Posted 1 year ago | by Ben Armstrong

Phemex - A Growing Crypto Trading Platform

After eight former Morgan Stanley Executives felt the cryptocurrency market was missing something crucial, Phemex was born. It has a bold vision for the future of crypto trading, and is working to bridge the gap between the crypto sphere, and traditional finance.

The exchange is built with both retail and institutional investors in mind. It addresses the lack of user-oriented exchanges in the world of crypto trading. With extensive experience from the traditional finance sector, the team at Phemex has put together an impressive platform.

Phemex was launched on November 25th, 2019. It is a sophisticated cryptocurrency derivatives exchange. The platform has attracted close to 35000 users and logged a maximum trading volume of $400 million USD in 24 hours.

Phemex is designed for supporting a strong cryptocurrency derivatives market. It is intended to be easier to use than other exchanges, especially for retail traders. The exchange is working to become a high performance and reliable exchange that can help any trader who wants exposure to crypto derivatives.

Easy to Trade With Phemex

Phemex is built with a completely user-centric approach. The company claims to minimize the entry barrier to cryptocurrency derivative trading. The exchange ensures even novice traders can easily buy & sell contracts in a trustless ecosystem with its powerful features.

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Phemex is a High-Performance Platform

The existing market is being plagued by exchanges with extremely low TPS. Many exchanges are failing to handle high trade volumes, which makes it impossible for traders to book profits. Phemex was designed with a clear understanding that cryptocurrency is a highly volatile market, and addresses these issues.

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Design Criteria

Phemex will be open for public testing very soon. Phemex CEO Jack Tao compares its proficiency, including matching, trading, and the risk engine to the CME.

  • Phemex is designed to be 10 times faster than traditional crypto platforms
  • The exchange operates with a latency speed of 1ms. As a result of that, the order entry and response times for both retail and institutional investors are low
  • It works with unmatched throughput of 300,000 TPS
  • The promised uptime of 99.999% would make it an industry-leader

Phemex is Safe

One of Phemex's most important considerations is the security of a client’s crypto assets. Phemex developed its propriety Hierarchical Deterministic cold wallet system to ensure high-grade security. It offers cold wallet level security for each user, who is allocated an independent deposit account.

The Phemex Edge

The institutional background of the leadership and development team at Phemex strengthens the position of the exchange to compete in the cryptocurrency derivative markets. Phemex also features features such as:

  • The FIX API is a highly stable API for algorithmic trading, making it an ideal exchange for institutional investors
  • The Sub-Accounts set up allow traders to hold both long and short positions at the same time
  • Traders can lend their accounts to experienced fund managers
  • Supports both BTC and USD settled contracts
  • Supports risk mitigation with USD settled contracts
  • More flexible withdrawals – Different from traditional crypto exchanges
  • The exchange allows the trader to make 3 Withdrawals per day
  • Planning to provide L3 market data on the exchange soon

Phemex 2020 roadmap

Phemex team is preparing for its 2020 development cycle, and it has big plans for expansion.

  • The exchange will soon launch its Mobile App
  • Will add derivatives for stock indexes, interest rates, FOREX, commodities, metals, energy, and more once it receives the license from MAS
  • Will add new token pairs

Phemex is expecting to revolutionize the crypto derivatives market and play a pivotal role in accelerating mass adoption by offering high leverage and low risk to traders of every level. As the exchange offers a wider array of instruments, it will likely attract an even wider pool of trading liquidity!

 

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