In this article, we will review a relatively new crypto exchange and futures trading platform that’s designed for both beginners and advanced traders. Phemex takes a user-centric approach and offers quite some exciting features.
Phemex is a Singapore-based cryptocurrency and derivatives trading platform led by a team of former Morgan Stanley executives. Since its launch in 2019, Phemex has grown to serve over 2 million active users in more than 200 countries. It was also the first major exchange to pioneer an optional premium membership model for zero spot trading fees.
Phemex Exchange Overview:
|Listed Cryptocurrencies||BTC, ETH, SOL, LTC, USDT, and more|
|Supported Countries||Angola, Austria, Barbados, Finland, Greenland, Hungary, India, Malawi, Nauru, Turkey & more|
|Withdrawal fees||Varies by currency|
|Mobile App||Phemex APP on Android and Phemex APP on iOS|
The platform also hosts a variety of large-scale campaigns and events to reward its users with grand prizes and crypto bonuses. To celebrate two years in the industry, Phemex is even conducting a ‘Dream With Phemex‘ campaign to make a few lucky winners’ dreams come true – literally.
Phemex Mobile App Overview
The Phemex app is available for both Android and iOS mobile operating systems. Besides the most apparent and essential functions of a crypto trading application, the Phemex app has many additional features and inbuilt tools.
The trading interface is simple to navigate and easy even for beginners to understand. All functions, including deposits, spot trading, derivatives markets, trading bonuses, and more, can be accessed right from the home screen.
Quick and Seamless Deposits and Withdrawals
The mobile app makes it incredibly simple to make deposits and get trading straight from the home screen. All the usual on-ramp methods are available here. It’s also possible to scan a QR code of your wallet address to deposit tokens directly from another wallet or exchange.
Due to security concerns, the platform is careful about listing new tokens. However, Phemex recently announced listing a wide range of NFT and Metaverse-related tokens, once more expressing its commitment to the community.
The Crypto Converter
On the platform’s Crypto Converter feature, traders can easily convert their cryptocurrency holdings into USD, including the ability to directly send funds to the contract trading wallet. This makes it incredibly simple to perform actions such as shorting the market at a peak.
The contract button on the home screen leads to the contract trading UI, and here’s where all the trading charts are available for decision making and price analysis. You can buy and sell quickly within the trading view and set order prices as needed. All kinds of order types are available here, including stop limits and other advanced order types.
Managing and Adding Sub-Accounts
If you wish to go long and short on the same coin, or if you are trading on cross margin and don’t want to risk your entire portfolio being liquidated, it’s also possible to create sub-accounts that can easily be used to transfer coins in and out. Sub-accounts act as a completely different portfolio, and positions placed from a sub-account do not affect the main account or other sub-accounts.
Accessible Customer Support
Phemex support is available 24/7 right from the home screen. The app also has a chat section to get in touch with the support team at any time of the day globally.
Phemex constantly runs events and other offers across the home screen, giving additional benefits to users for referring more people onto the platform through its referral program. The mobile app keeps traders aware of what offers are live, keeping them up to date with the latest events and happenings.
Pros and Cons
|● Wide range of token listings and deep liquidity
● Intuitive interface
● Quick order execution
● Competitive trading fees
● Allows creating sub-accounts
|● Certain tokens warrant high withdrawal fees
● Owing to how young it is, Phemex doesn’t quite offer the same level of liquidity as other derivatives platforms like Bitmex.
Though Phemex is still relatively new, it packs in a bunch of great features and benefits for traders, providing a secure and reliable platform with excellent customer support and an enthusiastic community. The mobile app is simple to use and offers an intuitive UI to bring the vast array of features from the desktop platform into the touch-based mobile ecosystem, giving traders access to full-fledged trading features, even on the go.