of Phemex


Understanding both the pros and advantages of the exchange is essential prior to making any final choices. It will also give you a more thorough understanding of the capabilities of the exchange of and if it aligns with your specific needs.



Pros



KYC free trading


100x leverage


Availability of sub-accounts


Features for copy trading


Strictly controlled and safe


Great customer support


Customizable modular interface




Cons


Lower liquidity as compared with their competitors


There is no fiat currency exchange


No rules on off-ramp options


Not available for all regions of the US


Staking in crypto is not an option.



Conclusion


While there are much more appealing options available in a variety of ways, Phemex is an all-around top choice. With great features and reasonable trade fees, you'll not make a mistake with this crypto exchange.



The exchange is an especially perfect choice for traders who don't want to spend time waiting for KYC to trade. In spite of the absence of KYC and sub-accounts that are available giving you excellent choices in trading. Moreover, high security with cold wallet deposit addresses for every user make Phemex an option that is among the most secure alternatives for crypto-investors. Amazing educational content, attentive customer service also 100x leverage just the top icings on the cake.



This article should give you a basic idea about Phemex and its potential. Our advice is to conduct your own research before making any decision, and consider this as the foundation for your study. By doing so, you will be able to make a better assessment of the site to check if the platform is suitable or not.



FAQs


Is Phemex solid?


Absolutely, Phemex offers a secured and trustworthy cryptocurrency exchange. It offers high-level security features and is also legally regulated.



Is Phemex an exchange designed for beginners?


While it's not the perfect choice for beginners, Phemex offers some beginner-friendly aspects. In addition to the sophisticated trading options novice users are able to understand and use the rest functions on their own.



What's unique regarding Phemex?


Phemex offers a KYC free trading exchange that provides copy trading features for its customers. Alongside that it also includes sub-accounts for traders that help them to broaden their trading horizons.



Is Phemex better than Binance?


But, Binance is widely known as the most reliable crypto platform in existence. Although Phemex has some great features but it is not up to the capabilities Binance can do.






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