The Phemex exchange was founded in 2019 by a group of experienced Wall Street executives who wanted to build a professional and transparent crypto trading platform with a customer-centric approach.
Phemex empowers its users to access the right set of tools in order to manage risks associated with trading crypto.
The Phemex Story
The team chose the name Phemex in order to highlight their dedication to building a trustworthy trading platform. Pheme is the Greek god of fame which represents the public voice, while MEX stands for mercantile exchange. Together, the name symbolizes the teams’ vision of facilitating a financial future that provides favorable opportunities to everyone.
Co-founder Jack Tao and the team behind Phemex realized that unreasonable fees and backdoor dealings plague the traditional financial system. This drove them to embrace blockchain technology in pursuit of free finance.
Phemex seeks to empower its users with limitless possibilities by eliminating privilege and exclusivity.
Products and Services
Phemex’s offerings include:
- Spot trading: Phemex allows its users to spot trade with zero fees by joining a premium membership program. The platform’s standard users are charged a 0.1% transaction fee as takers and makers. API traders too, are charged a 0.1% transaction fee.
- Contract trading: Phemex lists 37 perpetual contract pairs in which makers who add quotes to the orderbook get rebates and takers who remove liquidity pay for every trade.
- Simulated trading: Users can learn about trading and test out strategies without risking their capital.
- Conversions: Phemex has recently added a feature for traders to instantly convert between fiat and cryptocurrencies like BTC and USDT.
Key features
Phemex offers advanced features and risk management tools for users to make better trades and earn profits based on market movements.
- Traders get the option to settle altcoin perpetual contracts in USD, making it easier for new traders to start trading.
- To manage risks better, Phemex allows an easy one-click solution for TakeProfit and StopLoss orders on open positions.
- Phemex also has a sub-account management system for users to conveniently switch between their main and sub-accounts.
- Phemex supports advanced order types such as ReduceOnly, PostOnly, and much more.
Leverage trading
Phemex’s offers up to 100x leverage on contract trading. They also have a Testnet platform for users to practice leverage trading without actually using their own funds. This allows traders to finetune their strategies and get familiar with the market because leverage trading is risky and can be difficult for beginners to master.
All-star referral program
The Phemex All-star program is an affiliate program that grants users a 50% commission on all trading fees that are collected from members in their referral network.
The program requires users to undergo a simple application process. Users also can earn an additional 10% commission for inviting other users to join the program.
Phemex helps users keep track of their progress in detail by offering high-quality materials that help all-stars attract new registrants. Newcomers can receive a $100 bonus by signing up for the platform.
Phemex Academy
Phemex’s Academy offers its users a free and extensive knowledge bank for all topics related to the blockchain ecosystem from cryptocurrencies, DeFi, mining, blockchain to NFTs, Tokenomics, liquidity pools, and APYs.
The information is neatly categorized into Crypto Insights, DeFi, Technical Analysis, and Beginner Concepts. All readers ranging from total beginners to advanced traders will benefit from this wealth of information.
Phemex also has a “Learn and Earn” program which allows users to earn rewards in crypto and trading bonuses by watching short videos on blockchain basics and completing quizzes.
Final word
With advanced features and a simple user interface, Phemex embodies an efficient trading platform that also acts as a resource for users to better understand the crypto space. The platform has more than 30 liquidity providers and 37 spot currency assets including BTC, ETH, XRP, ADA, LTC, SOL, and DOGE.
Phemex also provides users with crypto perpetual contracts which can be traded with up to 100x leverage. New users also get the chance to claim up to $100 as part of their welcome bonus for signing up.
Additionally, Phemex has launched a mobile app that allows traders to stay plugged into the crypto markets anytime, anywhere.
For more information about Phemex, check out their official website.
Disclaimer: This is a paid post and should not be treated as news/advice.