Phemex Review

Powerful Trades, Seamless Experience

Overview

Bitcoin and other digital currencies are traded on the Phemex spot and perpetual swap platform. The exchange offers a fiat gateway to purchase crypto, premium memberships with zero-fee trading, the ability to convert crypto into swaps, and an interest rate on savings options. Our most notable features are that we offer rapid trade execution speeds in the spot market and no fees for premium members.

What Is Pemex?

Phemex is a new exchange based in Singapore that launched on November 25, 2019. It focuses on cryptocurrency spot trading and derivatives. It supports eight different languages: English, Russian, Spanish, Japanese, French, Chinese German Korean, which are all spoken by more than 60% of the world population.

The company was founded in November 2019 and is located in Singapore. Their stated goal is to become the world’s most trustworthy cryptocurrency derivatives trading platform while maintaining an approach that favors its users. The company is registered in the British Virgin Islands like many other similar crypto companies for tax reasons- looser regulations and much lower rates! In a short time, Phemex attracted more than 50 thousand new users and recorded more than $700 million of daily volume – putting it among the top 10 exchanges on Coinmarketcap’s list of derivative exchanges.

How Does Phemex Work?

Phemex is a company that has made it possible to trade and earn interest online. To be able to use the service, you have to register on their website. After registration, you can log in and start trading!

Features Of Phemex

Phemex is user-friendly and provides a wallet interface, in addition to its capabilities. A non-specialist would not find it difficult to navigate the site starting trading volume. Phemex also offers an extremely user-friendly website for investors of any level of expertise.
Phemex is a platform that enables users to trade with no KYC requirements.
The site also offers a spot exchange feature at no cost. Users on the site are enjoying this feature immensely.
The website has a Phemex demo account for users so that they can trade without any risk.
The site offers 100x leverage for trades with BTC or USDT settlements.
The Phemex mobile app allows you to use it anytime and anywhere.
Phemex is a very generous platform for new users. After opening an account, people can expect plenty of phemex bonuses and facilities from the company.
Phemex welcomes you with a generous welcome program for first-time users. Anyone opening an account here can expect to enjoy many bonuses and facilities that will allow them to start on the platform immediately.
Phemex also has 24/7 customer service to ensure the satisfaction of its users.

Product and Services Offered by Phemex

One of the many benefits that Phemex offers is spot trading. Another important service is that it allows you to start trading by transferring Bitcoin from a crypto hardware wallet to a digital asset trading site and keeping your USDT and Bitcoin deposits safe within the account.

Phemex also provides its users zero trade fees, which can be helpful in some situations.

Phemex Registration & Login Process

Registration Process

The first step in registering for Phemex is to go to the official site of the trading platform.
Once on the page, you will need to provide your email address and a password that is strong enough for you not to forget.
Once you have provided all the information, you will need to confirm that your email address is valid. You can do so by clicking the link Phemex sent to your mailbox. Check the spam folder if it doesn’t appear in the inbox search.
Please ensure that the email address you provide is active and secure, as all of your Phemex account information – OTP codes, notifications about various updates, and messages related to security will be sent to your account.

Login Process

With your account registered on Phemex, it is time to log in and start trading. The phemex login process is easy and secured thanks to 2FA authentication with OTPs. You can be sure that the site uses various measures besides an IP address filter which will ensure you are safe when you trade online.

One of the first steps is to visit Phemex’s website. Ensure you have been redirected to their official website and not some fake hacker’s page looking for your login credentials.
After you have arrived on the homepage of this site, click the “login” button.
After you have logged into the site, you will be prompted to enter your email address and password that were used when registering.
Once you’ve entered your email ID, you will be asked to enter the OTP sent in your mail.
To complete the login process, you must go to your inbox and copy and paste the OTP into a box on the site.

Once you have successfully logged in, ensure your account is configured with the necessary security settings so you are using the 2FA feature this site provides.

Phemex Fees

The Phemex platform offers ample facilities regarding withdrawal fees and deposits. The deposit rates are free, but the trading fee is 0.075% taker fee and -0.025% maker fee according to industry standards- so it works out as a negative interest account! Besides this, the site also has a funding rate (interest) for its leveraged position; when you use phemex leverage in your favour, it becomes highly beneficial if your position is largely leveraged.

Phemex Deposit and Withdrawal Methods

Phemex wallet has withdrawal and deposit features. The withdrawal limit is set at 0.002BTC, and there’s also a minimum withdrawal amount of 0.0005 BTC per day via credit cards, or 1% per week when using Bitcoin deposits to withdraw bitcoins.

To start trading, you must get Bitcoin. This can be done by either depositing BTC in your wallet and working your way into the market that way or purchasing it on Phemex when you have joined. Once this is completed, users must fill their Bitcoin wallets with pre-deposited money from another wallet to trade bitcoin-settled contracts! Users may also swap the coins they want for USD at a real-time rate if they prefer dollars rather than BTC.

Withdrawals are easy for customers of BitPesa. They need to input the Bitcoin wallet address and the number of Bitcoins they want to withdraw and complete the transaction using standard 2FA capabilities (two-factor authentication). Unfortunately, unlike other exchanges such as Coinbase, there appears to be no way for users on BitPesa to allowlist their Bitcoin addresses. This might be construed as a security flaw.

Phemex Pros and Cons

Pros

Spot and contract trading are two types of trades.
The 50 most popular cryptocurrencies.
Premium customer support and help for our customers.
Advanced trading with greater flexibility
Earnings through promotional campaigns and staking.

Cons

Lack of variety in the types of crypto assets
OTC trading is not permitted in many European and Asian countries.

Phemex Review - Final Thought

Phemex is a platform that focuses on its strengths: a user-oriented approach, quick transaction time, and the sub-account option. However, it should be noted that only a few trading options on Phemex aret of little interest to some traders. So far, Phemex is just an interesting platform with nothing more or less than what you expect from them; however, they have one unique advantage – listing new low cap coins before they enter the spotlight and get scooped up by other traders first! This alone makes them worth having an account for as potential is unquestionable.