Phemex Review 2022

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Phemex Review 2022

With the recent rise of cryptocurrency as a leading domain within finance, many platforms have started offering a trading platform for the same. Among the names of crypto exchange platforms, Phemex appears to be among the most reliable and convenient platforms where traders can turn their crypto assets into profits. 

Phemex, as a cryptocurrency exchange, is a full-service platform, and it offers leverage trading up to 100 times users’ initial amount of investment and accepts deposits from credit cards. Phemex provides ways to earn interest and offers free real-time trades for premium members. 

This Phemex review article could work as an answer to questions like, ‘is Phemex a good exchange’, ‘how to withdraw from Phemex’, and ‘does phemex require KYC’.

Phemex provides a convenient space and perpetual swap platform for Bitcoin and other cryptocurrencies. The exchange includes a fiat gateway for users to purchase crypto using several payment modes, a spot exchange for premium users, convert to swap crypto-to-crypto services and lets users earn interest through savings options. This review will briefly review its features, other fees, charting interface, trading pairs, security and customer helpline. This review article includes the process of creating an account, depositing USDT, purchasing Bitcoin on the spot exchange and withdrawing to a wallet to experience the platform’s basic features.

Phemex Review: All about Phemex

Phemex is a cryptocurrency derivatives trading exchange in Singapore founded in 2019. The organisation behind Phemex is led by former Morgan Stanley Executives and is considered one of the finest cryptocurrency exchange platforms. Phemex has amassed more than 5 million users across 200 countries, as per reports of CoinMarketCap.

All about Phemex

Phemex is known for its rapid trade execution speeds of 300,000 transactions per second and order response times of less than one millisecond. It allows users to trade perpetual contracts such as BTCUSD, XRPUSD, LTCUSD, ETHUSD, XTZUSD and LINKUSD with up to a hundred times leverage.

The platform lets traders from around the globe access digital currencies through a user-amiable, secure and efficient crypto trading exchange. Salient features on Phemex are rapid trade execution speeds and 100x leverage on contract trading. It allows its users to get in early on new crypto token launches via its spot market Launchpad. Other key features include:

  • Trade Ethereum, Bitcoin, and 200 others on the spot exchange
  • Futures contracts with comparatively higher leverage up to 100x
  • Spot fees starting from 0.1% and -0.025 / 0.075% for margin trading
  • Earn up to 8.5% APY interest income on crypto assets
  • Insightful charting integration

Phemex Review: Features of the Platform

This Phemex review comes along a brief observation of features and benefits the platform avails to its users. A few of them are provided in this Phemex review:-

  • Phemex is user-friendly, and even a novice trader will find it easy to navigate through the platform and begin trading volume. Phemex also provides its users with a wallet interface that adds more convenience.
  • Another practical aspect of Phemex is that users do not require to complete a KYC verification procedure to start using the exchange platform.
  • Phemex also provides a spot exchange platform without any fees. Users conveniently leverage this feature of the site.
  • The platform proffers its users a Phemex demo account so they can trade without any risk associated with the market.
  • Phemex exchange platform allows trading with up to 100 times leverage and settlement of BTC or USDT.
  • There is a dedicated mobile application of Phemex that lets users access the exchange platform anytime, from anywhere around the globe.
  • Phemex has quite a profuse welcoming program to give its new users. Traders opening an account with Phemex can hope to get many bonuses and benefits to get a kickstart on the platform.
  • Users can earn up to 10% of interest on a deposit of USD via Phemex in a savings account, either fixed or flexible.
  • Phemex offers a dedicated customer service team that consistently runs 24/7 and assures user satisfaction.

Read our Blog: Best Cryptocurrencies To Invest: A Detailed Guide 2022

Phemex Review: Is Phemex Safe?

