TheCryptoUpdates
Cryptocurrency Exchange

Phemex: Building The World’s Trustworthy Cryptocurrency Derivatives Exchange

Phemex Exchange

Intro to Derivatives Trading

Whether you’re an everyday retail client or a seasoned trader, cryptocurrency derivative contracts allow you to both speculate and hedge your trading endeavors. One of the latest entrants to this ever-growing marketplace is that of Phemex

Morgan Stanley former VP has launched a cryptocurrency derivatives exchange Phemex

The Singapore-based exchange available for both retail and institutional clients and offers a number of crypto-centric perpetual contacts that can be traded on leverage at the click of a button with up to 100 times leverage.

Jack Tao the CEO of Phemex, has spent over 11 years at Morgan Stanley as the global development leader of the bank’s electronic trading benchmark execution strategies says “These trading metrics are on par with those experienced at some big investment banks like Morgan Stanley. Our matching engine, trading engine, and risk engine were six months in the making, putting the platform technically on par with Nasdaq,”

What is Phemex?

Phemex offers up to 100X leverage to traders. Very soon the Phemex team will be enabling more contracts backed by not only crypto assets but also by traditional financial products, such as interest rates, metals, stock indexes, foreign exchange, agricultural commodities, and energy, for users to trade easily and with trust

I personally found this to be very exciting and then thought of testing the trading arena out myself, I must say my initial impression was that the layout is extremely clean. The platform utilizes a white background in a somewhat minimalistic look, with each segment of the trading screen organized clearly and neatly.

After signing up, I saw a clean main chart area that displays green and pink candles, with the order book and recent trade segments listed just to the left. On the very left-hand side, you have the ability to set your trading parameters, which you can do across limit, market, and conditional orders.

Another exciting part of Phemex is they present a full breakdown of your order before your trade is executed. For me, this is especially useful considering the complexities associated with derivative contracts.

Deposits and Withdrawals at Phemex

Other than the respective blockchain mining fee, you will not be charged anything to deposit or withdraw funds as well as while there are no minimum deposit amounts,

The process is very simple and defined below:

Step I: Sign up here

Step II: Confirm your email with unique OTP

Step III: Go to Assets in the top right corner, then navigate Deposite in the left sidebar you will find a BTC Deposite QR code, scan the QR code in your BTC wallet and make a deposit. (Please note that deposit will be credited to your Wallet balance, after one confirmation on the blockchain)

Phemex Exchange

Customer Support

Most of the exchanges say they have 24/7 support, so I thought of checking with the support myself. I posted a query on the chat option on the platform and have also messaged one of the admins on the Telegram you need to contact a member of support, I actually got a response in less than five minutes.

Alternatively, you can also contact the team via email, at [email protected] as both channels offer 24/7 support.

Phemex’s Referral Program

As a final note, it is also worth mentioning that Phemex offers users the chance to earn referral bonuses.

Phemex has a very exciting referral program in such you can become Phemex All-Star and permanently earn up to 50% commission on all the trading fees stemming from your network.

How you can earn up to 10,000$ a month?

Phemex will help you in growing your network and commission income exponentially.

  • Spot Trading: If you invite 1 customer to deposit $1,000 on the exchange or makes a trade of $1,000 and pays the trading fee of 0.25% or $2.5 then the user who invited will be earning 30% of the trading fee (approx. $0.75)
  • Phemex Contracts: If you invite 1 customer to deposit $1,000 on the exchange since the exchange offers 100X leverage, the user if trades for $100,000 with his $1,000 and pays 0.05% for the trading fee or 50$ the user who invited will be earning 50% of the trading fee or $25.

In summary, it is clear that trading on Phemex has benefits compared to its competitors. Offering great features combined with prompt customer support makes trading more simple convenient.

My final thoughts:

After experiencing trading on Phemex, I can tell their platform stands out among other derivatives trading exchanges because of their safe and trustworthy system. The “real person” customer support shows the professionality of Phemex, and overall makes the whole trading experience simpler.

The platform is designed not only for experienced traders but also for beginners in the blockchain world. One of the most exciting features of Phemex is the ability to apply the leverage of up to 100x on BTC. Let’s not forget about the highly competitive trading fees at 0.075% and 0.025% rebate. For these reasons, I believe that trading on Phemex will benefit any trader.

Related Articles

Binance Academy Announces Blockchain Research Center in China

Akansha Kesarwani

Borse Stuttgart Approves Listing of ETNs of XRP & Litecoin

Upbit has lost $49 Million Worth Cryptocurrency

Deepanshu Bhatt