Phemex is the newest derivatives exchange on the Bitcoin block. Phemex is committed to enabling the trading of institutional-grade derivatives on a massive scale. The ex-Wall Street team is committed to applying their trading experience to the current realities by expanding the pool of crypto derivatives brokerage options for both traders and investors.
Ex-Morgan Stanley executives launched their product on November 25, 2019, in Singapore, and have since been trying to focus on a more user-centric approach to the derivatives trading platform.
Phemex growth rate
Since its launch, Phemex has received tremendous support, growth, and patronage from crypto traders around the world. Thousands of users have signed up on the platform since it was officially launched.
The company explains the reason for this massive success and consistent growth with its user-centric approach to doing business and launching a new crypto trading platform.
In its report to shareholders, the company announced that it will continue to invest in aggressive expansion and growth of the trading platform to reach the one million registered user mark by the end of 2020.
The bonus program of Phemex
Phemex offers new platform users some of the highest bonuses for completing various tasks.
These tasks are divided into three groups and are presented in the list below. Upon completion of all these tasks, the user will receive about $ 130 in bonus.
- Account Opening. A $ 2 bonus for opening your first account on a crypto trading platform. This bonus is automatically credited to your trading account and can be used immediately when opening trades.
- First Deposit. Phemex users also receive an additional bonus on their first deposit. The maximum bonus that can be obtained for this is $ 60, but this requires depositing at least 0.2 BTC and becoming eligible for participation.
- Social Media Sharing. As part of its aggressive growth plan, Phemex is offering users a $ 10 bonus if they subscribe to the company on social media and share Phemex links on their accounts.
Phemex Commission
Phemex does not charge any deposit fees, which means that you can deposit money in the exchange for free. At the same time, when it comes to trading fees, Phemex leaves them at -0.025% and 0.075% for the maker and recipient, respectively. These rates are similar to those of other exchanges in the industry.
In addition, Phemex sets a financing rate that depends on the position of the borrower. As you would expect, a high lending position will have a significant impact on equity. And this will be reflected in the rate.
Withdrawal commission
Phemex currently charges a flat fee of 0.0005 BTC per withdrawal. Of course, this may change in the future.
Registration process
The first step to take is to visit Phemex.com/register. Here you need to enter your data:
- Email;
- A strong password that is easy to remember.
After that, you need to confirm your email address by clicking on the link sent to your inbox. If you do not see this letter in your mailbox, check your Spam folder.
Email security
It is very important that only you have access to the registered email that you used when registering with Phemex because this Email will be used to send you OTP codes, security updates and notifications, 2FA authentication, and security alerts if you try hacking your Phemex account.
Login process
The login process for Phemex is simple and secure. The platform uses 2FA authentication, OTP (One Time Password), and other security techniques to ensure that your account won’t be hacked.
To complete the first login process, please follow the instructions below.
- Go to Phemex.com (It is important to make sure that you are on the Phemex page and are not redirected to a fake page by a hacker trying to get your login information).
- On the Phemex.com home page, click the Login button.
- Enter the email address and password you used to create your Phemex account.
- A window will appear asking you to enter the OTP (one-time-password) sent to your email.
- Go to your email inbox, copy the OTP code and paste it into the box to complete the login.
After logging in, you must update the security of your account. For this:
- Complete the setup and security configuration of your account;
- Activate 2FA security features for your Phemex account.
Deposit and withdrawal methods
Phemex wallets allow you to deposit and withdraw funds from both Bitcoin and credit card accounts. However, at the moment, no options have been found on how to directly deposit US dollars into the platform.
Before using Phemex, you need to buy Bitcoins. Users can either do this on the Phemex platform after registering or deposit BTC into their BTC wallet. To trade Bitcoin contracts, users must fund their trading accounts from a wallet with pre-deposited funds. Likewise, to trade contracts settled in USD, users can exchange BTC from their wallets and receive money into their trading account in USD at a real-time rate.
On the other hand, the withdrawal process is very simple. All the user has to do is enter their wallet address, and the amount of Bitcoin to withdraw and continue the process with the standard 2FA functions. Unfortunately, there is no Bitcoin address whitelisting feature like other exchanges like Coinbase. And this can be viewed as a security flaw.
