Phemex is a Bitcoin derivatives exchange that has been in the crypto market for only a few years. Phemex was founded in 2019 and has achieved commendable growth since then. It is based in Singapore and works on offering a more intuitive approach that fits well according to the needs and requirements of the users.
Phemex is one of the most prominent and widely used trading platforms among the crypto traders all around the world. Its growth and the support received from the crypto community has been quite impressive, considering it is quite a new crypto exchange.
The reason for its popularity is its remarkable features and the advantages it offers to the users. Therefore, if you are also interested in using the Phemex exchange, here are some benefits you can enjoy.
Availability of Digital Assets on Phemex
One of the most prominent factors that interested parties always look for in crypto exchanges are the digital currencies supported by the platform. Some crypto exchanges support hundreds of crypto assets, while some only have a handful of options for the users.
In some cases, where people know the cryptocurrency they prefer, it becomes easier for them to know which exchange to choose. On the other hand, people who are still exploring their options prefer to go for a platform that has a variety of available digital currencies.
If you also prefer having good options then Phemex crypto exchange can be suitable for you. It supports the following digital currency derivatives.
- XRP/US Dollar
- Tezos/US Dollar
- Litecoin/US Dollar
- Gold/US Dollar
- Ethereum/US Dollar
- ChainLink/US Dollar
- Bitcoin/US Dollar
The fact that the Phemex exchange is a community-focused platform is one of the major reasons why it stands out among its competition. This platform has not only risen through the ranks, thanks to its features but because it tries to improve its services based on customer feedback.
One of the examples of the platform being community-focused is the addition of LINK/USD trading pairs as the community asked for new trading pairs.
Creation of Sub-accounts
Yet another reason for why Phemex is so outstanding is because it is one of the rare platforms that allows the users to create and manage several sub-accounts.
The significance of the sub-accounts is that it comes with amazing and advanced features that take the user experience to another level. The features available on the sub-accounts help the users in:
- Managing the trading accounts
- Separating trading funds
- Test several strategies
Good User Experience
In this brief Phemex review, another incredibly major aspect in focus is the user experience offered by the platform. The user interface of a crypto exchange is an essential factor that should always be checked, especially if you are new to the crypto space.
Phemex has a modular user interface and design that enables the crypto traders to personalize the platform according to their preferences. Therefore, if you are more inclined towards crypto trading then this can be a suitable exchange for you.
No KYC Verification
KYC (know your customer) verification can be considered as an additional layer of security that eliminates the chances of fraudsters to breach the security of the platform. This verification requires the users to provide identity documents and other details that make it difficult for hackers to operate. However, it also limits the access of the platform for some crypto traders in some parts of the world.
The Phemex exchange does not require KYC verification, which means it is accessible for a larger audience. To make sure it still offers security, the crypto exchange uses cutting-edge security systems.
Several Advanced Order Types
People who are interested in trading crypto assets look for a platform. Which is designed to cater to their needs and trading requirements. Using a well-established platform that is designed for trading cryptocurrencies becomes essential. Whether you are new to the crypto space or not.
Phemex is one of the platforms that ensures. The crypto traders can have a good experience of trading digital assets. Therefore, among other things, this exchange offers support to a variety of advanced order types.
Trading with Leverage
An outstanding aspect you need to know about the Phemex exchange is that it allows leverage trading. This means trading for a greater position while making a small investment. This can work in the favor of the platform or it can be financially damaging for the traders.
Therefore, if you want to trade with leverage. So, you should be familiar with the concept and use a platform such as Phemex.
The Phemex fees are low and competitive and the leverage offered by the exchange is up to 100x. Therefore, if you look for these details then you can determine whether this is a suitable exchange for you or not.
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