Phemex Exchange: Trade Crypto on Spot Exchange with No Fees Currently, one of the leading spot exchanges that is well known for its zero-trading fee model is Phemex.
If you are new to crypto trading, then choosing an exchange can be a challenging task. There are several aspects that you must consider while opting for a trading platform such as charting interface, trading pairs, fees, security and customer support.
Here is a brief Phemex review that gives valuable insights about the platform, helping you trade more efficiently. Origin of Phemex
Phemex was first introduced to the market in 2019 by 8 former Morgan Stanley Executives with hands-on experience in providing high-frequency technology. The purpose of creating this platform was to bring millions of prospective traders into a digital currency system by providing access to a user-friendly, safe and efficient trading platform.
Despite being new to the crypto market, Phemex exchange already has a has a high trading volume which most times correlates with deep liquidity. In simple words, this also means that searching for buyer and seller is quite easy as compared to other trading platforms. Moreover, when the world was facing COVID-19 financial crisis, the exchange saw a rapid increase in its trading volume of more than $400 in just 24 hours. This helped the platform move up the ladder of top exchanges on Coin market based on the 24 hours record.
Still the platform is growing and expanding, recently the average 24-hour trading volume of Phemex exchange is almost a billion, standing at a whopping $912 million dollars. Phemex came with many promises, and it delivers on them. It has developed a respective and gigantic clientele willing to make maximum trades and the numbers are still growing. For a new company, the numbers seem quite promising also Phemex has kept its promise of transparency. Phemex Features
The traders at Phemex exchange have multiple trading options and financial tools to boost potential profits on trading cryptocurrencies. Here are some most popular exchange features:
Is Phemex Legit?
Phemex is a fully legit company that is registered in BVI with workforces and users located all around the world. However, Phemex crypto exchange is not regulated and is restricted in multiple countries with strict financial reforms like in the United States and the United Kingdom which restrict the use of cryptocurrency derivatives trading platforms. Is Phemex Safe?
Phemex comprises of bank-like security protocols that make sure that customer funds, financial assets and information is safe. There are many security protocols implemented by the platform including multi-signature withdrawal process, 100% cold wallet system, and Two Factor Authentication (2FA) option for every user account on the platform. Since 2019, the Phemex exchange has never been hacked or compromised because of its tight cyber security. Depositing Funds on Phemex
Phemex allows users the flexibility to make transactions from a crypto hardware wallet directly to the digital asset trading platform to begin trading. Moreover, these USDT and Bitcoin deposits are secured in the user’s Cold wallet. The speed for a deposit to reach the wallet depends on the Phemex crypto asset, number of confirmations required and the blockchain network load. Phemex Fees
To start trading crypto with Phemex for zero or no fee or transaction charges follow the steps mentioned here:
Phemex exchange also provides an exchange contract for GOLD/USD and with financial assets including stock indexes, S&P 500 stocks, interest rates, commodities, FOREX, energy and metals that will be introduced on the platform shortly according to the Phemex website.
To conclude this Phemex review, the exchange is packed with excellent features for traders looking to speculate on digital currencies with leverage on the derivatives exchange. The platform includes a cutting-edge user-interface and advanced risk management tools, and it offers a no KYC registration process and trading fee Also Read: ByBit Review |