1. Introduce in Phemex.
Phemex is a cryptocurrency exchange of derivatives assets, you can trade bitcoins and altcoins with leverage. But what makes the Phemex exchange unique is that spot trading is also represented here, that it without leverage with zero commissions. The exchange has large volumes. The 24-hour trade volume is more than a billion dollars.
2. Main features of Phemex exchange.
Fastest
Phemex says it is the fastest cryptocurrency exchange in the world. The site works very quickly, the pages are loaded instantly. The exchange can process up to 300,000 transactions per second, more than many competitors.
Excellent features for traders
Phemex provides sub-accounts for trading teams. There are excellent apis available for professional trading. We will discuss these features in more detail later.
Safety
Phemex is a very secure exchange, Here is the cold storage of a wallet. Transfers require 2-level human verification of offline signatures.
Fully support
Phemex provides 24/7 round-the-clock support. You can even write to the CEO in telegram and twitter.
3. Registration on Phemex.
On the registration page, you need to enter your email address and create a password. Then you will receive an email confirming your registration. Registration is simple.
Currently, Phemex does not have any type of KYC procedure. You will notice that other exchanges like Binance US and Kraken depending on where you live. When you create and set up an account you have to send them your photos, photos of ID cards, passports etc.
4. Bonuses and rewards.
The exchange provides various bonuses and activities for users. By registering now, you will receive a 7-day trial period of the premium subscription.
In addition, Phemex gives an introductory bonus of $60 for first deposit the wallet, $10 for the first trade on spot trading and $10 for the first trade on contract trading. There are also various trading contests, for example, the Phemex Competition Arena with a prize pool of 8 BTC is currently ended.
5. Deposit and buy crypto.
In order to start trading, you need add assets to your wallet. Phemex accepts crypto payments, also you can buy crypto for fiat.
Click assets upper right menu, then you will come to deposit page.
You can scan the QR-code with your address to send the transaction. or you can copy the address. Then once you send your cryptocoin into the exchange, and it passes the required number of confirmations, you’re gonna show your coin in the spot wallet.
In addition, you can buy cryptocurrency using fiat funds. Click buy crypto on the deposit page or in top menu. Select the required cryptocurrency, amount and payment system. Phemex will show you the best deals.
6. Markets overview.
Let’s look at the markets. Spot trading and contract trading are presented here.
The following 13 cryptocurrencies are represented on the spot: BTC, ETHERIUM, TRON, LINK, EOS, ADA, BCH, DOGE, LTC, ONT, NEO, XTZ, XRP (screen above). But xrp is suspended for now.
There are 16 trading pairs available for contract trading. In the derivatives markets we have Gold. It is very interesting, that they have gold for derivatives trading, and this makes Phemex unique, because Phemex is currently the only derivatives exchange in cryptography, that provides gold derivatives trading.
7. Phemex: orders types
Market
An order characterized by instant execution on the exchange at the current market price. For a buy market order, the asset will be bought at the closest ask, which is displayed in the order book. For a sell market order, execution will take place at the closest bid in the order book at the time the order is received.
Limit
The type of order for buying or selling at a specific fixed price or better. Limit orders are used for the following purposes:
if the trader wants to get a lower or higher price when buying or selling an instrument than the current price at the moment;
to fix the profit, take profit is set in the form of a limit order. There is a buy limit for buying and a sell limit, respectively, for selling;
for any other situations when it is required to buy or sell an asset at a certain price, but there is no physical opportunity to be near the trading terminal.
Stop-Loss and Take profits
Whether in profit or a loss, you can set a predetermined point of exit for your trades to limit your risk. Traders who don’t want to check up frequently on their open positions can rely on this tool.
8. Spot trading.
Its spot trading page below.
This is the trading view you get, you have the chart here, you have the order book, recent trades, trade history.
You can change trading panel like you want using drag and drop function. At the top menu you can select different markets. Here you have the different markets: you have bitcoin, ethereum, xrp and more.
let’s say we want to trade bitcoin right now on spot well you can buy and sell. to sell bitcoin here you need to make sure that you have available base coin in your balance and to buy bitcoin you need to make sure that you have available us dollar tether in your balance.
Enter the desired amount of purchase or sale, the price and click buy or sell. It’s simple!
9. Contract trading.
Now let’s go from spot trading into derivatives trading, here at contract markets.
