Phemex is one of the latest Bitcoin derivatives exchanges and has caught the attention of the crypto investors and traders, both potential and existing. It is a popular crypto exchange among the crypto traders all around the world. The reasons for its popularity are many and quite fair. It offers impressive services to the users of the exchange and has advanced features that make it a stand out platform among its competition.
However, whether you want to buy or trade digital assets, you need to know the details of the Phemex exchange to see if it is according to your requirements and criteria.
Therefore, here is a brief review of some of the major aspects and features of the exchange that can highlight why you should consider using this crypto exchange to buy, sell or trade digital assets.
Phemex Offers Leverage Trading
One of the most prominent features of this crypto exchange is that it supports leverage trading. Before you step towards crypto trading you should be familiar with the concept of leverage trading.
This is a trading mechanism that helps the crypto traders in increasing their exposure to the crypto market. This is achieved by allowing the traders to pay less than what the full investment amount actually is. In short, crypto traders can take on a bigger position without paying the full amount.
This is a beneficial trading mechanism, however, it can also result in plenty of financial loss. This is why beginners should avoid leverage trading without understanding it properly or without choosing a reliable exchange.
Therefore, if you are interested in trading with leverage then the Phemex exchange can be a suitable platform for you to choose.
No Need for KYC Verification
This brief Phemex review focuses on numerous aspects of the exchange such as its verification processes that the users have to complete in order to start trading.
There are several platforms in the market that require the new users to complete the KYC (know your customer) verification process. This is an additional way to ensure that the users funds and platform remain safe from cyber threats and hackers. However, it limits the numbers of users from across the globe that can access the platforms.
Phemex is one of the cryptocurrency exchanges that does not require KYC verification from the users. It ensures the safety of the users’ funds and information by making use of advanced security features.
Available Crypto Assets
An outstanding feature of the Phemex exchange is that it supports a multitude of cryptocurrencies. It is one of the factors that can help you understand why you should consider choosing this exchange.
As a beginner, if you have plenty of options before you it can be easier for you to choose which digital asset to buy, sell or trade. In such a case, if you choose a platform that offers support to numerous crypto assets, it can be helpful for you.
Here are the available Phemex crypto derivatives that you can choose from:
- Bitcoin/US Dollar
- ChainLink/US Dollar
- Ethereum/US Dollar
- Gold/US Dollar
- Litecoin/US Dollar
- Tezos/US Dollar
- XRP/US Dollar
What to Know About the Fee Structure?
Phemex is one of the crypto platforms that is known for having a transparent fee structure. It has one of the lowest fees structure in the market and is based on the market maker and taker model.
According to this model, here are the Phemex fees details you should know about.
- No deposit fee
- -0.025% maker fee
- 0.075% taker fee
- Flat withdrawal fee of 0.0005 BTC
Mobile Trading Application
The Phemex exchange is an impressive platform in the crypto market as it helps its users in trading while on the go. As a user of the exchange you can close your old trades and open new ones, monitor the opened position and the market with the help of the Phemex mobile trading application.
This custom-built application is available for both Android and iOS users. It is a cutting-edge application that is stable, secure and fast.
It offers several features that make the user experience quite easy and efficient. Here are the features of the trading application you should know.
- User-friendly trading interface
- Trading view charts
- Inbuilt tools for technical analysis (drawing tools and indicators)
- Multiple timeframes available
- Advanced order types available
- Availability of limit orders
- Availability of buy stop orders
Trading Styles Supported
The Phemex exchange is also quite popular among the crypto traders, thanks to the fact that it supports all types of trading styles.
This means it is suitable for crypto traders who follow different kinds of trading styles, including institutional traders.
Here are the supported trading styles:
- High volume trading
- Long-term trading
- Algorithmic trading
Finding a suitable exchange is essential and helpful, especially for people who are new to the crypto space. Phemex is an outstanding crypto exchange and offers some of the features mentioned above in detail.