5 Reasons why Phemex is a Suitable Platform to Trade Crypto

 

Phemex is one of the options novice parties and experts can consider if they are interested in trading crypto. Crypto trading is getting quite the attention at the moment. It is exciting but also stressful and risky at times, which are some of the things that drive the traders.

The crypto market is unpredictable and trading in such a market without any prior information or experience can be quite the challenge. However, the level of difficulty can be reduced to a great extent if the interested parties use a secure and suitable trading platform.

Every beginner looking to start crypto trading is likely to come across a number of platforms, each offering something different than the other. This competition between the exchanges can also make it intimidating for the first-timers to understand which platform is best to use.

Therefore, if you are interested in crypto trading then here is a brief Phemex review that can help you understand why this can be a good exchange to use.

Easy Registration Process of Phemex

To implement an additional layer of security, some crypto exchanges require the users to complete KYC (know your customer) verification while signing up to the platform. This verification process requires the users to submit their identification documents, location and other details that filter out the hackers and people with fraudulent intentions. Even though it is a useful way for the exchanges to register customers, it does limit the access of the platform to others.

Due to location restrictions some of the interested parties are then unable to access such an exchange that uses KYC. Therefore, if you are also looking to avoid KYCregistration then you can opt for the Phemex exchange.

This platform does not require the users to go through the KYC process, which makes it accessible and easy-to-use for many.

Leverage Trading with Phemex

One important concept every potential or existing crypto trader should know about is leverage trading. Trading with leverage means the users can invest less but get full exposure to crypto trading and its benefits. This is an interesting concept that has gotten quite the attention.

However, leverage trading can be complex and certainly requires the traders to have some background knowledge before they dive in. If you have some helpful information and are looking to trade with leverage then it can be another reason for you to choose Phemex.

This exchange offers a leverage of up to 100x and offers 7 trading pairs at the time of writing this.

Focused on Community

Phemex crypto exchange is one of the rare platforms in the market that has been designed to be community-focused. Different platforms keep trying to evolve and improve with time in order to remain up-to-date with the changes in the crypto market and requirements of the users. However, it is not seen so often that a platform will make changes to its services by considering the feedback of the community.

Therefore, if you are interested in choosing such an exchange that focuses on what the users want and then make the changes accordingly then the Phemex exchange could be a suitable option for you.

Fee Structure of the Exchange

Learning about the fee structure of the exchanges that you possibly want to choose is one of the most important factors you should not overlook. Similar to other exchanges, the users of Phemex are also required to pay a fee.

However, knowing about the fee structures of different exchanges can help you determine which platform seems most suitable and make an informed decision. If you want to choose this exchange you should know the Phemex fees structure is based on the market maker and taker model.

According to that:

·        Maker fee is -0.025%

·        Taker fee is 0.075%

·        Flat withdrawal fee is 0.0005 BTC

Cryptocurrencies Available on Phemex

The crypto exchanges vary from each other on the basis of several aspects, one of which is the crypto assets supported by each platform. Therefore, one of the things to look for before choosing an exchange and starting crypto trading is that digital assets available on the platform.

If you find the cryptocurrencies on an exchange that you want to trade then it can be an aspect that helps you choose a suitable exchange. Similarly, before you choose Phemex for crypto trading, you should know the crypto assets supported by it.

These are mentioned below:

·        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)

Conclusion!

Phemex is a popular exchange where you can trade the available digital currencies. There are several reasons that make it stand out among its competition. These reasons can also help you determine if this is a suitable exchange for you or not. As a first time crypto trader, you should have the information mentioned above in detail.

Also Read:  FTX Exchange Review

FTX Exchange Review: Cryptocurrency Derivatives Exchange

 

FTX exchange is a margin trading platform that has quickly grown itself in an ever-expanding segment of the crypto market.

The exchange has generated a significant amount of positive reputation among the crypto trader’s community and robustly boasts high daily trading volumes. Considering that the platform is quite new in the market, and the fact that FTX is not accessible across the US because of governmental reforms.

FTX crypto exchange was first introduced in the market in May 2019. It provides multiple trading options such as Bitcoin options, leveraged tokens, perpetual swaps, MOVE contracts, and prediction markets. This platform excels in providing access to spot trading and it supports financial transactions in fiat and other cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and stablecoins. FTX exchange aims to cater to both new and advanced traders alike by offering multiple trading options.

The platform is famous for facilitating an OTC service for individuals interested in making large crypto purchases. Moreover, there is a mobile app for this exchange that assists users who like to keep up with their accounts anytime and anywhere.

FTX Exchange Key Features

As a constantly evolving margin trading platform, the FTX crypto exchange has been attracting a great number of users by delivering numerous advanced trading products. The platform is also known for introducing unique options like no other platform. It is the very first platform to provide leveraged tokens, move contracts, and market indices.

The trading platform adepts at catering to both institutional and retail traders and facilitate high-end trading features including low fees structure, deep liquidity, fast transaction speed, and much more. In addition to its OTC desk, the platform also provides TradingView charts, extensive customer service support, and IOS and Android mobile apps.

