Phemex Exchange is a cryptocurrency exchange that launched in 2019. It has accomplished remarkable statistics in the short period since it has been active in the market. The exchange is situated in Singapore and serves more than 200 nations, however, it is not available in all jurisdictions. Phemex is preferred by traders due to its user-friendly interface, exceptionally liquid marketplaces, and extensive ecosystem features. In this article, Betomon will analyze the features, benefits, and drawbacks of Phemex in the most detailed way
Phemex Key Functions
Phemex faces fierce competition from industry giants such as Binance, Coinbase, Crypto.com, and many more in the centralized exchange sector. However, Phemex maintains its competitive edge with a wide range of unique features, some of which are exclusive to Phemex
- Many Supported Tokens: Phemex facilitates the purchase, sale, trade, and speculation of nearly all popular cryptocurrency tokens. You may deposit money into the exchange using a multitude of fiat currencies via credit card both direct transfers and credit card payments.
- “Phemexia” Web3 Ecosystem: Phemex, one of the first “Semi-Centralized” exchanges, is establishing an entire web3 ecosystem that includes DAO governance, identity NFT, crypto wallets, and many other things. Phemex blurs the distinction between DeFi and CeFi in a unique and fascinating way.
- Innovative Platform Features: It’s not simply about trading cryptocurrency on Phemex. You can engage in peer-to-peer asset swapping, trading bots, and copying other traders’ profitable strategies. In addition, there are high-APY staking pools, prediction markets, a Launchpad for early supporters of new projects, and even a “Learn & Earn” program where you get paid to learn about crypto.
Contests & Prizes: has provided ETH giveaways and rewarded users with xPT tokens for recommending friends.
Platform Interface
With white text on a black backdrop, the platform’s design is straightforward and easy to use. The user interface is adaptable for an experienced trader looking to get started quickly, but it also does not overwhelm a beginner learning how to trade.
Key Features
Spot Trading
Phemex Spot Trading Interface
The interface for spot trading includes all the relevant data required to assist users in conducting a thorough examination of the market before determining the “Take Profit,” “Stop Loss,” and “Entry Points.” We appreciate TradingView for providing access to its regular tools, such as indicators.
By examining the actions of both buyers and sellers, the Order Book assists the user in determining the direction in which the market is moving. The indicators and time ranges enable traders to conduct technical analysis of the market. They currently support 223 cryptocurrencies for spot trading on the platform, and the number is constantly increasing.
The Phemex exchange is managed by the CrossEngine and the TradingEngine. According to price and time priority, TradingEngine matches customer orders while CrossEngine can handle 300,000 transactions per section with an execution time of less than 1 millisecond.
Perpetual Futures
Phemex Perpetual Futures Trading Interface
The USDT-margined, coin-margined, and USD-margined trading pairings are the three types of settlement currencies available on the Phemex perpetual market. Traders get 100X leverage on their investment. Additionally, there are categories like DeFi, DAO, AI, and Liquid staking tokens to select from under the USDT perpetual options. The tool lets the user practice mock trading because the perpetual future is a market with high rewards along with high risk and opening a position is a big gamble.
Moreover, the perpetual option includes the option to cross or isolate the wallet from the position in addition to all the complex features seen in spot trading.
Traders can combine the following advanced settings with the following order types: Limit, Market, and Condition.
Reduce-only: By limiting the trader’s position, a reduce-only orders lowers the possibility of the position becoming overexposed.
Post-only: Post-only orders are used to guarantee a Marker Rebate, they will not execute immediately.
Bracket Order: By “bracketing” one order with two opposing side orders, bracket orders are intended to assist traders in limiting their losses and locking in profits.
Good til Canceled (GTC): Unless they are filled or manually canceled by the user, these orders remain open. Traders can choose FOK, which instructs the entire order to be filled immediately at the target price, or it will be canceled, or IOC, which allows a portion of the order to be filled instantly at the target price and the rest of it that cannot be filled is canceled.
