As the Crypto Space is growing constantly and considerably, the main problem (kind of) for every newbie is to find a good exchange for purchasing and trading cryptocurrencies.
Although, there are lots of top cryptocurrency exchanges like Binance, Coinbase, FTX which have already secured a good ranking and base, today I'm going to review Phemex: One of the Best Pick apart from Binance.
So, let's get started -
Phemex is comparatively a new exchange in the crypto market but has strong fundamentals and an active development team.
Introduction:
Phemex was founded on Nov 25th 2019., in Singapore, and is owned by Phemex Financial Pte. Ltd. Their stated goal is to become the world’s most trustworthy cryptocurrency derivatives trading platform while maintaining the user-oriented approach. The company is of-shore, registered in the British Virgin Islands, like many other similar crypto companies. The reasons for this are mostly business related – looser regulatory standards and much lower tax rates.
In short time, Phemex attracted over 50,000 new users and records more than $700 million of daily trading volume which puts it among the top 10 derivative exchanges on the Coinmarketcap rankings.
Currencies supported:
Phemex offers a small list of supported currencies: Bitcoin, Ethereum, Ripple, and LINK that can be traded against the USDT – Tether. As there are no actual transfers of Bitcoin in the buying/selling process, contracts are quoted in USDT.
The Team
- Jack Tao, CEO
- Yang Du, Trading System Architect
- Cecilia Wang, Head of Marketing
- Federico Variola, Security and Strategy Consultant
This is a respectable team, consisting of former Morgan Stanley executives with proven track records in the financial world. Phemex currently has a team of 40 employees and is recruiting new staff as we speak. They have already won the public sympathies by donating 10,000 face masks during the Coronavirus outbreak.
Phemex Fees
Phemex is going by the standard of the industry, with the maker-taker fees 0.025% and 0.075%, identical to Bybit and BitMEX.
User Interface:
You can choose from 5 different languages with a plan to add more world languages as their usebase grows.
All the standard trading tools are available, and the number of indicators per chart is unlimited. Users can adjust the platform to their desired preferences, and also there is a demo-trading option, for an easy inside view of all the Phemex options without adding any funds. However, some parts aren’t fully customizable, for instance, time frames on the trading view chart.
Overall, Phemex comes with a nice interface solution, similar to most of the platforms. Traders with questionable internet speed will surely appreciate the ping monitor, displayed at the bottom left corner of the UI.
Customer Service
Their Help Center is surprisingly well managed, with a plethora of helpful articles, FAQ sections, how-tos, and recent blog posts. You can find most of the answers regarding the platform here. The support team is available via email, live chat, and the Telegram community. The CEO is also available on Telegram and Twitter, but it’s mostly a nice marketing trick, nothing more. The platform doesn’t have a direct telephone line, but I am sure that will change in the future.
Is it safe to use?
The team behind the platform has proven itself in the business world already and has over 40+ years of combined experience in delivering high-frequency technology. As they often emphasize, they are led by eight former Morgan Stanley executives, and that gives this platform a high level of trustworthiness.
The platform uses an HD Cold Wallet System to secure the funds. All the funds are periodically sent to one, multi-signature cold wallet via offline signature. Phemex doesn’t have own hosting service but uses Amazon Web Service (AWS) Cloud, the industry leader when it comes to cloud-based security and safety. Trading zones are separated from the internal network with the layer of firewalls. The platform is also secured with SSL technology and uses PCI scanning.
Final Words
Phemex builds its position on the market by focusing on its main strengths: user-oriented approach, surprisingly quick transaction time, and sub-account option.
