Phemex is a Singapore-based cryptocurrency trading platform with a simple interface and is easily accessible to beginners, and is perfect for experts. Founded in 2019, it offers trading in more than 220 cryptocurrencies, and its trading base is expected to grow larger as they are accepting more cryptocurrencies on its platform. It provides many facilities such as mobile support, low transaction fees, welcome bonuses, etc.
|Withdrawal Fees||Depends on Currency|
|Transaction Fee||Taker Fees - 0.075%
Maker Fees - 0.025%
|Customer Support||Live Chat, Email & Support Center|
It is one such platform that offers people to open, trade, and even withdraw money without doing KYC. They make KYC compulsory only when someone has decided to take premium membership.
It has many perks and a few cons as well. They are listed below.
Phemex Cryptocurrency Exchange PERKS
LOW TRANSACTION FEES
One of the significant features of the Phemex platform is that its fee structure is very transparent compared to other platforms. They have clarified that they are not charging any platform fees from any user.
This makes withdrawal fee charges very low as it only contains network fees. Network fees are those which are paid to the respective blockchain/crypto. It varies on different days and is one of the biggest perks of the phemex platform. This system also enables the withdrawal of some crypto, even for free.
Few cryptos which can be withdrawn for free are:
- USDT – TRC 20
While some popular crypto has few withdrawal charges. They are:
Premium members have some perks in this. They are exempted from spot trading fees, while for a regular user, it is 0.1% of the deposit or withdrawal in both spot and futures trading.
Phemex Premium Membership
Just like others, Phemex also offers several perks in its premium membership. It offers crypto mystery boxes, investment Trail Funds, Contract Trading Fees discounts, Contract Trading Bonuses, etc.
Its main perk is to offer zero transaction fees for any spot trading. Spot trading refers to trading done on the spot, i.e., market price, while future or contract trading refers to buying and selling an asset at a specific fixed price hoping to get it in the future.
It also enables members to have no withdrawal limit and take hourly withdrawals. The price of its premium membership is low, making it very much lucrative compared to its benefits. They offer a 7-day trial and charge $9.99 (30 days), $19.99 (3 months), and $69.99 (1 year). However, it takes charges in case of future trading.
Leverage and Spot Trading
One of the most significant advantages of the Phemex platform is that it allows any user to do leverage trading. Phemex offers 100x leverage on its platform. Leverage trading means you can borrow a certain amount of money depending upon your initial deposit and make a profit and loss according to it. An example can easily explain it.
Suppose you have deposited 100 USD and made a profit of 10% on it. When the crypto moves 10% higher, you will get 10 USD in profit. But when you leverage the same amount to 100x, your deposit becomes 10,000 USD, and you will get 1000 USD as profit when the crypto moves 10% higher.
This makes you a profit gain of 990 USD more. But, it has a down effect also. If the crypto moves 10% lower, you have to suffer a loss of 100x, making your 100 USD nil. So, leverage trading is risky but profitable also.
In spot trading, it offers a zero-fee model to premium account holders and just 0.1% fees for a regular member. This has attracted so many crypto people to trade on their platform.
Phemex offers welcome bonuses at several stages, which makes $100 in reward. It provides a welcome bonus of $60 if you deposit 0.05 BTC for the first time on the platform. You can also earn $40 by referring it to a friend.
The pros and Cons of phemex crypto exchanges are as follows.
- You can do spot trading without KYC.
- There are many new crypto coins available for trading.
- High Leverage Trading
- Sub-Account Features
- Derivative Trading Available
- There is a lack of liquidity for trading, due to which big trades can be difficult.
- Citizens of 12 countries cannot trade on Phemex right now. See list below.
The biggest con is that it is limited to only certain countries. They are not available worldwide till now. However, they are making efforts to expand their platform worldwide. Till now, they are not available for users based on specific countries.
Frequently Asked Questions
Is Phemex trustworthy?
Yes, Phemex is 100% trustworthy. Many people are doing crypto trading on the phemex platform.
Are Phemex apps available on the apple and android play stores?
Yes, the Phemex platform is available at both. They have a desktop version as well as mobile apps also.
Is Phemex available in the US?
No, it is not. However, they are working on the expansion of their platform.
Phemex Crypto Exchange Review
It is no doubt that Phemex is going to be one of the significant trading platforms in the upcoming days. Facilities provided by them to its user are unmatchable from others. They are trusted by millions and will soon be available worldwide people.
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