The Phemex exchange is a new cryptocurrency trading platform that was launched in 2019. It has many features that make it stand out from the competition. One of the most notable features is their fee-free deposits and withdrawals for all users. There are no fees when you deposit or withdraw funds to your account at any time! Additionally, there are also no commissions when you place orders on the trading platform because they use an advanced order matching engine to execute trades automatically. This review will take a closer look at these key features to see if this exchange is worth joining!
What is Phemex?
Phemex was founded on Nov 25th 2019., in Singapore, and is owned by Phemex Financial Pte. Ltd. Their stated goal is to become the world’s most trustworthy cryptocurrency derivatives trading platform while maintaining the user-oriented approach. The company is of-shore, registered in the British Virgin Islands, like many other similar crypto companies. The reasons for this are mostly business related – looser regulatory standards and much lower tax rates. In short time, Phemex attracted over 50,000 new users and records more than $700 million of daily trading volume which puts it among the top 10 derivative exchanges on the Coinmarketcap rankings.Source: Captainalcoin.com
Phemex has features such as fee-free deposits and withdrawals, advanced order matching engine for automatic trades, and more!
How To Trade With Phemex With Zero Fees
To buy and sell cryptocurrency with Phemex, follow these simple steps:
- 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
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.
How to Deposit Funds on Phemex?
Phemex only supports BTC deposits and withdrawals. This is to be expected from an unregulated derivatives platform. That does grant anonymity and non-KYC account, but is very limiting, considering their competition platforms like BTSE, that offers 7 different coins and 10 fiat currencies to deposit. So, to start trading on Phemex, you need to own or buy Bitcoin. For trading USDT settled contracts, you need to exchange BTC to a USDT trading account at a current rate.
The withdrawing process is easy, you need to enter your wallet address and choose the amount of Bitcoin to withdraw. The 2FA process is implemented, but there is no option to set your white-list of trustworthy IP addresses. That’s a downside, because most of the competition platforms, like Coinbase Pro or BitMex, offer that option. Also, the speed of the withdrawal can be a drag sometimes, and usually takes several hours. The withdrawal process takes place three times a day, 8 am, 4 pm, and 12 am UTC. The cut-off time for withdrawals is 30 minutes before the next interval.
There are no fees when you deposit funds onto your account at any time using the exchange’s website or mobile app. To deposit funds, you must first register on the exchange and then sign in to your account. Once logged into your trading platform account, click on the “Funds” tab at the top of page and select whether you would like to deposit crypto or fiat currency onto your balance before placing an order!
When Does Phemex Charge Fees?
There are no fees for depositing funds. The fee for withdrawing the funds from your wallet is set at a low 0.0005 BTC, with the minimum withdrawal amount of 0.002 BTC. There are no deposit and withdrawal fees when moving funds from one subaccount to the other.Source: Captainalcoin.com
That may be changed in the future, as the Phemex platform continues to grow in users and daily volume tradings. Please follow this link to check if you want (https://phemex.com/fees-conditions)
What is Phemex KYC Process?
Phemex does not require KYC verification checks. Registration process on Phemex is instantaneous and does not require lengthy verification hassles or any official documents to prove your identity. It is perfect for privacy-conscious traders.Source: Captainalcoin.com
The exchange’s Know-Your-Customer (KYC) verification process is a crucial step to complete before you can place any trades on the platform. In order to deposit or withdraw funds as well as make transactions, Phemex requires users’ basic information such as your name and country of residence! Once you register an account with the exchange, you will be prompted to enter your personal details in order to proceed.
Phemex User Interface
The homepage, phemex.com is a challenge for your eyes, thanks to the bright white background. Other than that, it is clear cut and intuitive,. so the overall impression is pretty good.
You can choose from 5 different languages with a plan to add more world languages as their usebase grows.
All the standard trading tools are available, and the number of indicators per chart is unlimited. Users can adjust the platform to their desired preferences, and also there is a demo-trading option, for an easy inside view of all the Phemex options without adding any funds. However, some parts aren’t fully customizable, for instance, time frames on the trading view chart.Source: Captainalcoin.com
The phemex user interface, which you can access after signing up, is not very different from most other crypto exchanges such as Binance , but what really sets phemex apart is its attention to detail and cleanliness of the UI.
Phemex trading view
As with all trading platforms, phemex is best experienced on a desktop. However, Phemex has developed its own Android and iOS app, to enhance the user experience, and offer a full platform functionality on mobile platforms, too.
Phemex Supported Crypto
Phemex supports 13 spot cryptocurrency assets that can be bought and sold on the exchange such as BTC, ETH, XRP, LTC, LINK, XTZ, LTC, ADA, DOGE and USDT…
This small list is quite limited as compaired to other Exchange platform.
But, as many other Margin Platform, Phemex offers 3 types of trading orders for users:
- Conditional (only available to Premium Users)
The order window amount percentages (e.g. 25%, 50% and 100%) to populate the trade volume as a ratio of the available trading account balance.
Phemex users that register an account are eligible for a 7-day free Premium Membership trial. The Phemex Premium account offers additional features that are not available on a free account such as:
- Trade the crypto spot exchange
- ZERO fees applied to executed orders on the spot market
- Advanced orders to manage risk (i.e. conditional order types) on the spot market
- Gift a 30-day full Premium trial to friends and family
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 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.
The Premium account will automatically expire at the end of its term and cannot be canceled within its period of validity. Automatic subscription renewal can be canceled at any time.
Does Phemex Allow Traders From The USA?
Phemex does not support citizens from the United States to trade on its futures contract platform which is stated within the Phemex Terms and Conditions under section 36 Legal Compliance. This is due to strict regulations in the USA that effectively ban the use of cryptocurrency derivatives platforms due to the volatile nature of high risks involved.
if you are located in or if you are a resident of the United States of America, Québec (Canada) , Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, or any other jurisdiction where the Services offered by Phemex are restricted, you understand and acknowledge that you are prohibited from holding positions or entering into contracts at Phemex. You also understand and acknowledge that if it is determined that any Phemex trading participant has given false representation as to their location or residence, Phemex reserves the right to close any offending accounts immediately and to liquidate any open positions.
However, it is well-known that many traders bypass this through using a VPN like NordVPN.
What Countries Are Supported?
Phemex is a worldwide cryptocurrency trading exchange that is available to users globally in countries such as Canada, Australia and New Zealand. The following countries are prohibited from using Phemex to trade crypto:
- Central African Republic Congo
- Côte d’Ivoire
- North Korea
- South Sudan
- Ukraine (Crimea)
Phemex is a new platform that has focused on its strengths to create an efficient and quick experience. With sub-accounts, it can be personalized for different traders needs while still being easy enough with small trading options because of how young this company is in comparison with other more established exchanges like Binance or Coinbase Pro which offer many cryptocurrencies at once rather than focusing specifically on one currency as Phemerx does now–though they’re looking into adding others soon!