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2022-07-18 11:23:00

Phemex Review 2022 – Fees, Features & Trust Score?

  • Is Phemex a Good Crypto Platform?
  • Is Phemex allowed in the USA?
  • What are the features of Phemex Exchange?

Choosing the right crypto exchange is the first step that a crypto beginner goes through. And with the immense number of exchanges available, it is difficult to choose a perfect exchange that meets all your requirements.

So CoinSutra does all the hard work for you. We review the available exchanges and bring out the best ones that you can pick and choose from. Further, you don’t need to pick just one. You can diversify your portfolio amongst different exchange accounts. Just to ensure that you keep your eggs in different baskets.

Today, we have brought an interesting one. The name of the exchange is Phemex. So, let’s dive in and understand more about it.

What is Phemex?

Phemex is a centralized crypto exchange. The exchange was established in 2019 in Singapore.

As of writing this Phemex review, the platform currently has more than 5 Million users, which is impressive considering it is one of the newer exchanges in the market. This is because Phemex rewards its market makers for providing liquidity to the platform.

Based on derivatives trading volume, Phemex is among the world’s top 10 crypto exchanges.

Now, let’s understand more about the team behind this exchange

Phemex team, and where is it registered?

2. Jack Tao - Phemex Exchange

Jack Tao
Founder and CEO

Jack has served 11 years building large-scale algo trading platforms. With a substantial experience in Traditional Finance, he started his crypto journey as a miner.

Along with it, he explored crypto exchanges and lost a significant amount of his funds in various hacks and malfunctions. This pushed him to create a secure and efficient crypto trading platform. i.e., Phemex today.

Unfortunately, all this information about Jack has been collated from Phemex Website. There is not much social information about jack. This makes us a bit concerned also.

Moving on, let’s explore the features of Phemex.

Key Features and Advantages of Phemex Exchange

The key features of Phemex Exchange are as follows:

1.   Zero transaction fees

3. Phemex Exchange - Spot Trading
Phemex Exchange – Spot Trading

Phemex is one of those few exchanges that rewards its Market Makers for perpetual contracts trading. Market Makers are the people who place “limit orders” on the exchange. This adds liquidity to the market.

In contrast to this, Market Takers are the people that place “Market Orders”.

The transaction fee on the exchange is as follows:

  • Market Makers      0.010%
  • Market Takers        0.060%

For Market Takers, the fees charged are one of the lowest in the market.

For Spot Trading, the fee charged by the exchange is 0.1% of the transaction value for market makers and takers.

Phemex exchange offers a spot trading feature on more than 200 different crypto assets.

You can read more about the fee structure of Phemex Exchange here.

2.   Perpetual Contracts What You Should Know

4. Phemex Exchange - Contract Trading
Phemex Exchange – Contract Trading

Phemex offers Derivatives trading to its users. It has Perpetual Futures contracts on several crypto tokens.

There are more than 30 different perpetual contracts available on the platform. Further, a user can also do leveraged trading on these contracts, which we will discuss in the next section.

You can read more about Phemex Perpetual Contract Trading here.

3.   Phemex offers leveraged trading up to 100X

Phemex offers leveraged trading on perpetual contracts up to 100 times. This means that users can trade in perpetual contracts up to 100 times their investment.

Please note that Margin / Leveraged Trading is risky, and you should not do it without sufficient knowledge and experience.

You can read more about Leveraged Trading on Phemex here.

4.   Supported Currencies and Countries

Phemex Exchange supports more than 90 different fiat currencies, including USD, EUR, GBP, JPY, AUD, etc.

Countries in which services of Phemex are restricted are as follows:

  • The United States of America,
  • The United Kingdom,
  • Québec (Canada),
  • Alberta (Canada),
  • Cuba,
  • Crimea,
  • Sevastopol,
  • Iran,
  • Syria,
  • North Korea,
  • South Korea,
  • Sudan,
  • China,
  • Hong Kong,
  • Republic of Seychelles,
  • Bermuda

5.   Phemex SubAccounts

This is an amazing feature offered by the exchange for its users. You can create sub-accounts within one exchange account.

This means that you can create sub-accounts for:

  • Investing,
  • Trading,
  • Bot Trading,
  • Experimentation, etc.

