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  • Phemex Exchange Review

    Phemex Exchange Review

    Phemex is a professional-grade Cryptocurrency exchange offering both Bitcoin spot and options trading. The exchange offers an innovative zero-fee trading model where fees are not charged per transaction. Phemex also offers Bitcoin, Ethereum, and Chainlink Perpetual futures. The exchange is built by ex-Morgan Stanley executives, aiming at providing institutional-grade trading tools and security. Derivatives trading allows traders to increase their exposure to certain assets and the ability to “short”.

    Phemex Exchange Review

    Key Features of Phemex

    • Free trades on Spot Exchange (Premium account)
    • Institutional grade trading and security
    • Robust trading insurance
    • Free deposit fees
    • Ability to Leverage up to 100X margin

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    Phemex Spot Exchange & Free trades

    One of the key advantages of Phemex exchange is the ability to have free zero fee trades. This concept is groundbreaking for the cryptocurrency exchange industry because the previous model charged trading fees for both buying and selling crypto. These fees would add up over time, with many traders paying thousands of dollars to cryptocurrency exchanges. With Phemex, these traders can take advantage of the zero fee trading model and only pay a monthly premium of $9.99 USD per month. This is a huge game changer for cryptocurrency daytraders and technical analysts.

    Phemex is also offering a US$6,050 sign up bonus, as well as 2 BTC and 10,000 USDT in trial funds! Sign up here.

    I think that this is a trend and responsibility of exchange is to reduce fees for small capital users And, for the institutional clients, they willing to pay more fees, but to have a better service, like data-wise, analysis wise, right? So that’s two different groups. So we, and we announced our zero fee permission, they just to benefit our retail customers.

    Jack Tao, CEO of Phemex

    Bitcoin Perpetual Futures

    The core trading product offered by Phemex is cryptocurrency derivatives trading such as Bitcoin Perpetual Futures. Derivatives are financial tools that derive value from the underlying product – in this case cryptocurrencies such as Bitcoin. Phemexexchange trades contracts based on the underlying asset instead of the asset themselves – this allows higher leverage and more types of products. Phemexallows up to a 101X max leverage on derivative products. This means a 1% change in the price of Bitcoin could result in 100% change in the funding amount – potentially allowing traders to double or nothing on the exchange. This type of leverage is popularized by the BitMEX exchange which also allows 100X leverage.

    Supported Countries

    Phemex exchange does not offer its services to the following countries: US, UK, Canada, Cuba, Crimea, Sevastopol, Iraq, Yemen, Iran, Syria, North Korea, South Korea, Sudan, China, Hong Kong, Republic of Seychelles, and Bermuda.

    Supported Cryptocurrencies

    Phemex only 6 cryptocurrencies for the time being: Bitcoin, Ethereum, Ripple, ChainLink, Tezos, Litecoin. Though for contracts, Phemex also does offer a GOLD/USD trading pair.

    Phemex Trading take profit orders and stop-losses

    One of the key advantages of Phemex is use of stop-loss and take profit orders. These orders allow professional traders to fine-tune their trading strategies and set up opportunities to take profit or stop-loss. By default, Phemex has quick options to take profit at 25%, 50%, 75% and 100% profit. These can be set when the initial position is established with a clear indication the mark price and estimated profit or loss. It’s important to remember that when take profit or stop losses are triggered, the position will be sold as a market order – meaning that the algorithm will automatically match a trade even if it’s not at the same price.

    Phemex Fees

    Trading Fees

    The standard contract trading fees on Phemex is set at 0.01% for makers and 0.05% for takers. Whilst standard spot trading fees are 0.1% for makers and 0.1% for takers. Phemex offers trading fee discounts for VIP users i.e. those with high trading volume on their Exchange. Users can also enjoy trading fee discounts by staking Phemex’s native $PT token in return for $vePT, enough $vePT tokens.

    There is no addition transaction fee for the exchange, so users can trade even small quantities without fear of having overwhelming fees. Taker fees are higher as the exchange promotes users to fill the order books and establish higher liquidity for the exchange.

