Phemex is a name that is at the top of the list in the crypto industry. The Phemex platform has earned its name and success over the years, thanks to the availability of various features and advanced technologies.
Due to the high-end features, the platform offers various benefits to the users. These benefits are the reasons why a vast audience prefers to use Phemex instead of other platforms it is in competition with.
Even though this is one of the latest Bitcoin derivatives exchanges, it has made a mark in the industry, which is why millions of crypto investors or traders are interested in using the platform.
Before you start using it you should know why it is a popular platform, as mentioned in this brief Phemex exchange review.
Phemex Platform Has a User-centric Approach
Among several other aspects, one of the prominent ones is the user-centric approach that this exchange has. Having a user-centric approach means that the exchange takes feedback from the crypto community and then adjusts the features or services accordingly.
This is a good way for the platform to be more user-friendly. A recent example of the user-centric model is the addition of LINK/USD trading pair as per the feedback given by the community.
This is one of several reasons why the platform is used by millions of registered users.
How Much Fee is Charged?
The fee charged by the exchange is an important aspect that should not be overlooked in any case. This brief Phemex exchange review focuses on the details of the fee charged because as a new user you should know how much you will be required to pay if you use it.
While looking for a suitable exchange you should opt for the one that charges a fair and transparent fee. Fortunately, Phemex charges one of the lowest and transparent fees.
Here are the details.
- No fee for deposits
- -0.025% trading fee for market makers
- 075% trading fee for market takers
- 0005 BTC for withdrawal fee
Trading Styles Supported
Another reason for the popularity of the Phemex platform is that it is suitable for all kinds of traders and is capable of facilitating them. One of the factors that validate it is the support it extends to all types of trading styles.
This makes it suitable for all kinds of traders. The trading styles supported by Phemex include:
- Scalping
- Long-term trading
- High-volume trading
- Hedging
- Algorithmic trading
Supported Currencies
As mentioned above in this brief Phemex exchange review, the platform focuses on crypto derivatives. Some of them are mentioned as follows:
- Ethereum/USD
- Bitcoin/USD
- ChainLink/USD
- Litecoin/USD
- XRP/USD
- Tezos/USD
- Gold/USD
Safety of the Exchange
The Phemex platform is also a popular and prominent name because it prioritizes the safety of the users. There are a few exchanges that offer high-end features but the level of security they offer is not as high as it should be.
As a crypto investor or trader, you should always look for a platform that takes your security seriously. This can help you avoid unnecessary risks and have a safer and better experience of buying or trading crypto.
The team working behind Phemex is comprised of people who are experienced and the platform itself uses leading-edge security systems include Amazon Web Services (AWS).
Leverage Trading
The Phemex platform is one of the top trading platforms because it is secure and it supports leverage trading as well. The amount of leverage offered by an exchange may not be the same at another platform.
However, Phemex offers one of the highest leverages, which is up to 100x. There are 7 different trading pairs on the platform that you can trade with leverage.
The list of the cryptocurrencies available for leverage trading and the leverage ratio it offers are mentioned as follows:
- BTC/USD with leverage of 1:100
- GOLD/USD with leverage of 1:100
- ETH/USD with leverage of 1:20
- XRP/USD with leverage of 1:20
- LINK/USD with leverage of 1:20
- XTZ/USD with leverage of 1:20
- LTC/USD with leverage of 1:20
Desktop Support
The desktop version of the Phemex platform has been designed to make crypto trading easier for people, as they can access their account or more, regardless of where they are in the world. The desktop support of the platform is simple and easy to understand and it is useful for new and experienced traders alike.
If you want to use the desktop support then you should know the features it offers.
- Conditional orders
- Creation of custom-built indicators
- Export of trading history
- Import of the indicators
- In-built indicators
- In-built technical analysis tools
- Limit orders
- Monitoring and managing of all open positions
- Price alerts
Final Takeaways!
The Phemex platform is one of the best and top trading platforms in the crypto industry. The reasons why it is so popular and successful are mentioned above. These details will help you get a good idea of how suitable this exchange is for you, blog.
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