This would allow you to keep your funds separated based on the purpose of funds.

You can read more about Phemex sub-accounts here.

Phemex Fees Structure

Following are the different types of fees charged by Phemex Exchange:

1.   Phemex Trading Fee

The trading fee charged by the Phemex exchange is as follows:

Type of TransactionFees
Spot Trading0.1%
Contract / Derivatives TradingMaker Fee – (-0.025%) Taker Fee – 0.075%

2.   Phemex Fiat Withdrawal Fee

The withdrawal fee for fiat is variable and ranges from 1% to 4% of the fiat withdrawn. The fees are dependent on the third-party withdrawal wallet being used.

3.   Phemex Crypto Withdrawal Fee

The withdrawal fee for Crypto assets is variable on Phemex Exchange. It depends on the type of asset being withdrawn.

You can read more about the Fee Structure of Phemex Exchange here.

Phemex Bonus

Phemex has several promotional offers to boost user adoption. Currently, it offers up to $180 worth of welcome bonuses for new sign-ups.

You can read more about Phemex Joining Bonus here.

Further, the exchange has a Learn and Earn program that pays you crypto for watching educational content and responding to quizzes.

Lastly, the exchange offers many referral bonuses as well.

Pros and Cons of Phemex

Following are the Pros of Cons of Phemex Exchange.

1.   Phemex Review: Pros

The advantages of using Phemex Exchange are as follows:

a) Phemex Earn and Savings

5. Phemex Exchange - Earn
Phemex Exchange – Earn

Phemex Earn allows you to earn passive income on your crypto assets. You can simply deposit your assets and start earning interest on them.

You can choose the term of your earn product to be fixed or flexible.

b) Negative maker fees for contract trading

For derivative contract trading, makers earn a trading fee from the platform. This helps in bringing more liquidity to the platform.

c) SubAccount Feature

SubAccount feature allows keeping funds for different purposes separate. Thus keeping the risk and personal bias in check.

d) User Interface

Phemex has a very user-friendly web interface and mobile application. The mobile application is available for both iOS and Android devices.

The app rating on Google App Store and Apple Store is 4.3 and 4.5 as follows, which is good.

e) Security

Phemex keeps most of the crypto funds in cold storage. Further, this cold storage is secured by Multiple Signatures.

On the user level, you can activate 2 Factor Authentication to give more security to your exchange account.

2.   Phemex Review: Cons

The limitations of the Phemex Exchange are as follows:

a) Not available in the US

The exchange is not available to the citizens of the USA.

b) Socials of the founder

There is not much information available on Founder Jack Tao. This makes his background check difficult.

Phemex Alternatives:

A-tier Exchange
FTX

FTX is the best cryptocurrency trading platform for retail, professional and institutional traders. FTX offers a suite of order types and leveraged products that allow traders to trade and investors to invest. FTX also offers a rebate program which rewards users for executing winning trades.

We earn a commission if you make a purchase, at no additional cost to you.

Conclusion – Phemex Review

Except for the lack of information on the founder, Phemex seems to be a solid exchange. It has a few unique features such as Sub Account and Market Maker Rewards. Further, it provides leverage on contract trading upto 100 times.

Therefore, we think that the exchange is definitely worth giving a try. Let us know your experience with Phemex Exchange.

Did you find any issues with their services? Or Do you think a few services can be better? Do let us know.

That’s it for this post. I hope the article helped you. Please note that nothing written in this article is a financial advice. Please consult your financial advisor before making any financial decision.

Resources

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Frequently Asked Questions

Can US Citizens use Phemex?

No, citizens of the USA are prohibited from using Phemex Exchange

Is Phemex Safe to Use?

Yes, Phemex keeps most of the crypto funds in cold storage. Further, this cold storage is secured by Multiple Signatures.
On the user level, you can activate 2 Factor Authentication to give more security to your exchange account.

Is Phemex Exchange Regulated?

No, Phemex Exchange is not regulated by any Government Authority

News appeared first on: Coinsutra.com

Disclaimer : All crypto price forecasts provided on our website are only for general information. The content should not considered as financial advice, legal advice or any other form of advice meant for your investment. Conduct your own research before investing in any cryptocurrency. Trading is a highly risky business, please consult with your financial advisor before making any decision.