Phemex Exchange Review
Pemex is professional level This is a cryptocurrency exchange that offers both spot and options trading for Bitcoin. The exchange provides innovative services. Commission-free transaction model Where no commission is charged per transaction. Phemex also offers Bitcoin, Ethereum, and Chainlink perpetual futures. The exchange was built by former Morgan Stanley executives with the goal of providing institutional-grade trading tools and security. Derivatives trading allows traders to increase their exposure and the ability to “sell” specific assets.
Key features of Phemex
- Free trading on spot exchange (premium account)
- Institutional-grade trading and security
- Solid transaction insurance
- Free deposit fee
- Maximum leverage ability 100X margin
Phemex spot exchange and free trading
One of the main advantages of the Phemex exchange is that you can trade for free and without commission. This concept is groundbreaking for the cryptocurrency exchange industry, as previous models charged transaction fees for both buying and selling cryptocurrencies. These fees add up over time, resulting in many traders paying thousands of dollars to cryptocurrency exchanges. Phemex allows these traders to utilize a commission-free trading model and pay a monthly premium of only $9.99 USD per month. This will bring huge changes to cryptocurrency day traders and technical analysts.
Phemex is also offering a sign-up bonus of US$6,050 and trial funds of 2 BTC and 10,000 USDT! Sign up here.
I think this is a trend and it is the responsibility of the exchanges to reduce fees for small capital users. And for institutional clients, they’re willing to pay more fees, but they’re providing a better service in terms of data, in terms of analytics, right? So it’s two different groups. That’s why we announced a no-fee permit to benefit our retail customers.
Phemex CEO Jack Tao
Bitcoin Perpetual Futures
The core trading product offered by Phemex is cryptocurrency derivatives trading, such as Bitcoin perpetual futures. Derivatives are financial tools that create value from an underlying product, in this case a cryptocurrency like Bitcoin. Phemexchange Trading Contract based on underlying asset Instead of the asset itself – through higher leverage And more kinds of products. Phemex allows up to 101X leverage on derivatives. This means that a 1% change in the price of Bitcoin can result in a 100% change in the amount of funds, potentially allowing traders to: double or nothing On exchange. This type of leverage was popularized by the BitMEX exchange which allows 100X leverage.
Supported countries
Phemex Exchange does not provide services to the following countries: United States, United Kingdom, Canada, Cuba, Crimea, Sevastopol, Iraq, Yemen, Iran, Syria, North Korea, South Korea, Sudan, China, Hong Kong, Republic of Seychelles, and Bermuda.
Supported Cryptocurrencies
Phemex currently only offers six cryptocurrencies: Bitcoin, Ethereum, Ripple, ChainLink, Tezos, and Litecoin. For contracts, Phemex also offers the GOLD/USD trading pair.
Phemex Trading carries out take profit orders and stop losses.
One of the main advantages of Phemex is that it uses stop loss and take profit orders. These orders allow professional traders to fine-tune their trading strategies and set up opportunities to take profits or stop losses. Basically, Phemex has quick options to earn 25%, 50%, 75% and 100% returns. This can be set when the initial position is established with a clear indication of the market average price and expected profit or loss. It is important to remember that once a take profit or stop loss is triggered, the position is sold as follows: market order – This means that the algorithm automatically matches transactions even if they are not at the same price.
Pemex Fees
transaction fee
Phemex’s standard contract trading fees are as follows: 0.01% for manufacturers and 0.05% for takers. Standard spot trading fees are 0.1% for makers and 0.1% for takers. Phemex offers trading fee discounts to VIP users, i.e. users with high trading volume on the exchange. Users can also enjoy trading fee discounts by staking Phemex’s native $PT tokens in exchange for enough $vePT tokens, $vePT.
There are no additional trading fees on the exchange, so users can trade even small amounts without fear of excessive fees. Taker fees are higher as exchanges encourage users to create orders and ensure higher liquidity on the exchange.
Funding Fee This is a very important feature to consider in Phemex. Funding rates are paid directly to long or short position holders based on “negative funding” or “positive funding” rates. Phemex charges a fee every 8 hours It can be negative or positive. in other words, gain or lose They give you money every 8 hours. If the funding rate is: negative, short sellers will pay a certain percentage of their positions to short. In the example above, the funding rate is -0.0094%, so short holders are charged 0.0094% of the total position. This also means: Long Term Holders Will Gain Interest to their location.
click here Learn more about cryptocurrency funding rates and how to earn passive income from them.
