Website Review: SCAM or PAYING?

Phemex.com Review SCAM or Paying?

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Phemex.com Review SCAM or Paying?

Summary

User Management/Design: Custom
Company transparency: Transparent
Site Security: SSL
Deposit options: Bitcoin, Ethereum, ChainLink, Tether, and Ripple 
Affiliate: 50% under Phemex All-Star Affiliate Program 
Withdrawal: Minimum 0.002 BTC required 
Investment: N/A
Profit: N/A

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User Review
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Status: PAYING AND LEGIT

pros

  • No KYC required
  • Stop-Loss & Take-Profit feature available
  • Offers leverage up to 100x
  • Zero fee trading option available at $9.99 per month
  • $72 USD bonus on joining

cons

  • No traditional payment options are available
  • Only six crypto pairs available for trading
  • Founded a year ago

Company

Jack tao and other founding members of Phemex are experienced wall street traders and investors themselves. They found that there is a lack of trustworthy and professional crypto trading platform and hence they decided to launch Phemex. They saw a constant growth in terms of numbers of users engaging with various crypto platforms. However, most of the crypto platforms still showed little to no improvements. 

The Phemex founding team realized that the inefficiencies of the crypto trading platforms have created serious problems for the crypto trading community. Hence, the team left their Wall Street Jobs and launched Phemex in 2019. The Phemex platform went live on November 25th, 2019. Phemex’s core team includes Jack Tao, Yang Du, Cecilia Wang, and Federico Variola. 

Product:

#1. Crypto Trading

Phemex is a crypto trading platform and has an ability to offer free zero trades to crypto traders. This is different from order major crypto trading platforms as they charge fees on both buying and selling of cryptocurrencies through their platform. The trading fee may not matter if a crypto trader does trading once in a while. However, a professional trader or a crypto trader that trades on a regular basis may find this feature very useful. The trading fees add up to thousands of dollars on a yearly basis for regular and professional crypto traders. 

A monthly premium plan that costs just $9.99 can be very beneficial for the crypto traders that trade regularly. This is hugely beneficial for both the crypto day traders and the professional crypto trading analysts. You can go ahead and try it out for free for the first 30 days. You must make a minimum deposit of 0.02 BTC on the Phemex platform and your total transaction must be over $1000. 

#2. Bitcoin perpetual Futures

This is the core product of Phemex. It is a cryptocurrency derivative trading option. At the moment, they are only offering Bitcoin Perpetual Futures. Are you wondering about what’s a derivative? Derivative means an asset whose actual value depends upon the underlying product. The value of Bitcoin Perpetual Futures depends upon Bitcoin. 

A user can leverage up to 101X on Phemex’s derivative products. What does this mean? It means that even if there is just a 1% change in Bitcoin’s price, it will result in a 100% change in the funding amount. BitMex exchange had popularized this kind of leverage. Currently, BitMex offers 100X leverage. 

Conclusion

Phemex is a credible company with an experienced team. They are serious about solving the problems that are currently festering the crypto trading platforms around the world. They are currently not regulated but they are trying to get permission from the Monetary Authority of Singapore. 

At the moment, Phemex is charging 1 USDT for withdrawals in USDT and 0.0005 BTC when a user wants to withdraw BTC. There’s one very interesting feature in Phemex and that is its funding fee. You must not forget to factor in the funding fee when trading on Phemex. Depending on if the funding rate is positive or negative, the funding rate is paid to short or long positions  

Phemex platforms charge a funding fee at an interval of every 8 hours. It can be either negative or positive. It means that you can either lose your money or gain more, depending upon the funding rate. In the case of a negative rate, the long positions will receive a percentage of position from the shorts. 

Overall, we believe that Phemex is a very interesting and innovative trading platform and has a bright future ahead of it. It may not be that relevant for the novice crypto traders as they are likely to not understand the technical side of the many trading features provided by Phemex platform. 

Disclaimer: @hashant has no connection to the sites we performed reviews and has not invested in any of the sites we perform a review on and we will never endorse or recommend you to invest in any of this sites. A review is made to help you find a good site among the many. Still, there are no guarantees that the site will perform well over time or are truly legal.

You can ask us to make a review on a particular website. To do so please leave a comment and the site URL on our suggestion page.
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