    Phemex trading fees

    Funding fee is feature that is extremely important to take into consideration on Phemex. Funding rate is paid directly to holders of either long or short positions depending if its “negative funding” or “positive funding” rate. On Phemex, the fee is charged every 8 hours and can be negative or positive – meaning it’s possible to gain or lose money every 8 hours. If funding rate is negative, shorts holders will pay longs a percentage of their position. In the example above, the funding rate is -0.0094%, so short holders will be charged 0.0094% of their entire position. This also means that long holders will gain interest on their position.

    Click HERE to learn more about crypto funding rates and how to earn passive income from them.

    Deposit/Wtihdrawal fees

    Phemex does not charge a deposit fee, but there are minimum deposit requirements. As for withdrawals, there is also a minimum withdrawal limit and the fee charged depends on the cryptocurrency. For example, Phemex charges 0.0005 BTC for BTC withdrawals, and 1 USDT for USDT withdrawals.

    Find out more about Phemex’s fees and conditions.

    What is the Phemex Token ($PT)?

    Phemex has a utility token known as Phemex Token ($PT). $PT gives holders various benefits including staking yields, trading fee discounts, VIP privileges, cashback airdrops, DAO governance, as well as launchpad and launchpool access. Phemex Token cab be purchased on the Exchange, and it can be staked to obtain Vote Escrow PT ($vePT). $vePT grants exclusive voting rights in the PhemexDAO, staking yields and buy crypto airdrops privilege.

    Payment methods

    Phemex only accepts the following cryptocurrency deposits onto the Exchange: Bitcoin, Ethereum, ChainLink, Tether and Ripple. Due to the Exchange not having any KYC procedures in place, traditional payment methods such as credit or debit cards and PayPal are not accepted.

    Sub-accounts feature

    Phemex offers an easy method to create sub-accounts – each with their own individual account balances and permissions. This feature allows traders to isolate their different trading strategies from each other – as it is possible to set a limited balance to each sub-account. Balance can be transferred freely between the accounts via the sub-account system. Traders can create new accounts for each new strategy they want to test out. In addition, sub-accounts can be used for trading bots – so automated trading can be done within controlled limits.

    Is Phemex Exchange Safe?

    Phemex has never been the subject of a significant hack. They also have the following practices to keep user funds safe:

    • Cold wallets: Phemex assigns separate cold wallet deposit addresses to each user and keeps 100% of user funds in reserve. It also uses offline signature and Merkle-tree Proof-of-Reserves so users can see where their funds are in Phemex’s system.
    • Risk controls: Phemex uses a two-factor authentication mechanism, an anti-phishing code, and a double-entry bookkeeping system to protect user accounts from tampering and malicious actions.
    • Firewall and network management: Phemex deploys its system on the AWS Cloud and uses several firewalls to separate different zones and machines for different trading purposes. It also applies restrictions on system and instance accessibility.
    • Trading platform:Phemex uses C++ engines that are fast, reliable, and customized to provide high performance and seamless disaster recovery for 24×7 trading.

    Phemex Team

    The core of Phemex team is comprised of ex-Morgan Stanley executives and developers. CEO Jack Tao has worked at Morgan Stanley for 11 years with experience developing Equity trading algorithms in the US. This work is pivotal to Phemex’s long term growth strategy and mission to bring professional trading tools to the cryptocurrency space.

    Conclusion: Phemex Exchange Pros and Cons

    Pros

    • Developed by ex-Morgan Stanley Executives
    • Industry trend-setting Zero Fee Trading
    • Sub Accounts and easy to use APIs
    • Top tier exchange and wallet security
    • No KYC for small withdraws

    Cons

    • Relatively new.
    • Regional restrictions without providing alternatives for users from those jurisdictions.
    Phemex Exchange Review

    References:

    AltcoinBuzz – Phemex Exchange Highlights.
    CoinExchangeReviews- Phemex Review

    Frequently Asked Questions (FAQs)

    Is Phemex Exchange Regulated?

    Phemex is currently looking for regulation via the Monetary Authority of Singapore (MAS) and SEBA for custody of customer assets. Similar to other derivatives exchanges such as BitMEX, PheMEX is currently not regulated.