Here enlisted are some of the key features of FTX exchange:

•         Fiat Transfers: traders on this platform can make transfers in currencies such as USD, EUR, CAD, GBP, and AUD. Moreover, users are allowed to make deposits via credit or debit card.  
•         High Leverage (101x): traders on this platform can maximize their profit potential via the high leverage option on their initial margin.
•         Stablecoin Settlements: Users are able to easily convert financial assets within their accounts and trade all with one margin wallet.
•         Institutional Services: FTX exchange offers order books, deep liquidity a liquidation fund, unlimited withdrawals, and an OTC desk.
•         Customer Support: FTX guides its account holders to navigate the platform and also deliver chat groups in more than 10 languages.

Tradable Products on FTX

The management of the FTX exchange pinpointed multiple gaps in the market and worked towards introducing an exchange that offered innovative trading products. Presently, users are allowed to take part in futures trading with more than 20 financial assets and 45 other tokens can be traded with leverage. This FTX crypto exchange also facilitates users looking to engage in more spot mediums of trading.

Leveraged Tokens

Up to 101x leverage is available on the platform, although FTX places maximum leverage of 10x on all accounts by default as a safety precaution.

The exchange also provides over 45 different leveraged tokens which present a relatively straightforward way for users to get leverage, and the BULL and BEAR tokens automatically manage their exposure and rebalance daily in order to maintain their target leverage and prevent liquidations.

These act as ERC20 tokens which allow you to go 3x long or 3x short in a variety of popular digital assets including BTC, ETH, LINK, XTZ, BNB, and XRP.

MOVE Contracts

FTX crypto exchange tends to offer pioneering MOVE contracts, serving as futures that expire in line with raw BTC moves within a specific time span (daily, weekly, or quarterly). This feature allows the traders to make profits regardless of the direction of market movements as users trade on the amount of Bitcoin. With this kind of contract, the overall volatility of BTC price serves as the main determinant of a contract’s value.

Conclusion

Concluding this FTX exchange review, this platform is proving to be one of the safest and customer-centric destinations for individuals looking to perform leveraged trades on retail and institutional levels. The exchange offers Bitcoin options and cryptocurrency futures linked to both popular and overlooked tokens. Moreover, the exchange allows leverage of 101x, and unique products including prediction market tokens, MOVE contracts, crypto indices, and OIL futures contracts. At last, functions such as stablecoin settlements, margin wallet conversions, the liquidation fund, and the mobile app are compatible with the use of everyday retail traders.

President of CFTC: bitcoin has characteristics of all types of financial assets

On Monday, April 30, the head of the Commission on Trade in Futures on Merchandise of the United States (CFTC), J. Christopher Giancarlo, declared on the "Fast Money" program of the CNBC news network that Bitcoin has its own characteristics of different types of assets.

According to Giancarlo, the bitcoin has a multifaceted character because it can be used as a means of payment, as a long - term asset and has elements of a commodity (merchandise).

Bitcoin and many of its other cryptocurrency counterparts actually have elements of all different asset classes, whether they meet as a means of payment, or are a long-term asset We see commodity elements in it (bitcoin) that are subject to to our regulations but depending on the regulatory regime that is being analyzed, it has different aspects of all that.

J. Christopher Giancarlo

President, CFTC

Giancarlo came to buy bitcoin with gold, saying that this cryptocurrency has similar aspects to precious metal, only that bitcoin "is virtual, it is digital". On the other hand, Giancarlo argued that bitcoin may not be an ideal means of payment, and that it is better as an asset to buy and retain in the long term.

Regarding the regulatory framework for cryptocurrencies, Giancarlo explained that the CFTC operates with guidelines that were established in 1930, and that since bitcoin is a fairly novel asset, it is the work of the American Congress, and not the CFTC, to decide whether they should be develop and implement new regulatory policies for this new type of assets.

Due to the multifaceted nature of cryptocurrencies, their regulation can be problematic, since their mere classification is not easy and the authorities run the risk of regulating cryptocurrencies according to notions that were thought for other financial instruments.

Also Read: Most Popular Crypto Exchanges in 2021

For this reason, some government agencies, such as the Securities and Exchange Commission of the United States (SEC), suggest giving cryptocurrencies a classification of values. This is a definition that is comfortable since it allows to set limits and sanctions to those who do not follow the rules currently in force.

This same multifaceted feature seems to return to unclassifiable cryptocurrencies by conventional standards, so only new theories and definitions can lead to appropriate regulations.

This web simulator shows users how the blockchain experience is

With the growth of the cryptoactive market and its significant capitalization in the global securities market, the world of traditional finance has been interested in its characteristics, especially in the way it supports transactions and operations, applying blockchain technology .

However, despite the various opinions he has received, from figures such as JP Morgan CEO Jamie Dimon or Twitter CEO Jack Dorsey , not everyone really understands what enthusiasts are referring to when it comes to the features they provides distributed accounting technology: decentralization and secure and unchangeable transactions.

