Overview of Phemex
Phemex is a crypto trading and investment program that makes dealing with crypto easier and more efficient. You can buy, sell and secure your crypto using the platform, which allows you to trade crypto at any time and wherever you are. The Phemex mobile app makes your crypto trading account accessible at all times and a range of features such as fast performance and excellent wallet security make Phemex the platform to choose.
Phemex is used by millions of users, who choose the platform as their trusted partner. It can be used to trade and invest in prominent currencies in the crypto space, including Bitcoin, Ethereum, and more. Users can buy crypto on the P2P marketplace, with a credit card, or with OTC trading.
There are also options for contract trading, spot trading, and earning interest income on your crypto. The Phemex website also features a range of resources to help users learn more about trading and investing in crypto, as well as a selection of excellent promotions.
Phemex was founded in 2019. Phemex's founding team is made up of former Morgan Stanley executives who have decades of practical Wall Street experience. In their professional lives, they learned to build reliable and efficient systems and eventually chose to apply these skills to blockchain technology and cryptocurrencies, turning away from traditional finance.
Phemex's founders are passionate about delivering their vision and ensuring all users of the platform get the best from using it. The Phemex CEO is available to contact on Telegram and Twitter, allowing all Phemex members to reach out whenever they need to.
What are the main services offered by Phemex?
Phemex offers a range of services to make trading and investing in crypto more accessible than ever. You can manage all of your crypto trading and investments through the Phemex platform, whether you want to invest long-term or you're planning to trade crypto and make money in a faster-paced environment.
Here are some of Phemex's main services and what they can offer you.
Buying crypto through the Phemex platform makes it simple to get started with crypto or to further your crypto investments. Multiple payment methods allow you to buy crypto immediately using whichever method works best for you. You can use credit and debit cards, ApplePay, and your bank account to pay for crypto and it will arrive in your account as soon as payment is complete. Simply choose the crypto you want and the amount, select a payment method and choose the best offer available.
Phemex offers crypto purchasing via P2P trading and with OTC trading. P2P (peer-to-peer) trading allows you to buy crypto with local fiat or sell crypto for local fiat by directly trading with other parties on the P2P marketplace. Phemex automatically matches buyers and sellers to make it easier for everyone. Phemex also partners with Legend Trading to provide OTC trading using bank and wire transfers.
The extremely fast trading engine used by Phemex means that traders can trade quickly using the platform and benefit from low fees. They have the option to trade Bitcoin, Ethereum, and more than 291 Crypto Pairs. Traders and investors can buy and sell crypto at speed, and buying and selling are simple. Under "select market" in the spot trading engine, you can select whichever trading pair you're interested in and start buying and selling right away.
Phemex provides a Bitcoin and crypto converter for fast conversion from crypto to USD. This provides a quick way to convert from crypto to fiat without any hassle. The Launchpad feature also helps you to get in early on new coins so that you don't miss out.
Contract trading on the Phemex platform gives users the option to trade crypto derivatives with up to 100x leverage. More than 142 contract pairs are available using conditional orders, take profit, stop loss, and more trading strategies. As with spot trading, you can simply choose "select market" to browse the available markets and choose the applicable option.
Copy trading is also offered as an option on the platform. Users can copy successful traders by following them and replicating their actions, which is a great way to simplify contract trading.
Instead of just holding onto your crypto, you can earn an income from it while it's in your wallet. Phemex Earn combines savings accounts, Phemex Launchpool, and other financial services to help investors make the most of the crypto that they invest in. Savings accounts allow you to earn interest on your crypto investments, as long as you meet the minimum and maximum amounts allowed by the product. There are both flexible and fixed savings accounts to earn passive income in different ways. Phemex launchpool provides the opportunity to earn high staking income, with the option to enjoy hourly payouts and unstake at any time.
How does Phemex make money?
Phemex makes money through the fees that it charges on their trading platform. Phemex also earns revenue through interest on loans to institutional clients. Staking services, offered by Phemex, also generate revenue with Phemex keeping a small percentage of earnings from staking customer funds.
What are the fees on Phemex?
The fees on Phemex depend on which service you are using, as well as other factors, such as the user level. A full list of the fees charged by Phemex can be found here. The standard fee for spot trading is 0.1%, which decreases for users at a higher level. In contract trading, makers adding quotes to the order book receive rebates of 0.01% for each execution, while takers are charged 0.06% for each execution. There is no withdrawal fee for trading accounts but there are various withdrawal fees for wallets, depending on the coin.
Is Phemex safe to use?
The Phemex platform has been developed so that it provides an extremely safe and secure experience for all of its members. The platform provides security for its wallets, system, user accounts, and trading engine.
For wallet security, Phemex uses a Hierarchical Deterministic Cold Wallet system, which assigns separate cold wallet addresses to each user. All deposits are gathered into the company's multisignature cold wallet via offline signature on a periodic basis. Withdrawal requests are processed three times per day, with each request receiving thorough security checks from operators.