    Is Phemex allowed in the US?

    Phemex does not offer services to the following countries: US, UK, Canada, Cuba, Crimea, Sevastopol, Iraq, Yemen, Iran, Syria, North Korea, South Korea, Sudan, China, Hong Kong, Republic of Seychelles, and Bermuda

    Does Phemex have a token?

    Phemex has a token known as Phemex Token or $PT. It is a utility token that provides benefits such as staking yields, fee discounts, and Phemex DAO governance.

    What is the difference between PT and vePT

    PT is Phemex Token, the native token of Phemex Exchange. Users stake PT in order to get vePT (vote escrow PT).

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • BitMEX Exchange Review (2023): For More Experienced Users

    BitMEX Exchange Review (2023): For More Experienced Users

    BitMEX is a popular Bitcoin futures exchange for advanced traders and speculators, offering leveraged positions with Bitcoin (XBT) and low trading fees, but with a steep learning curve. The coverage of this review will be from BitMEX’s details about the company up to all its features and cons.

    Sign up here to get started.

    What is BitMEX?

    BitMEX is a popular Bitcoin futures exchange for experienced traders and speculators, offering leveraged positions with Bitcoin (XBT) up to 100x times. Trading on BitMEX is highly risky and rewarding, so caution should be taken when using the platform.

    BitMEX, established in 2014 and based in Hong Kong, is a secure and reliable cryptocurrency exchange. It offers the lowest Bitcoin margin trading fees and a straightforward sign-up process, although KYC is required. The platform has a user-friendly UI and dashboard, but it may be challenging for beginners. If you’re new to the crypto space, we recommend starting with a simpler exchange such as Bitstamp, Coinbase, or Poloniex.

    Key Features of BitMEX

    You can try these main features of BitMEX:

    • Futures Contracts. Cryptocurrencies can be bought or sold at a predetermined price on a specific date in the future through Futures Contracts.
    • Perpetual Contracts. These are agreements that are similar to futures contracts, but without a pre-set expiration date. You can maintain your position in these contracts for as long as you wish, or until your position is closed out.
    • BitMEX UP & DOWN Contracts. It offer traders the opportunity to benefit from the potential gains or losses of an underlying asset. These contracts allow users to speculate on the Bitcoin price at a specific settlement date. Furthermore, they will receive or pay the difference if their prediction is correct or incorrect.
    • Quanto Futures Contracts. BitMEX offers Quanto Futures Contracts in US Dollars and Tether, allowing traders to gain exposure to the USD or USDT price of assets without having to hold either USD/USDT or the asset itself.
    • Trade Bitcoin contracts with up to 100x leverage – maximize your potential profits with our high-leverage options.
    • Above-average customer support. BitMEX provides 24/7 customer support through various channels, such as a support ticketing system, comprehensive knowledge base, Weibo, Wechat, IRC, Twitter, and Reddit.
    • Professional and secure exchange. BitMEX deploys advanced security measures such as multi-signature cold storage, two-factor authentication, PGP email encryption, and comprehensive risk checks for every user trade.
    • Comprehensive order types for different trading strategies. BitMEX users can access a range of order types to suit their trading strategies, including limit, market, stop market, stop limit, trailing stop, take profit, hidden, iceberg, post-only, and close-on-trigger orders.
    • BitMEX Testnet. BitMEX Testnet is a great way for beginners to learn margin trading without risking real money. Moreover, it’s a 1:1 replica of the mainnet, running on fake Bitcoins, so you can get familiar with the platform before signing up on the mainnet.

    Key Advantages of BitMEX

    Strong Security – Assets are Kept in Cold Storage

    BitMEX offers a multi-signature deposit and withdrawal system that requires multiple verification steps for added security. This ensures that your wallet, system, trading and communication are all kept safe.

    BitMEX offers one of the most secure storage solutions for your cryptocurrencies, with all addresses stored in a cold wallet. Cold wallets are kept offline, meaning that even if your personal information is compromised, hackers won’t be able to access your wallet as your private keys are not exposed.

