Advantages you Can Enjoy if you Use the Phemex Platform
The Phemex platform is well-reputed and popular in the crypto trading community. This is a powerful trading platform that caters the needs of a vast audience, on a global scale. This platform has been designed remarkably to ensure that all traders have a good experience of using it, whether they are beginners, intermediate or institutional-level.
There are several other reasons why this platform is popular and there are also some advantages that you can enjoy if you use it.
The benefits offered by the exchange are mentioned below and they are also impressive attributes that grab the attention of an even wider audience.
Therefore, if you are interested in knowing what the platform has to offer and its benefits, you should read through this brief Phemex exchange review.
Phemex Platform Supports Leverage Trading
As a crypto trader, one of the biggest aspects that you might be looking for is the support an exchange extends to leverage trading.
Leverage trading is an advanced trading strategy that is supported by many exchanges. However, they are not all secure or suitable for new traders to use.
The Phemex exchange, however, is one of the best platforms to opt for. It is not only secure and supports leverage trading but also offers one of the highest leverages in the industry, which is up to 100x.
However, it is also important for new traders to be careful while choosing the leverage because the higher the leverage, the higher the risk you are likely to face.
Yet another benefit of the platform mentioned in this brief Phemex exchange review is that it has a user-centric approach. This means that the platform spends a considerable time to learn what the community wants and asks for feedback.
Using the feedback given by the community, the exchange makes changes or adjusts their features. This makes the platform more appealing to an even larger audience.
A recent example of Phemex’s user-centric approach is that the platform added LINK/USD trading pair after receiving feedback from the community.
Fair and Transparent Fees
The fee charged by a cryptocurrency exchange is an important aspect to look at, especially if you are new to the crypto space. Every cryptocurrency exchange charges a fee that the users have to pay. This is either payable while making deposits or withdrawals or while trading digital currencies.
Even though the categories of the fees are likely to be the same across different platforms, the amount can greatly vary. Another aspect that can vary from one exchange to another is the transparency of the fee charged.
As a new trader, you should look for a platform that charges a fair and transparent fee. The Phemex platform is one such exchange that is known to charge one of the lowest fees in the industry. The details of the fee charged are mentioned below.
· 0.075% trading fee for market takers
· -0.025% trading fee for market makers
· No fee for deposits
· 0.0005 BTC withdrawal fees
Order Types Supported
Another benefit of using the Phemex platform is the support it offers to different order types. Just like several other cryptocurrency exchanges, this platform also supports two types of order types. These are basic order types and advanced order types.
The basic order types mentioned in this brief Phemex exchange review are:
· Market order
· Limit order
· Conditional order
The advanced order types available on the exchange are:
· Good-till-cancelled (GTC)
· Fill-or-kill (FOK)
· Immediate-or-cancel (IOC)
This appeals to a large audience that is either looking for basic or advanced order types.
All Trading Styles Supported
One of the biggest benefits of using the Phemex platform is that it supports all types of trading styles. This is yet another reason why the platform is suitable for and widely used by all types of traders.
Therefore, regardless of whichever trading style you are interested in, you can use this crypto trading platform. The trading styles supported by Phemex include the following:
· Long-term trading
· Algorithmic trading
· High-volume trading
Variety of Digital Assets Supported
If you are interested in using this crypto exchange then you need to be familiar with the cryptocurrencies it supports.
This Phemex exchange review specifies that the platform supports a multitude of crypto assets, which is a benefit you should not overlook.
Phemex majorly focuses on crypto derivatives, which include the following: