Phemex Exchange
Is Phemex a Suitable Trading Platform for New Traders?

People interested in trading crypto might come across the name Phemex, which is one of the best trading platforms in the market. This exchange outshines and outperforms its competitors for several reasons.

This platform was established in 2019 and since then it has gained massive growth and recognition all over the world. The technologically advanced features, safety and several other remarkable features of the platform make it stand out among other platforms.

However, if you are a new crypto trader, you need to be careful about the platform you choose to trade crypto. There are numerous elements regarding trading that new traders should know before they begin. Since it is a high-risk venture, it is crucial and helpful that people learn as much as possible about crypto trading before they begin.

For people interested in using the Phemex exchange, here is a detailed insight into what the platform has to offer and why it is stands out.

Phemex is User-friendly

Using a user-friendly exchange is one of the top factors new traders need to look at as it can determine what kind of user experience they have. There are platforms that are designed specifically for experts and therefore, have a complex user interface. Using an exchange that does not cater the needs of beginners can complicate the overall process for novice traders.

Therefore, before opting for an exchange it is crucial that you take a look at the user experience offered by the exchange. This Phemex review specifies that the platform is a user-friendly exchange, with a modular user interface.

It is simple, straightforward and easy to navigate, which makes it one of the best platforms for experienced and inexperienced traders alike.

Community-focused Platform

Another upside of Phemex is that it has a community-focused business model. This means that the platform focuses on what the community wants and asks for feedback. It then adjusts according to the feedback, making it more user-friendly and popular among the users.

This practice is not followed by many crypto exchanges, which is why this platform stands out among the rest. An example is that the platform added a new LINK/USD trading pair after getting feedback from the community.

Leverage Trading Supported

The Phemex crypto trading platform is powerful and versatile as it aims to cater the needs of institutional-level traders as well. This platform offers some of the best features in terms of trading. One of the features is the support it offers to leverage trading.

This is one of the most popular trading strategies in the market and draws the attention of a vast audience. Leverage trading allows the traders to open bigger trading positions by borrowing funds from the brokers. Here the borrowed funds are called and vary from one exchange to another. This type of trading increases the chances of getting profits but it also increases the risks one may face.

Phemex not only supports leverage trading but offers one of the highest leverages, which is up to 100x.

All Trading Styles Supported

If you are a new crypto trader, the Phemex exchange is likely to impress you with its features. Another highly prominent aspect of the crypto exchange is that it supports all trading styles.

This is a major benefit for a vast audience, interested in different trading styles. Hence the exchange is powerful and capable of handling a vast audience.

The trading styles supported by the exchange are:

  • Algorithmic trading
  • Hedging
  • High volume trading
  • Long-term trading
  • Scalping

Supported Digital Assets

Phemex is a well-known platform that is comparatively new. It also greatly focuses on cryptocurrency derivatives and supports a wide collection of crypto assets. The more options an exchange offers, the wider its customer base can be.

Therefore, if you are interested you should know the crypto assets it supports are as follows:

  • XTZ/USD (Tezos/US Dollar)
  • XRP/USD (XRP/US Dollar)
  • LTC/USD (Litecoin/US Dollar)
  • LINK/USD (ChainLink/US Dollar)
  • GOLD/USD (Gold/US Dollar)
  • ETH/USD (Ethereum/US Dollar)
  • BTC/USD (Bitcoin/US Dollar)

Fee Charged by Phemex

Learning about Phemex fees is one of the top factors that you should be familiar with, especially if you intend on trading crypto by using it for the first time.

This crypto exchange is one of the best ones in the market, thanks to features such as high-end security, support for all types of traders and offering one of the lowest fees structure. Unlike several other crypto exchanges, this platform also has a transparent fee structure, which means it is safe from any kind of hidden and additional charges.

The details of the fee charged by Phemex are as follows:

  • No fees for deposits
  • -0.025% trading fee for market makers
  • 075% trading fee for market takers
  • Flat 0.0005 BTC withdrawal fee for every BTC withdrawal

Conclusion!

Phemex can be one of the best crypto trading platforms for you to use if its features match your trading requirements and criteria. There are several aspects you need to be familiar with before you determine how suitable it is for you.