In this Phemex review, we will give you everything you need to know about the exchange. We will dig into their security, fees, customer support, and trading platform.
Sign up using our Phemex Invitation Code D6TYN and follow the link below to claim the Phemex Bonus!
Background And History
Phemex is based in Singapore and was founded in 2019 by eight former Morgan Stanley Executives and has launched officially on December 25th, 2020.
Phemex has built one of the world’s fastest cryptocurrency derivatives and spot trading platforms. Phemex leverages a “User-Oriented” approach to develop more powerful features than other exchanges, for traders to easily buy & sell contracts with trust.
User Account security
Trading Engine Safety
Leverage is an investment strategy that helps traders amplify returns by using borrowed funds or other financial assets. However, as much as the potential for returns is amplified, so is the potential risk for losses. Leverage equals the ratio between the total value of the position and the minimum investment required (margin).
On Phemex, you can trade Perpetual Contracts with up to 100x leverage. You begin by allocating a certain margin or portion of your funds to open a position. Then, you choose the amount of leverage you wish to use. Phemex adjusts your Liquidation Price based on your level of leverage. The more leverage you use, the smaller the distance between your Entry Price and your Liquidation Price. Leverage gives you the potential for significant profits at a minimal cost, but you are also more likely to have your positions liquidated with smaller market movements in the wrong direction.
To register a new account on Phemex, perform the following steps:
- Go to Phemex.com and click Register on the top right corner of the page.
- Enter your email address, password, and the RushRadar Invitation Code D6TYN. Click Continue.
- You will then be sent a verification email and code. Enter it in the next window that appears.
- Begin trading!
Phemex is the first exchange to offer zero-fee for spot-trading behind a simple membership.
You can choose to sign up for a 30 day plan ($9.90), a 90 day plan ($19.90), or a yearly plan ($69.90).
The membership will allow you to trade cryptocurrencies with no limits (BTC, ETH, XRP, LINK, ONT, ADA, TZ, LTC, TRX, ONT, BCH, NEO, etc.).
Phemex Pros & Cons
- Institutional Background of the team
- Premium membership
Phemex’s design criteria
- Bracket Orders
- Very secure
- No KYC verification
- Relatively new
- Does not work for US residents
Phemex Review: Verdict
Phemex offers a lot of great features that set it apart from other competitors, although it is still fairly recent, this definitely makes it one of the best platforms for crypto traders.
Phemex's greatest selling point is the zero-fee trading model included with the Phemex Premium membership, if you plan to trade on a regular basis, the $69.90 annual membership plan will very likely save you a good amount of money.
New trading pairs keep being added, and these improvements foresee a bright future ahead for Phemex.
Hopefully, Phemex also manages to offer its services for US residents.
Use the link below and get our Phemex sign up bonus!