test Major Aspects of Phemex Every Novice Trader Should Know -

News Tech Post

Technology

Major Aspects of Phemex Every Novice Trader Should Know

Phemex

Phemex is one of the cryptocurrency exchanges in the market that has quickly grown to become one of the best ones for crypto traders. This exchange is popular all around the globe, thanks to its outstanding features and services offered to the users.

It is also one of the largest crypto exchanges in the world, which means it has an impressive trading volume. However, if you are interested in using the Phemex exchange then you should know more about the exchange than its trading volume.

Here are some amazing aspects of the exchange that are important for every new crypto trader to know.

Leverage Trading on Pemex

Trading with leverage is quite the buzz among crypto traders. This is a trading strategy that gives rise to the possibility of getting huge financial benefits accompanied by huge financial losses.

Therefore, leverage trading is not as simple as it seems and requires the traders to be familiar with the concept before they dive into it. Leveraged trading is also easily accessible to traders now, which is why it is essential for them to be mindful of the platform they choose before start trading with leverage.

This is why, if you intend on using this exchange then you should know some details of leverage trading in this brief Phemex review.

This exchange charges a leverage of up to 100x, however, it offers 7 different trading pairs and the leverage varies from one trading pair to the other.

  • BTC/USD – 1:100
  • GOLD/USD – 1:100
  • ETH/USD – 1:20
  • XRP/USD – 1:20
  • LINK/USD – 1:20
  • XTZ/USD – 1:20
  • LTC/USD – 1:20

No Need for KYC

Phemex is one of the crypto platforms that does not require the users to complete the KYC verification.

KYC stands for know your customer, which is like an additional layer of security used by platforms to ensure the information and funds of the users are kept safe. However, the KYC verification can make it difficult for some interested parties to access the platform. In short, this can limit the audience directed towards the crypto exchange.

This is one of the reasons why the Phemex crypto exchange does not require the users to complete the KYC verification. Instead this platform makes use of other technologically advanced security systems to strengthen the security of users’ funds and accounts.

Fees on the Exchange

The Phemex fees is one of the topmost aspects crypto traders should know about if they intend on using this exchange.

The fee structure of an exchange should be every crypto traders’ priority. As a crypto trader, you will be required to pay some kind of fee regardless of the fact whichever platform you choose. However, the amount charged by an exchange and its transparency varies from platform to platform.

Therefore, if you want to use Phemex for trading crypto then here are the details you need to know about its fees structure.

  • No fee for deposits
  • -0.025% market maker trading fee
  • 0.075% market taker trading fee
  • 0.0005 BTC withdrawal fee

Multiple Cryptocurrencies Supported

The Phemex exchange is one of the most suitable platforms for a large audience, including any kind of trader, whether they are experienced or not.

One of the outstanding aspects of this crypto exchange is that it supports a number of cryptocurrencies. The variety of digital assets supported by an exchange can indicate its capability to handle a vast audience.

Therefore, people who want to use this exchange should be familiar with the crypto assets available, as are mentioned below.

  • BTC/USD
  • XTZ/USD
  • ETH/USD
  • LTC/USD
  • GOLD/USD
  • LINK/USD
  • XRP/USD

Supported Trading Styles

Trading styles is one of the aspects that can be of great significance for the crypto traders. Phemex is a powerful and versatile trading platform. One of the facts that verifies this is the support offered by the exchange to all trading styles.

Different crypto traders use different trading styles and an exchange that supports a variety of trading styles can only mean that the platform is versatile and suitable to be use by all types of traders, including institutional crypto traders.

Therefore, if you are a potential user of the Phemex crypto exchange then you should know that this exchange supports all trading styles, as are mention below.

  • Long-term trading
  • Scalping
  • High-volume trading
  • Hedging
  • Algorithmic trading

Final Takeaways!

There are different types of crypto exchanges, some of which are more suitable for beginners as compared to others. Phemex is one of the platforms that is not only suitable for all traders but also offers remarkable features that make it stand out among its competition. As a potential user of the exchange you should know the details mentioned above in detail.

konya escort