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Full review of the Phemex platform

review Phemex platform


Introduction to the Phemex platform

Phemex is a global futures trading platform designed for all retail traders, professionals and institutional investors alike. The platform has an easy-to-use interface and good volume.


The platform was established in 2019 and is characterized by a very high degree of security. It is based in Singapore


Derivatives of traditional financial products will be accommodated in the platform, such as S&P 500 stock indices, interest rates, forex, commodities, metals, energy, etc. The platform is supported by a leverage of up to * 100


Currencies supported by the PHEMEX platform

The Phemex platform supports the following cryptocurrencies at the present time.


  • BTC
  • ETH
  • ADA
  •   dot
  • ALGO
  • UNI
  • LINK
  • GOLD
  • COMP
  • LTC
  • XTZ
  • AAVE
  • DOGE
  • YFI
  • BCH
  • XRP


platform fees

Phemex sets a maker fee of 0.025% and an advance fee of 0.0675% for futures contracts.


As for SPOT trading fees, Phemex sets a maker fee of 0.01% and an advance fee of 0.01%.


Referral equivalent

You will get 10% of the platform commission for all your referral trades in future contracts


You will get 50% of the bonus rewards that your referrals will receive


Welcome bonuses

PHEMEX is currently offering a welcome bonus of $72 for new signups via bonus funds.

This can be obtained by doing simple tasks like following their social media or funding the account with -0.2 in one deposit.

Processing withdrawal requests

Phemex processes withdrawal requests 3 times/day, and each request is thoroughly checked by both operators and founders.

Eligible withdrawal requests are also processed via the offline signature, so all assets remain 100% stored in the cold wallet system with all operations saved offline.


Deal financing fees:

is a very important feature to consider in the Phemex platform. The funding rate is paid directly to holders of long or short positions depending on the 'negative funding' or 'positive funding' rate. in Phemex.

The fee is charged every 8 hours and can be negative or positive which means it is possible to win or lose money every 8 hours.

If the funding rate is negative, shorts holders will pay out a long percentage of their positions. In the example above, the funding rate is -0.0094%, so short equity holders will be charged 0.0094% of their entire position.

It also means that long equity holders will gain interest in their position.

Disclaimer: Phemex does not charge a deposit fee.


Phemex platform team

The Phemex team consists of former Morgan Stanley executives and developers. CEO Jack Tao worked at Morgan Stanley for 11 years of experience developing stock trading algorithms in the US. This work is central to Phemex's long-term and growth strategy and mission to bring professional trading tools to the cryptocurrency space.


Positives

Low fees

Highly rated mobile app

It allows “instant” investment in real time

Fiat-to-crypto purchases

It accepts deposits in different cryptocurrencies


Negatives

complex graphic structure

It requires withdrawal fees for most cryptocurrencies

Minimum withdrawal amounts

It does not currently provide lending services


  Features and benefits


Phemex users can access many innovative trading features and financial tools to increase the potential profits of cryptocurrency trading. The exchange includes features such as:


User-friendly graphical interface and portfolio for beginners

I don't know your client to start trading

No-fee spot market

Derivatives exchange with up to 100x leverage and settlement in Bitcoin or USD

Cryptocurrency demo account for risk free cryptocurrency trading

Mobile application for trading anytime and anywhere

Generous affiliate program that rewards you for bringing in users

Earn up to 10% interest on USDT deposits in a fixed or flexible savings account

24/7 customer support team



Zero transaction fees for premium members

Premium members enjoy free transaction fees on real-time "spot" deals. For the sake of clarity, spot trading is buying or selling assets now. Contract trading agrees to buy or sell an asset at a certain price in the future - also known as futures trading.


Phemex Premium supports many cryptocurrencies including:


  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (link)
  • rope (USDT)

Premium accounts expire at the end of their term. It cannot be canceled during its validity period. Automatic subscription renewal can be canceled at any time. Phemex offers membership subscriptions that range from 30 days ($9.99), three months ($19.99), or one year ($69.99). The zero transaction fee discount does not apply to any other trading fees or withdrawal fees.


Phemex wallet


Phemex's website says it designed and implemented the specific hierarchical cold wallet system. A cold wallet stores cryptocurrencies over the counter, while a hot wallet is on an exchange, and is vulnerable to theft. Phemex assigns separate cold wallet deposit addresses to each user. All deposits are collected periodically into the company's multi-signature cold wallet via offline signature.


Phemex processes withdrawal requests three times a day, and each request is scrutinized by both operators and founders.


security system


Phemex deploys its system and secures its machines on Amazon Web Service (AWS) Cloud. Phemex uses several firewalls to separate different areas and machines for different business purposes. There are several levels of security and access management protocols on the internal network to control access from one instance to another.


User account security


Phemex uses a two-factor authentication mechanism to protect all user accounts. When the user performs any important operations such as logging in, financing or modifying the password, the system automatically turns on two-factor authentication. This forces the user to perform a secondary authentication to protect the integrity and security of the account.

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