Are you looking for a secure and suitable exchange for trading crypto? Then Phemex can be one of the topmost options for you, whether you are new to the crypto space or not. Crypto trading can be somewhat complex and difficult for people who are new to the crypto space. There are several aspects that need to be considered before crypto trading is started. One of the factors to be mindful about is the exchange you choose.
This is to make sure that the platform you choose for trading is secure, offers helpful trading features and is suitable for you to use, especially if you are a beginner.
Therefore, if you are interested in using the Phemex exchange then you should know some major factors of the platform that are mentioned here in detail.
What to Know About Phemex?
This exchange is one of the biggest and most popular crypto platforms in the market. It was established in 2019 and quickly achieved massive growth and recognition all around the world.
This platform is so well-established that it not only caters to the needs of novice and experienced traders but is also suitable for the institution-level traders. This makes it one of the top platforms for every kind of trader that wants to use the exchange.
The Phemex crypto exchange also offers several bonuses to the users after they achieve different tasks. Mentioned-below are some more factors about the platform you should know if you are looking to start crypto trading on the exchange.
Community-focused Exchange
One of the factors that make Phemex an outstanding platform is that it is a community-focused exchange. This platform focuses on the feedback given by the community and makes changes to the features and services accordingly.
For instance, this exchange recently listed the LINK/USD trading pair based on the feedback it received from the community and plans on introducing more desired trading pairs in the future.
No Need for KYC
KYC (know your customer) is a detailed way for the crypto exchanges to be sure about the identity of the users who want to use the platform. In this brief Phemex review, you can get to know that this platform does not require any KYC verification.
The KYC verification is an additional layer of security that is used by most cryptocurrency exchanges. This verification process requires the users to disclose their identity documents and other such essential documents that make it difficult for fraudsters to get access to the platform.
However, KYC also limits the access of users from different parts of the world, reducing the audience who can use an exchange.
Nonetheless, if you are interested in using Phemex you won’t be required to complete the KYC verification, making this exchange accessible to a large audience.
Trading with Leverage
The Phemex exchange is a versatile and powerful trading platform that supports leverage trading. This type of trading is easily accessible to a variety of users, however, it is not a very easy way to trade.
Trading with leverage means you can borrow funds from the broker and place bigger trades than the amount you put in personally. This does increase the possibility for people to make good profits but the returns come hand-in-hand with the possibility of facing huge financial losses.
Therefore, leverage trading should be done carefully and only after acquiring proper information and choosing a suitable exchange.
Phemex offers up to 100x leverage on the trades and is a secure platform, which is why if you want to be a margin trader then this can be a suitable exchange for you.
Security Systems Offered by the Platform
The Phemex crypto exchange is one of the safest platforms in the crypto market. It makes use of technologically advanced security systems that strengthen the security of the exchange and keep the users’ funds and information safe from any kind of cyber threat or failure.
Therefore, if you want to use this platform then you can take a look at the security systems and determine whether it is suitable for you or not.
Fees Charged by the Exchange
Phemex fees is one of the major aspects that should be properly analyzed before any crypto trader chooses it to trade crypto.
Even though this is a popular platform, you need to know that it charges one of the lowest and competitive fees structures.
The details of the fee charged by Phemex are mentioned below.
- Market maker trading fee is at -0.025%
- Market taker trading fee is at 0.075%
- Withdrawal fee is at 0.0005 BTC
Conclusion!
Phemex is one of the top crypto trading platforms in the market and supports trading types such as leverage trading and more. If you are interested in using this exchange then you should first know the features mentioned above in detail.