The Phemex platform is a popular and advanced derivatives exchange that allows traders, who have varying experiences, to trade crypto with minimum inconveniences.
This exchange is quite prominent in the crypto industry, thanks to several outstanding features it offers. One of its highlighting aspects is that it caters the needs of institutional-level traders.
Even though it was not established a long time ago. It has seen significant growth and made a name for itself in the crypto space. There are several reasons why a vast audience finds it to be a suitable option.
Here is a brief Phemex exchange review that highlights the prominent reasons why it is a good trading platform for many. Knowing these details can help you discern if this is a good enough option for you to choose.
Phemex Platform is Community-focused
One of the reasons why Phemex has the attention of millions of users is the fact that it is a community-focused platform. This means that the trading platform is focused on what the community wants and adjusts and changes the features accordingly.
In recent times, the cryptocurrency exchange decided to introduce the LINK/USD trading pair after receiving feedback from the community. This makes the platform more accessible and a better option for many.
Fees Charged by the Exchange
This brief Phemex exchange review also talks about the fee that the users have to pay while trading crypto. The fee structures of some crypto exchanges are not so transparent and fair. This is why it is important to properly check the fee charged by a platform before you choose one.
The fee charged by the Phemex platform is arguably one of the lowest in the industry. It is also free of any kind of hidden or additional charges.
If you are interested in using the trading platform then you should know the details of the fee mentioned below.
- Withdrawal fee: 0.0005 BTC
- Market maker fee: -0.025%
- Market taker fee: 0.075%
Leverage Trading Supported
Another highlighting aspect of the exchange that also attracts a vast audience from the trading community is the support it offers to leverage trading.
This is an advanced trading strategy that is opted by numerous crypto traders. However, where it presents the opportunity to get good profits, it also comes hand-in-hand with high risks. Whether you are a simple trader or looking to trade with leverage, you should keep in mind that the profits are never guaranteed. Leverage trading can cause you to go through higher losses. Because it allows traders to open bigger trading positions with borrowed funds called leverage.
Since the trading positions are big, they can result in high profits or high losses, depending on how the trade goes.
The Phemex platform is chosen by a vast audience not only because it supports leverage trading but it also offers one of the highest leverages, which is up to 100x.
Supports All Trading Styles
This Phemex exchange review is highly useful for people who are interested in using the platform and want to know if it suits their needs or not. One of the most important aspects to keep in mind and consider is the trading styles it supports.
Phemex is an excellent trading platform that supports all trading styles. This is one of the reasons why the platform is an outstanding option for all kinds of traders including institutional traders.
The trading styles supported by the Phemex platform include the following:
- Scalping
- Long-term trading
- Algorithmic trading
- High-volume trading
- Hedging
Variety of Cryptocurrencies Supported
There is no shortage of digital assets in the industry but the difference is in the number of cryptocurrencies supported by each exchange. Therefore, before you choose an exchange it is important to take a look at the digital currencies supported by a platform.
Similarly, if you want to use Phemex, then you need to know that it supports a multitude of crypto assets, some of which are mentioned below.
- XRP/USD
- Tezos/USD
- Bitcoin/USD
- ChainLink/USD
- Ethereum/USD
- Litcoin/USD
- Gold/USD
No Need for KYC
KYC stands for ‘know your customer’, which is like an additional layer of security. It requires the users to provide their identification documents and more as they are used by the exchange to make sure the identity of the user is legit.
Even though this is a way to minimize cyber attacks and failures, it also minimizes the reach of the exchange. This is because the KYC verification system does not allow people to join the exchange and trade anonymously as many people prefer doing so.
However, if you are interested in using the Phemex platform then you need to know that it does not require the users to complete the KYC verification. This makes the platform open for a vast audience.
Conclusion!
There are some outstanding exchanges in the industry but some outperform the other. Some of these offer better features and user experiences than others. This is why, it is important to know about the reasons why the Phemex platform is popular and a good option than others.
