Phemex is one of the most popular trading platforms and cryptocurrency exchanges. It supplies users with a fairly reflexive interface, a combination of trading pairs, and the power to trade both spots with leverage. This article is all about the Phemex Cryptocurrency exchange and how it works. Let’s take a look at it in more detail.
What is Phemex Cryptocurrency Exchange?
|Number of Spot cryptocurrencies||250+|
|KYC/AML Requirements||Not needed when depositing/withdrawing crypto and trade. But KYC will be needed to buy crypto and withdraw fiat.|
|Supported Fiat Currencies||USD, EUR, GBP, CHF, JPY, CAD|
|Deposit/Withdraw Methods:||Deposit: Crypto, wire transfers through third-party vendors, USD wire transfers via OTC accounts and Withdrawal are Crypto, USD wire transfers via OTC account.|
As mentioned above it is a cryptocurrency exchange and trading platform. According to its website, its name is emanated from the mixture of Pheme and MEX. Pheme is the Greek God of stardom who described the public’s say. MEX means mercantile exchange.
Jointly, they represent the platform’s idea for an improved economic future in which everyone’s opinions have listened to and old self-identity is thrown away in turn for equal chances. Phemex enables a future supported by blockchain technology that feeds users more prosperous, more influential lives. Phemex is established and enlisted in Singapore and is maintained by Phemex Pte. Ltd. The platform has already drawn more than 5 million users worldwide and has a remarkably wholesome 24hr trading volume of more than 5 billion at the time of writing.
What are the features of Phemex?
- 365 x 24 System: The transaction engine and cross engine are created on the raft protocol, delivering elevated execution and 365 x 24 availability. The system configuration is guarded by a patent.
- 300,000 Transactions processed per second: According to its website, the trading engines can process up to 300,000 transactions per second with an order response duration of less than 1 millisecond. It swiftly manages more than $10 billion in trading volume each day.
- Wallet security: The Phemex cold wallet storage transfers need grade 2 human review offline signatures, so the assets are secured in every facet.
- Professional team: Phemex’s founding team includes of former-Morgan Stanley managers who have years of valuable Wall Street background.
- Sub-accounts: The platform contains institutional traders’ FIX API and quantitative traders’ sub-accounts.
- Support: The platform delivers 24 x 7 live multilingual client support.
How does Phemex Work?
Phemex comes with a mobile trading app and contains new assets, and extra new functions and characteristics. The following are some:
What is Spot Trading on Phemex?
Phemex has 34 spot trading pairs that traders can select from. It also permits users to purchase crypto with a credit card instantly. Spot traders can choose to trade, which suggests they can purchase or sell any of the 34 cryptocurrencies against USDT. The best benefit of trading on Phemex is that Premium members are not charged any trading fees. The Premium Membership prices vary from $9.99/month to 69.99/year.
What is Derivatives Trading on Phemex?
Phemex also has derivatives traders and backs more than 150 USD-M and Coin-M endless agreements, with USDC Perpetual contracts arriving soon. Traders can use 100x leverage when trading agreements.
What are Phemex Sub-Accounts?
Sub-accounts are a rather special trait not endorsed by many crypto exchanges but are becoming increasingly widespread among quantitative traders. Sub-accounts can be configured within a current account and equips traders with the chance of maintaining both short and long positions, and distinct sub-accounts can be utilized for things like hedging functions, utilizing bots, or separating and trying various trading methods.
How to earn interest on Phemex?
Phemex gives a few methods to earn interest on the cryptocurrencies stored on the platform.
- Flexible Savings product: It allows users to gain interest in their cryptocurrencies without any lock-in duration. The savings rates vary from 0.3% to 2% and coins like BTC, ETH, SOL, and stablecoins are backed.
- Fixed Savings Account: It permits users to make higher amounts of interest, but the reserves must be locked in for fixed terms. The APYs are varying from 0.5% to 8.80%, and the lock-in duration of either 7 or 14 days.
- Phemex Launchpool: With this users can make passive income on their cryptocurrencies. This component picks tokens and projects that deliver a more elevated APY than standard staking, while also permitting users to find new projects and gain higher returns on their coins.
Which coins are Listed on Phemex and what are the Trading Fees?
Phemex contains a comprehensive list of cryptocurrencies. Some of the most prominent names contain, but are not restricted to (all of the following trade against USD):
- Bitcoin (BTC)
- Ethereum (ETH)
- Chainlink (LINK)
- Cardano (ADA)
- Ripple (XRP)
- Dogecoin (DOGE)
- Uniswap (UNI)
- Solana (SOL)
- Kusama (KSM)
- Basic Attenton Token (BAT)
The platform is continually including new pairs upon client demand, which is promising. The full list can be seen here.
The platform contains a 0.75% Taker Fee and -0.025% Maker Fee when trading with leverage. The funding fees on Phmex are levied or allocated between long and short position holders every 8 hours, but Phemex doesn’t levy any overnight costs. The prices vary based on the agreement that you utilize, and more details about fees can be seen here.
How to create an Account on Phemex?
To create a new account on Phemex, complete the following steps:
- Go to Phemex.com and then select Register in the top right corner of the website.
- Next, enter your email address, password, and invitation code if you have one. Next, click Continue.
- After this, you will receive a verification email and code. Now, enter it in the next window that emerges.
- Finally, start trading!
How to buy cryptocurrencies on Phemex?
There are three methods to buy cryptocurrencies on Phemex. These are:
- Credit and Debit Cards: Phemex permits users to purchase bitcoin or altcoins with credit or debit cards. Official choices contain Visa, MasterCard, UnionPay, and POLi.
- ApplePay: Users can also buy cryptos with ApplePay.
- Bank Account: Users can also buy crypto with a bank account via Direct Bank Transfer, SEPA, PAYID, iDEAL, and SOFORT.
- Step 1: Choose the crypto you would like to buy. Now, enter the amount or portion and select a payment method.
- Step 2: Select the most suitable offer and finish the payment.
- Step 3: The crypto purchased comes into your account after payment is done.
How to Deposit and Withdraw on Phemex?
Phemex has a few various alternatives for users who like to buy crypto, deposit or withdraw crypto, or fiat. As for buying, Phemex has collaborated with numerous third-party payment providers mentioned above.
Users who want to deposit fiat can create an OTC account on the platform, and then users can withdraw or deposit via wire transfer. Now go to the assets section to see all your crypto-obtaining addresses to transfer your crypto to your Phemex account. The crypto assets for deposits and withdrawals are BTC, USDT, ETH, XRP, and LINK.
Phemex seems to be secure and a fair cryptocurrency platform. They are enlisted as a Money Services Business with FinCEN and lawfully function in all the jurisdictions in which they are backed.