Phemex is one of the best cryptocurrency exchanges in the world. It is the go-to platform for a wide range of crypto traders all around the world. It is a Bitcoin derivatives platform that was launched in 2019.

Since then, it has grown into one of the biggest crypto exchanges in the market. It has achieved impressive growth and recognition, thanks to several features that it offers to the users.

However, if you are new to the crypto space and want to choose the Phemex exchange then you should know some of its highlighting features so you can determine whether it is a suitable exchange for you or not.

Here is what you should know.

Multiple Advanced Order Types at Phemex

The order types is one of the factors that every crypto trader looks for. A platform that supports basic and advanced order types can signify that the exchange is versatile and capable of handling a large audience.

Some of the crypto platforms only support the basic order types, however, it is not the case with the Phemex crypto exchange.

This platform not only supports the basic order types but it also offers support to multiple advanced order types. Therefore, if this is one of the deciding factors for you then you can choose this exchange for buying or especially trading crypto.

User-centric Business Model

Unlike several other cryptocurrency exchanges, Phemex is a community-focused crypto exchange. This means that offering an outstanding user experience is the platform’s top priority. Therefore, this exchange takes under consideration any and all feedback given by the community and aims to mold its services and features accordingly.

This brief Phemex review has an excellent example. This platform recently added the LINK/USD trading pairs as it received feedback from the community regarding it. It is also anticipated that the platform will offer some more based on what the community wants.

No Need for KYC

One of the additional security features is the KYC (know your customer). This feature requires the users of the Phemex crypto exchange to complete a verification. This verification requires the users to present their identity documents and more. This secures the platform and makes it difficult for fraudsters to have access of the exchange.

However, while strengthening the security of the platform it also limits the access to the exchange for some users. This affects the customer base and makes it a little smaller.

Fortunately, Phemex does not require KYC verifications, which certainly makes it more open to use for a large audience. As far as the security is concerned, the platform uses a variety of leading-edge security systems for that.

Fee to be Paid

If you are a potential user of the platform then you should know that Phemex fees is one of the top factors you should know about. The fee charged by a platform is one of the topmost features that needs to be considered by the users, regardless of the platform that they want to use.

The fee structure of an exchange can help give you a good idea whether the platform is suitable for you to use or not. There are platforms that charge an unfair fee structure that also includes hidden or additional charges.

Therefore, if you want to use Phemex then you should have an idea about the fee it charges. It has one of the best fees structures in the crypto market. Here are a few more details about the fee structure.

  • 0.0005 BTC withdrawal fee
  • -0.025% trading fees for market makers
  • 0.075% trading fees for market takers
  • No fee for deposits

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Security Offered by the Exchange

As mentioned above, the Phemex crypto exchange is one of the platforms that takes the security of its users very seriously. This is why, this advanced trading platform uses several outstanding and technologically advanced security systems that make sure the funds and accounts of the users are kept safe and out of harm’s way.

The security of the platform is strengthened by using some of the following security features.

  • Deterministic Cold Wallet System
  • Multi-signature cold wallet
  • Amazon Web Service (AWS) Cloud

Leverage Trading

Trading with leverage is yet another popular trading strategy that most crypto traders look for. There are many crypto platforms that support leverage trading now. However, as a beginner you should be careful about the platform you choose and use a secure one such as Phemex.

This exchange not only supports leverage trading but also charges one of the highest leverages, which is up to 100x.

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