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
