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Author Topic: Phemex, see!!!  (Read 974 times)

Offline Radik2323

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Phemex, see!!!
« on: March 29, 2021, 01:08:01 AM »
I advise you to read!
Phemex is a Singapore-based exchange launched on November 25, 2019. It focuses on cryptocurrency spot and derivatives trading and supports eight different languages: English, Russian, Spanish, Japanese, French, Chinese, German, and Korean.

The trading volume of an exchange is very important to its users. High trading volume is often (but not always) correlated with deep liquidity. When the platform has good liquidity, it means it will be easier for you to find a buyer for your sell order or a seller for your buy order. As of the date this review was first written (April 21, 2020, right in the middle of the COVID-19 financial crisis), Phemex had 24-hour sales of $ 405.6 million, according to data from Coinmarketcap. This result placed the exchange in the 50th place in the ranking of exchanges with the highest trading volume in 24 hours in the world according to Coinmarketcap. As of the date this review was last updated (August 14, 2020), Phemex's 24-hour trading volume had increased to $ 685 million! This placed it in 6th place on the list of all cryptocurrency derivatives exchanges.

How, then, did Phemex become so popular? We think you should take a look for yourself. This could be due to a large number of different reasons. However, on its website, Phemex provides a pretty good overview of its platform, comparing it to the platforms of its two main competitors: BitMEX and Bitfinex.

As usual with new exchanges, Phemex also offers various bonuses in order to attract customers. As a welcome bonus, Phemex is offering you up to $ 60 for any deposit of 0.2 BTC or more. This bonus can also be obtained by depositing other cryptocurrencies. In addition, Phemex also offers you a $ 10 spot trading bonus per order of $ 500 and a contract trading bonus of $ 10 per BTC / USD transaction of $ 5,000. In total, you can get up to $ 80 in bonuses. Please note that these bonuses are subject to change at any time.

Leveraged trading
Phemex allows you to trade its crypto derivatives with leverage. This means that you can get more opportunities (and risks) by increasing or decreasing the price of a certain cryptocurrency, without actually having the necessary assets. This is achieved through the use of leverage. In simple terms, this means that you borrow from the exchange in order to bet more. On this platform, you can take full advantage of 100x leverage.

For example, let's say you have $ 100 in your trading account and you are betting on BTC by going long (that is, betting on a rise in value). In the event that BTC further increases in price by 10%, you will earn $ 10. If you used 100x leverage, your initial $ 100 position becomes a $ 10,000 position, so you instead earn an extra $ 1,000 ($ 990 more than if you had not leveraged your transactions). However, the more leverage you use, the closer the distance to your liquidation price becomes. This means that if the price of BTC moves in the opposite direction (in this case, it goes down), then it only needs to go down by a very small percentage, and you will lose all the $ 100 you started with. Again, the more leverage you use, the less opposite price movement must be for you to lose your investment. Therefore, as you can imagine, in transactions using credit funds, the balance between risk and reward is a rather shaky thing (in any case, there is no risk-free profit).

Spot trading
On May 15, 2020, Phemex announced the launch of its spot trading services. Currently, you can trade 11 cryptocurrencies with USDT: BTC, ETH, XRP, LINK, XTZ, LTC, ADA. TRX, ONT, BCH and NEO, and this list is updated almost every week. Unlike contract trading, where you speculate and place bets on the price of any particular cryptocurrency or asset without having to hold onto the asset itself, spot trading is the direct buying and selling of the cryptocurrencies listed above.

What is notable about Phemex's spot trading services is that they offer a zero commission model. On most exchanges, when you buy or sell cryptocurrency, you have to pay a commission, which usually ranges from 0.10 to 0.25%. On Phemex, you can purchase a premium membership that can cost as little as $ 5.80 per month. Premium membership, according to Phemex, offers significant savings for high volume traders.

Mobile device support
This trading platform is available not only from a computer, but also from android and apple mobile phones. Today, most traders in the cryptocurrency world trade from a computer (about 70% or so). However, it is clear that there are people who want to trade from their smartphone as well. If you are one of them, then this platform is still right for you, given the fact that it has a simple mobile app (not like BitMEX, for example).

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Phemex, see!!!
« on: March 29, 2021, 01:08:01 AM »

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