Phemex – Crypto Exchange| Crypto Futures Trading Review
ProsPositive aspects of the game
- Industry trend-setting with Zero Fee Trading
- Easy to use APIs and Sub Accounts
- No KYC required for small withdraws
- Top tier exchange and secure
- Supports 7 cryptocurrencies for deposits and withdrawals
- Leverage x100
ConsThe disadvantages we highlight
- Limited selection for listed crypto assets
- Regional restrictions
Table of contents
- What is phemex?
- Phemex Tutorial
- Phemex bonus
- Premium memberships:
- Leveraged perpetual contracts
- Phemex trading platform
- Phemex fees
- Phemex leverage
- Margin requirements
- Negative balance protection and risk management:
- Is Phemex a secure platform for trading
- Phemex Vs Competitors
- Phemex Alternatives
Estimated reading time: 7 minutes
Phemex is an efficient and safe cryptocurrency platform that enables its users to access digital currencies from all over the world for crypto trading exchange. It is led by 8 ancient Morgan Stanley executives. It aims to become the best trading platform for cryptocurrency derivatives.
This review aims to provide accurate and updated information about the features of Phemex. So let’s get into the details.
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What is phemex?
Phemex is a new centralized cryptocurrency derivatives trading exchange launched on 25th November of 2019 in Singapore. It is available worldwide for trading contracts such as ETHUSD, XTZUSD, XRPUSD, BTCUSD, LINKUSD, and LTCUSD with up to 100x leverage. It is well-recognized for its zero-fee trading on spot pairs.
The platform is getting popular and currently ranked #6 on the exchange for daily trading volume according to Coinmarketcap.com.
Phemex offers its new users multiple bonuses for various tasks on the platform that is as follows:
- You will get a $2 bonus for opening an account in phemex.
- On your first deposit, you will get a $60 bonus. It requires a deposit of at least 0.2 BTC for eligibility.
- $10 bonus for following the company on social media and giving a shout-out to the company on your social media accounts.
You can increase your first deposit bonus to up to $100 if you use ILDCQ at sign up.
Phemex provides three membership tiers. The first one is the basic tier that is free and offers access to perpetual contract markets. if you are a new user, you can try a 30-day premium membership for a trial from your friends. Eventually, you can receive a trial for premium membership by inviting a friend and trading on perpetual contracts. The premium trial gives access to spot markets without any trading fees.
The full functionality of this exchange is offered only to a premium member and it also unlocks conditional trading, with unlimited and faster withdrawals. The price for premium packages starts from $9.99 for 30 days, for 90 days it is $19.99 and $69.99 for 365 days.
Currently, Phemex has over dozens of different currencies offered in the spot markets. However, users can trade as well over dozens of crypto assets through exchange derivative products.
The great feature of Phemex is offering over dozens of different crypto assets for deposits and withdrawals. Some of the main coins you can deposit and withdraw from this exchange are the following:
- Tether USD
Leveraged perpetual contracts
Phemex offers leveraged perpetual contracts for LINK/USD, XTZ/USD, LTC/USD, BTC/USD, ETH/USD, XRP/USD, and GOLD/USD. You can choose from the range of assets to trade with leverage between 1x to 100x according to the coin. 0.075% is the taker's fee according to industry standards.
Phemex sponsors market makers with -0.025% negative maker fees. It allows the new exchange to gain liquidity and traction and add it to the order book rather than taking it out.
Phemex trading platform
Phemex was created to use by both experienced and beginner traders. Using the latest technology Phemex was developed safe, stable, and one of the best crypto platforms. It has not experienced any crashing and platform freezing since its launch.
The desktop version of this platform is very easy to use for trading cryptocurrencies. With its desktop support you can get:
- Phemex platform comes with various inbuilt technical tools for analysis.
- Create and import customized indicators
- Easy to access panel to manage all the tabs
- Offers price alerts, limit order, conditional order for better decision making.
The mobile app of Phemex offers its users to close old trades, open new trades, monitor trades all on your phone at any time that is difficult for desktop support.
The mobile version is at the top of the list for security, stability, and speed. It is available for both iOS and Android.
Phemex doesn’t charge a deposit fee that means you can deposit or move money in the exchange at no cost. But it charges trading fees such as -0.025% and 0.075% giver and taker fees.
For example, Phemex charges 0.0005 BTC at every bitcoin withdrawn that can change with time.
Phemex allows 100x to leverage/margin on any trade. It means the trader borrows money from an exchange to buy any financial instrument. It is a loan that a trader can take from exchange to buy more bitcoins than they could already buy.
Phemex has industry level margin requirements for trading.
- For BTC/USD and GOLD/USD: For these pairs, new trade opening requires a margin of 1%+. To maintain it 0.5%+ margin is required.
- For XRP/USD, ETH/USD, LINK/USD, LTC/USD, XTZ/USD: For these pairs, an initial margin of 5%+ is required to open any trade. To keep it open, a 1%+ maintenance margin is required.
Negative balance protection and risk management:
Phemex offers numerous tools for this purpose.
It allows making sub-accounts to set margin requirements, isolated trading balance, and leverage. This way trading on one account will not disturb trading on another account.
Take-profits and stop-loss
It allows risk management by setting a pre-determined exit point for either loss and profit.
This feature allows you to set a pre-determined amount of pips that you want in stop loss to trail in your open positions.
Is Phemex a secure platform for trading
Phemex uses multiple security features such as uses Amazon web service cloud to protect its servers. All the deposits go in multi-signature cold wallet through offline signature and process withdrawals request 3 times a day that speaks about its authentication, and takes long withdrawal waits.
Phemex is consists of two components Tradingengine and Crossengine. It helps to match with client orders based on time and price. Phemex claims that users will not face any maintenance lacks in the platform that shows its 24/7 availability.
Phemex Vs Competitors
PrimeXBT is also a popular trading platform launched in 2018 and exponentially growing till now. It provides high liquidation and excellent customer support. It was awarded as “best crypto margin trading” in 2020. Must read our PrimeXBT review.
Phemex offers a lot of features and benefits for its users. The main feature is sub-accounts in one account that is useful. It is a very easy to use platform good for both beginners and experienced traders. Phemex has the potential of leveling up the derivative market. It is a relatively new platform so, it is yet to experience and breakdowns and other problems.
Although this review has enough information for someone who wants to do trading with Phemex, We still recommend checking on the website and taking expert advice while doing any trade.