Launched in 2019, Phemex is now one of the most popular crypto exchanges in the world. Since its establishment, this exchange has achieved groundbreaking growth and support from crypto traders all around the world.
This is one of the top platforms for trading digital assets as it offers impressive features and services. However, as a first-timer crypto trader, it is important you know about some major features of the exchange before you choose it for trading.
This should be common practice for all interested parties, regardless of whichever crypto exchange they choose to buy or trade cryptocurrencies. Knowing some details about the platform you want to choose can help you determine if the platform suits your needs or not, which is essential to know.
Here are five major things you need to know about the Phemex exchange before you use it to trade crypto.
Fees on Phemex
As a crypto investor and trader you will be required to pay some kind of fee whichever crypto exchange you choose. However, there is a difference in the exchanges as the amount of fee varies from one platform to another.
Cryptocurrency exchanges often charge deposit, withdrawal, trading and sometimes gas fee but the transparency of the fee charged is not guaranteed by every platform.
Therefore, before you use the Phemex exchange, make sure that its fee structure is fair, transparent and does not include any hidden charges. This trading platform is known to charge one of the lowest fees in the market and follows the market maker and taker fee model.
The details of Phemex fees are mentioned below:
- Flat withdrawal fee of 0.0005 BTC
- No deposit fee (at the time of writing)
- -0.025% market maker fee
- 0.075% market taker fee
As a potential user of Phemex it is not only important but also helpful for you to know the fee structure as is mentioned above.
Trading with leverage is one of the trading strategies that comes with high rewards and high risks. This is quite popular and easily accessible for traders nowadays. However, opting for leverage trading without having proper information and choosing a suitable exchange can result in financial losses.
Leverage trading allows the traders to use a small amount from their funds to open large positions by borrowing funds from the traders. As mentioned above, trading with leverage does offer the possibility to enjoy big rewards, however, the risk of losing all funds is also magnified.
In this brief Phemex review, you can get to know that this platform supports leverage trading and is one of the best ones for margin traders. It also offers up to 100x leverage, which is one of the highest leverages in the market.
Supported Crypto Assets
The number of cryptocurrencies supported by an exchange is yet another major factor you need to know before you choose a platform to buy or trade crypto. The same rule applies to Phemex. Even though it is a well-known exchange you need to be sure that it offers what you are looking for.
Unlike other exchanges, this platform does not support a multitude of digital assets. However, it focuses on crypto derivatives that are mentioned below:
- XRP/US Dollar
- Gold/US Dollar
- Tezos/US Dollar
- Bitcoin/US Dollar
- Litecoin/US Dollar
- ChainLink/US Dollar
- Ethereum/US Dollar
Supported Trading Styles
There are different types of trading styles that are opted for by different traders. It is not necessary that every crypto exchange supports all trading styles, however, the Phemex crypto exchange does.
This platform is capable enough of handling all kinds of crypto traders, which is evident through the support it offers to all trading styles. More on Forex Brokers
Here are trading styles supported by Phemex.
- Algorithmic trading
- High-volume trading
- Long-term trading
Desktop and Mobile Support
The Phemex exchange offers a user-friendly and outstanding desktop version for its users all around the globe. It features numerous in-built technical analysis tools and indicators that help the traders in keeping a track of their positions and managing them.
The features and tools available with the desktop version of the platform also helps traders in improving their performance and portfolio.
Phemex also has an impressive mobile application that is custom-built. It is available for both Android and iOS users. It is one of the leading-edge applications that offers safety, stability and speed.
The mobile application offered by the platform helps traders in trading while on the go and in maintaining their positions, closing old ones and opening new ones, even while they are travelling.
Out of several crypto exchanges in the market, Phemex is one of the top ones. This platform offers outstanding services and helps every interested party in trading crypto, whether they have any prior experience or not. As a first-timer, it is important that you have the information mentioned above.