Phemex is the kind of crypto platform that catches the eye of interested parties in the market. However, whether it is suitable for beginners as well as expert parties is something that needs to be analyzing more carefully.
It can be quite challenging and stressful for novice parties to know which of the platforms are suitable for them and offer services according to their criteria. This is why it is important to know the details of different platforms in detail so the interested parties can determine if it is what they are looking for or not.
The Phemex exchange is known for its services and features offering to the users. Some of which are mentioning here in detail. After having this information it can be easier for you to identify the relevance and significance of the exchange according to your criteria and requirements.
Understanding the significance of Phemex and why it is so popular in the crypto industry might help you decide whether or not it is the right exchange for you. There are many types of investors and traders, as well as various types of exchanges tailored for them. This is why selecting a platform can be a time-consuming and drawn-out procedure for certain people.
However, if interested parties have some relevant and helpful information beforehand. The time it takes to find a decent platform to purchase, sell, or trade crypto can be cut in half.
Knowing about appropriate and viable options may also make a significant impact, as it can assist investors and traders in gaining a better understanding of various platforms and the services they provide. Once customers have these facts, they can select an exchange that meets their trading needs, criteria, and other factors.
The Phemex exchange may be one of your best options as a crypto investor or trader. Here are some details you should be aware of in order to determine if it checks all of your boxes.
User Interface of Phemex
The user experience offered by an exchange is one of the first things that can indicate if the platform is suitable for beginners or not. As a first-timer, you should know that every kind of platform is not suitable for all traders and investors. Some platforms are designing with more complexities and can make it difficult for first-timers to use.
However, other exchanges are designing in a way that caters to the needs of new and existing traders and investors. In this brief Phemex review you can get to know that the platform has a modular user interface, which makes it easy for every crypto investor and trader to use the platform and buy or trade digital assets.
Wide Array of Supported Crypto Assets
Another outstanding aspect of Phemex is that it supports multiple crypto assets. People who are new to the crypto space often look for a platform that gives them plenty of options, even if they have chosen which crypto assets to invest in or trade.
However, a platform that supports a large variety of digital currencies can indicate that it is capable of handling a large audience and it is hence a powerful platform.
Therefore, if you intend on using the Phemex crypto exchange then you should know that it focuses on some of the crypto derivatives mentioned here:
- XTZ/USD (Tezos/US Dollar)
- XRP/USD (XRP/US Dollar)
- LTC/USD (Litecoin/US Dollar)
- LINK/USD (ChainLink/US Dollar)
- GOLD/USD (Gold/US Dollar)
- ETH/USD (Ethereum/US Dollar)
- BTC/USD (Bitcoin/US Dollar)
Fee to be Paid by the Users
The fee structure of exchange is undoubtedly one of the most important aspects that need to consider every time a platform is to be chosen for buying or trading digital assets. A platform that charges a low, fair and transparent fee is a suitable option that should be opted for by the users, whether they are experiencing or not.
Considering this aspect, the Phemex fee structure is one of the factors. That makes it a stand out option in the market as it charges one of the lowest fees.
Here are the details to know.
- No deposit fee
- Taker fee: 0.075%
- Maker fee: -0.025%
- Flat withdrawal fee of 0.0005 BTC for every Bitcoin withdrawal
Trading with Leverage
Leverage trading is yet another essential concept that you need to know about. Especially if you are planning to start crypto trading at some point. This is a way for users to use less money but open a larger trading position. However, it is essential to know that any kind of profit is not guaranteeing, instead if the chances of profit increase so do the chances of a financial loss.
Therefore, you need to be familiar with the basics and details of leverage trading before you dive into it. However, if you do have an understanding then Phemex can be suitable. A platform for you as it offers up to 100x leverage while trading digital assets.
There are seven different trading pairs available on the platform that you can choose to trade with leverage. However, the leverage varies from one pair to another.
No KYC Verification
KYC means to know your customer, which is a process to verify. Te identity of the users who are signing on to the exchange. This minimizes the possibilities for fraudsters and hackers to function. But it also minimizes the number of people who can access the platform.
The Phemex crypto exchange, however, does not require the users to complete the KYC verification. This enables a larger audience to access the exchange and use it to create an account. It uses other security systems to ensure the safety of the users’ funds and information.
There are numerous options in the crypto market for people who are new to crypto trading or investing. Phemex is one of those options and offers numerous amazing features and services. Some of the top features can help you determine whether this is a suitable platform for you or not.