What is Phemex?
With those 5 million users and its presence in more than 200 countriesPhemex is one of the leading platforms for trading trading on the cryptocurrencies in the world. Phemex holds licenses in the United States, Canada and Turkey and has an average daily trading volume of $1 billion.
Presentation of the platform
This platform was founded in 2019 and its head office is located in Singapore. Phemex allows trading on over 300 different cryptocurrencies and provides spot and futures trading services.
Phemex has advanced features and tools to manage your risk and trading strategies with precision.
Trading, copy trading, leverage or even staking… The features of Phemex are numerous and we will present them to you in the rest of this article.
Services offered by Phemex
The services offered by Phemex are:
- Spot trading
- THE futures trading
- THE copy trading
- THE trading bots
- Launchpads and web 3.0 integrations
- THE staking
Here is a detailed presentation of each of these services.
Spot trading
Spot trading on cryptocurrencies allows you to buy or sell cryptocurrencies like BTC or ETH immediately at the market price at time t. This feature is interesting for traders looking to profit from short-term cryptocurrency price fluctuations.
On this platform, spot trading is possible thanks to a trading interface and tools allowing technical analysis.
Phemex allows trading on hundreds of cryptocurrencies like:
Futures trading
THE futures trading allows users to speculate on the future price of cryptocurrencies without having to actually own the underlying asset. Phemex offers the possibility of using leverage up to up to x100 to potentially increase the returns on investment that can be obtained.
On Phemex, we also find options such as margin calls and stop losses to limit losses.
Caution: the use of leverage can result in significant losses in the event of significant market volatility.
Copy trading and trading bot
THE copy trading is a feature that allows less experienced traders to automatically reproduce the positions taken by more experienced investors. On this platform, users can choose from a list of successful traders and configure their accounts to copy their trades in real time.
This allows you to benefit from the experience of more experienced traders to earn money and to improve your skills by following successful traders.
To make your choice, it is possible to analyze the performance of traders, the history of their transactions, their losses and their average ROI.
Trading bots allow you toautomate your trading process by executing orders based on predefined or customizable algorithms. These bots can analyze real-time market data, make trading decisions, and execute trades 24/7 without human intervention.
Many trading bots are available on the marketplace and as with copy trading, it is possible to select bots based on several characteristics (performance, type of trading, leverage used, etc.).
Phemex Launchpad and Web 3.0 integration
The Launchpad part represents a functionality that allows users of the platform to earn new cryptocurrencies before they are available on the public market.
This allows, in the best case scenario, to acquire cryptocurrencies before everyone else and therefore to have them at a relatively attractive price, because few people can buy them.
New projects are offered regularly on Phemex. Here are some examples:
Web 3.0 integrations provide the ability to interact with decentralized applications (dApps). With these integrations, Phemex makes the user experience more interesting and allows everyone to discover new features in cryptocurrency.
Phemex Earn and Staking
THE staking allows cryptocurrency holders to earn rewards by immobilizing their assets to participate in the operation of a blockchain.
On this platform, users can stake the following cryptocurrencies:
This allows you to generate passive income daily. Staking options are flexible, with different rates and commitment periods available.
The Phemex Token (PT): uses and advantages
Phemex has its own token called Phemex Token (PT). This cryptocurrency is the utility token of the platform and allows you to:
- To obtain fee reductions of transaction
- To benefit from higher yield with staking
- To become a member of VIP program
- To participate in the governance and of vote
- To access Launchpad & Launchpool reserved
This cryptocurrency is transferable on the Ethereum network and allows transaction fees to be paid directly on the platform.
The course of the Phemex Token (PT) has experienced strong growth since its launch. The price of cryptocurrency rose from $0.76 in December 2023 to $1.21 in June 2024.
The Phemex Token (PT) tokenomics is as follows:
| Allocation | Percentage | Tokens |
|---|---|---|
| Pre-mining | 10% | 100,000,000 |
| Collaboration program | 5% | 50,000,000 |
| Investors | 20% | 200,000,000 |
| Reserve fund | 15% | 150,000,000 |
| Trading Reward Fund | 12.5% | 125,000,000 |
| Liquidity | 12.5% | 125,000,000 |
| Marketing | 10% | 100,000,000 |
| Employees | 15% | 150,000,000 |
Depending on your activity on the platform and your profile, it may be interesting to hold a certain amount of PT in your wallet in order to join the VIP program and benefit from the various bonuses.
Trading fees on Phemex
Phemex samples 0.025% Maker Fee And 0.075% Taker Fee. This is in line with the market average. Phemex does not charge any fees on deposits.
It is possible to benefit from a reduction on fees by accumulating Phemex Token (PT). The more Phemex Token (PT) you hold, the bigger discounts you can get.
Regarding withdrawal fees, they are specific to each cryptocurrency, because they depend on the underlying blockchain:
| Crypto | Minimum deposit | Minimum Withdrawal Limit | Withdrawal fee |
|---|---|---|---|
| BTC | 0.00000001 BTC | 0.0014 BTC | 0.00012 BTC |
| BTC – BNB | 0.00000001 BTC | 0.001 BTC | 0.000009 BTC |
| USDT – ETH | 0.000001 USDT | 20 USDT | 5 USDT |
| USDT–TRX | 0.000001 USDT | 2 USDT | 1 USDT |
| USDT – BNB | 0.01 USDT | 2 USDT | 0.5 USDT |
| USDT – MATIC | 0.000001 USDT | 2 USDT | 1 USDT |
| USDT – FTM | 0.000001 USDT | 2 USDT | 0.03 USDT |
| USDT – ARETH | 0.000001 USDT | 0.64 USDT | 0.32 USDT |
| USDT – SOL | 0.000001 USDT | 30 USDT | 2 USDT |
| ETH | 0.00000001 ETH | 0.01 ETH | 0.0015 ETH |
Would you like to know how to register on Phemex? Here are the steps to follow :
- Step 1 : Go to the official website by clicking on this link.
- 2nd step : Click on “Register now”
- Step 3: Provide the requested information:
- Step 4: Once your account has been created, validate it by carrying out identity verification (KYC). This operation consists of providing an identity document to Phemex as well as taking a selfie:
- Step 5: Deposit funds into your account and start trading
User reviews of Phemex
On Trustpilot, user reviews on Phemex are very bad. The average score is 1.7/5. Users denounce account blocking for no reason, problems withdrawing funds from the platform and ineffective customer service.
Here is a summary of the pros and cons of Phemex:
Benefits
- Trading spot And future
- Leverage x100
- Copy trading And bots of trading
- Fees relatively weak
- Exchange historical
- Registration easy
- Staking available
Disadvantages
- Memecoins not available
- No NFT
- User reviews negative
Our general opinion on the Phemex exchange
Phemex is an exchange historical on the cryptocurrency market and allows you to buy interesting features such as futureTHE copy trading or even the staking.
The exchange is completehas millions of users, but user opinions make our opinion very mixed.
Users don’t seem to be happy with Phemex so, it’s difficult for us to recommend you to use this platform to buy cryptocurrencies or trade.
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