System security is maintained through the use of Amazon Web Service (AWS) Cloud. Multiple firewalls are used to separate different zones and machines for different purposes, and multiple levels of security and internal network access management protocols are used. Restrictions are applied on a system level too, with only whitelisted instances allowed to access the system in many restricted zones.
When it comes to keeping user accounts secure, Phemex uses two-factor authentication. Users must carry out a secondary authentication when doing anything such as logging in, funding, or changing their passwords to ensure their account is protected.
A further measure taken to protect accounts is a bank-level double-entry bookkeeping system, which ensures that every time a funding operation is performed, Phemex performs a matching action in two or more accounts. This prevents the tampering of records, leading to the freezing of any account where tampering is detected.
Safety and security on the Phemex trading platform also form an essential part of the service's security. The CrossEngine and TradingEngine are the two main components of the platform and both are kept safe and secure to protect all users. The platform is fast and benefits from their own recovery system, which provides 99.99% availability. Multiple hot and warm backups support each engine to ensure they run smoothly.
Is Phemex regulated?
Phemex has licenses to engage in money transmission activities in many states. The company is registered with the National Multistate Licensing System & Registry (NMLS) with the NMLS number 2222013.
Some services on Phemex are only supported in certain regions due to various regulations. For example, OTC trading is limited to this list of supported countries and regions. There are also certain restrictions on who can use Phemex services. For example, you cannot use the services if "you are a resident, national or agent of the United States of America, United Kingdom, Québec (Canada), Alberta (Canada), Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, South Korea, Sudan, China, Hong Kong, Republic of Seychelles, Bermuda, or any other jurisdiction where the Services offered by Phemex are restricted".
Phemex uses KYC (Know Your Customer) to help comply with various local regulations. KYC allows Phemex to check the identity of people using the platform and prevent money laundering and other issues.
Does Phemex have deposit insurance?
Phemex doesn't provide any deposit insurance. You use the service at your own risk when agreeing to the terms and conditions.
They do however use an Insurance Fund to prevent contract/futures trading positions from becoming Auto-Deleveraged. It alleviates unfilled liquidation orders on the platform before they are taken over by the auto-deleveraging system. When traders have a negative account balance when they are liquidated in a leveraged trade, they are not required to pay. The exchange uses the Insurance Fund to ensure the winning party receives all of their expected profits, even if the losing party doesn't have enough funds. The Fund gains money from liquidations executed in the market at a better price than the bankruptcy price of the specific position.
In what countries is Phemex available?
Phemex is available in a broad range of countries. However, there are some exceptions. Phemex cannot be used by residents or citizens of the US, UK, the Canadian provinces of Québec and Alberta, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, South Korea, Sudan, China, Hong Kong, Republic of Seychelles, Bermuda or other jurisdictions where the services may be restricted.
Phemex OTC trading services are also restricted in a number of countries and regions, but they are available in a range of other places. The Phemex website is available in multiple languages, including Spanish, Turkish, Portuguese, and more.
How do I open a Phemex account?
Opening a Phemex account doesn't take long, but there are some requirements. The initial registration takes just 30 seconds to complete, getting your account set up for you. Signing up can get you a welcome bonus to help you get started, and completing your KYC (Know Your Customer) information and performing other actions can get you further bonuses.
After registering, completing KYC will verify your identity so that you can use all of the features on the platform. KYC allows financial institutions to confirm the identity of their customers, which helps to prevent fraud, money laundering, and other criminal activity. It consists of three main components, including collecting and authenticating customer data, performing a background check, and continued monitoring to ensure identity verification information is up to date.
We use KYC procedures to help comply with local regulations and keep our platform secure. By completing KYC, you will have full access to the features and services on the platform. If you choose not to, there are certain benefits that you won't have access to, such as premium membership.
To complete KYC, go to the Account Overview page, click the ID & Face Verification button and follow the instructions. You will need a photo ID to verify your identity. See this guide for full instructions on how to complete KYC.
Withdraw from Phemex
Withdraw to your bank account
You can withdraw funds to your USD bank account using Phemex’s OTC service. You’ll have to contact Phemex’s OTC desk to get more details about minimum withdrawal amounts and fees.
Withdraw crypto from Phemex
You can withdraw your crypto from Phemex all though the Phemex app or website. Navigate to the “Assets” screen and select “Withdraw”. Select the asset you’d like to withdraw and enter the amount and withdrawal address. Once you confirm the details of the withdrawal, you’ll be asked to input your two-factor authentication credentials, after which your request will be processed by Phemex. Crypto withdrawals can take up to 1 hour to process.
What sort of customer support does Phemex offer?
Phemex provides a number of options for customer support. The Help Center provides a self-service help section to answer common questions and find user guides to help you get started. Phemex Academy also provides you with many resources to learn about crypto and blockchain. If you want to ask a question or get in touch with the Phemex team, you can get in touch via live chat, social media or by emailing one of the addresses listed in the Help Center.