Here, in this part of the Phemex review, we will put some light on the security features of the exchanger platform. The exchange offers security measures similar to banks to protect its customers’ funds and confidential data. Security features implemented in their platform include a 100% cold wallet system, multi-signature withdrawal process and Two Factor Authentication (2FA) option for all user accounts. Since its launch in 2019, the exchange has never been hacked or compromised, resulting in any form of loss of users’ funds or client information, according to our research.

Phemex Review: Is Phemex Regulated?

Phemex looks to be a legitimate company that is registered under BVI with employees and users located around the globe. The platform is not regulated and is restricted in several countries with tight financial laws.

It is a necessary aspect to include in any Phemex review to let readers know what the regulatory compliances are for Phemex and other such platforms.

Cryptocurrencies Supported on Phemex

Phemex supports over 200 spot cryptocurrency assets that can be bought and sold on the exchange, including BTC, ETH, XTZ, LTC, XRP, LTC, LINK, ADA, DOGE, and USDT. The list of accepted digital currencies is pretty much limited compared to other trading platforms, with over 300 coins to trade.

The platform also offers a trading contract for GOLD/USD and with more assets such as S&P 500 stocks, FOREX, commodities, stock indexes, interest rates, energy and metals that will be released on the platform shortly, according to the Phemex website.

Pros & Cons of phemex review

Phemex Exchange Review: Pros & Cons

Pros Cons
Comparatively low fees to other exchanges Complicated fee structure
One of the top-rated mobile applications. Users need to pay withdrawal fees for most cryptos. 
It lets users spot invest in real-time. Minimal amounts of withdrawal
Fiat-to-crypto purchases are possible. Presently, it doesn’t offer lending services.
Members do not require KYC to start trading Phemex does not offer staking services for crypto. 
The platform accepts deposits in various cryptocurrencies. The platform is not available for residents of the US.
Reliable and stable platform with reasonable liquidity.
The fee refund for liquidity providers who use limit orders.
Phemex Earn products to earn a yield on crypto deposits.

Gamified Investing with Competition Mode to Earn with Fun

The exchange platform on Phemex has a feature that turns investing into a competitive format for a team that lasts for a configurable amount of time. There are no restrictions for teams regarding a maximum number of members, but the team must have a minimum of 10 members. Suppose a team has fewer than ten members by the time the competition begins. In that case, the team will be disallowed to proceed further, and members will be randomly distributed among other teams that meet the requirements.

Once user registration opens, Phemex members can sign up to be a part of any team of their choice. A member’s BTC Trading Account net value must be a minimum of 0.005 BTC at the time of registration.

Once the competition mode starts, if a member’s net value of BTC Trading Account is less than 0.005 BTC, the primary net value will still be taken as 0.005 BTC. Once the user has successfully joined a team, they can no longer switch teams.

According to the website of Phemex, 78% of the final prize pool will be allotted to pay awards to the team. Each winning team captain will earn 40% of their team’s award. The top ten members of each winning team will share 30% of their team’s award equally. All other members of the team will share the remaining 30% of the team award. 

The goal of including the fun essence of the platform in this Phemex review is to let you know that investment can be easier with the right people teaming up to make correct decisions. 

Premium Users to Pay No Transaction Fees 

Check out this section of the Phemex review to know why being a premium member of the platform would be beneficial. Paid premium members of the Phemex exchange platform can enjoy the convenience of free transaction fees on real-time “spot” trades. To clear the point, spot trading is purchasing or selling assets at the exact point in the present time. Contract trading is agreeing to purchase or sell an asset at a specific price in the future. It is also known as future trading.

Phemex Premium supports different cryptos, including

  • Ethereum (ETH)
  • Ripple (XRP)
  • Bitcoin (BTC)
  • ChainLink (LINK)
  • Tether (USDT)

Premium accounts have an expiry at the end of their term. They cannot be forbidden within the period of validity. Users can cancel automatic subscription renewal services at any time. Phemex provides membership subscriptions that range from 30 days ($9.99), three months ($19.99), or a year ($69.99). This zero-transaction fee discount is not applicable to any other trading fees or withdrawal expenses.