    For enhanced security, it is recommended to store at least part of your crypto assets in a secure hardware (cold) wallet. Popular hardware wallets include Ledger Nano X and Trezor Model T. Both are highly appreciated by users for their security, usability, and design. If you’re looking for extra security when using BitMEX exchange, investing in a hardware wallet is a great way to ensure your funds are kept safe. All BitMEX reviews should mention this as an additional security measure.

    Futures Contracts and Other Services

    BitMEX is a crypto exchange that offers more than just regular trading services. It provides users with access to futures contracts, perpetual contracts, margin trading, and more.

    • BitMex Future Contracts:

    BitMEX futures are a type of agreement to buy or sell a specific asset at a predetermined price and time in the future. This type of trading is risky due to the volatile nature of the cryptocurrency market, and investors can potentially make large profits or losses. It is important to understand the risks involved before entering into a futures contract.

    • BitMex Perpetual Contracts:

    Perpetual contracts are similar to futures contracts, except that there is no predetermined expiration date. Buyers can hold these contracts for as long as they wish, without any pressure to sell.

    • BitMex Margin Trading:

    BitMEX is a crypto derivatives trading platform, allowing users to trade financial assets using up to 100x leverage. This means that with an investment of just $10, traders can effectively trade as if they had $1000. This works in a similar way to a loan, allowing traders to maximize their potential profits.

    Derivatives are financial products that derive their value from an underlying asset, such as Bitcoin, Ethereum, or any other altcoin. With BitMEX, traders can use margin trading to leverage their positions, but the platform’s smart margin and liquidation process will automatically close all open positions and protect traders from going bankrupt if their balance drops below zero.

    To get the most out of BitMEX’s powerful features, it’s important to understand how it works. The best way to do this is to practice in “learning” mode on the BitMEX TestNet.

    Practice Trading with BitMEX TestNet

    BitMEX TestNet is the perfect way for beginners to practice trading without any risks. This simulation allows users to gain experience in placing, executing and canceling orders, making it an invaluable tool for those just starting out.

    Create a separate account on BitMEX TestNet to practice trading Bitcoin with up to 100x leverage. Signing up only takes a few minutes and you’ll be able to view the current market and perform various actions.

    BitMEX Fees – Very Low

    BitMEX offers low fees for both perpetual contracts and traditional futures. The maker fee is -0.0250%, while the taker fee is 0.0750%. By minimizing your fees, you can maximize your earnings when trading on the platform.

    BitMEX does not charge for deposits or withdrawals, however, when withdrawing Bitcoin, a minimal Bitcoin Network fee is required, depending on the blockchain load. Market makers receive a negative fee, meaning they receive a rebate, a small percentage of the amount spent, instead of paying extra. Market makers add liquidity to the market and set a price, while market takers trade at a price set by the market maker.

    BitMEX App

    BitMEX offers a mobile app for Android and iOS users, allowing them to keep track of their assets and trade cryptocurrencies on the go. Rated 4.4 out of 5 on Google Play, the BitMEX app is a must-have for any crypto fan.

    Customers report that this app is easy-to-use and has a clear interface, with no technical issues encountered. Users find that navigating the app is straightforward when they know what they are doing. Download the BitMEX app to access real-time market data, make deposits and withdrawals easily, increase your security with multiple authentications and login notifications.

    Helpful Customer Service

    If you experience any issues or have any questions while using BitMEX, you can contact their customer support team by pressing the “Contact” button on their main page. The support is available in English, Chinese, Russian, Korean, and Japanese.

    BitMEX offers helpful customer support that can solve any issues and answer important questions. Users can find answers to generic questions in the company’s FAQ section. Furthermore, specific inquiries can be addressed via email.

