Phemex Exchange Review
Phemex is a centralized exchange that occupies #54 on Guru InvestingExchange Tracker. Phemex has trading volume US$144,656,358 in the last 24 hours and US$80,006,501,006 in the last 7 days.
Phemex currently has 286 cryptocurrencies, 0 paper currencies and 469 markets (cryptocurrency trading pairs). The most popular trading pair on Phemex is BTC/USDT.
Read our full expert review of Phemex here: Femex Review.
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Femex is a Singapore-based centralized cryptocurrency exchange (CEX). Cryptocurrency exchange Phemex, launched in 2019, offers spot and derivatives markets, margin and copy trading, and P2P trading platform. Additionally, clients can access earnings and savings programs and join the VIP program.
Phemex cryptocurrency exchange KYC compliant and requires proof of identity. The Services are only available to users from regions such as Canada (Quebec and Alberta), South Korea, China, the US and the UK. Trading can be accessed on desktop and mobile devices.
Markets
Phemex supports both crypto-to-crypto and crypto-to-fiat trading. There are over 240 Phemex trading pairs listed, covering over 230 digital and paper assets. Supported fiat currencies include the US dollar (USD) and Turkish lira (TRY).
Femex spot markets include stablecoin, fiat, DeFi, NFT and metaverse. Traders who conduct large-scale transactions can also access over-the-counter (OTC) trading services. Individual and commercial traders can join a variety of programs including Phemex VIP, All-Star and Institution Client.
Margin trading, known as Contract trade on the platform offers contracts with leverage up to 100x. Additionally, clients can access copy trade. This is a mechanism that allows you to select strategies used by famous traders on the Phemex crypto exchange and copy them.
Phemex exchange fees have a tiered structure and a producer-recipient model. Eat eight tiers, moving from VIP0 to VIP7. The base rate for non-VIP users (VIP0) is 0.1% for both makers and takers.
VIP discounts are determined by Phemex’s 30-day trading volume as well as the previous day’s average hourly balance. The necessary data is updated daily. VIP1 users pay maker-taker fees of 0.07% and 0.09% respectively. Starting from the VIP6 level, the maker’s commission is reduced to zero.
By default, the Phemex cryptocurrency rate is indicated in US dollars. However, for clients trading with Turkish Lira, commissions will be calculated in this currency. For cryptocurrency-TRY trading pairs, the base commission rate is 0.08%. VIP users may be eligible for manufacturer discounts of up to 0.02%. The taker commission rate is fixed at all VIP levels.
For contract and perpetual trading, the default Phemex cryptocurrency fee is 0.01% for makers and 0.06% for takers. Manufacturers who add quotes to the order book are eligible for discounts. Funding fees are charged regularly on both long and short positions. However, there is no charge per night.
There are no fees for cryptocurrency deposits. The minimum required price of Phemex cryptocurrency to deposit an asset may vary. For example, minimum Bitcoin the deposit is 0.00000001 BTC, and for Ethereum, this is 0.00000001 ETH. Withdrawal fees also depend on the asset and are charged in the withdrawn currency.
other services
Phemex cryptocurrency exchange offers additional financial services. P2P trading platform supports direct cryptocurrency purchases. Digital assets can be purchased from other users for fiat money. Credit card purchases are also supported.
Phemex Prediction Markets This is a unique service on the exchange. The company was the first to introduce this type of product in the crypto space. Instead of the traditional Phemex spot or derivatives market, users participate in prediction pools, voting on possible future outcomes of events, such as who will become the next US President.
Femex Savings allows clients to earn passive income using a contract with a flexible or fixed interest rate. Users can deposit crypto assets into a savings account. In some cases, accumulated interest can be repaid ahead of schedule.
Femex Launch Pool is a betting platform that also provides passive income. It should not be confused with Phemex Launchpad, which is a platform for new and upcoming tokens. Users can get early access to giveaways and new releases. Token distribution and cost may vary depending on the project.
Phemex offers its users Program “Learn and Earn”. Clients can access online resources and receive various trading bonuses, vouchers and discounts for completing educational modules.
Developers can access Phemex API Services. By creating an API key, users can access Phemex volume information, live market data, and trading positions.
About company
Phemex founded the cryptocurrency exchange Jack Tao in November 2019. The development team included several industry professionals from Morgan Stanley. The company’s headquarters is located in Singapore. By 2022, the platform had amassed over 5 million registered users.
Phemex was originally launched as derivatives exchange. Phemex Financial Pte, the company behind the platform, stores all funds in cold wallets for increased financial security. In addition, trading data is stored on cloud servers protected by a firewall. Users can create primary and secondary accounts to manage their assets.
As of 2020, the Phemex crypto exchange can process at least 300,000 transactions per second (TPS). In February of that year, three months after launch, it was reported that Phemex trade volume exceeds $1 billion.for which more than 150,000 users have registered.
In October 2021, Phemex opened its Turkish division. Femex TR. The platform operates separately from the global exchange Phemex, although the latter also provides Turkish language support.
In December 2021, during its second anniversary, Phemex launched the “Choose Your Reality” NFT campaign. In March 2022, Phemex introduced new metaverse tokens in its listings.
In August 2022, following changes in cryptocurrency regulations in South Korea, crypto exchange Phemex suspended its Korean language service. In the same month, support for the Turkish Lira was introduced as part of the wider Phemex ecosystem.
Jack Tao is the CEO of the crypto exchange Phemex. He has over a decade of business development experience, having previously served as Vice President of Electronic Trading at Morgan Stanley.
Femex related pages
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