Bot Trading
Phemex Bot Trading Interface
Bot trading is beneficial for new traders as well as those who find it difficult to keep up with market fluctuations. After choosing the Trading Bot mode, the user will be requested to choose between the “Recommended” and “Manual” options, shown by the white rectangles. Several suggestions will be displayed when the suggested choice is chosen, these recommendations are indicated by the green rectangles.
Traders can copy the parameters they have selected and use them to create a new order once the user determines the desired “recommendation.”
Programs
- VIP Program: Customers with significant trading volumes can take advantage of Phemex’s VIP program, which grants exclusive incentives based on VIP level.
- Phemex Institutional:Designed for brokers, trading companies, and high-net-worth individuals, this program provides affordable fees, an unlimited number of sub-accounts, and a top-tier API rate.
- Collaborator Program:This is intended for traders who have a substantial internet following. They can offer Phemex to their audience through this program and earn commissions based on the PTs they own.
- Market Maker Program:Focus on improving liquidity, this program offers liquidity providers significant discounts based on their trading volume in addition to a seamless trading experience.
- Broker Program: It provides brokers with an integrated platform with commissions of up to 50%, simple onboarding, and cross-promotional opportunities to connect with new users in the exchange network.
Phemex Earn
Phemex Earn Interface
\When keeping cryptocurrency on the exchange, you may earn interest by using the Phenex Earn feature. The Flexible Savings option lets the customer receive interest for as long as they stake their money regardless of the time of deposit. Stablecoins, ETH, BTC, SOL, and other assets are supported, and the savings rates range from 0.3% to 2%.
Users can receive greater interest rates with Fixed Savings Accounts, but only if the funds follow the specified terms. In comparison to other platforms, the fixed accounts’ Annual Percentage Yields (APYs) are fairly high. Phemex offers APYs ranging from 0.5% to 8.80%, with lock-in durations of 7 or 14 days, making it one of the most flexible platforms for earning passive income on a HODL stash
Phemex launchpool Interface
The Phemex release pool allows users to earn interest by picking tokens with greater APY. Some APYs are estimated to reach as high as 500%.
The Phemex Token (PT)
In November 2023, Phemex introduced Phemex Token (PT), its native token. It is a utility token that may be used as an ERC20 token on the blockchain. PT offers a wide range of advantages and applications in the Phemexia network, including:
- Trading fee discounts: PT offers lower trading fees.
- Staking yield:Stake PT to receive an industry-leading APR (Annual Percentage Rate).
- VIP privileges: Staking PT provides VIP-level trading fee discounts. In addition, monthly airdrops are given to users who achieve VIP status through vePT holdings simply by making deposits into their accounts.
- Deposit Cashback Airdrops: Stake PT to receive cashback airdrops.
- DAO Governance: Staking PT will soon grant vePT holders access to PhemexDAO governance rights.
- Launchpad & Launchpool Access: PT owners can access the Phemex Launchpad and Launchpool.
PT Staking
The platform launched PT Staking at the same time as Phemex Token, offering PT holders attractive possibilities for earning money. Investors that use PT Staking benefit from both revenue sharing and exchange growth. In addition to reduced trading expenses, this innovative staking mechanism offers an estimated Annual Percentage Rate (APR) of up to 1,000%.
PT Staking is appealing due to a number of main advantages:
Stable Earnings: Investors may enjoy a steady annual percentage rate (APR) of up to 1,000% by staking PT, which will increase the value of their investment significantly.
Flexibility: Phemex provides different staking selections to suit the preferences of a broad user base.
Security and Trust: By utilizing smart contracts integrated into the Optimism network, PT staking minimizes the possibility of asset manipulation by offering strong protection and increased transparency. Phemex guarantees PT holders a reliable staking environment.
