Phemex is one of the latest exchanges in the crypto market. It is a derivatives exchange and stands out among its competitors for a number of reasons. The platform does make changes based on the feedback it gets from the community as it recently added a new trading pair.
This exchange was launched in 2019, however, it is one of the fastest-growing platforms in the market. Since its establishment, the platform has received ample support from the global crypto trading community.
It makes use of a user-centric approach, which is one of many reasons for its growth and success. However, if you are interested in using this platform to start trading crypto then you need to see this brief Phemex review. The information mentioned here can help you determine whether it is a suitable exchange for you to use or not.
Bonuses Offered by Phemex
One of the most incredible features about this exchange is the convenience and opportunities it has in store for the new users. If you are new to the Phemex exchange you need to complete a few tasks. At the completion of the tasks you will be offered some of the highest bonuses.
The tasks every new user needs to complete are as follows:
Opening an account at which you will receive a $2 bonus. It is automatically transferred to your trading account and you can immediately start trading with it.
Making a first deposit on the exchange will also help you earn a bonus.
You can also avail a bonus of $10 if you give a shout-out to the exchange on social media. This is one of the methods of Phemex for aggressive growth.
Know About the Fees Charged by the Platform
Another outstanding feature of Phemex is its fee structure, which is quite impressive. As a potential user of the platform, you should know that it does not charge any fee at the time of making deposits. This means that you can move your funds in the exchange without paying any charges.
On the other hand:
Phemex fees for trading crypto assets is based on the market maker and taker approach.
Market makers have to pay -0.025% fee while the market takers have to pay 0.075% fee.
The fee for withdrawing any amount of BTC is flat and stands at 0.0005 BTC.
Fiat and Digital Currencies Supported
The supported Phemex crypto assets and fiat currencies is also important for you to know, especially if you are new to the crypto space. If you have decided which digital currency you want to trade or invest in then you should look for a platform that supports it.
However, if you still have to decide then you can take a look at the currencies supported by Phemex:
BTC/USD (Bitcoin/US Dollar)
GOLD/USD (Gold/US Dollar)
ETH/USD (Ethereum/US Dollar)
LTC/USD (Litecoin/US Dollar)
LINK/USD (ChainLink/US Dollar)
XTZ/USD (Tezos/US Dollar)
XRP/USD (XRP/US Dollar)
Support for All Trading Styles
The Phemex exchange does not offer support for a wide range of crypto assets as its competitors do. However, it stands out because it supports all trading styles. This indicates that the exchange is capable of catering to the needs of a large audience.
The types of trading styles supported by the exchange are:
Long term trading
High volume trading
This makes Phemex a versatile platform that is also capable of offering its services to the institutional investors.
Trading with Leverage on the Platform
In this brief Phemex review, you can also get to know about leverage trading if that is what you prefer. At the time of writing this, there were seven pairs available for trading on the exchange.
If you plan on trading with leverage then here is what you should know.
ETH/USD with leverage of 1:20
XRP/USD with leverage of 1:20
LINK/USD with leverage of 1:20
XTZ/USD with leverage of 1:20
LTC/USD with leverage of 1:20
BTC/USD with leverage of 1:100
GOLD/USD with leverage of 1:100
Can US Crypto Traders Access Phemex?
Regardless of where you live in the world, it is important and helpful that you look at the availability of a platform in your country or region before you decide to use it.
Therefore, if you are in the USA then you should know that Phemex is unavailable in the country. Due to complications with the terms of services, US traders cannot access the platform.
However, people still use other methods to get access, which should always be done at one’s own risk.
There are numerous platforms for the crypto traders and Phemex is one of those options. This exchange stands out because of its services and other features. However, if you want to start crypto trading then you should know the details mentioned above. This information can help you make an informed decision about where you should place your funds.