phemex review | the future trading platform

Information about phemex

Phemex was incorporated on 25 November 2019 in Singapore and is owned by Phemex Financial Pte Limited. Their stated goal is to become the world's most reliable cryptocurrency derivative trading platform. In a short time, Phemex attracted more than 50,000 new users and recorded over $ 700 million in trading volume.

Is the platform safe to use?

The team behind the platform has already proven itself in the business world and has more than 40 years of combined experience offering high frequency technology. As they often assert, they are led by eight former Morgan Stanley executives, and this gives this platform a high level of trustworthiness. The platform uses the HD Cold Wallet system to secure the funds. Periodically all funds are sent to one cold wallet with multiple signatures via offline signature. Phemex doesn't have its own hosting service but does use Amazon Web Service (AWS) Cloud, the industry leader when it comes to cloud-based security and safety. Circulation areas are separated from the internal network by a layer of firewalls. The platform is also SSL-secured and uses PCI scanning.

How creat account

The first thing you go to the site is by clicking here, then typing your e-mail, then typing a strong password and pressing “Create an account.” The site will send you an activation code for your account on the e-mail you entered and activate your account

How to trade on the site

The first thing you click on assets and then click on deposit to fill your account with cash and then choose the currency you want to receive the cash on. There are a lot of currencies such as BTC, USDT, LTC and more. Then you click on continue. You will be shown the address of the portfolio you chose and the minimum amount for trading is 10 US dollars or What it is worth of any currency

Deposit bouns

60$

Single deposit requirements

BTC ≥ 0.2 USDT ≥ 2000 ETH ≥ 10 XRP ≥ 10,000 LINK ≥ 500

Spot trading 10$

A single spot order that is equal or greater than 500 USDT

10$ CONTRACT TRADING

A single BTC/USD contract transaction that is equal or greater than 5,000USD

Welcome Bonus Terms and Conditions

1. By participating in our Welcome Bonus promotion, you are hereby accepting all of our terms and conditions.

2. Welcome Bonuses can be used to open positions, to pay fees or to cover losses. Bonuses cover 50% of fees and losses prior to user's own capital. Bonuses cannot be withdrawn to wallets, or transferred between trading accounts.

3. Attempting to withdraw any funds from your trading accounts will cause any and all remaining bonus amounts to be removed immediately.

4. You are not allowed to register with multiple email addresses to receive multiple Welcome Bonuses. Your account will be banned if any cheating is detected by our system.

5. Deposits and transactions are only valid starting from 3:00 UTC June 22, 2020. Previous deposits and transactions will not be counted

Trading fees

As mentioned above, in terms of spot trading, Phemex has adopted a zero trading fee model. Instead, they charge for their monthly Premium memberships (prices are $ 9.99 for 30 days, $ 19.99 for 90 days and $ 69.99 for 365 days). Having a premium membership will also allow you to set conditional instant orders, enjoy unlimited hourly withdrawals, and be able to gift trial premium memberships to friends.

In terms of contract trading, Phemex separates "trader" and "constructors". Let's describe these terms at real speed. Every transaction occurs between two parties: the manufacturer, whose order is in the order book prior to the trade, and the recipient, who places the order that matches (or "takes") the manufacturer's request. We call makers "makers" because their orders make liquidity in the market. It is the traders who "take" this liquidity by matching the manufacturers' orders with theirs.

At Phemex, 0.075% is charged per order. These are fair fees. Sure, there are exchanges that offer lower taking fees for contract trading, but there are also many exchanges that charge much higher fees.

When it comes to makers, their fee is -0.025%. Basically this means that every maker gets paid for the trade. To illustrate, let's say you are the order maker in which you purchased a $ 1,000 Derivative Contract. This means that instead of paying $ 1000, you will only have to pay $ 997.50. This is very competitive indeed.