Phemex Review 2022 – Fees, Features & Trust Score

Introduction

I was wondering if you should go for Phemex. Check out the Phemex review in this post. Learn all the aspects and decide if it is the right option for you.

With so many crypto exchanges vying for prospective client attention, selecting the right platform for yourself is increasingly difficult. However, different businesses tend to provide distinct benefits to their users. 

Phemex Review – Features

Let’s start the review with the features of this platform:

Zero transaction fees

Phemex is one of the only exchanges compensating Market Makers for trading everlasting contracts. Market makers use the exchange to put “limit orders.” This increases market liquidity. Market Takers, on the other hand, are the persons who place “Market Orders.”

The exchange transaction cost is as follows:

• Market Makers is 0.010%
• Market Takers is 0.060%

The fees charged to Market Takers are among the lowest in the market.

The exchange charges 0.1% of the transaction cost for market makers and consumers in Spot Trading. Phemex exchange provides spot trading on over 200 different crypto assets.

Perpetual Contracts 

Users of Phemex can trade derivatives. It offers Perpetual Futures contracts on a variety of crypto coins.

There are over 30 separate contracts on the site to choose from. Furthermore, as we will see in the following section, a user can engage in leveraged trading on these contracts.

Leveraged trading up to 100X

Phemex provides up to 100 times leveraged trading on perpetual contracts. Consumers can profit up to 100 times their initial investment by trading in perpetual agreements. Please remember that Margin / Leveraged Trading is dangerous and should not be attempted without enough knowledge and expertise.

Supported Currencies and Countries

Phemex Exchange accepts over 90 additional fiat money, including GBP, JPY, USD, EUR, AUD, and others.

The following countries have restrictions on Phemex services:

1. The United States of America,
2. The United Kingdom,
3. Québec (Canada),
4. Alberta (Canada),
5. Cuba,
6. Crimea,
7. Sevastopol,
8. Iran,
9. Syria,
10. North Korea,
11. South Korea,
12. Sudan,
13. China,
14. Hong Kong,
15. Republic of Seychelles,
16. Bermuda

Phemex SubAccounts

This is a fantastic feature provided by the exchange for its customers. Within a single exchange account, you can construct sub-accounts.

This implies you can set up sub-accounts for:

1. Investing,
2. Trading,
3. Bot Trading,
4. Experimentation, etc.

Phemex Review – Fees

Phemex does not impose deposit fees. Therefore you can shift money into the exchange for free. Phemex, on the other hand, keeps trading costs simple at -0.025% and 0.075% for maker and taker fees, respectively. These charges are comparable to those of other exchanges in the sector.

Phemex also has a financing rate that is dependent on the leveraged position. A high leveraged situation, as anticipated, will have a considerable impact on equity. This is represented in the interest rate.

Phemex Review – User Interface

The bright white theme on the homepage of phemex.com makes it challenging to read. Aside from that, it’s simple.

In keeping with their user-centred approach, they chose a modular system for the charts and trading systems. Most cryptocurrency traders will be at ease using the familiar Tradingview charting layout used by many platforms, including Phemex.

There are five distinct languages to pick from, with plans to introduce more international languages as their user base expands.

All the standard trading tools are available, as is the number of indicators per chart. Users can customise the platform to their tastes. There is also a demo-trading option for a quick inside look at all Phemex possibilities without committing any dollars. However, some components, such as periods on the trading view chart, are not fully adjustable.

Overall, Phemex has a decent UI solution, which is similar to that of most cryptocurrency exchange platforms. Experienced traders with slow internet connections will appreciate the ping monitor, which is presented in the bottom left corner of the UI.

Phemex Review – Supported Currencies

Here are all the supported currencies on Phemex:

1. BTC/USD (Bitcoin/US Dollar)
2. ETH/USD (Ethereum/US Dollar)
3. XRP/USD (XRP/US Dollar)
4. LINK/USD (ChainLink/US Dollar)
5. XTZ/USD (Tezos/US Dollar)
6. LTC/USD (Litecoin/US Dollar)
7. GOLD/USD (Gold/US Dollar)

Phemex Review – Customer Support

Their Help Center is well-managed, with many informative articles, FAQ sections, how-tos, and the latest blog pieces. The majority of the platform’s responses can be found here. Email, live chat, and the Telegram community are all ways to contact the support team. The CEO is also accessible on Telegram and Twitter, but this is primarily a marketing ploy. The platform now lacks a direct phone line, but we are confident that this will change in the future.

Phemex Review – Growth Rate

Phemex has received an astounding level of support, growth, and patronage from cryptocurrency traders worldwide since its start date, with thousands of people signing up on the site from the first day of operation.

The company attributes its tremendous success and constant development to its user-centric strategy for doing business and operating its cryptocurrency trading platform.

In its annual report to shareholders, the firm also stated that it would continue to invest in rapid growth and expansion of the marketplace to reach one million registered users by the end of 2020.

Phemex Review – Negative Balance Protection

Phemex offers negative balance protection as an effective risk management strategy to shield its clients from incurring losses more significant than their initial deposit.

This feature automatically activates your profile when you are over-leveraged, have significant drawdowns, and have no free margin to sustain your open positions.

With this characteristic, Phemex will automatically begin closing and divesting your open trades, starting with the ones with the most significant drawdown, to free up the margin for the remainder of your open position to continue running.

Understanding over-leveraging, margin requirements, and weak balance protection are critical in your trading journey because incorrectly using any of these elements will result in massive losses.

Phemex Review – Trading Platforms

The Phemex trading platform was designed with ease of use, and both novice and expert traders can utilise it.

The Phemex brokerage firm produced one of the most powerful trading platforms in the cryptocurrency sector by utilising cutting-edge web development and security mechanisms. Regardless of the volatility in the cryptocurrency world, this platform is always safe, stable, and practical to use.

And, unlike some larger crypto brokers, such as Bitmex, Phemex has yet to experience platform freezing or collapsing since its launch.

Phemex Review – Desktop Support

Phemex provides a desktop site of its trading platform through which users can trade from anywhere in the world.

1. The platform has a straightforward and easy-to-understand layout suitable for novice and expert traders.
2. The Phemex platform has many technical analysis tools and indicators that allow traders to do technical analysis.
3. Custom-built indicators can also be created and imported into the platform.
4. Phemex makes monitoring and managing your open and active positions incredibly simple from a simple panel at the bottom of your screen.
5. The software also offers price alerts, conditional orders, and limit orders to help you make smarter trading decisions.
6. You may also export your trade history to other applications for a more in-depth review of your performance over time.

All of these capabilities, and more, allow you to trade the cryptocurrency market in the most advanced and effective method imaginable for retail traders.

Conclusion

Phemex establishes its market position by emphasising its primary strengths: user-friendly approach, shockingly short transaction time, and sub-account possibility. The limited number of trading options makes this platform speedy, yet it may be unappealing to specific traders. Phemex is currently just a new and exciting platform, nothing more, nothing less.

They are, however, quick to add new low-cap currencies before they hit the actual spotlight, allowing you to snap them up before a familiar “to the moon” moment. This alone should be reason enough to open a Phemex account. Their potential is undeniable, but it will take some time to witness the fruits of their labour.