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The crypto space has seen a boom in the past month. While major currencies are doing well, one token that has thrust into the spotlight in the past month is SOL (Solana).

As of September 9th, Coingecko shows that Solana has jumped to the sixth largest coin by market cap and grown to a market value of $59 billion. One of the reasons for its dramatic rise is the launch of the Degenerate Ape Academy NFT project, and another reason might be the wormhole launch.

The Degenerate Ape Academy project is a collection of 10,000 unique cartoon apes which were randomly generated. The NFTs were sold out in under 8 minutes and helped SOL reach an overall trading volume of around 96,000 SOL.

On the other hand, the bidirectional wormhole allows users to move projects, communities, and platforms across blockchains between Ethereum and Solana.

As Solana reaches its all-time high, many crypto traders and investors are looking to invest in it. Phemex, one of the fastest crypto exchanges and futures trading platforms has listed Solana on its exchange.

What is Phemex?

Phemex is a cryptocurrency exchange based out of Singapore and founded in 2019. The platform is the brainchild of a team of 8 former Morgan Stanley Executives who wanted to create a leverage trading platform that was efficient and simple to use.

This crypto and futures trading platform allows over 300,000 transactions per second with an order time of less than 1 millisecond.

Phemex supports over 37 spot currency assets including BTC, ETH, XRP, LTC, ADA, LINK, DOGE, USDT, and the recently listed SOL.

Zero fees and 100x leverage

Phemex has more than 30+ liquidity providers integrated into their platform and allows premium users to trade crypto with zero fees. The platform has both spot and futures contract trading options and is the industry leader with its low-cost membership model. This makes it easy for users to spot trade cryptocurrencies with zero fees.

Additionally, the platform has crypto futures contracts that can be traded with 100x leverage. Phemex also has a non-crypto GOLD/USD trading pair contract and is working on adding more traditional assets and commodities to their platform.

Contracts and spot trading fees

As mentioned earlier, Phemex offers spot trading with zero fees or commissions. Any users who are part of the premium membership or trial can take advantage of these rates. For other traders, a 0.1% transaction fee is applied (for both makers and takers). API traders have to pay 0.1% transaction fees too.

As far as contract trading is concerned, Phemex has a list of multiple perpetual contracts. It also applies the maker and taker model for trading fees. For limit orders, or orders that provide liquidity to the orderbook, a -0.025% rebate is given. For market orders or orders that work to remove liquidity from the orderbook, a 0.075% fee is charged.

Phemex does not charge any fees for holding positions overnight. Funding fees are charged or issued between long and short positions every 8 hours.

Deposits and withdrawals

The platform does not charge any fees when users deposit or withdraw from their trading accounts.

Phemex charges a reasonable fee for Bitcoin withdrawals (0.0005 BTC) which is low compared to other exchanges.

Premium and earn programs

The Phemex premium option is available to all users who register with the platform. They get a 7-day free trial of premium, in which they can execute spot trades on the spot market with zero fees. They also can access hourly withdrawals without any limits.

Furthermore, Phemex has an Earn Crypto program that allows its users to earn up to 10% APY using fixed and flexible saving options.

Conclusion

Ever since its inception, Phemex has seen significant growth as a crypto trading and futures exchange. The platform’s $100 welcome bonus for new users, zero fees trading for premium users, and a 100% cold wallet storage system with a multi-signature withdrawal process make it a safe and trustworthy option for new and advanced traders alike.

The platform also lets users practice crypto trading using simulated trading without having to use real funds. This option could be helpful for novice traders who want to try their hand at trading without any risks.

Phemex is growing its userbase and becoming a pioneer in the crypto space.

For more information on the exchange, please check out Phemex’s Official Website.

Disclaimer: This is a paid post and should not be treated as news/advice. 

With Masters in Mass communication and journalism, Anjali's interests lie in blockchain technology adoption across emerging economies.