Phemex, a Singapore-based cryptocurrency exchange, recently announced that it had reached 1 million users and had seen over a 150% increase in traders in the first quarter of 2021. It has consistently kept its platform up to date, implementing new features, and improving the end-user experience through a positive attitude toward community feedback. You may be wondering, is this the right cryptocurrency exchange for me?
Phemex bills itself as the fastest crypto and futures trading platform on the planet. However, does it actually stand up to the humblebrag?
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This review includes:
- What is Phemex?
- The Team
- Fees associated with the platform
- Remarks on User Interface
- Bonus Layout and Overview
- Pros/ Cons
What is Phemex?
What exactly is a futures trading platform? Futures are just what they sound like– Futures contracts allow investors to speculate on the price direction of an underlying asset. Some examples of futures contracts in the real world include commodities like oil, treasury bonds, and stock index futures like those on NASDAQ assets. The crypto world works similarly. Crypto futures work similarly.
The parties settle and the contract closes when the contract’s expiration date arrives. If the predicted price has been reached by that day, the buyer wins. Phemex offers many different types of futures contracts and includes dozens of trading pairs such as SNX/USDT, MANA/USDT, and BAT/USDT. The exchange also has perpetual contracts, which are futures without expiration dates.
The team is comprised of a reputable group of around 40 employees that include former Morgan Stanley executives with proven financial track records. In fact, 8 people on the team went straight to it from Morgan Stanley, which is about 1 out of every 5 people… not bad! That especially makes sense given the fact that the team told Coinbase in 2020 that it plans on adding many traditional goods like stock indices, commodities, and interest-rate-based products.
Fees associated with Phemex
The fees at Phemex are aligned with industry-standard options. The two fees people are most often curious about are the maker and taker fees. On Phemex, the maker fee is -0.025% and the taker fee is 0.075%.
Remarks on User Interface
The desktop version of Phemex has many different features. Of course, it has some of the more common exchange features like a Markets tab where you can view prices as well as buy and sell crypto. However, it also has more advanced features like a premium version of the exchange where users can get access to waived trading fees, support for conditional orders, removed withdrawal limits, and support for hourly withdrawals. Additionally, the exchange has an educational center and blog that includes an intro to advanced-level topics.
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Bonus Layout and Overview
Phemex is also known for the extensive bonuses that it gives out to the community. They just finished up one of their biggest promotions yet, offering users up to $2,000 through the Deposit Dazzle. The event only required users to deposit BTC into their account, then hold it for several weeks until the snapshot is taken.
Another bonus that Phemex offers to its users is what is known as the Phemex All-Star Program. Using the All-Star Program with Phemex, the so-called “All-Star” users can earn 50% commission on the trading fees collected from users within their network. In addition, Phemex All-Stars can earn an extra 10% for new people that join using their referral network. In addition to bonuses though, the All-Star Program adds other tiers of transparency, support, and security. That includes higher-quality graphics for network sharing, as well as a commission system that lets you track your referral progress.
This program is different from other programs that simply offer 30% commission, once a month withdrawals, and typically lack detailed commission reports (or any at all for that matter).
As a final note on the Phemex bonus payout, new users are rewarded with up to $200 for signing up an account with Phemex
As is the case with most exchanges, one of the biggest pitfalls of Phemex has to do with jurisdictional restrictions. Depending on where you are from, you may be limited or totally disallowed to use the Phemex platform. One of the other cons about the platform is that the exchange can be too complex for some of you who are new to crypto trading. When the exchange first launched, it was meant to be marketed toward more advanced traders who are willing to pay a small subscription fee to gain access to Phemex’s metrics and products.
While subscriptions start at around $10 per month, payable in the tether (USDT) stablecoin, some of you may be looking for the most basic trading experience out there. You also might be looking for a no-frills and free trading experience. If that is the case, we encourage you to use the free trial that lasts for seven days (and doesn’t require a credit card). Standard user options have become available, however, so there are options if you don’t want a premium membership or a premium trial.
The last con to note is that Phemex is still relatively new. While we shouldn’t let age discriminate, users often look to platforms that are trusted by others. In order to gain trust, companies typically must be around for a while… especially in crypto. However, fortunately, the phrase “being around for a while” in crypto can mean, at the most, a decade. Despite the freshness of Phemex, users have been onboarding more to the platform more quickly than people cramming into Best Buy during a 2008 Black Friday iPod Shuffle deal.
Phemex has somehow driven 1 million users to the platform in about a year and a half. That is no easy feat and should speak for itself. As Lil Wayne said, numbers don’t lie, it’s the aftermath. If you are able to get over any jurisdictional limitations, and the newness of the platform, then Phemex might be the futures trading experience that you’ve been waiting for.
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