One of the biggest and most popular cryptocurrency exchanges in the market is Phemex. This platform is not only well-known for its trading volume, but it is also an excellent place to trade cryptocurrency. It stands out among its competition due to several factors, such as its fee structure, security, interface and a lot more.
However, if you are new to the crypto space then you need to know more details about the platform before you choose it for buying or trading crypto assets.
As a novice investor or trader, it is essential and helpful that you know the major aspects of an exchange. Knowing the basic details can help you determine whether any of the available crypto platforms are according to your needs and requirements or not.
If you are interested in crypto trading, the following information will assist you in determining whether the Phemex exchange is a good fit for you.
Phemex Does Not Require KYC
KYC stands for know your customer, which is an additional verification processes used by most crypto platforms. This verification process requires the users of the platform to bring forth their personal and identification documents that make it nearly impossible for fraudsters to operate or get access to the exchange and the accounts of the users.
However, the KYC verification also has a drawback that it limits the access of the exchange for some users and makes it impossible for traders to sign up anonymously.
In this brief Phemex review, you can get to know that this platform does not require the users to complete the KYC verification. This makes it accessible for a large audience.
As far as the security is concerned, this exchange uses other leading-edge security systems that ensure the funds and information of the users are kept safe from any kind of cyber failure or threat.
Fees of the Exchange
One of the top aspects of Phemex is its fee structure. People who are new to the crypto space cannot be sure regarding the security of an exchange. However, knowing about the fee structure can certainly give a good idea whether the platform you are about to choose is secure or not. The reason being, every exchange charges a fee to the users, however, a fair and transparent fee structure is not guaranteed by every platform.
As a result, if you want to use this platform, you should be aware of the Phemex fees. This website is known for having some of the most reasonable prices, which are listed below.
- A flat fee of 0.0005 BTC while making withdrawals
- Market maker trading fee of -0.025%
- Market taker trading fee of 0.075%
- No fee charged for making deposits
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Leverage Trading on the Platform
Trading crypto with leverage is quite the buzz among the crypto traders, especially those who are experienced traders. Leverage trading is a popular strategy that offers good profits to the users, accompanied by major risks.
Trading with leverage means you can borrow funds from the broker, which is known as leverage. This can enable you to open bigger trading positions, which can result in high profits or huge financial losses. The benefits you can get from leverage trading are accompanied with possibility of losses, which is why you should not start leverage trading without proper information and without using a suitable exchange such as Phemex.
Multiple Cryptocurrencies Supported
The Phemex crypto exchange is one of the platforms that offers support to a variety of cryptocurrencies. This is one of its outstanding aspects and puts it on top of crypto traders list. Whether they’ve worked before or not.
However, the Phemex exchange is considerably newer and focuses on cryptocurrency derivatives. The following are the derivatives that the exchange supports.
- BTC/USD (Bitcoin/US Dollar)
- ETH/USD (Ethereum/US Dollar)
- GOLD/USD (Gold/US Dollar)
- LINK/USD (ChainLink/US Dollar)
- LTC/USD (Litecoin/US Dollar)
- XRP/USD (XRP/US Dollar)
- XTZ/USD (Tezos/US Dollar)
Supported Trading Styles
Another major aspect that is of significant concern for crypto traders includes the trading styles that are supported by an exchange. This is yet another category where Phemex outshines some of its competitors as this platform supports all trading styles.
A platform that supports all trading styles can indicate that the exchange is versatile, powerful and capable of handling a large audience.
Therefore, if you are interested in starting crypto trading and you choose the Phemex exchange then you can opt for any of the supported trading styles.
- Hedging
- Scalping
- Long-term trading
- Algorithmic trading
- High-volume trading
Conclusion!
Phemex is a cryptocurrency exchange that is well-known all over the world. And is popular among the crypto traders. However, if you are new to the crypto space and want to start trading crypto. Then you should know the essential details about the exchange mentioned above.
