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Phemex review 2023: pros and major features and cons

New crypto exchanges are appearing every day. This makes it more and more challenging for traders to make selection of the best exchanges that are worth their time and effort.



For those looking for the next best upcoming exchange, Phemex is a name worth considering. Here's the reason why.



What is Phemex?


Phemex is an exchange for crypto that gives far more than buying or selling cryptocurrency assets. High security, high profit with 100x leverage without KYC and a reliable platform are a few areas where Phemex shines stronger.



Singapore is Phemex's headquarters. Phemex is located. This exchange was established in the year 2019. The platform is also controlled by FinCEN and holds licenses to be involved in money transfer activities across the globe. Today, there are nearly 5 million worldwide users that allow Phemex to achieve a transaction volume of over 5 billion.



Top Features of Phemex Exchange


To be able to stand out from others, a cryptocurrency exchange needs to provide something that is unique to the user. With the swift growth of the popularity of cryptocurrency, numerous exchanges have emerged from seemingly out of thin air. This being said, the 5 million user milestone of Phemex means that they're doing something right.



So, what is it that makes Phemex an exceptional exchange? Let's take a look at some of Phemex's features that Phemex users get access to.



Phemex Spot Trading


Within the exchange, users can find a trading platform that is robust as well as user-friendly. It also comes with an open design and comes with the TradingView charting interface. In addition, Phemex also offers a trading engine powered by CrossEngine and TradingEngine. With this technology, this exchange is capable of reaching 300 000 transactions per second . It is also capable of matching customer orders based on price and time priority.



In the trading section, Phemex doesn't allow leverage or margin trades. However, it allows spot trades. On spot trades, traders can utilize three different kinds of orders that have support for more than 250 trading pair in spot trades. The order types available here are,




Market orders, instant execution and use of the top market price.


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


Conditional orders are executed instantly with the trigger price that is set by the traders



Phemex Derivatives Trading


If you are someone that is interested in derivatives trading, Phemex is one of the top options in the crypto exchanges. phemex trading review can find support for more than 150 USD and Coin-M contracts. Additionally, the exchange states that USDC Perpetual contracts will be available shortly through the platform.




Contract trading on this site offers 100x leverage and permits the selection of three order types: market, limit and conditional. With the advanced settings of Phemex users, they can have access to




Reduce Only. Only decrease that trader's positions, not increase it.


Post Only - Use to ensure the marker rebate and will not be executed immediately


Bracket order - helps limit an investor's losses and also lock in profit


Valid until Canceled. open until they're filled or the user does so.



Phemex Sub-Accounts


Sub-accounts are a fantastic feature that allows users to establish an account within the existing account to hold long and short positions. Additionally, separate accounts can aid in hedging positions using bots and evaluating various trading strategies. This feature is not offered in the majority of crypto exchanges, and could be extremely useful for quantitative traders. On Phemex traders can set up at least 20 sub-accounts.



Phemex Earn


Possessing the possibility of earning interest on the cryptocurrency held by the platform is an excellent choice. With Phemex it is possible to take part in three earning opportunities which can allow you to gain additional money as an added bonus.



Flexible Savings product : Allows customers to earn dividends on their cryptos with no locking-in terms. For major assets, savings rates can range between 0.3 percent between 2% and 0.3%. They currently support 11 cryptos.



Fixed Savings Accounts - Allow users to earn higher levels of interest with a lock-in period of. review of phemex offers an APY range of 0.5 percent to 8.80 percent. Additionally, the lock-in period is either 7 or 14 days.



Phemex Launchpool allows users to discover new projects and earn higher returns on their tokens.



Top Trader Competition


Gamification of trading is great way to get the attention of beginners or experienced traders. It's why Top Trader Competition is Phemex's interpretation of the game of trading. The most recent competition Top 3 traders received a $500 bonus and a 20% commission increase, as well as public exposure via social media. The traders who scored from 4-50 were given the benefit of a $100 reward for their efforts.



Phemex Copy Trading


Copy trading has become commonplace in the current trading world. The result is that most cryptocurrency exchanges, like Phemex allow copy trading to their users. Because of this, novice and less experienced traders can take the exact trades else (a experienced professional) is making and boost the likelihood of making a profit. Also, by allowing others to replicate their trading strategies, experienced traders are also able to earn additional revenue, gifts, commissions, and social media exposure also.



Phemex Launchpad


Launchpads can be an effective way for traders who are not professionals to gain early access projects in the blockchain. This allows investors to use the tokens of the new project at a fraction of price and earn in large percentages should the project be successful. Be aware that not all projects on Launchpad are likely to be successful. So , it is important to do your research and come up with an educated decision to pick promising projects as a good investment.



Phemex Mobile App


There's not much to talk about about the Phemex mobile application. However, it's an impressive application that offers the same features as the web-based trading platform. It also comes with an excellent UI/UX design. It's got a solid average rating from 4.5 for both iOS and Android and has more than one million downloads.



Phemex: Cryptocurrencies available


At present, there are more than 250 Phemex supported crypto assets for users. Beyond phemex review trustpilot provides support for several smaller-cap coins to make it easier for investors who are interested in collecting them. For a complete list of the Phemex-supported tokens you can go to the Phemex Markets Page.



