If it's crypto-related, Kris has already covered it
If it's crypto-related, Kris has already covered it
Looking for an honest Phemex review? You’ve just found it. Keep reading to see why this could be the crypto leverage trading site you’ve been looking for!
We found that Phemex offers you a fast and simple way to speculate on the price movements of all top cryptos like Bitcoin, Ethereum, Tether, and much more. But is Phemex legit? Discover the answer to this and many more questions by reading our Phemex review below!
Loading up the Phemex website for the first time reveals a homepage that is light and airy and relatively simple to navigate around. It features a bright white and blue color scheme and this is something that is carried over to the iOS and Android mobile apps.
The main trading platform at Phemex looks and feels like you’d expect. You’ll get to see the relevant statistics and price movements for the pairing that you’re looking at such as BTC/USD. From here you’ll be able to execute your trades and apply things like stop-loss orders and so on. It might not have the full range of indicators that we’ve seen at other trading platforms, but there’s more than enough for most casual investors.
Our Phemex review loved all of the extra features dotted around the trading site. These included lots of cool announcements about newly listed tokens and we also saw some great competitions that served up some pretty impressive prizes. Plus we should note that Phemex also has a generous welcome bonus for new customers and there’s even a referral promo that you can get by introducing a friend to the trading site.
Above all, the main impression we get of Phemex is that it is a professional heavyweight online trading platform. This is something that can be seen in the fact that there are over 400 educational articles dotted around the site that’ll take you from being a crypto newbie into becoming an experienced trader.
So let’s take a closer look at how you can actually use the Phemex site. First of all, you will need to create a customer account. You will have to be at least 18 years old to open up a Phemex account and will be required to prove this as part of the robust sign-up procedure. So once you have provided your email and created a password, you’ll have to complete the KYC verification process.
Thankfully this doesn’t take too long and this means that you should swiftly be able to make your first deposit at Phemex. You can do this either with a regular credit card, a bank transfer or with one of the accepted cryptos. Just don’t forget to pick up one of those welcome bonuses when you put your money down as this deal offers a great way to sidestep some of the fees associated with the platform.
Once the money is in your account, you can simply head to the Markets section and see the price movements for all of the major pairings like BTC/USDT, ETH/USDT and so on. Then it’s just a matter of hitting the Trade icon and you’ll be taken through to the spot trading page. While this is good, we’d recommend going a step further into the Contract page where you’ll find crypto trades with a leverage of anywhere up to 100x. Definitely an interesting way to get more from your crypto trading!
If you want to buy cryptocurrencies at Phemex, you can do so direct from making a deposit via credit card or a bank transfer. What’s best is that there are over a dozen different banks and credit card providers who you can make a deposit with. You’ll also find a good amount of crypto deposit options that let you add money to your account with the likes of Bitcoin, Tether, Ethereum, Ripple, Link and so on.
The good news is that most withdrawals from Phemex are usually completed within one hour. However, there is always the chance of network congestion, so be sure to get in touch with the Phemex customer support team if there are any lengthy delays. Just remember that you will have to withdraw from a minimum of 0.001 BTC at a time if you are using Bitcoin and there are similar minimum withdrawal amounts for the other featured cryptos.
You’ll be impressed with the quality of customer support at Phemex. You can access this 24/7 and what’s best is that it offers multilingual support. You’ll always see the live chat icon in the bottom right of the website and hitting this offers you the fastest way of reaching one of the friendly and professional customer service team.
There are also a range of email addresses that are dedicated to different areas of customer support. The only downer here is the fact that there didn’t appear to be any kind of telephone hotline, but we were more than impressed with the sheer depth of the Phemex FAQ.
Plus when you consider the fact that you can even contact the Phemex CEO directly via Twitter or Telegram, it shows that this is a trading platform that wants to hear from its customers. Just so you know, Phemex is also active on Facebook and Instagram.
You’ll probably know that we spent a fair amount of time asking, ‘Is ByBit safe?’ and so we should really do the same for Phemex. So we looked around the Phemex site and found that it had all the hallmarks for a legit and respected operator. The fact that it enjoys a 24-hour trading volume of over $10 billion should give you some idea of what to expect. Plus with over two million users and more than 30 integrated liquidity providers, you’ll see that this is a major crypto trading platform.
Phemex is also committed to keeping your deposits safe. This can be seen in the fact that the brand uses cold wallet storage which basically requires two-person approval with offline signatures.
Plus we should note that Phemex has a clear page of terms and conditions that are all governed according to the laws of Singapore. This means that if there is any wrongdoing, Phemex will be held to account at the Singapore International Arbitration Centre. All of which means that you should feel secure in enjoying leveraged crypto trading at Phemex.
Phemex has grown to become one of the most respected leveraged crypto trading platforms. After all, the Singapore-based brand was founded by a group of former executives from Morgan Stanley, so it offers plenty of expertise and experience.