Deposit/withdrawal fees
Phemex does not charge deposit fees but does have a minimum deposit requirement. There is also a minimum withdrawal limit for withdrawals, and the fees charged vary depending on the cryptocurrency. For example, Phemex charges 0.0005 BTC for BTC withdrawals and 1 USDT for USDT withdrawals.
Learn more about Phemex’s fees and terms.
What is Phemex Token ($PT)?
Phemex has a utility token called Phemex Token ($PT). $PT offers holders a variety of benefits, including staking yields, discounted trading fees, VIP privileges, cashback airdrops, DAO governance, Launchpad and Launchpool access, and more. You can earn Vote Escrow PT ($vePT) by purchasing Phemex tokens on exchanges and staking them. $vePT grants exclusive voting rights, stakes profits, and purchases cryptocurrency airdrop rights on PhemexDAO.
Payment Method
Phemex only accepts deposits of cryptocurrencies such as Bitcoin, Ethereum, ChainLink, Tether, and Ripple on its exchange. Traditional payment methods such as credit cards, debit cards, and PayPal are not accepted as the exchange does not have a KYC procedure.
Sub-account features
Phemex provides an easy way to create sub-accounts, each with their own individual account balances and permissions. This feature allows setting a limited balance for each sub-account, allowing traders to isolate different trading strategies from each other. The sub-account system allows you to freely transfer balances between accounts. Traders can create a new account for each new strategy they want to test. Additionally, sub-accounts can be used for trading bots, allowing you to perform automated trading within controlled limits.
Is Phemex Exchange safe?
Two key factors to consider when evaluating whether Phemex is a safe exchange to trade are exchange fund protection and leveraged trading insurance. The most important consideration is whether the exchange is safe from hackers. This is because cryptocurrency exchanges are generally huge.
Pemex Withdrawal requests processed 3 times a day, each request is rigorously vetted by both operators and founders. Our sophisticated Wall Street risk management experience allows us to detect any malicious activity and act quickly to protect your users and the assets of your platform. Eligible withdrawal requests are also processed through offline signatures, so all assets are 100% held in a cold wallet system where all operations are performed offline.
Pemex Team
The core of the Phemex team is comprised of former Morgan Stanley executives and developers. CEO Jack Tao worked at Morgan Stanley for 11 years and has experience developing stock trading algorithms in the United States. This work is pivotal to Phemex’s long-term growth strategy and mission to provide professional trading tools to the cryptocurrency space.
Conclusion: Pros and Cons of Phemex Exchange
Advantages
- Developed by former Morgan Stanley executives
- Setting industry trends Zero commission transactions
- Sub-accounts and easy-to-use API
- top exchange wallet security
- KYC is not required for small withdrawals.
disadvantage
- It’s relatively new.
- Restrict geographically without providing alternatives to users in those jurisdictions.
References:
AltcoinBuzz – Phemex exchange highlights.
CoinExchangeReviews- Phemex Review
Frequently Asked Questions (FAQ)
Phemex is currently seeking regulation through the Monetary Authority of Singapore (MAS) and SEBA for the custody of customer assets. Like other derivatives exchanges such as BitMEX, PheMEX is currently unregulated.
Phemex does not provide services to the following countries: United States, United Kingdom, Canada, Cuba, Crimea, Sevastopol, Iraq, Yemen, Iran, Syria, North Korea, South Korea, Sudan, China, Hong Kong, Republic of Seychelles, and Bermuda.
Phemex has a token called Phemex Token or $PT. It is a utility token that provides benefits such as staking yield, fee discounts, and Phemex DAO governance.
PT is Phemex Token, the native token of Phemex Exchange. Users stake PT to earn vePT (voting escrow PT).
disclaimer: Cryptocurrency trading involves significant risk and may result in capital loss. You should carefully consider whether cryptocurrency trading is suitable for you, taking into account your financial position and ability to take financial risk. Cryptocurrency prices are highly volatile and can fluctuate significantly over a short period of time. Therefore, cryptocurrency trading may not be suitable for everyone. Additionally, storing cryptocurrency on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breach. We strongly advise you to seek independent professional advice before engaging in any cryptocurrency trading activity and to carefully consider security measures when selecting or storing any cryptocurrency on a cryptocurrency exchange.
Pemex Exchange
