What are the main features of Phemex Exchange and is it a good crypto platform?
The first step for a beginner in crypto is to choose the right cryptocurrency exchange. It is hard to find the right exchange for you, given the number of available exchanges.
CoinSutra takes care of all the work. We evaluate all available exchanges to find the best. You don’t have to choose one. Diversifying your portfolio can be done with different exchange accounts. To ensure you have different baskets, diversify your portfolio.
We have an interesting exchange today. Phemex is the name of this exchange. Let’s get to know more.
What is Phemex?
Phemex is a central crypto exchange. It was founded in Singapore in 2019.
Phemex currently boasts more than 5 million users as of this writing, which is remarkable considering that it is one the newest exchanges on the market. Phemex pays its market makers for providing liquidity on the platform.
Phemex ranks among the top 10 crypto exchanges based on their derivatives trading volume.
Let’s now learn more about the team behind this exchange
Where is the Phemex team registered?
Jack Tao CEO and founder
Jack spent 11 years developing large-scale algo trading platforms. He started his crypto journey in the miner role, having accumulated significant experience in Traditional Finance.
He also explored cryptocurrency exchanges, and lost significant amounts of his funds to various hacks and malfunctions. He was inspired to create a safe and reliable crypto trading platform. i.e., Phemex today.
Unfortunately, Jack’s information has been taken from the Phemex website. Jack does not have much social information. This is a concern.
Let’s now look at the features of Phemex.
Phemex Exchange: Key Features and Advantages
These are the key features of Phemex Exchange:
1. Zero transaction fees
Phemex Exchange Spot Trading
Phemex is one rare exchange that pays Market Makers for trading perpetual contracts. Market Makers are those who place limit orders on the exchange. This increases liquidity in the market.
Market Takers, on the other hand, are people who place “Market Orders”.
The exchange transaction fee is as follows:
Market Makers – 0.025%Market Takers 0.075%
Market makers do not pay any fees. They are also rewarded 0.025% for each transaction.
Market Takers also have one of the lowest fees in the market.
Spot Trading is charged 0.1% of transaction value by the exchange for market makers or takers.
The spot trading feature of Phemex Exchange allows you to trade more than 200 crypto assets.
Learn more about the fees charged by Phemex Exchange.
2. Learn More About Perpetual Contracts
Phemex Exchange – Contract Trading
Phemex provides Derivatives trading for its users. It offers Perpetual Futures contracts for several crypto tokens.
The platform offers more than 30 types of perpetual contracts. A user can leverage these contracts to trade, as we will see in the next section.
Learn more about Phemex Perpetual Trading here.
3. Phemex offers leveraged trading of up to 100X
Phemex allows leveraged trading of perpetual contracts up 100 times. Users can trade perpetual contracts for up to 100x their investment.
Margin / Leveraged Trading can be risky and should not be attempted without adequate knowledge and experience.
Learn more about leveraged trading on Phemex.
4. Supported Currencies & Countries
Phemex Exchange supports over 90 fiat currencies including USD, EUR and GBP as well as JPY and AUD.
These are the countries in which Phemex services are not available:
The United States of America,The United Kingdom,Quebec (Canada),Alberta (Canada),Cuba,Crimea,Sevastopol,Iran,Syria,North Korea,South Korea,Sudan,China,Hong Kong,Republic of Seychelles,Bermuda
5. Phemex SubAccounts
This amazing feature is offered by the exchange to its users. Within one exchange account, you can create sub-accounts.
This allows you to create sub-accounts:
Investing,Trading,Bot Trading,Experimentation, etc.
This would allow you keep your funds separate based on their purpose.
Learn more about Phemex Sub-Accounts here.
Structure of the Phemex Fees
The following are the fees that Phemex Exchange charges:
1. Phemex Trading Fee
The following is the Phemex exchange trading fee:
Type of TransactionFeesSpot trading0.1%Contract/Derivatives tradingMaker Fee – (-0.025%) Taker fee – 0.075%
2. Phemex Fiat Withdrawal Fee
Variable withdrawal fees for fiat are charged and can range from 1% up to 4% depending on the amount of fiat that has been withdrawn. These fees depend on which third-party withdrawal wallet is used.
3. Phemex Crypto Withdrawal Fee
Phemex Exchange charges a variable withdrawal fee for Crypto assets. It is dependent on the asset being withdrawn.
Learn more about the Fee Structure of Phemex Exchange.
Phemex offers several promotions to encourage user adoption. It currently offers new sign-ups up to $180 in welcome bonuses.
Learn more about the Phemex Joining Bonus.
The exchange also offers a Learn and Earn program, which pays crypto to watch educational content and answer quizzes.
The exchange also offers referral bonuses.
The pros and cons of phenex
Here are the Pros and Cons of Phemex Exchange.
1. Phemex Review: The Pros
These are the benefits of Phemex Exchange:
Phemex Earn and Save
Earn with Phemex Exchange
Phemex Earn lets you earn passive income from your crypto assets. Deposit your assets to start earning interest.
You have the option to choose whether your earn product term is fixed or flexible.
b) Negative maker fees for contract trading
Makers earn a trading fee when they trade derivative contracts. This allows the platform to bring more liquidity.
c) SubAccount Feature
SubAccount allows you to keep funds for different purposes apart. This helps to reduce risk and personal bias.
d) User Interface
Phemex’s web interface and mobile app are very user-friendly. Both Android and iOS devices can access the mobile application.
It is good that the app rating in Google App Store and Apple Store are 4.3 and 4.5 respectively.
Phemex stores most crypto funds in cold storage. This cold storage is further secured by Multiple Signatures.
To increase security for your exchange account, you can activate 2Factor Authentication at the user level.
2. Phemex Review – Cons
These are the limitations of Phemex Exchange:
a) Not available in the US
The exchange is not available for citizens of the USA.
b) Socials for the founder
We don’t have much information about Jack Tao, the founder. This makes it difficult to do a background check.
Conclusion – Phemex Review
Phemex is a solid exchange, with the exception of the fact that there is not much information about the founder. There are a few special features, such as Market Maker Rewards and Sub Account. It also offers leverage up to 100 times on contract trading.
We believe that this exchange is worth a look. We would love to hear about your experiences with Phemex Exchange.
Are there any problems with their services? Are there services you feel could be improved? Let us know.
This concludes this post. I hope you found this article helpful. This article does not constitute financial advice. Before making any financial decisions, please consult your financial advisor.
Most Frequently Asked Questions
Can US Citizens use Phemex?
Phemex Exchange is not available to citizens of the USA.
Is Phemex safe to use?
Yes, Phemex stores most crypto funds in cold storage. Multiple Signatures protect this cold storage. To increase security for your exchange account, you can activate 2 factor authentication at the user level.
Is the Phemex Exchange Regulated
Phemex Exchange does not have any regulation from any Government Authority