Contract trading panel very similar to spot trading, you have the chart over here, you have the order book right there and here you can buy long or you can sell short bitcoin on leverage now. This is very simple.
Too high big disclaimer: the higher the leverage, the higher the risk, because the higher the leverage the closer the liquidation price will be to your entry price.
In the screenshot, I open a long position on bitcoin in the amount of 5000 contracts.
So we will stick down here to 5x leverage and this will cost about a 0.0174 BTC to open up this position. The position will be worth a 5 thousand contracts. the price of bitcoin is currently approximately 57600, which means that this position is going to be worth approximately 0.1 bitcoin. Very important part - the estimated liquidation price is right down, here at 48324 dollars. Make sure that you are aware of the risks here, because if the bitcoin price goes down to the liquidation price, then you lose your position and your position is liquidated.
This is why, you should always use a stop loss. You can find them below in the confirming page (screenshot above). I suggest that you always put any stop loss above or below the liquidation price depending on, if you’re shorting or if you are longing. You can get liquidated, because the the Phemex engine here will stop you out of your trade. So this is very important if you don’t want to get liquidated.
10. Subaccounts.
Phemex provide subaccounts functionality. That allows you to create multiple accounts under your one email address. Phemex supports up to 20 subaccounts.
Create subaccounts here. You can create unique password and login for subaccounts. For using subaccount you could transfer funds over, and it’s basically like having a totally secondary exchange at your disposal, where you can open up additional positions in the same direction. So if you were somebody that wanted a bet big, and you wanted to do like you know 50000 contracts using 50x leverage.
11. Phemex fees, minimal orders, withdrawals and deposits.
In the screenshot above you can see the different withdrawal fees for the different coins, minimal deposit and withdrawal amount.
Spots trading fees, minimal and maximum order amount in the screenshot above.
You can see that there are zero fees for premium users on web or app and 0.1% fees for api . For standart users — spot trading fee is 0.1%.
Contract trading fees. The taker fee is 0.075% and the maker fee is -0.025%. Most derivatives exchanged in crypto have this exact fee structure. So what does it mean that it’s a negative maker fee? This means that you get paid actually to put in a maker order or a limit order. Taker is the market order and you have to pay a fee to take liquidity from the order book. But basically this maker rebate is Phemex paying you to put these orders that’s why you should always try to make limit orders and not market orders.
12. Phemex premium — 0 fees.
Phemex provide 3 other plans of membership: standart, trial premium and full premium. Full premium users has zero fees for spot trading on Phemex for Web and App, and 0.1% fees for api trading. Full premium users can trading with support conditinal orders. Full premium users get hourly withdrawals.
- $9.99 USD for 30 days
- $19.99 USD for 90 days
- $69.99 USD for 1year
13. Phemex Testnet
If you are a beginner you should definitely click products and simulated trading. You can practice trading cryptocurrencies without putting your own capital at risk here. Phemex Testnet make sure to trade without any real money before you start trading if you are a beginner. Trading is very very risky and beginners generally lose money in the beginning.
14. Mobile application.
Phemex has a mobile app for android and IOS. It is very comfortable, for example, when you have opened a position and you need to manage it, and you do not have access to a personal computer. You can do this using the mobile app. What is very interesting is that the mobile application has the full functionality of the platform.
So we are on the main tab of the application (screen above). At the top you can see the activity for users. Below are the major coin rates and markets.. Here we can find program “Earn crypto”.
Application provide are the opportunities to trade on the spot and counter platform (screen above).
You can also buy cryptocurrency through the app (screen above).
Switch to subaccounts (screen above).
Contact support (screen above).
Conclusion
This was a small review of the cryptocurrency derivatives exchange — Phemex. I would like to note the following positive points:
- Very safety
- Very fast
- User friendly
- No KYC verification
- Focused of community. Phemex provide many bonuses and rewards
- You can buy crypto for real money
- Large trading volumes
- Nice trading panel with customization options
- Subaccounts feature
- Zero fees with premium plan. You can get trial 7 days premium.
- User-friendly and fast app
Of the minuses, I can point out a small number of trading pairs. More listings needed. I would like the appearance of derivatives for oil, precious metals, etc. But then it will no longer be quite a cryptocurrency exchange) Also Phemex doesn’t support crypto to crypto pairs, only crypto to USDT pairs.
That’s all! Bye Bye!
