There are new cryptocurrency exchanges popping up every day. This makes it more difficult for investors to decide which exchanges are worth their time and money. Phemex is a name to look into if you're looking for the next best upcoming exchange. Here's why.

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What is Phemex?

 

Phemex is more than just an exchange where you can buy and sell crypto assets. With 100x leverage without KYC, high security, and a strong platform, Phemex stands out from the competition.

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Singapore is the headquarters of Phemex. Singapore is the location of the exchange, which was established in 2019. Phemex is also licensed under FinCEN and is authorized to conduct international money transfers. Globally, Phemex has over 5,000,000 users and facilitates trading volume of more than 5 billion dollars.

 

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Top Features at Phemex Exchange

 

In order to stand out from the crowd, a crypto exchange must offer something unique to its users. Due to the rapid development of cryptocurrency, many cryptocurrency exchanges have appeared seemingly out of nowhere. Phemex's 5 million users are an obvious sign that they're on the right track.

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How is Phemex different from other exchanges? Take a look at some of the advantages Phemex users enjoy.

 

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Spot Trading

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Traders will find a robust and intuitive exchange platform on the exchange. A trading view charting interface is available and has a modular design. Phemex offers both CrossEngine and TradingEngine trading engines. As a result, the exchange can process 300 000 transactions per second and match client orders according to price and priority.

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Phemex does not allow leverage or margin trading in its trading section, but it allows spot trading. Over 250 trading pairs are supported in the spot market, and traders can use three types of orders. The available order types are:

Market Orders: Instant execution and use of market prices.

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* Limit orders - Orders which exceed the set price are executed immediately

* Conditional Orders -  Instant execution based on the trigger price determined by traders

 

 

Phemex Derivatives Trading

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Phemex is one of the top cryptocurrency exchanges if you are interested in trading derivatives. Over 150 USD-M and Coin-M perpetual contracts are available there. Additionally, USDC Perpetual Contracts will be available on the platform shortly.

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Contract trading here offers 100x leverage and allows the choice of three different kinds of orders: limit, market, and conditional. With the advanced setting of Phemex customers can gain access to,

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* Reduce only - This will only reduce the position of the trader, and not increase the position trader.

* Only This - can be used to ensure a Rebate Marker but it isn't executed immediately

* Bracket Order - limits trader's losses and secures profits

* Valid until Cancelled - They remain open until they are filled or they are manually canceled by the user.

 

 

Phemex Sub-Accounts

 

Users can open sub-accounts within their existing accounts to hold both short and long positions. Subaccounts are useful for hedging, testing bots, and separating trading strategies. There are not all cryptocurrency exchanges that offer this feature, but quantitative traders may find it very useful. Phemex allows traders to create up to 20 sub-accounts.

 

 

Phemex Earn

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Earning interest on crypto stored on the platform is always beneficial. You can earn some extra funding with Phemex through three earning options.

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* Flexible Savings product lets users earn an interest rate on their crypto, without locking-in timeframes. Saving rates for major investments can range between 0.3% to 2.2 percent and currently supports 11 cryptos.

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* Fixed Savings accounts users can earn higher interest rates with the lock-in time. There are also APRs ranging from 0.5% up to 8.80%. The lock-in duration is between seven and 14 days.

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* Phemex - This lets users find new projects and earn higher yields from their tokens.

 

 

Top Trade Competition

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Both novice traders and experienced traders can benefit from gamification of trading. Phemex launched Top Trader Competition to improve trading by gamifying it. Each of the top three traders received $500, in addition to a 20 percent increase in commissions and social media publicity. A $100 cash bonus was also awarded to traders who scored between 4 and 50.

 

 

Phemex Copy Trading

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In the modern trading market, copy trading is a common option. Phemex, for example, offers copies of trading. In other words, novice and less experienced traders can create the exact trades that a professional is making and increase their chances of making money. It is also possible for experienced traders to earn additional income by allowing others to access their trading activities. Through this, traders can earn more money, receive gifts, and be seen on social media.

 

 

Phemex Launchpad

 

Traders can gain early access to blockchain projects through launchpads. Tokens of new projects can be acquired at a fraction of their cost and can yield large profits if the project is successful. It is important to remember, however, that not all projects on Launchpad will succeed. Investing in projects with a high likelihood of success requires research and educated guesses.

 

 

Phemex Mobile App

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Phemex's mobile app is largely unexplored. With a solid UI/UX design, it provides the same functions as the web trading platform. With over 1 million downloads combined, it has an average rating of 4.5 on iOS and Android.

 

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Phemex -Cryptocurrencies on offer

 

Users can currently utilize over 250 Phemex-backed cryptocurrency assets. With Phemex, traders can easily access smaller-cap coins. There is an extensive list of the coins that Phemex supports on its Markets Page.

 

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Phemex -Fees, price, and price

 

Despite not being the cheapest, Phemex offers some good competitive trading fees. Additionally, the exchange uses a 30-day trading volume-based tier structure to determine maker and taker fees.

