73
Okay most people would probably consider Phemex to be more of an exchange, so to speak, than Uphold, Gemini, Cash app(especially) due to the plethora of added functions and data you can use. Phemex advertises having the fastest futures and trading out there. Also with Zero fees, actual Zero fees, for once, they may just have the game beat. What holds them back is their slow withdrawal times. Don't get me wrong you can alter those times dramatically with a simple membership, but most people aren't gonna go for that. I use to use Phemex religiously when I first started day trading crypto. Wow, Phemex showed me that Day Trading is just a step up from gambling. Well some would beg to differ if you actually know what your doing, but most of us don't so, yeah, step up from gambling Lol. Now for those of you that just want a timid crypto experience. No added pressure, or unwarranted adrenaline, then you should stick with places like Coinbase, or Crypto.com. They keep it simple and more like a store and less like the stock market, Or an exchange. Now if you like to buy low, sell high, or vice versa I don't know your cup of tea, different strokes for different folks I'd allude, then this is your place. 100x leveraging, not for the faint-hearted, crypto day trading at it's finest. Now I won't get into the countless amount of money I lost before I actual stopped and took the time to figure out what the hell a candlestick chart is, and more importantly, what the candlesticks even mean. If you don't know what I'm talking about you probably should do some research before betting your savings on whatever coin and not break a sweat because, hey, it's a bull run. That's what they say when you make money, right? Lol nawh I won't make too much fun I'm nowhere near the expert you would want me to be.
Now Phemex offers a decent list of coins. It was a laughable amount back h=when I was using the site, but I've learned that they have collected a modest sum. They offer zero fees when changing to any coin, so you can exchange your bitcoin for Tron without any hassle. The zero fees ends when you start creating limit and market orders. Well all the orders Lol. That's to be expected though. What are they running a free day care for crypto enthusiasts funded by the state. Not yet. Just kidding, but do watch those fees collect as you start making orders What you may have noticed about this exchange is that it oddly resembles and works a lot similar to the stock market. Don't get me wrong their not the only ones that are set up like this, but Phemex even more so. Do you know why? Well maybe because the devs, or the people running the show are actually former Morgan Stanley Executives. Not just employees, but real head honchos. Now if you were me you'd be starting to et worried with big banking sifting their grimy fingers in crypto, but surprisingly it hasn't gone down that way so far. It seems these ex-execs have a real interest in decentralization. In my opinion they're just going where the money is. If the money as in human waste you'd find them with a shovel and a bucket ready to get dirty. Lol.
Paid Premium members enjoy free transaction fees on real-time "spot" trades. For clarity, spot trading is buying or selling assets now. Contract trading is agreeing to buy or sell an asset at a certain price in the future -- also known as future trading. Phemex offers membership subscriptions that range 30 days ($9.99), three months ($19.99), or for a year ($69.99). This zero-transaction fee discount does not apply to any other trading fees or withdrawal expenses. Now let's shed a little more light on the 100x leverage for those of you that don't quite grasp the subject, or would just like a little more to read. Phemex provides leveraged trading up to 100 times the amount you contribute. Leverage trading (also known as margin trading) is a method involving borrowed funds from the exchange. The reason to trade via leverage is to increase profit potential. Leveraged trading allows you to trade and profit using much larger asset amounts than with personal funds. Also, if you want to practice spot trading without the losing money part. Phemex also has a test net of sorts. Where you can use monopoly money to learn different styles and methods before using them on the battlefield. Market.
Please remember that leverage trading is very risky, and only experienced traders should try it. The most likely outcome for many is losing money. We Fools prefer to take a longer-term approach with a focus on buy and hold investing. Also if you don't want any wait times with Phemex's withdrawals I'd advise joining their paid membership program. If you choose to use the free version you'll be punished by only having, I believe, three withdrawal times a day. Even worse it goes by U.T.C time. Which is the world's time zone, or some gimmick like that. I think Greenland No, Coordinated Universal Time, by which the world runs it's time by, so it's basically the New World Order's time zone Lol.
Phemex's higher-level referral tier, called Phemex All-Star Program, requires a separate, short application process. Once accepted, All-Star affiliates permanently earn a 50% commission on all trading fees collected from members in their network. All-Star members can invite new All Stars to join and build networks beneath them. That triggers an extra 10% commission from their new All-Stars' referral network into your commission pool. I'm pretty sure this costs a tad more than the basic premium membership.
Phemex offers an "All-Star commission system" to help All Stars track their progress in detail. Phemex offers high-quality media materials to help All Stars achieve better results. Additionally, Phemex helps All Stars attract new users by offering a new user bonus of up to $100. Speaking of bonuses they also have a deposit bonus going on right now where if you deposit up to 2 BTC you can get up to 2000 dollars added to your trading account. No lock-ups , or any other BS like that. You just can't withdrawal any other the funds you deposited before the promotion ends, or you will have your bonus forfeited. Only one BS cavoite sorry.
