Phemex Exchange Review – Reliable Cryptocurrency Exchange Platform
One of the numerous cryptocurrency exchanges, Phemex, has expanded to keep up with the rising demand for cryptocurrencies and will be a crucial tool in the future. The following article will introduce, assess, and provide instructions for using Phemex while highlighting its special features.
1. Phemex Exchange Overview
Jack Tao, who worked as a senior executive at Morgan Stanley for 11 years, founded Phemex. He has a unique perspective on how the cryptocurrency market is differentiating itself from traditional finance due to his extensive background in traditional finance.
He came to understand that the current banking system was fundamentally biased in favor of the wealthy few. In Jack’s new financial model, everyone would have the same opportunities and freedoms and the medium would be completely rewritten.
The founding team of Phemex was formed by him and several other Morgan Stanley colleagues, who then started to develop a new electronic platform by utilizing Wall Street’s strong technical background and years of experience. And then, Phemex is established.
– Website: Phemex.com.
– Management company: Phemex
– Head office: Singapore
– Year of establishment: 2019
– Languages: English, Chinese, German, French & Korean, Vietnamese, etc.
– Trading products: BTC, ETH, LTC & many other pairs.
– Transaction fee is not high, only 0.1%. For Premium users, the transaction is free. In which, the transaction fee on the derivative platform is: Taker 0.075%, Maker is 0.025%.
– 100x leverage ratio. This means that a 10% price swing can lead to a 1,000% increase or decrease in the price of any deployed capital.
– Promotion bonus up to 88$.
– Trading platform: Multi-platform, including Website, IOS App, Android App.
– Deposit method: Bitcoin, Credit, bank.
– App for phone (both IOS and Android)
2. Evaluate Phemex Exchange’s improvements.
Phemex is currently changing for the better to accommodate many players. The following standout benefits draw clients to this exchange:
2.1.1 The effectiveness and safety of trading instruments
– With a 300,000 transaction volume processed per second and a 1 millisecond order response time. handle a daily trading volume of more than $10 billion smoothly. Be side, there is a patent covering the Phemex trading system.
– A large number of users join Phemex Floor every day due to the bonuses and commissions, which are very alluring. Using Phemex, you can quickly download and use apps to conduct transactions on Apple and Android mobile devices.
– You won’t be charged any fees for any transactions, including deposits and withdrawals from your Phemex account. Withdrawals and deposits can be made very quickly and securely.
2.1.2 Software and user interfaces are available for IOS, Android, and the web.
– The App Phemex interface is also very user-friendly, supports multiple languages, and makes it simple for new traders to join the floor. Additionally, you will receive trades with a 100x leverage.
2.1.3 100% complete data security for customers at Phemex
– For using advanced security technology and web development, Phemex has become one of the top-ranking platforms for trading cryptocurrencies. Despite market fluctuations, the platform is always safe, reliable and effective to use.
– To prevent account hacking, this Phemex exchange uses 2FA, OTP (one-time password) authentication, and other security measures. Phemex hasn’t experienced any defects, freezes, or crashes since its launch, unlike some of the other top cryptocurrency platforms.
3. What are the Phemex exchange’s drawbacks that need to be overcome?
– Due in part to the fact that Phemex Exchange was only founded in 2019, it is still a relatively new exchange for traders, it has low liquidity when compared to some other well-known exchanges.
– Currently, the exchange does not accept US citizens.
– The exchange only allows for the purchase of Bitcoin, ETH, XRP, XTZ, LTC, BCH, LINK, ADA, TRON, ONT, NEO, EOS, and BCH.
Although not as big as Binance, Phemex exchange also provides traders the ability to diversify and invest in multiple crypto pairs.
4. Phemex fees
– Deposit fee: Customers are all given the same special rights and are free.
– Withdrawal fee: This fee will depend on the player who has the token or coin to withdraw.
