Phemex is a cryptocurrency platform that allows individuals all around the world to access digital currencies through a user-friendly, safe and efficient crypto trading exchange. Led by over 8 former Morgan Stanley Executives, Phemex aims to become the best cryptocurrency derivatives trading platform.
Welcome to Xycinews Media, this article about Phemex Review was written after my research and coming to know users are searching for keywords like;
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And so on…. Nonetheless, I might not have the exact response to all the above entries at the moment, but this article is well detailed.
JUST READ TO THE END PATIENTLY..!!
If you want more information and get to know Phemex better, I encourage you to kindly take a few minutes to read this article calmly because I have gathered the best of information in well outlined paragraphs to help you understand and the table of contents to help you navigate the post.
NOTICE: In as much as Team Xycinews aims to deliver a near perfect review, we have a lot of Platforms on our Log to review & a lot already reviewed. Sadly this limits us from backdating to track the status of already reviewed platforms.
Kindly note that the platform information were correct as of time of publishing but might turn out to be SCAM without our notice.
Always check our article’s published date & the comment section below for users opinion. Thanks ♥️
Phemex Trading Review
Phemex Trading is a cryptocurrency derivatives trading exchange that is available to users worldwide to trade perpetual contracts such as BTCUSD, ETHUSD, XRPUSD, LTCUSD, XTZUSD and LINKUSD with up to 100x leverage. The exchange is well known for it’s zero-fee crypto trading on spot pairs.
The derivatives platform is surging in popularity and is currently ranked #6 for daily trading volume on the exchange according to Coinmarketcap.com.
Phemex users of the platform have access to several innovative trading features and financial tools to increase potential profits trading cryptocurrencies. The exchange includes features such as:
- Beginner-friendly user interface
- No KYC to start trading
- Spot trading market with zero trading fees
- Derivatives exchange with leverage up to 100x and BTC or USD settlement
- Cryptocurrency demo account to trade cryptocurrency with zero risk
- Mobile app to trade anytime and anywhere
- Generous affiliate program that rewards you for bringing users
- 24/7 customer support team
How To Deposit Funds Into Phemex Trading
Next on Phemex trading review is that the exchange allows you to transfer cryptocurrency from a crypto hardware wallet directly to the digital asset trading platform to begin trading. Bitcoin and USDT deposits are secured within the Phemex wallet.
- Visit Phemex.com and login to your account
- Navigate to the ‘Assets’ link in the top right corner
- Click on ‘Deposit’ and select the crypto or stablecoin to deposit
- next to the asset and copy the unique wallet address for the selected coin
- Copy and paste the address or scan the QR code with your personal BTC wallet to begin the transaction. Simply select the desired amount and send to your Phemex wallet.
How to Utilize Phemex Zero Trading Opportunity
The exchange also provides a trading contract for GOLD/USD and with more assets such as S&P 500 stocks, stock indexes, interest rates, FOREX, commodities, energy and metals that will be released on the platform shortly according to the Phemex website.
- Login to your Phemex.com account
- Navigate to the top menu and hover over ‘Products’
- Use the drop down menu to select ‘Spot Trading’
- Choose the crypto asset (e.g. Bitcoin, Ethereum)
- Enter the amount to buy or sell back to USDT
- Review the order to ensure the details are correct
- Click on the green ‘Buy’ or red ‘Sell’ button to place the trade
Phemex Demo Account
Phemex offers a testnet to allow users to practice crypto trading using a demo account without making a deposit. The simulated trading environment provides the same features and functionality as the main exchange. The Phemex testnet account can be accessed under ‘Products’ along the top menu.
Phemex is an exchange from Singapore that launched on 25 November 2019. It focuses on crypto spot trading and derivatives and supports eight different languages: English, Russian, Spanish, Japanese, French, Chinese, German and Korean.