This may seem like I'm only nit picking Phemex, but since they want to run their show like a full on currency exchange they are missing one of the big things most exchanges have. That is lending. More and more crypto exchanges are offering lending services. This is especially true with the undeniable expansion of decentralized finance (DeFi) within the space. As of this writing, Phemex does not offer a way to lend or borrow via the exchange. However, the mobile app states that, "Phemex will soon introduce new services such as Crypto Loans to rival traditional financial." No dates were provided for the launch of these promised services. They do offer Margin trading if you consider that loans. I don't.
As with most, if not, all exchanges users must complete the required know-your-customer (KYC) process to enable the OTC account to deposit fiat money. Then they must choose between an individual or institutional account. The next step demands a deposit of fiat currency or crypto. Once you selects the asset and price, Phemex immediately executes the trade. Fiat settlements normally arrive to the Phemex wallet within two hours and instantly for crypto settlements. In my experience it usually is between 15 to 30 minutes.
Phemex users can also trade gold futures. Though no time frame was provided, the mobile app also promises additional non-crypto trading options will be added which include, but are not limited to;
- Major stock indices
- Interest rates
- Foreign exchange currencies
- Commodities
- Energy contracts
- Precious metals
According to the Phemex website, standard and premium trial users can only withdraw up to 2 BTC per day. Withdrawal processing times are at 8:00 a.m., 4:00 p.m., and 11:00 p.m. U.T.C every day. Premium users have no withdrawal limits and enjoy hourly withdrawal reviews. For security purposes, each account must have at least one valid deposit and must have Google 2FA enabled before attempting a withdrawal. Would be Phemex users should probably review the table below. The exchange requires withdrawal fees for all cryptos, except for NEO and USDT-TRC20. There are no fees for account deposits.
COIN MINIMUM DEPOSIT MINIMUM WITHDRAWAL LIMIT WITHDRAWAL FEE BTC 0.00000001 BTC 0.001 BTC 0.00057 BTC USDT - TRC20 0.00000001 USDT 2 USDT 0 USDT USDT - ERC20 0.00000001 USDT 2 USDT 10 USDT ETH 0.00000001 ETH 0.02 ETH 0.0036 ETH XRP 0.00000001 XRP 0.5 XRP 0.45 XRP LINK 0.00000001 LINK 0.5 LINK 0.25 LINK XTZ 0.00000001 XTZ 1 XTZ 0.65 XTZ LTC 0.00000001 LTC 0.002 LTC 0.001 LTC ADA 0.00000001 ADA 2 ADA 1 ADA TRX 0.00000001 TRX 2 TRX 1 TRX ONT 0.00000001 ONT 2 ONT 1 ONT BCH 0.00000001 BCH 0.002 BCH 0.001 BCH NEO 0.00000001 NEO 1 NEO 0 NEO EOS 0.00000001 EOS 0.2 EOS 0.1 EOS DOGE 0.00000001 DOGE 100 DOGE 5 DOGE BAT 0.00000001 BAT 32 BAT 24 BAT CHZ 0.00000001 CHZ 92 CHZ 71 CHZ MANA 0.00000001 MANA 44 MANA 23 MANA ENJ 0.00000001 ENJ 16 ENJ 12 ENJ SUSHI 0.00000001 SUSHI 2.8 SUSHI 1.58 SUSHI SNX 0.00000001 SNX 3.36 SNX 2.95 SNX GRT 0.00000001 GRT 22 GRT 25 GRT UNI 0.00000001 UNI 1.4 UNI 0.72 UNI AAVE 0.00000001 AAVE 0.26 AAVE 0.099 AAVE YFI 0.00000001 YFI 0.001 YFI 0.00044 YFI COMP 0.00000001 COMP 0.09 COMP 0.046 COMP MKR 0.00000001 MKR 0.002 MKR 0.0055 MKR ATOM 0.000001 ATOM 0.01 ATOM 0.005 ATOM LUNA 0.000001 LUNA 5 LUNA 0.02 LUNA FIL 0.00000001 FIL 0.01 FIL 0.001 FIL ZEC 0.00000001 ZEC 0.01 ZEC 0.001 ZEC QTUM 0.00000001 QTUM 0.02 QTUM 0.01 QTUM DOT 2 DOT 3 DOT 0.1 DOT KSM 0.1 KSM 0.1 KSM 0.01 KSM XLM 0.00000001 XLM 40 XLM 0.02 XLM ALGO 0.00000001 ALGO 10 ALGO 0.01 ALGO
Well that about wraps up Phemex. This was more a formal read than the others. I tried to leave the stories and opinion to a minimum if you couldn't tell. Mostly because there were no stories to tell. I'm not banned from Phemex and I haven't really had any terrible confrontations that need addressing. Unlike prior reads. Well hope you enjoyed this one and got something out of it. Let me know if you like how I'm starting to mold this Best of series. With the pictures and graphs what have you. I always like criticism whether it's good, or bad. As long as it's constructive. Also any ideas for bullet points, or specific categories to hit that I have missed please don't hesitate to comment. I reply to them all. Just not immediately. I don't have a complete lack of life Lol.