    Key Disadvantage of BitMEX

    Despite its many advantages, BitMEX has some drawbacks that should be taken into consideration. These include high fees for certain transactions, a lack of customer support, and a complex user interface that can be difficult to navigate. Additionally, the platform is not available in all countries, and it is not regulated by any government or financial authority. (https://www.tnsdiamonds.com/)

    BitMEX USA – Not Available

    For US citizens, finding a reliable cryptocurrency exchange platform that is compliant with US regulations can be challenging. It is important to ensure that the exchange is supported in your country before making any trades to avoid any legal issues. BitMEX services are not available in certain countries, including:

    • The USA
    • The province of Ontario in Canada
    • The province of Québec in Canada
    • The Hong Kong Special Administrative Region of the People’s Republic of China
    • The Republic of Seychelles, Bermuda, Cuba, Crimea and Sevastopol
    • Iran
    • Syria
    • North Korea
    • Sudan

    It is important to check the laws of individual countries to ensure that crypto and trading activities are not prohibited. BitMEX does not support certain countries, so it is essential to research the legal status of crypto and trading in each country before engaging in any activities.

    BitMEX offers a range of advanced trading features, including margin trading with leverage, futures contracts, and perpetual futures. However, these processes can be complex and risky for inexperienced traders, so it is important to understand the risks before engaging in any of these activities.

    Making a risky decision such as BitMEX futures trading requires thorough research, market analysis, and an investment amount that you are comfortable with potentially losing. This type of trading is not recommended for beginners.

    For beginners, BitMEX may not be the best option as withdrawals and deposits can only be made in Bitcoin. This means that users cannot purchase cryptocurrencies using fiat currencies, such as USD and EUR, and must transfer Bitcoin from another platform to BitMEX.

    For reliable crypto exchange, Binance and Coinmama are the best options. Both platforms support fiat currencies and allow users to purchase Bitcoins easily.

    No Fiat Currencies Supported and a Small Number of Coins Available

    Making deposits on BitMEX can be a bit tricky for those who haven’t done it before, as the platform does not accept fiat currencies. However, this can be beneficial for experienced traders, as platforms that accept fiat currencies tend to charge higher fees.

    BitMEX only deals with Bitcoin, so all profits and losses are reported in Bitcoin. It is important to be aware of this when using the platform.

    Also, BitMEX is limited on supported altcoins:

    • Bitcoin
    • Bitcoin Cash
    • Dash
    • Ethereum
    • Ethereum Classic
    • Litecoin
    • Monero
    • Ripple
    • Tezos
    • Zcash

    With hundreds of options to choose from, top-rated crypto exchanges such as Binance and Coinmama offer far more variety than the limited 10 cryptocurrencies available.

    How to Use BitMEX?

    If you’re looking to use BitMEX, you’ll need a guide on how to register and make a deposit. Here you’ll find all the information to get started with BitMEX.

    How to Register on BitMEX?

    1. Create an account on BitMEX by clicking the Register button.
    2. Register by providing your email address, password and country of residence, then click the “Register” button.
    3. Confirm your email address by clicking on the “Verify my Email” link.
    4. Simply enter your credentials and you’ll be automatically logged in.

    How to Make a Deposit on BitMEX?

    1. Verify your identity to deposit funds on BitMEX.
    2. Generate a wallet address to securely transfer assets.
    3. Deposit only Bitcoin – no other cryptocurrencies accepted.

    If you don’t own any Bitcoins yet, it’s recommended to create an account on Coinbase and purchase Bitcoins using fiat currencies, then transfer them to a BitMEX wallet address generated for you.

    Conclusion

    BitMEX, a cryptocurrency derivative trading platform founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, is owned by HDR Global Trading Limited and has offices around the world. With its advanced features, BitMEX provides users with a secure and reliable trading experience.

    BitMEX offers advanced features such as futures contracts, perpetual contracts, and margin trading with up to 100x leverage, making it an ideal choice for experienced traders. The platform also provides a high level of security, including multi-signature deposit and withdrawal systems, multiple verification methods, and a cold wallet.

    BitMEX TestNet is the perfect way to learn margin trading with leverage without any risk. With low fees, BitMEX is an ideal platform for daily traders. However, it is not recommended for those who are not experienced with cryptocurrency derivatives trading. Additionally, it is not available in some countries, including the USA, and does not support any fiat currencies.

    If you are looking for an alternative to the platform you are currently considering, Binance and Coinmama are two options worth exploring. Consider all aspects of the platform before deciding if it is the right fit for your needs.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.