Phemex: Fees and price


Although it's not among the top, Phemex offers some good pricing for trading. Also, this exchange follows a the 30-day trading volume tier structure which allows them to decide the maker and taker fees.



Certain features in this list are




On the front of contracts Maker and taker fees are 0.075% and -0.025 percent, respectively.



Phemex does not charge overnight fees.


Trading account funding fees are per-monthly or every 8 hours.


The fees charged for withdrawing cryptos vary based on the type of asset and network.


To buy crypto traders must sign up for an OTC account or pay with debit cards, credit card, Apple pay, bank transfer, or any other third-party payments providers. (MoonPay, Advcash, Banxa, Simplex, Coinify, Mercuryo, etc...)



Phemex: Security


The security of a cryptocurrency exchange is something everyone who trades is concerned about. For this reason, Phemex operates an exchange with certain security features. Here are some security features the exchange offers.




Cold storage technology that uses multiple signatures to gain access.


Unique cold wallet deposit address for every user.


Only processes withdrawals 3 daily to catch suspicious transactions.


Secured by SSL technology, and employs PCI scanning.


Self-Deleveraging, insurance and other funds.


2FA


Amazon web service (AWS) cloud usage


Device Codes


Password


Anti-phishing


Publication of security audits conducted by third parties.



Phemex - Design and Usability


Although it's by no means the most user-friendly software, Phemex comes with an efficient and robust interface, which features a variety of features. But, because of its implementation of TradingView the platform has some aspects of the platform that are still basic. phemex crypto review of trading options is available on the main trading interface, and it will take time to learn to use the interface. The exchange also provides great flexibility in customization that makes things easy for the trader.



Phemex: KYC and Account Verification


If a trader requires to take crypto deposits and withdrawals, they're able to do it using Phemex without the requirement of KYC. However, if a trader requires to perform the purchasing and selling transactions in crypto they'll be required to undergo an KYC procedure in order to set up an OTC account.



Just by entering the email addresses, you are able to establish and sign in to account Phemex account. If you're ever in need of verifying the account, then you need to complete the KYC process.



Phemex: Deposits and Withdrawals


Phemex is an exchange which provides assistance for a variety of payment providers. So, traders can use debit/credit cardssuch as Union Pay, Bank Transfer, SEPA, Apple Pay, POLi, Bpay, PayId, IDEAL, and Sofort in order to complete any cryptocurrency purchase.



To make deposits into dollars in fiat currencies, one will be required to sign up for OTC accounts. OTC account. The accounts permit wire transfers , and are accompanied by the fee of 30 dollars for any transfer smaller than $10,000. It also provides the p2p market, where users can purchase USDT BTC and ETH directly from those who are members.



In addition, here are the Phemex-backed crypto assets for deposits and withdrawals.




BTC


USDT


ETH


XRP


LINK



Phemex: Customer Support



In terms of customer support, Phemex is not that far behind the top crypto exchanges. They offer fast and accurate solutions , and are known for their customer service that is friendly. Traders can get in touch with their support team through live chat, email and through their Telegram community. In addition to providing fast and reliable support for customers it also offers helpful self-help pages and educational segments. The education section that is part of Phemex academy comprises hunters of knowledge-bearing articles that you can use to your advantage.



Pros and pros and Phemex


Understanding the pros and cons of an exchange is vital before making any final choices. It will also give you a clearer picture of what the exchange is capable of , and also if it's in line with your requirements.



Pros



KYC free trading


100x leverage


Availability of sub-accounts


Copy trading features


Regulated and safe


Great customer support


Customizable modular interface




Cons


Lower liquidity as compared with their counterparts



Uncertainty about trading with fiat currency


No fiat on off-ramp options


It is not available for all regions of the US



No cryptocurrency staking alternatives



Conclusion



Although there are better alternatives available in many aspects, Phemex is an all-around well-rounded choice. With amazing features and low pricing for trading fees, you'll never go wrong with this cryptocurrency exchange.



This is a excellent choice for traders that don't want to spend time trying to get KYC to conduct trading. Due to its absence of KYC and sub-accounts it gives you plenty of flexibility in your trading opportunities. In addition, the added security of Cold wallet deposit addresses each user's makes Phemex an option that is among the safest choices for crypto investors. Good educational content and responsive customer service also 100x leverage the frosting on the cake.



We hope this article can provide you with an understanding about Phemex and the potential it holds. However, our advice is to do your own research prior to making any decision and utilize this information as a basis of your research. This will allow you to improve your understanding of the platform to find out if it's suitable for you or not.



FAQs


Is Phemex reliable?


There is no doubt that Phemex is secure, and trustworthy cryptocurrency exchange. It is a top security option and is also strictly controlled.



Is Phemex a safe exchange for newbies?


Although it's not a great option for beginners, Phemex offers some beginner-friendly aspects. Beyond the advanced trading options that new users have access to, they are able to be able to comprehend and use the other of the tools for themselves.



What's special with Phemex?


Phemex is a no-KYC trading marketplace that provides copy trading features for its customers. Alongside that it also provides sub-accounts that aid traders increase their trading range.



Is Phemex superior to Binance?


There isn't a need, Binance is widely known as being the top cryptocurrency platform in existence. While Phemex provides some excellent features however, it's not up to what Binance is able to offer.








Homepage: https://phemexreview.weebly.com/