PhemexPulse
Understanding that trading platforms are essential to the growth of cryptocurrency communities as reliable collaborators, Phemex has developed a unique strategy aimed at uniting and empowering its users. Phemex released PhemexPulse, a new social trading feature that is intrinsically related to the advantages of its Web 3.0 environment in January 2024 to unite the community.
Group owners have the opportunity to receive a 50 million PT prize pool by creating their group and drawing members in with their helpful content and trading advice. (The group owner will get a minimum of 20%.)
PhemexPulse helps KOLs to shine by enabling them to focus on their strengths: leading and interacting with their followers, breaking down barriers within their community, and establishing opportunities to transform their influence into PT wealth.
Followers can join groups made by the owners, which promotes connection and participation. Through trading, participating in group activities, and communicating, they may earn prizes. As a result of their collaborative effort, each group member will get an equal 80% of the 50 million PT prize pool.
Trading Fees
In spot trading, the standard trading fee is 0.1% for both the maker and the taker. However, in derivatives, the fees are 0.01% for the maker and 0.06% for the taker. On the other hand, traders who are very active will be granted VIP status automatically, which entitles them to reduced trading fees.
Phemex VIP Level Fee Interface
By completing any of the following, users can reach VIP level 1: 8,000,000.00 in contract volume, 10,000.00 in spot volume, holding 50,000.00 in assets, or 50,000.00 in vePT.
Deposits and Withdrawals at Phemex
Phemex deposit and withdrawal Interface
If you want to purchase, sell, or withdraw cryptocurrency, or sell, withdraw, or deposit fiat money, Phemex Exchange offers several options.
They offer no transaction fees for USD deposits and the lowest EURO credit card purchase fee among all exchanges!
Phemex has built up partnerships with several third-party payment providers, including credit/debit cards, UnionPay, Bank Transfer, SEPA, Apple Pay, POLi, Bpay, PayId, IDEAL, and Sofort, for the purchase of cryptocurrency.
Trading Engine Safety
The Phemex trading platform has two main fundamental components: the CrossEngine and the TradingEngine. Orders placed by clients are tightly matched by the CrossEngine according to time priority and price. Meanwhile, TradingEngine is responsible for managing a full set of risk checks on behalf of the client’s trading account. These consist of real-time expenses, fees, PNL, computation, and more.
Know Your Customer (KYC)
Traders may deposit and withdraw money via Phemex without having completed KYC verification. However, if customers want to purchase cryptocurrency or log in with an OTC account, they have to go through KYC verification.
The procedure for creating an account
- Click on the “Register Now” button at the top right corner of the screen.
- Enter your an email address and create a password.
*Please use a real email address since you will need to verify it.
- Verify your account by clicking the link that was sent to your email.
- Set up your account, set the suggested security features, and start trading.
Verifying KYC
- Access the Phemex App and sign in to your account.
- Click on the Account Icon on the top left of the screen.
- Select the KYC verification option and tap on the “Verify” button
- Select “Start” to proceed with the instructions displayed on the screen.
- Select the ID’s issuing country from the drop-down menu then click on the correct ID type.
- The application will access your phone’s camera. Make sure all of the information is legible by carefully centering and angling your document.
- After taking a legitimate picture of the document, press the “Confirm” button.
- The next step is face verification. Select “Start” when you’re ready.
- Place your face in the specified space. Your photo will be instantly scanned and uploaded by the app.
- You’ll see a “Verifying” tag next to your ID and the face verification option while the application processes.
- The tag will become “Verified” if the verification is successful.
Summary
Overall, Phemex is an excellent exchange. The trading engine utilized by Phemex is among the best available since it can effectively manage large orders with a significant volume. Phemex has tightened up every aspect of security, including trading engine security, wallet security, and account security, making it a secure environment for traders.
Additionally, because the platform allows copy trading, it is a secure place for new users to get started. Customers may engage in mock trading, which eliminates the need to risk assets. The platform has shown that it is willing to take the initiative to innovate and provide unique advantages that set it apart from rivals through its Phemexia Web3 platform and Phemex Token staking chances.
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