This review of Phemex Leverage Trading discusses:
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Phemex was built with a simple mission: empowering everyone to trade easily while efficiently managing risk. And despite being less than three years old, it’s already positioned itself as an industry leader with millions of loyal customers. Why? Well, every platform is the sum of its parts, and no project is better or worse than the team behind it. Which would explain why Phemex has been able to secure such a great reputation in only a few short years. Their incredible founding team consists of 8 former Morgan Stanley Execs who came together because they felt the crypto market was missing something crucial. And no, I assure you, Dirty Garry Gensler was not invited to the party.
Anyway, sitting at the helm of Phemex is this guy: Jack Tao, who in a former life spent 11 years as a senior executive at Morgan Stanley, which was when he also began moonlighting as Bitcoin miner and crypto enthusiast. Unlike Skeletor, Jack saw the light: namely that the current banking ecosystem was fundamentally skewed in favor of the privileged few. So he decided to do something about it.
A quick note about leverage trading. You must do it responsibly. Never put in what you can’t afford to lose. The gains can be massive, but the liquidations can be just as harsh. Always use caution when leverage trading.
Jack hung up his tie and joined forces with some of his most trusted colleagues, and by combining their strong technical backgrounds – not to mention extensive Wall Street experience – they were able to design a top-tier new platform – Phemex . Pheme being the Greek God of fame who represented the public’s voice. And MEX meaning ‘mercantile exchange’. Put together, they encompass Phemex’s vision for an enhanced, optimized, and inclusive financial future for all. I guess that makes Jack the Harry Potter to Gary Gensler’s evil Lord Voldemort.
Okay, so there’s the origin story. Let’s dive into what Phemex is all about for the user.
The first thing you’ll notice is a simple, easy-to-navigate interface that puts functionality front and centre. To get up and running takes just a few clicks of the since there’s no KYC on smaller accounts; users can start trading either by depositing existing crypto assets, or alternatively exchanging some of that filthy fiat by way of credit card or direct transfer, all at zero fees. Better yet, new customers can also benefit from welcome bonuses of up to $100. Not bad at all.
At that point you can start reaping all the benefits of Phemex’s full-suite of trading options. And in terms of what pairs you’ll have at your disposal, well, they’ve been steadily adding some of the very top coins to their roster, readily available for both spot and contract trading. So if you’re looking to trade a new meme coin nobody’s heard of and which your Uber driver told you would make him a Billionaire, well, this may not be the platform for you. But that’s because Phemex only list tried and tested projects with rock-solid fundamentals. Nonetheless, the development team is constantly gathering feedback, comments, and pairing requests on social media, and their thirty-plus pair list continues to expand.
Now, a quick lesson in leverage trading. In short, it’s super powerful, but it can also be incredibly dangerous. A bit like The Elder Wand. If you know what you’re doing it can absolutely supercharge your gains. But it the hands of a rookie, well – there’s a good chance it will backfire spectacularly (1.14). Anyway, with that in mind, Phemex have made risk-management easy as pie with one-click TakeProfit and StopLoss orders whenever you open a position – an essential but often ignored part of any successful trading strategy. And believe me, I’ve learned the hard way. But you don’t have to. Why?Well that’s all thanks to Phemex’s incredible testnet, their crypto simulation platform that allows users to learn how to trade crypto and test different strategies without risking their own capital. And look, I know it can be tempting to skip over these things in search of speedy gains, but I highly, highly recommend you don’t if you’re new or relatively inexperienced: trading is all about risk management folks, so you’d be literally insane not to take advantage of the simulated platform, avoiding real-world leverage until you’re able to make consistent gains. If you don’t, I can guarantee you’ll end up like this guy (10.02’).
Once (and only once) you’re ready to harness the power of leverage, another cool feature is Phemex’s use of sub-accounts. This allows users to clearly separate between spot, open short or long positions, all while ensuring an isolated trading balance on the various sub-accounts. That means trades on from one account don’t end up affecting the leverage, balance, or margin available on the other.
Something else that sets Phemex apart is their innovative fee model. So while any customer can benefit from super competitive rates of 0.075% to the maker and 0.025% to the taker, you can also forget spot-trading fees entirely by signing up to Phemex’s Premium membership, with plans costing as little $6.99 per month. Those fees can really stack up, so for the more active traders among you, a membership plan with a low fixed cost is a slam dunk no-brainer.
As for the trading interface itself, well it’s easily one of the fastest around, and that’s because they’ve got some serious super nerds like Yang Du committed to creating the Lamborghini of exchanges, which is constantly being maximized and fine-tuned for the ultimate user experience.
With all that said you won’t be surprised to hear that the team have also placed customer security at the heart of their operation. After all, cool features mean nothing if your capital is vulnerable to attack. But have no fear. Because Phemex use only the best security protocols available. I’m not just talking cold wallet storage. I’m talking a Hierarchical Deterministic Cold Wallet System that assigns separate cold wallet addresses to each and every user. That means all deposits are then individually gathered in the company’s multisignature cold wallet via offline signature. They’ve also got top of the range cyber security procedures including multiple firewalls to separate zones and machines for different trading purposes. And besides compulsory 2FA for all transactions, Phemex use a bank-level double-entry bookkeeping system to protect your account security at all times. In short, when it comes to a securing their platform, you’d be hard pressed to find a more stringent set of safety protocols anywhere in the space. After all, Jack Tao was inspired to build his own platform after losing a chunk of his investments due to a system malfunction when he first got into crypto. They care. And they take this stuff super seriously so you don’t have to worry.
So, with top-level security, a user-centric approach, easy-to-use-interface, innovative fee models, and a team wholly committed to driving value for its customers, Phemex ticks all the boxes and more. So whether you’re looking for new platform to get started with or are simply excited to benefit from their great values and unique approach… I don’t know what more to tell you: I highly recommend you check ‘em out. You won’t be disappointed.