Alongside the fact that this is a well-established company, it seems that Phemex enjoys a healthy online reputation. The most harmful accusations we saw were ones that suggested that the two-factor authentication procedure could be easier to implement, and there was also a fair amount of confusion over some of the special offers.
It’s not surprising to find a handful of negative opinions about Phemex on a few crypto forums. After all, this isn’t too strange as you only have to type a question like, ‘Is PrimeXBT safe?’ into the internet and get a barrage of conflicting opinions. All of which shows that Phemex is a trading site that can be trusted.
We’re not saying that Phemex offers you the chance to enjoy crypto trading with highest leverage we’ve ever seen, but it does come pretty close. After all, you can get leverage of up to 100x here and this can be done across dozens of popular pairings like Bitcoin against the US dollar and so on.
The main kind of crypto trading you’ll find at Phemex is what is known as futures trading. This is essentially where you are betting whether the price of an asset goes up or down. The accuracy of your prediction determines the size of your profit or loss. As such, this leveraged kind of crypto trading can be hugely risky.
The good news is that Phemex offers you a range of cryptos that you can try leveraged trading with. These include Bitcoin, Ethereum, Polkadot, Ripple, DogeCoin and many more.
As well as the main kinds of contract crypto trading described above, our Phemex review also found that you can try spot trading on well over 200 cryptocurrency pairs. This is where you buy the crypto at the market price and then hold onto it until you (hopefully) trade it for a higher price later on.
Never bought crypto before? Well, you can do so at Phemex. The brand lets you use a regular debit or credit card to buy some of the most popular cryptos like Bitcoin, Ethereum and Tether.
There is even a great kind of savings account on the Phemex site. This lets you store your cryptocurrencies at Phemex and you’ll get a healthy interest rate of up to 11% APY in return. This interest gets paid out on a weekly or even a daily basis so that you’ll constantly get a little extra back from your investment.
Much of the appeal of Phemex comes from the fact that this is a trading site that knows how to keep its costs down. For example, there aren’t any hidden charges for enjoying crypto spot trading at Phemex. However, there is a 0.025% fee if you make a trade on Phemex, while there’s a 0.075% fee if you take the trade on the site.
You might find a few more fees in other areas of the site. While Phemex doesn’t charge any fees for you making a Bitcoin deposit at its site, you will have to pay a minimum 0.00057 BTC network fee for withdrawing Bitcoin.
We think that Phemex is well worth a look if you are into the idea of leveraged crypto trading. After all, it features an impressive number of crypto pairings and some of the leverage rates are truly remarkable.
What’s best is that there are a number of other crypto products on the site. This means that you could buy more crypto or even just let your crypto rest and gain interest while you wait for the next contact trading opportunity. All in all, a good all-round crypto investment site.
Still not sure what we mean when we talk about leverage trading? Then make sure that you read our guide that answers the question, ‘How does leverage crypto trading work?’ so that you can make the most of all that Phemex has to offer.
Make sure that you read our Phemex review to see how you can use this crypto leverage trading site. This means walking you through the steps needed to register an account and get your login. Plus we’ll even let you know how leveraged crypto trading works so that you can enjoy speculating on the price movements of top cryptos like Bitcoin, Ethereum, Tether and more.
If you want to enjoy quality leveraged Bitcoin trading, then the chances are that you will incur some fees along the way. The good news is that the fees at Phemex are very competitive so that you shouldn’t be caught out by any unexpected charges. So make sure that you read our Phemex review to see exactly what kinds of fees and charges you may be up against.
Be sure to read our Phemex review to see whether you can get any kind of welcome bonus for signing up to this crypto leverage trading platform for the first time. After all, while defi leverage crypto trading is great fun, we think that it all gets a lot more enjoyable when you use a good bonus. Thankfully our review is here to make sure that you see what you get when you sign up to Phemex!
Check out our Phemex review where we will carefully examine how you are allowed to trade cryptos at this site. After all, there are many different kinds of crypto trading out there and you’ll also need to consider important ethical questions like, ‘Is crypto margin trading halal?’ So be sure to read our review and learn the facts about what it means to enjoy crypto trading at Phemex.
More and more investors are realizing that apps offer them a convenient and flexible way to monitor and execute their trades. So make sure that you read our Phemex review to see whether this crypto leverage trading platform also has its own app. After all, leveraged Ethereum trading gets a lot more fun when you can do it when you want and wherever you want!
So is Phemex safe? Yes, our Phemex review found that this is a leveraged crypto trading site that you can trust. After all, it has a decent heritage and the sheer volume of trades executed here shows that Phemex is not a small-time operator.
The actual crypto trading platforms are impressive and you could pick up quite a bit of leverage with your trades here. Plus we were impressed with all of the other features that let you do things like buy cryptos, earn interest on your digital assets and much more.
It’s hard to think of too many criticisms of what Phemex had to offer, but we think that newcomers to crypto trading should be careful with how they invest here. However, as long as you play it careful, we think that you’ll have a great time at Phemex. So sign up to Phemex, get that bonus and start crypto trading!
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