Phemex Exchange is a cryptocurrency trading platform that offers all of the benefits of a traditional Forex exchange with some additional features. The platform’s primary goal is to provide traders and investors access to various exchanges from one account, as well as allowing for individual trading accounts, joint accounts, company trading accounts, and more.
In this blog post we will cover what Phemex Exchange has to offer in terms of its tools and resources—both free and paid—to help you get started on your crypto-investing journey!
What is Phemex?
Phemex is a Forex trading platform that has been in operation since 2013. Upon its launch, the Phemex team had plans to create an accountless cryptocurrency exchange with no fees for deposits or withdrawals. Their primary aim is to become the most reliable bitcoin derivatives trading platform in the world while keeping a user-friendly approach.
Since then, there have been many improvements and changes made to the platform which we will cover later.
Pros
- There is no Know-Your-Customer (KYC) procedure.
- An interface that is modular
- Android and iOS mobile applications
- Transaction time is fast
Cons
- Trading is prohibited for citizens of the United States.
- has not been tested in battle
- does not support fiat currency
- there are no IP whitelists
Sign Up/Registration Process
The registration process for a Phemex cryptocurrency trading account is simple and quick. The steps to take are given below in detail.
Phemex’s login process is straightforward and secure. To ensure that your account cannot be hacked, the platform employs 2FA authentication, OTP (one-time-password), and other security features.
Please follow the procedures below to complete your first Phemex login.
- Go to Phemex.com. (Be sure you’re on the Phemex page and not being routed to a bogus hacker’s page attempting to steal your login information.)
- Go to Phemex.com’s homepage and click the “Login” option.
- Enter your Phemex account’s accurate email address and password.
- A box will open, asking you to enter the OTP (one-time-password) that was provided to your email address.
- To finish your login, go to your email address, copy the OTP code, and enter it into the box.
It’s critical that you update your account security once you’ve logged in by completing the following steps:
- Security settings and customizations for your account
- Activate the 2FA security features on your Phemex account.
Phemex Fees
Phemex doesn’t impose fees for deposits, so you can put money into the exchange without paying anything. Phemex, on the other hand, maintains trading fees simple, with maker and taker fees of -0.025 percent and 0.075 percent, respectively. These rates are comparable to those offered by other exchanges in the industry. Aside from that, Phemex has a financing rate that is determined by the leveraged position.
Buying and Selling on Phemex
There is no actual transfer of BTC between buyers and sellers because it is a derivatives platform. Contracts are instead settled in the underlying asset and quoted in US dollars.
Phemex accepts three types of orders, similar to other exchanges: ‘Market,’ ‘Limit,’ and ‘Conditional’ trading. To open or exit a position, a trader might pick among these choices. Traders can also decide how much leverage they want to employ. Traders can pick from three more alternatives to execute an order: ‘FillOrKill,’ ‘ImmediateOrCancel,’ and ‘GoodTillCancelled.’
Is Phemex Safe to Use?
The platform’s staff has previously established themselves in the commercial sector, with over 40 years of combined expertise producing high-frequency technologies. They are led by eight former Morgan Stanley executives, as they frequently highlight, giving this platform a high level of credibility.
To keep the cash safe, the platform employs an HD Cold Wallet System. All money is transmitted to a single multi-signature cold wallet through an offline signature on a regular basis. Phemex does not have its own hosting service and instead relies on the Amazon Web Service (AWS) Cloud, which is the industry leader in cloud-based security and safety. A layer of firewalls separates trading zones from the core network. SSL technologies and PCI scanning are also used to protect the platform.
The platform’s recovery method guarantees users 99.99 percent uptime, which may be a game-changer if the Phemex holds up over time. Remember that the platform is a newcomer to the market, and it will face significant obstacles in the future, such as hacking attempts or massive bull runs that may bring even the big guns like Coinbase or Kraken down.
Phemex Affiliate Program
Unlike most other cryptocurrency companies, the Phemex affiliate program is completely free and open to all Phemex customers.
This program allows participants to earn up to 50% commission on any fees generated and paid by their referrals. For all sub-affiliated referrals, you can earn an additional 10% commission.
The Phemex affiliate program’s unique payment structure results in the greatest and highest commission rate ever offered by any crypto company in the industry.
Conclusion
Phemex establishes its market position by emphasizing its major advantages: a user-friendly approach, a remarkably fast transaction time, and the ability to create sub-accounts. The limited number of trading choices makes this platform fast, but some traders may find it dull. Phemex is still simply a new intriguing platform at this point, nothing more or less.
