Where’s the best place to trade crypto? This depends on the type of trader you are. The best cryptotrading platform for beginners might not be the right fit for more experienced traders. So, it can be hard to determine which platform caters to your needs.
However, we’ll help you narrow down your search with our thorough review of Phemex, one of the platforms considered by many experts to be the best.
Check out our Phemex review below to decide if this is the best place to trade crypto for you.
What is Phemex?
Phemex is a cryptotrading exchange with over 2m users and focuses on making trading more efficient for its clients. It specializes in leveraged trading, offering leveraged trades of up to 100x.
While leveraged trading can be very risky, it’s considered a good way to get your foot in the door in cryptotrading. This is because a single successful high-leverage trade can provide a user with enough cryptocurrency to start making lower-risk investments but still enjoy a strong ROI.
Phemex offers a demo account and significant educational resources to help its users make informed trading decisions. It supports a wide range of currencies, although its main offering includes BTC, ETH, XRP, LINK, and USDT. For Bitcoin (BTC) and Tether (USDT), it offers savings products to help customers earn interest on their crypto.
Traders can deposit using numerous cryptocurrencies as well as make fiat deposits. The platform has a premium service offering perks such as fee-free spot transactions. It also has a well-designed mobile app available on iOS and Android.
Who Should Use Phemex?
So who should trade crypto on Phemex? The platform’s immediate offering is centered around its educational resources and free demo account. This indicates that it’s a well-designed service for novice traders. Indeed, a closer look shows that its resources are comprehensive and accessible.
However, its fee structure is somewhat complicated. The fees aren’t especially high, but the platform charges users for everything from withdrawals to fiat deposits to transaction fees for non-premium users. This adds up over time, although it’s somewhat counterbalanced by the option to earn interest through holding Bitcoin or Tether on the platform’s savings functions.
Leveraging is risky for beginner investors. The platform allows leveraging up to 100x, which novice users should be wary of. It’s much easier to lose a lot than gain a lot in leveraged trading when you’re inexperienced. The premium service also offers perks such as no transaction fees for spot trades. Overall, this makes it a more appropriate platform for seasoned crypto traders.
About the Phemex Company
The platform was founded in 2019 by Jack, a former Morgan Stanley trader. It’s available in most countries worldwide.
What Makes Phemex a Good Platform?
The strong educational resources and free demo account are positive features. This allows beginner users to witness the power of leveraged trading without risking real money.
Phemex Deposits & Withdrawals
Deposits can be made through fiat or various cryptocurrencies, although fiat deposits incur a fee (Bitcoin is free). Withdrawals typically incur a blockchain fee of a minimum of 0.0005 BTC.
Does Phemex Have Fees?
The platform charges a trading fee of -0.025% for makers and 0.075% for takers. Non-premium users are charged transaction fees for spot trades.
Phemex Reviews & Reputation
The platform has a generally positive reputation in the community. It scores 3.1/5 on Trustpilot, which could be better – however, it’s encouraging to note that the company responds constructively to negative reviews.
Phemex offers good resources for beginners, although its fee structure and enhanced premium service might suit experienced traders better. Register now to learn more.
Is Phemex safe or a scam?
The platform seems legitimate.
What can I trade on Phemex?
Over 39+ contract trading pairs with up to 100x leverage and 200+ spot trading pairs, including major options like BTC, ETH, USDT, XRP, and LINK.
How do I open an account with Phemex?
Simply click “register now” at the top-right hand of the homepage.
Do I pay tax on Phemex?
Yes, you need to check your local tax regulation.
How much is the Phemex minimum deposit?
10 USDT must be deposited before withdrawals are permitted.