In the middle of this panorama a blockchain simulator called JornC is born, according to the project that can be consulted in GitHub , in which users can enter, in a simple and easy way, in the operation of this technology. By entering http://srv1.yogh.io/ , users can choose between two options blockchain exploration: on the last block of the chain or through a mine simulator , both options have detailed details of each of the features and transactions provided by the original blockchain, so it is a real immersion experience.

THE CHARACTERISTICS OF A BLOCK

When the user accesses the "Last Block" option, he can observe all the general characteristics of a block of blocks: the block hash, the presence of the block inside the chain, the particular characteristics of the block (version, previous blocks, among others), as well as the list of transactions. The objective is for the user to have knowledge of the data that are displayed in the blocks, thus familiarizing themselves with the important amount of information that each one offers.

Also Read: The Most Popular Crypto Exchanges in 2021

Users have access to elements such as block size, depth, number of transactions, weight and total base, measured in kb; as well as information about the version of the block - in this case after the application of SegWit -, the date of creation of the same, and other related elements like the amount of bits.

In the page, who analyzes the data can observe the information decoupled, that is, separated by elements, so that it can understand where each of the items that make up the block come from.

MINE SIMULATOR

As for the simulator, following the same strategy, the users will be exposed the main data that they will find when consulting the mining process . Thus, elements such as version, previous block identification, creation date, and even have access to a number of controls, where you can pause the process, change some features: increase the nonce / extranonce, update the time stamp and calculate the block hash.

The team of developers who made this interesting tools also accept donations to continue the work, however, although contributions will be " highly appreciated", highlight that any help with regard to further development or the possibility of independent hosting will be even more valued .

The Most Popular Crypto Exchanges in 2021

With the rise in Bitcoin’s popularity, more and more people are signing up on popular crypto exchanges to purchase and trade Bitcoin. Investing in the crypto space for the first time can be an intimidating experience. Where there is a lot of buzz about people making exceptional money in the crypto space, there is also frequent news about people falling for scams and losing their investments.

Blockchain technology itself is highly secure and almost impossible to hack. The reason people end up losing their money in the crypto space is they either fall for unauthentic schemes or use an unsafe crypto exchange. The chances of your funds being compromised will be minimal if you use a trusted and popular crypto exchange.

There are hundreds of online crypto exchanges out there, and choosing the safest one can be challenging at times. It is recommended that you choose from the most popular crypto exchanges that offer reliable services and are trusted by millions of people from across the globe.

Let’s take a look at the list of some of the most popular crypto exchanges that serve millions of customers every day.

Binance

Binance was founded in 2017 and became one of the most popular crypto exchanges in the world in no time. It is secure, reliable, and user-friendly and has over 13 million active users across the globe.

The variety of altcoins, low fees, and leverage trading offered by Binance make it an ideal crypto exchange for beginners and experts alike. Binance has over 100 different crypto trading pairs, and you are less likely to switch to another exchange or DEX if you have signed up on this exchange.

The trading fee on Binance is extremely low, and you have to pay around 0.05% to 0.1% depending on the type of transaction you are making. The platform also supports multiple payment methods, including bank transfers, credit card payments, and cash.

Binance discontinued its services in the U.S.A. after updating its terms of services in 2019. However, the company introduced a different version of the website that was designed specifically for U.S. citizens. Currently, Binance US is among the top 10 crypto exchanges in the country.

Coinbase

Coinbase is another popular crypto exchange that hosts over 13 million users from all around the world. It was founded in 2012 and is a fully licensed and regulated crypto exchange.

Coinbase is especially popular in the U.S.A. and is an ideal exchange for new investors. The platform offers a simple and easy-to-use interface that makes it convenient to buy and trade crypto. Coinbase supports over 45 different altcoins along with Bitcoin, making it easier for users to hold and trade coins on one platform.

The exchange also has a pro version that offers extra features, including less fee, new indicators and improved charts. The liquidity on both Coinbase and Coinbase Pro is usually high, which means you will never have any trouble acquiring or selling any crypto.

The only drawback with Coinbase is that you will be charged high trading fees if you are not using the PRO version.

ByBit

ByBit is another popular crypto exchange that will make it to any trader’s top 10 crypto exchanges list.

Unlike Binance and Coinbase, ByBit is strictly focused on specific products and is more considerate of the altcoins it adds to the platform. It was founded in 2018 and is among the newest additions to the long list of crypto exchanges.

ByBit exchange offers privacy and anonymity to its users by allowing them to skip the KYC (know your customer) verification. The security of the exchange is also quite impressive as it has never experienced any cyber-attacks. It is one of the reasons why ByBit has become one of the most popular exchanges in a short time. The offline signature function makes your withdrawals even more secure.

Easy Trading for Beginners

Choosing the right crypto exchange that best suits your needs is not the only hurdle beginners face while trading crypto.

Suppose you want to trade crypto without having to put hours of research into fundamentals. In that case, you can signup on PrimeXBT Covesting that allows copy-trading for beginners as well as people who do not have enough time to actively trade.

Conclusion

Nowadays, hundreds of crypto exchanges exist out there, and most of them are quite risky to use. By choosing a popular crypto exchange trusted by millions of users throughout the world, you can significantly minimize your risks and get familiar with the crypto space better.