As a crypto investor or trader, you are likely to come across the name Phemex as you step into the crypto space. This is one of the top crypto exchanges and is known for its remarkable features offered to the users.
As a beginner, you should keep in mind to choose the exchange that ticks all the right boxes for you and suits all your needs. With the Phemex exchange, this can be easier to achieve if you know some of the top features offered by the platform. If the offered features match your criteria and requirements, it will help you determine whether it is a suitable exchange for you or not.
Therefore, here are some of the top factors you need to know about the exchange before you start using it.
Phemex Does Not Require KYC
KYC means know your customer, which can be considered an extra layer of security. This is an identity verification process that requires the users to verify their identity and share their documents. This process makes it difficult for hackers or fraudsters to operate and increases the level of security offered by the exchange.
However, KYC verification also limits the access of the exchange for the audience. Therefore, if you want to anonymously open your account you can use the Phemex exchange because it does not require KYC verification.
The exchange does use other high-end security systems to make sure that the security of the users’ funds and information is not compromised.
Trading with Leverage
One most important factor to know about in this brief Phemex review is that you can trade with leverage on this exchange. This is a powerful trading platform that offers leverage trading to the users.
However, leverage trading is an advanced trading approach and should not be opted for unless you have an understanding about the concept. Trading with leverage means that you can borrow funds from the broker and open bigger trading positions. While this is a good way to get big benefits, it can also go south and cause huge losses.
Therefore, you must be sure to use a suitable exchange such as Phemex and learn about leverage trading before you begin. Phemex crypto exchange offers up to 100x leverage, which is one of the highest ones offered in the crypto market.
Available Order Types
There are numerous factors one needs to know about trading cryptocurrencies which also includes knowing about the order types. Some exchanges only offer the basic order types, however, the Phemex crypto exchange is one of the advanced platforms that offers several order types.
This is yet another factor that can help you determine if this is a suitable trading platform for you or not. The order types available on this exchange include both basic and advanced ones. Which is not the case with every crypto exchange.
Variety of Digital Assets Available
An exchange that has a wide array of crypto assets catches the eye of interested parties the most. This is especially helpful for people who are new to the crypto space. Are still trying to decide which crypto asset to invest in.
Considering this, if the crypto investors have a good variety of options. It can become easier for them to choose the preferred one. Fortunately, Phemex is one of the platforms that offers a wide array of cryptocurrencies and some of the crypto derivatives available are mentioned as follows:
- Bitcoin/US Dollar
- ChainLink/US Dollar
- Ethereum/US Dollar
- Gold/US Dollar
- Litecoin/US Dollar
- Tezos/US Dollar
- XRP/US Dollar
Fee Charged by Phemex
Phemex fees is indeed one of the most important factors you need to know about. You should know about the fee structure of every crypto exchange. That you consider choosing as it can help you determine whether the exchange is suitable for you or not.
The fee charged by a platform needs to be fair and transparent and should not include any hidden charges. Therefore if you intend on using Phemex then you need to know. The details of the fee structure that are mentioned as follows:
- A flat withdrawal fee charged is 0.0005 BTC
- No fee charged for moving your money into the exchange
- The trading fee for market makers is -0.025%
- The trading fee for market takers is 0.075%
Phemex is a remarkable crypto exchange that is suitable for new and experienced traders. However, it is important for every interested party to know some essential factors before they start using it.