Phemex is one of the most popular trading platforms and cryptocurrency exchanges. It supplies users with a fairly reflexive interface, a combination of trading pairs, and the power to trade both spots with leverage. This article is all about the Phemex Cryptocurrency exchange and how it works. Let’s take a look at it in more detail.
As mentioned above it is a cryptocurrency exchange and trading platform. According to its website, its name is emanated from the mixture of Pheme and MEX. Pheme is the Greek God of stardom who described the public’s say. MEX means mercantile exchange.
Jointly, they represent the platform’s idea for an improved economic future in which everyone’s opinions have listened to and old self-identity is thrown away in turn for equal chances. Phemex enables a future supported by blockchain technology that feeds users more prosperous, more influential lives. Phemex is established and enlisted in Singapore and is maintained by Phemex Pte. Ltd. The platform has already drawn more than 5 million users worldwide and has a remarkably wholesome 24hr trading volume of more than 5 billion at the time of writing.
Phemex comes with a mobile trading app and contains new assets, and extra new functions and characteristics. The following are some:
Phemex has 34 spot trading pairs that traders can select from. It also permits users to purchase crypto with a credit card instantly. Spot traders can choose to trade, which suggests they can purchase or sell any of the 34 cryptocurrencies against USDT. The best benefit of trading on Phemex is that Premium members are not charged any trading fees. The Premium Membership prices vary from $9.99/month to 69.99/year.
Phemex also has derivatives traders and backs more than 150 USD-M and Coin-M endless agreements, with USDC Perpetual contracts arriving soon. Traders can use 100x leverage when trading agreements.
Sub-accounts are a rather special trait not endorsed by many crypto exchanges but are becoming increasingly widespread among quantitative traders. Sub-accounts can be configured within a current account and equips traders with the chance of maintaining both short and long positions, and distinct sub-accounts can be utilized for things like hedging functions, utilizing bots, or separating and trying various trading methods.
Phemex gives a few methods to earn interest on the cryptocurrencies stored on the platform.
Phemex contains a comprehensive list of cryptocurrencies. Some of the most prominent names contain, but are not restricted to (all of the following trade against USD):
The platform is continually including new pairs upon client demand, which is promising. The full list can be seen here.
The platform contains a 0.75% Taker Fee and -0.025% Maker Fee when trading with leverage. The funding fees on Phmex are levied or allocated between long and short position holders every 8 hours, but Phemex doesn’t levy any overnight costs. The prices vary based on the agreement that you utilize, and more details about fees can be seen here.
Phemex Login
To create a new account on Phemex, complete the following steps:
Phemex Cryptocurrency Exchange
There are three methods to buy cryptocurrencies on Phemex. These are:
Phemex Cryptocurrency Exchange
Phemex has a few various alternatives for users who like to buy crypto, deposit or withdraw crypto, or fiat. As for buying, Phemex has collaborated with numerous third-party payment providers mentioned above.
Users who want to deposit fiat can create an OTC account on the platform, and then users can withdraw or deposit via wire transfer. Now go to the assets section to see all your crypto-obtaining addresses to transfer your crypto to your Phemex account. The crypto assets for deposits and withdrawals are BTC, USDT, ETH, XRP, and LINK.
Phemex seems to be secure and a fair cryptocurrency platform. They are enlisted as a Money Services Business with FinCEN and lawfully function in all the jurisdictions in which they are backed.
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