– Transaction fee: Especially for Premium Users, trading on the Phemex exchange has a very low transaction fee of just 0.1%. On the derivatives platform, trading costs will be:
5. Why choose Phemex?
– Low transaction fees, easily accessible to everyone with equal privileges
– Phemex exchange has an MSB license issued by the United States.
– The US MSB (Money Services Business) license is a financial license supervised and issued by FinCEN (Financial Crimes Enforcement Bureau of the US Department of the Treasury).
– The main objects to be monitored are businesses and companies dealing in currency-related services.
– Scope includes services such as international money transfer, foreign exchange exchange, money trading/transfer (including digital/virtual currency), provision of prepaid items and issuance of traveler’s checks
– Companies engaged in the above related business activities must apply for an MSB license in order to operate legally.
– MSB (Money Service Business) is a license issued by the Financial Crimes Enforcement Network Department of the Treasury Department, its English name is: Financial Crimes Enforcement Network Department of the Treasur.
– Phemex allows users to create multiple sub-accounts, optimizing investment and profitability
– Leverage Review
At the time of this writing, Phemex offers 13 different trading pairs on its platform. The platform allows up to 100x leverage for its futures trades. This means that a 10% price swing can lead to a 1,000% increase or decrease in the price of any deployed capital. Specifically with the following popular coin pairs:
– BTC/USD with leverage 1:100
– ETH/USD with 1:20 . leverage
– XRP/USD with 1:20 . leverage
– LINK/USD with 1:20 . leverage
– XTZ/USD with 1:20 . leverage
– LTC/USD with 1:20 . leverage
6. Compare between Phemex and Binance
|Cryptocurrencies||Phemex International supports cryptocurrencies fewer than Binance. |
The platform only allows for the purchase of Bitcoin, ETH, XRP, XTZ, LTC, BCH, LINK, ADA, TRON, ONT, NEO, EOS, and BCH.
|Binance International supports cryptocurrencies more than Phemex|
|Availability region||There are not many countries where Phemex services are available, including the United States, which is not yet available||Binance provides its own exchange for Americans, which is Binance US|
|Spot trading fee||Lower fees||Higher fees|
|Rewards schemes||There are many ways to receive rewards such as social networking results, new account registration, inviting more users||For holding BUSD on its platform|
|Access privileges||Phemex traders have no access to a native digital wallet||Binance traders have no access to a native digital wallet|
|Application||Phone (IOS, ANDROID); DESKTOP APP; WEBSITE. Friendly interface, quite easy to use for newbies||Phone (IOS, ANDROID); DESKTOP APP; WEBSITE.|
The interface is quite confusing and many redundant features. This makes it difficult for new users to get used to the platform
|Auxiliary account||Allows creating sub-accounts to optimize profits and profitability||This is not allowed as Binance has Spam policies|
Read more: Binance Exchange Review
7. Review Phemex floor website interface Review
Phemex Exchange’s website interface has a blue and white background and is generally very simple to use and user-friendly. To accommodate the various needs of customers, sections are clearly segmented. You can register and conduct transactions on this cryptocurrencies exchange even if you are a complete novice.
Phemex is also one of the few exchanges for cryptocurrencies that allows users to set up and control multiple sub-accounts on their trading platform. These sub-accounts have very crucial features that can aid traders in managing their trading funds more effectively, testing multiple trading strategies, keeping their trading funds separate, and operating more effectively in the market.
Additionally, traders can customize the trading environment of specific accounts thanks to these sub-accounts. Trades can be made to individual accounts’ rights, leverage, balances, and margins in order to better suit the trading strategy being used on those accounts without having an impact on other accounts.
To sum up, Phemex is a young company with a seasoned team from Morgan Stanley, and its mission is to apply science and technology to create fair financial access for all people. Are you one of the people who understands how to take advantage of this opportunity as Phemex continues to grow and promises to explode in the future? Make a Phemex account now. Please get in touch with us if you have any related questions.
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