Leveraged trading up to 100x on Phemex

Phemex offers leveraged trading up to a hundred times the amount users contribute on the exchange. Leverage trading, or call margin trading, is a method involving borrowed funds from the exchange. The reason to trade via leverage is to expand the potential for profit. Leveraged trading lets users trade and profit using much larger amounts of assets than personal funds.

Another benefit of Phemex is that members can practice leveraged trading on the Phemex testnet platform using fake funds to learn the process to master it before stepping into the market. The coins/tokens made available for practice trading on Phemex include ETH, XRP, BTC, LINK, Cardano (ADA), and USDT. Know more about how the exchange delivers leveraged trading upto hundred times in this Phemex review.

Higher-level referral tier on Phemex, namely Phemex All-Star Program, needs a separate, short application process. Once the application is accepted, All-Star affiliates can permanently earn a 50% commission on all types of trading fees collected from members in their network. All-Star members can welcome new All-Stars to connect and build networks under them. That helps them earn an extra 10% commission from their new All-Stars’All-Stars’ referral network into the user’s commission pool. 

Phemex offers the “All-Star commission system” to assist All-Stars in tracking their progress in detail. The exchange platform proffers high-quality media materials to help All-Stars accomplish better results. Plus, Phemex helps All-Stars captivate new users by providing a new user bonus of up to $100.

Phemex recently made an announcement regarding their new promotional rules on how All-Star participants can build their referral network on Phemex. Violation of these new guidelines can get users banned from the program.

Getting Started with Phemex

To begin trading with Phemex, the process of registration is straightforward and just takes a few minutes. It is free of cost to create an account or have a wallet with Phemex. This Phemex review will prepare you to get started soon with the platform.

Getting Started with Phemex

Follow these easy steps to get started:

  • Make a visit to the website of Phemex
  • Click on the ‘Register’ button located at the top right-hand corner of the screen
  • Type your email and set a strong password, and don’t share it with anyone
  • Complete email verification using the code sent you your email
  • Login to Phemex using the newly created credentials

Funds Deposits On Phemex

You’d be knowing how to deposit funds in the Phemex platform after you are done reading with this Phemex review. Phemex, as an exchange platform, allows users to transfer cryptocurrency from a crypto hardware wallet straight away to the digital asset trading platform to start trading. Bitcoin and USDT deposits are protected within the wallet. The speed for a deposit to reach the wallet depends on the type of crypto asset, the number of confirmations needed and the network load of the blockchain.

As a user, if you still find the security system on the platform unreliable, you can opt to register on Xbo. It employs military-grade security on its platform to protect the funds and data of its members. It is an upcoming exchange with an easy-to-use interface to smoothen your trading experience. Sign up with Xbo today and avail yourself of exciting rewards

Crypto Purchases With Fiat

Phemex has shaken hands with Banxa, an international fiat-to-crypto gateway to let users buy crypto using a credit/debit card or bank transfer directly from the Phemex website. Presently, the interface lets users buy Bitcoin, Ethereum, Tether and 50 other coins. Know how to purchase crypto with fiat in this Phemex review article. Funds purchased are credited to the user’s wallet on Phemex to trade or withdraw to a hardware wallet.

On the other hand, an upcoming crypto exchange platform, Xbo will soon offer a comprehensive range of options to choose from for purchasing cryptocurrency. 

The Concluding Note

The crypto exchange platform is filled with valuable features for traders looking forward to speculating on digital assets with leverage on the derivatives exchange. Phemex is inclusive of a convenient user interface and advanced tools for risk management and drawing tools which are available on its platforms designed for both desktop and mobile devices.

Phemex has recently launched the beta version of a cryptocurrency social network and copy-trader platform, allowing members on the exchange to explore and copy the trades of the most profitable traders on the platform.

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