In this article, we will review the Phemex Exchange – a new player on the cryptocurrency exchange market with lots of exciting features and native mobile application support.
Launched in 2019, Phemex is a Singapore-based cryptocurrency and derivatives trading platform led by former Morgan Stanley executives. Serving around 2 million active users in over 200 countries, Phemex supports 37+ trading pairs with up to 100x leverage. It was also the first major exchange to pioneer an optional premium membership model for zero spot trading fees.
– Fee Structure: -0.025% maker fee and 0.075% taker fee
– Up to $100 Welcome Bonus for new users
– Earn up to 8.5% APY interest income on crypto assets
– Free academy with 450+ carefully curated articles about crypto & trading
– Security: Hierarchical Deterministic Cold Wallet System with 2-level human scrutiny offline signatures.
The signup process to Phemex is pretty straightforward, all you need is an e-mail address and a password. You can register by clicking here. You can see an invitation code in our case it is F4S5N.When you are already registered you will receive an e-mail with a 6 digit verification code – type it in and you are ready to go!
2020 June bonus – Phemex exchange has a pretty solid bonus system, if you just register you will instantly get $2 USD – if you make a social media shoutout you will receive and $10 – it’s a pretty good start if you want to try the platform without depositing and try yourself with real money.
If you want to claim your bonuses you will find them in the Products / Welcome bonuses menu.
Currently, these 5 cryptocurrencies are available to fund your account – there is no option for Bank / Credit cards or wire transfer. Supported currencies for deposit: Bitcoin, Ethereum, Chainlink, USDT, XRP
The basic usage of Phemex is pretty straightforward – for those who are first ballers I definitely recommend the Simulated Trading – this is a test network without any real money but it gives you a better understanding of the processes.
For the real markets as a start, I recommend to use spot trading –easy to understand real-time trading. As a start, buy and sell a few dollars worth of Cryptos. Choose Bitcoin, and „Market” which means you are buying or selling on the current market price.
If you become familiar with the user interface you can give a shot to Limit trading and later on the Conditional trading.
A huge advantage for Phemex is that it comes with native iOS and Android application – sometimes it is necessary to close or open positions on the go and Phemex is got you covered with that. Here you can see some of the fully-functioning Android app:
In June 2020 at the writing of this Phemex Exchange review, it supports 7 trading pairs for leverage trading: BTC/USD, ETH/USD, XRP /USD, LINK/USD,XTZ/USD, LTC/USD, GOLD/USD. Yes, you get that right you can trade Gold with pHemex leverage trading! The site allows up to 100x leverage for its futures trades. This means that a price swing of 5% could result in a 5,00% depreciation or appreciation of any capital trades.
Deposit and Withdrawal fees: Phemex does not charge any fees on deposits or withdrawals. When withdrawing Bitcoin, there is a minimum Bitcoin Network fee that is set dynamically based on blockchain load.
Trading fees according to June 2020: -0.025% maker fee and a 0.075% taker fee. This matches industry standards and most exchanges are applying similar fees.
As it follows Phemex Exchange seems a good deal for cryptocurrency trading- it has a nice and understandable layout with pretty straightforward usage. The native mobile applications are a big plus for everyday use. I personally think that this is one of the best new exchanges on the market, the daily volume is pretty impressive and Morgan Stanley guys seem to know what they doing. If you want to give it a chance, please register using this link:
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
How about some social? Follow us on Twitter!