Phemex

Phemex Cryptocurrency Exchange

Many crypto traders are attracted to buying and selling futures. The Phemex crypto exchange is a great option in this regard. Additionally, it offers low commissions and fast transaction times.

Features of the Phemex exchange

Most of the trading is done with open-ended contracts. On the spot market, the average daily turnover is €560,000,000. And this is far from the best figure among crypto exchanges. For open-ended contracts, the average daily turnover reaches €40,000,000. This figure is the seventh among all popular platforms.

Phemex development history

The company was officially founded in November 2019. Although one of the founders, Jack Tao, was planning a new project back in 2017. He initially worked at Morgan Stanley, but then assembled his own team of traders and investors, with whom he decided to launch a new robust cryptocurrency platform.

Regulation

Phemex itself is registered in Singapore. At the moment, there is no information on whether it has a licence, and it is regulated as a financial intermediary. Nothing else about approvals is known.

Types of orders

There are currently three types of orders available to all clients of the Phemex platform:

  1. Market. Trades are executed at the current value.
  2. limit. User sets certain quote levels. Execution is performed when these values are reached.
  3. Conditional. The trader independently sets the price at which the trade will be executed.

Please be aware that all contingent trades on the spot market are only available to those who have purchased a Premium account. Initially you can activate it on a 7-day trial basis. After that, you can purchase a premium account or you can earn an account by referring other users. Also, you can get it for larger trading volumes.

Phemex features

Terms of Phemex

Registration of a profile on the trading platform is possible under the following conditions:

  1. The user is 18 years of age or older.
  2. The registering trader does not live in the countries where the crypto exchange is prohibited.
  3. Users previously blocked on the trading platform.
  4. Individuals who have been placed on EU and US sanctions lists.

Phemex mobile app

The app is available on the App Store and Google Play and on the official Phemex website. The mobile version has all the items and features available on the main trading platform. With this, users can use their smartphone to make direct purchases, spot and perpetual trades, deposit and withdraw coins and much more.

Phemex bonuses

The following types of bonuses are available on the exchange to attract customers:

  1. Deposit Bonus. All new users may receive from €10 to €60 for the first deposit of a certain amount.
  2. A gift for signing up. All users who subscribe to the Phemex Twitter account will receive €10. However, you have to repost the company’s tweet and be verified.
  3. trading bonuses. Every single order placed on the spot market and every contract transaction of €5,000 and more is eligible for a €10 bonus.

Registration and verification

Registration is via the standard registration method, specifying email or mobile phone number. Verification is not required, but anonymous users have a withdrawal limit of 2 bitcoins per day. Also, they can’t buy cryptocurrency via OTC service and the restrictions will be strengthened in the future.

Otherwise, Phemex is great for newcomers for a number of reasons. It has access to a demo account, has a library of tutorials and provides welcome bonuses.