A few of the features are

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• Contract fees are 0.075 percent for makers and -0.025 percent for takers.

• Phemex doesn't charge overnight fees.

• Trading account funding fees are charged or issued every 8 hours.

• The fees associated with withdrawing cryptocurrency are based on the cryptocurrency and network.

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For trading in cryptocurrencies, traders must sign up for an OTC account. They may also make use of credit cards, debit cards, or Apple Pay. (MoonPay, Advcash, Banxa, Simplex, Coinify, Mercuryo, etc...)

 

 

Phemex Security

 

The security of cryptocurrency exchanges is a concern for every trader. The security system at Phemex is solid. A few of the exchange's security features are listed below.

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• Several signatures are needed for access to cold storage technology

• Each user will receive unique cold wallet account numbers.

• To identify suspicious transactions To identify fraudulent transactions, only 3 withdrawals can be completed per day.

• Secured with SSL technology as well as PCI scanning

• Insurance funds and auto-deleveraging

• 2FA

• Amazon web service (AWS) cloud use

• Device Codes

• Password

• Anti-phishing

• Publication of third-party security auditors.

 

 

Phemex - Design & Usability

 

Despite not being the most user-friendly interface, Phemex has a well-designed and intuitive interface that offers a wide range of features. As a result of the integration of TradingView, Phemex offers some beginner-friendly features. Trading options are plentiful through the trading interface, but you'll need patience to get used to it. With modular customization, you can trade easily on the exchange.

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Phemex -KYC and Verification of Account Verification

 

Phemex allows traders to withdraw and deposit crypto without requiring KYC. Those who wish to trade crypto will have to complete KYC in order to open an OTC account.

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You can register and access your Phemex account with just an email address. KYC is required if you ever need to verify your account.

 

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Phemex -Withdrawals and Deposits

 

Phemex accepts a variety of payment methods. To purchase cryptocurrency, traders can use debit/credit cards, Union Pay, Bank Transfer, SEPA, Apple Pay, POLi, Bpay, PayId, IDEAL, and Sofort.

An OTC account is required to transfer fiat currencies. You can wire transfer funds to these accounts, but there is a $30 fee for transactions under $10,000. On P2P marketplaces, users can purchase USDT, BTC, and ETH from their fellow members.

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Phemex supports the following crypto assets for withdrawals and deposits.

 

• BTC

• USDT

• ETH

• XRP

• LINK

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Phemex Customer Support

 

In terms of customer service, Phemex isn't that far behind the most popular crypto exchanges. Their customer support is known for being helpful and providing fast and reliable solutions. Traders can contact the support team via live chat, email, or Telegram.

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Besides providing quick and reliable customer service, the exchange also offers amazing self-help sections and educational content. You can benefit from the articles in the education section of Phemex academy.

 

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The pros and cons of Phemex

 

Considering both the pros and cons of the exchange is essential before making any final decisions. As a result, you will gain a better understanding of what the exchange offers and if it is right for you.

 

Pros

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• KYC free trading

• 100x leverage

• Sub-accounts are available

• Copy trading features

• Safe and regulated

• Great customer support

• Customizable modular interface

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Cons

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• They are not as liquid relative to their competition

• Trading in fiat currencies is not possible

• There's no standard on off-ramp options.

• It's not available in all areas of the United States.

• There aren't any crypto-staking options

 

 

Conclusion

 

It is true that there are many better alternatives in many aspects, but Phemex is an all-around good option. This cryptocurrency exchange offers excellent features and affordable trading fees.

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It is an excellent option for traders who don't want to spend time on KYC. Because KYC requirements are not required and subaccounts are available, you have a lot of flexibility in your trading choices. Phemex is also one of the most secure options for crypto investors because of its high level of security and cold wallet deposit addresses. The top icing on the cake is the excellent educational content, responsive customer service, and 100x leverage.

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The purpose of this article is to provide you with a better understanding of Phemex and its potential. It is recommended that you conduct your own research before making any decisions. You can use this information as a starting point for your investigation. By doing so, you can determine whether the platform is right for you.

 

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FAQs

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• Is Phemex an authentic brand?

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Yes, Phemex is a secure and reliable cryptocurrency exchange. It offers high-level security features and is also controlled.

 

 

• Is Phemex a beginner-friendly exchange?

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Phemex isn't the ideal option for beginners but it does provide beginner-friendly features. Phemex has advanced trading options, and its new customers can grasp and use the rest of its tools easily.

 

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• What's unique about Phemex

 

Phemex, a KYC-free exchange to trade, provides its users with copy trading capabilities. They also offer sub-accounts that can be used to help traders increase their trading opportunities.

 

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• Is Phemex more efficient than Binance?

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The answer is no, Binance is widely known as the top crypto platform in existence. Although Phemex offers some good features, it pales in comparison to what Binance can offer.

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