One of the top names you are likely to hear about when you start crypto trading is the Phemex platform. This is an outstanding crypto exchange and is widely used by millions of users around the globe. There are several high-end features it offers that are the prominent selling points of the exchange.
Before using Phemex, it is important that you take a look at the features it offers. This is a good general practice as it can help you get a good idea about what the crypto exchange offers to the users.
As a new crypto enthusiast, it is important that you take a look at the features of an exchange so you can determine if it suits your needs and matches your criteria or not.
Therefore, to make an informed decision, it is crucial that you learn as much as possible about a crypto exchange. If you are interested in using Phemex then you should take a look at this brief Phemex exchange review and gather important information about the platform.
Introduction of the Phemex Platform
The Phemex exchange is one of the latest BTC derivatives exchange that offers some of the best features to make trading pleasant for all types of traders, experienced and inexperienced alike. The highlighting aspect of the crypto exchange is that it also provides features that cater the needs of institutional-level traders.
This exchange has been designed to ensure all traders have a pleasant experience of trading digital assets supported by the exchange.
Phemex Offers High-end Safety and Security
This brief Phemex exchange review addresses all the major aspects of the platform, one of which is the level of security it offers to the users. Choosing an exchange that takes the security of the users seriously and implements the use of high-end safety features is important. Even though none of the exchanges are completely risk-free, using an exchange that prioritizes your safety can mitigate the risks you may face to a significant extent.
The leading-edge security protocols used by the Phemex platform is one of its several selling points. Phemex is among some of the safest exchanges in the world and uses advanced protocols such as Amazon Web Services (AWS) to offer utmost security to the users.
Fee Charged by the Exchange
The fee charged by a platform is yet another major aspect that needs to be properly explored before you opt for any platform. There are platforms that charge hidden or additional charges. Such charges not only add more financial burden on the users but can also put the security of the exchange in question.
This is why, this attribute is discussed in this brief Phemex exchange review. The fee charged is one of the lowest in the industry and is free of any kind of hidden charges. The details of the fee charged by the Phemex platform are as follows:
- -0.025% trading fee for market makers
- 0.075% trading fee for market takers
- No fee required for making deposits
- A flat withdrawal fee of 0.0005 BTC
Currencies Supported by Phemex
As mentioned above, the Phemex platform supports crypto derivatives and is relatively newer. The currencies supported by the exchange include the following:
- Bitcoin/US Dollar
- ChainLink/US Dollar
- Ethereum/US Dollar
- Gold/US Dollar
- Litecoin/US Dollar
- Ripple/US Dollar
- Tezos/US Dollar
Leverage trading is supported by the Phemex exchange, which is yet another reason why a vast audience is interested in using the platform. This is an advanced trading strategy that allows traders to open bigger trading positions by borrowing funds from the brokers. The borrowed amount is called leverage and depending on how the trade goes, you can either get high profits or high losses. Therefore, even though leverage trading is an exciting venture, it is highly risky and does not guarantee profits.
The Phemex platform supports 7 trading pairs and offers leverage up to 100x. The distinction based on each trading pair is as follows:
- 1:100 leverage for BTC/USD
- 1:100 leverage for GOLD/USD
- 1:20 leverage for ETH/USD
- 1:20 leverage for XRP/USD
- 1:20 leverage for LINK/USD
- 1:20 leverage for XTZ/USD
- 1:20 leverage for LTC/USD
Support for All Trading Styles
Another huge benefit of the Phemex platform is that it supports all trading styles. This makes the platform an outstanding option for all crypto traders, regardless of the trading style they follow.
The supported trading styles according this Phemex exchange review are:
- Algorithmic trading
- High-volume trading
- Long-term trading
The Phemex platform is an excellent exchange that offers some of the best crypto trading options and features. If you are interested in using this high-end crypto exchange then you need to know the details mentioned above.