Withdrawal from a Phemex wallet does incur the standard blockchain fee that varies on the crypto asset and the network load. Accordingly, the only fee you have to think about when withdrawing are the network fees.
The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure.
Phemex Premium account is a paid subscription that allows traders to buy and sell cryptocurrencies on the spot exchange with zero fees. The Phemex Premium membership price starts from:
- $9.99 USD for a 30-day period
- $19.99 USD for a 90-day period
- $69.99 USD for a 1-year period
Users that trade large volumes or make frequent trades using a spot crypto exchange will benefit from paying no trading fees on their transactions which can eat into your profits. A membership that starts from 0.19 USD per day is a fair price and can make a large difference to the overall profit and loss at the end of the year.
To create an account with Phemex, the registration process is very straight forward and only takes a few minutes. To get started, follow these simple steps:
- Visit the website https://www.phemex.com
- Click on the ‘Register’ button at the top right-hand corner
- Enter in your email and set a strong password
- Verify your email address using the verification code
- Login to Phemex using your new credentials
Before you have access to Phemex login page, it’s obvious you must registered successfully.
To login Phemex only the below is needed
- User name
Is Phemex Safe and Credible
Phemex offers a number of interesting services. The company began as a cryptocurrency derivatives exchange offering products such as Bitcoin perpetual contracts.
Phemex allows a maximum leverage of 100x on these products. This means that you can hold a position worth 100x more than your original investment.
However, a very small change in price in the opposite direction can cause you to get liquidated and lose all your funds. This type of leverage is already offered by BitMEX and ByBit. Leveraged products are incredibly risky and must be used with careful consideration.
To help you manage this risk, Phemex offers tools such as take profit and stop loss conditional orders. With these orders you can define and improve your trading strategies while maximizing opportunities for profit.
Is Phemex Legit
Phemex is a legit company that is registered in BVI and headquartered in Singapore with employees and users located all over the globe. The cryptocurrency derivatives platform was founded by 8 former Morgan Stanley Executives with 40+ years of combined experience in delivering HFT (high-frequency technology) with great stability.
The team’s goal is to bring billions of potential users into a digital currency system by enabling access to a user-friendly, safe and efficient trading platform.
Is Phemex Scam
Primarily, Xycinews Media contents is to give an overview of platforms and what they entails to help you decide if proceeding with them or Investing only what you can afford to lose.
- Do you think Phemex is scam?
- How you being defrauded?
With a lot of platforms on our desk to review for the general public, we might not be able to keep track of Phemex on a regular. Please help us by dropping a comment and this will help other potential investors from falling prey or proceeding to invest.
In Summary – Is Phemex Legit or Scam
Anyways, team Xycinews can’t pronounce Phemex scam or legit but we will give you all the important information at our disposal to help you decide best because it involves you and your funds and we ain’t ah third party.
Don’t conclude from what you’ve read alone, make research additionally to make your firm. Always look out for the following before considering any online platform, expecially when your funds is involved.
- Check if the site has a “contact us” web page
- Avoid online Platforms that promises huge ROI.
- Check if the site shows info about its company (name, address, country).
- Check if the site has an “about us” or “company” web page.
- Check if the site has a valid VAT or Partita IVA number (EU only).
- Check if the platform is registered and certified to increase trust value.
- Don’t be tricked by offers looking too good to be real, if it looks too good to be true, it could be a bait.
- Check if the site has an active social presence (Telegram,Facebook, Twitter, Instagram)
This Phemex Trading Review Article isn’t aimed at defaming Phemex nor is it targeted to promoting them.
This article is strictly for enlightening purposes and a honest guide from our perspective because we strongly believe every brand needs a good background check.
Therefore, you are at liberty to accept or reject this article and act base on your own perspective of the platform. You are encouraged to share your own opinion or views about the platform with us via the comments box below so as to further improve this Phemex review.
Team Xycinews is no third party and we can’t handle any queries whatsoever.
@The Blogger Scientist
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