Phemex Review: up to 100x leverage and six crypto pairs
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- Deposit options:: Credit card / debit card, Wire Transfer Paypal, Neteller, Skrill, WebMoney,
- Leverage rate:: 1:30
- Free demo accounts:: Demo account funded with $100 000
- Minimum deposit:: $20
As one of the newer companies in the market, Phemex has proven to be innovative and attractive to crypto traders proving this after its first 24 hours on the market. The company’s focus on security, leverage and fast response to clients is how they demonstrate one of their main values: trust.
Before opening a Phemex account we invite you to read this review and visit their demo trading platforms to have an insight on what could be the pros and cons of this trading platform.
What is Phemex?
Launched November 2019, this cryptocurrency trading platform has been well ranked despite its recent initiation, due to its exchange trading volume. During its first 24 hours after the launch, it was listed number fifty on the CoinMarketCap international list of exchanges. The Singapore based company led by Jack Tao already has 105,000 users.
Its popularity in the sector has been growing steadily even right after a few months after its launching, in 2020, Singapore-based investment firm NGC Ventures invested in Phemex around $3.5 million.
What does Phemex do
Phemex is a cryptocurrency exchange platform that offers up to 100x leverage and supports six different trading pairs: Bitcoin, Ethereum, Chainlink, XRP, Litecoin and Tezos. They differentiate themselves by seeking to maintain an active multilanguage communication and interaction with their users through social media and their website.
Their platform supports five different languages: English, Russian, Spanish, Korean and Japanese. According to Finance Magnates they are also hoping to expand their operations into Japan, South Korea and Russia. Aiming to advance in their strategy to minimize risks, they offer a perpetual contract that will be pegged on gold and based on the US dollar.
Their web architecture is established on C++, a well known software for the CEO Jack Tao who has been working with it for over 10 years.
The company’s name comes from the greek goddess Pheme whose main characteristics are fame and good reputation. The suffix -ex comes from Mex which means mercantile exchange.
Phemex Team: Former Morgan Stanley Executives Going Independent
Phemex’s main team has 8 members, all former Morgan Stanley Executives experienced in computer science, software, marketing, international relations and linguistics. Their core members are Jack Toa, Yang Du, Cecilia Wang, and Federico Variola.
Jack Tao: Tao is the CEO and a computer science and software engineer. He worked at Morgan Stanley for 11 years, and is an expert on q/KDB+, C++ and Java.
Yang Du: Yang is a computer software engineer that worked for HKEX as a system architect. He also acquired experience as a C++ developer working for Morgan Stanley.
Cecilia Wang: Cecilia has been in the marketing industry since 2011. She worked for 7 years as the CEO of J.C.Moritz.
Federico Variola: Federico is a Ph.D Candidate at Futan University and has vast experience in international relations, specializing in cyberwarfare, national security, new technologies and how these last two intertwine.
Is Phemex Legit?
Phemex works with a Deterministic Cold Wallet System designed to “assign separate cold wallet deposit addresses to each user” as they specify on their website. They also work with offline signature verification.
The company installed a series of firewalls in between trading zones. The trading platform uses CrossEngine to help match client orders and TradingEngine to make risk checks.
To ensure a secure site they process withdrawal requests up to three times per day, which might imply longer withdrawal wait.
Phemex uses a two factor authentication mechanism and based on this, they display their system on Amazon Web Service (AWS).
Phemex is available 24/7 on telegram and on their online chat that is not answered by a bot, but by a person. They also respond actively through other platforms such as twitter, facebook, youtube and email.
The company does not have a regulated licence, but it applied to MAS, a singaporean authority, to add more instruments to the platform such as oil, commodities, stocks, S&P and forex.
Supported / restricted countries
Phemex accepts clients from almost all over the world. The restricted countries include the United States, Québec in Canada, Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea and Sudan.
Deposits and withdrawals
Both deposits and withdrawals can only be made with bitcoin which means you must purchase this crypto currency before using the platform. You cannot deposit directly with USD or use a credit card, but it is something the company has planned to integrate for the future.
There are three processing times for withdrawals: 08:00,16:00,24:00 (UTC). The minimum withdrawal is 0.00000001 BTC on the BTC trading account and 1 USD on the USD trading account. In the same manner, the minimum deposit is 0.00000001 BTC and 0.01 USD.
How to trade on Phemex?
This cryptocurrency trading platform works with six different trading pairs that will trade against the USD. Phemex works with Bitcoin, Ethereum, Chainlink, XRP, Litecoin and Tezos.
Go short and long while trading with Phemex
The company allows the user to open either a short or long trade account. You are able to then open a sub-account, as many as needed, which can be either short or long.
Leverage levels in Phemex
All of Phemex products offer leverage, but the amount depends on the currency. Bitcoin and gold admit up to 100x leverage while the rest is maximum 20x.
What type of contracts does Phemex offer
Phemex has perpetual and linear contracts, but only specifies on its website the perpetual contract which allows the client to use two base currencies to trade all contracts: BTC and USD. The use of linear contracts was confirmed by customer support and is available for the rest of the trading pairs, while the perpetual contract is only for bitcoin.
Phemex appoints a -0.025% maker fee and a 0.075% taker fee which they assure matches the industry standards. They do not charge fees to Bitcoin deposits but have a 0.0005 BTC fee for Wallet withdrawals.
Phemex Testnet account
The company’s testnet shows real-time prices, using the same characteristics as in the real account. You can try the demo without having to create an account or fill a form, which is an easy way to practice before deciding to open a real account.
Phemex Invitation code and bonus
Enjoy our Phemex Invitation Code GQEAM before registering on the platform. FInd out more on our dedicated page.
Phemex registration bonus
The registration bonus offers an immediate 2 USD worth of BTC in your account as a welcome bonus only for new accounts.
Phemex Social Media bonus
After you have registered an account on Phemex, to earn this 10 USD worth of BTC bonus you must follow them on Twitter, Retweet their pinned tweet and tag three friends.
Phemex Funding bonus
The biggest bonus available is 60 USD worth of bitcoin. In order to receive this you must make a single and immediate deposit of at least 0.2 BTC. It also offers the same term, but with a minimum $1500 USD product of an internal conversion and once you’ve made a USD Trading Account.
Phemex tries to add meaning to everything they say and do, starting with their company name. They have a fast, efficient and important multilanguage customer service. You can reach out to them from different platforms, whether on their social media or website chat. They offer three kinds of bonuses to attract new clients and a minimum initial investment. With a similar idea they have created “Phemex All-Star Program”. It concernes people with a large contact network. In fact, it helps attract new members and in turn receive commissions.
On other terms, the company has a limited amount of trading pairs, taking into account that other platforms offer over 50 and Phemex only six. They do not accept direct deposits or withdrawals with fiat currency, only with BTC.
Security is one of their top priorities. Also, it has been divided into four areas: wallet security, system security, user account security and trading engine safety. Their withdrawal request system could imply a longer wait.