Understanding Why Phemex is a Popular Crypto Exchange

Understanding Why Phemex is a Popular Crypto Exchange

Phemex is one of the most popular crypto trading platforms in the crypto market. It is a derivatives Bitcoin exchange and provides trading services to beginners, experts and even institutional-level traders. It is one of the fastest growing platforms with a vast audience from all around the world.

The Phemex exchange is also a community-focused exchange, which means that it modifies the platform or its services based on the feedback given by the community. Its user-centric approach is one of several reasons why it is a popular and one of the Best Cryptocurrency Exchange platforms and could be a suitable platform for you as well.

Here are some of the features offered by the exchange you should know about so you can determine if they match your criteria or not.

Currencies Available at Phemex

A platform that has a variety of digital or fiat currencies is often preferred by the crypto investors and traders as it indicates that the platform is versatile and capable of handling a large audience. Unlike a few other digital currency exchanges, the Phemex crypto exchange does not support fiat currencies.

However, it does offer support to cryptocurrency derivatives that are mentioned here.

  • XTZ/USD (Tezos/US Dollar)
  • XRP/USD (XRP/US Dollar)
  • LTC/USD (Litecoin/US Dollar)
  • LINK/USD (ChainLink/US Dollar)
  • GOLD/USD (Gold/US Dollar)
  • ETH/USD (Ethereum/US Dollar)
  • BTC/USD (Bitcoin/US Dollar)

Fees Charged by the Exchange

Phemex is a popular crypto exchange because of its outstanding services offered to the users, one of which is its impressive fee structure. It is known to charge one of the lowest fees in the market, which is also transparent and free from all kinds of hidden or additional charges.

The trading fee charged by the exchange is not only low but is according to the market maker and taker fee model. If you are also interested in using this exchange then here are the details of the Phemex fees you need to know about.

  • No deposit fee
  • 0.075% market taker fee
  • -0.025% market maker fee
  • A flat withdrawal fee of 0.0005 BTC

Supported Trading Styles

In this brief Phemex review, you can get to know several factors about the crypto exchange, one of which is the trading styles that it supports. This exchange is a versatile and powerful trading platform that supports all types of trading styles.

This makes it a remarkable platform for every kind of trader, making it capable of handling a large audience. Whether you are new to crypto space or are an institutional trader, you can use Phemex as it offers support to the following types of trading styles.

  • High-volume trading
  • Algorithmic trading
  • Hedging
  • Long-term trading
  • Scalping
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Trading with Leverage

One of the most outstanding factors of the Phemex exchange is that it supports leverage trading. This type of trading refers to the borrowing of funds from the brokers that allows the users to open big trading positions. This is easily accessible to the crypto traders and many avail the opportunity as well.

The biggest reason why people opt for leverage trading is that it increases the chances of getting big profits but it also raises the possibility of suffering from huge losses. Therefore, leverage trading should not be opted for unless you have proper information about it or without choosing a suitable exchange.

Phemex is one of the platforms that does support trading with leverage and even offers up to 100x leverage to the users.

Security Offered by the Exchange

One of the most important details you need to look for in an exchange is the level of security it offers to the users. Despite the fact that there are numerous exchanges in the market, you cannot simply choose any as not all of them offer utmost security for users’ funds and information.

However, the Phemex crypto exchange is one of the platforms that takes the security of users very seriously. It uses technological systems such as Deterministic Cold Wallet System, multi-signature cold wallet and Amazon Web Service (AWS) Cloud in order to secure the servers and funds of the users.

There are other technical systems as well that keep the security of the exchange intact and offer a secure experience for novice parties interested in trading crypto.

Mobile Trading Application

A well-built mobile trading application can take the trading experience to an entirely new level, especially for people who have to travel frequently. The mobile application of Phemex is available for Android and iOS users and makes it easy to open new positions and close old ones.

There are numerous other features of the application that include in-built indicators, tools and various order types.

Conclusion!

Phemex is a fantastic crypto trading platform that offers services to a large audience and has growth a lot since its establishment. It is known for its impressive features, some of which are mentioned above in detail.

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