About Phemex

Phemex cryptocurrency exchange is one of the most popular cryptocurrency exchanges established in Singapore.  Its stated goal is to be the most trusted crypto derivative trading platform in the world while maintaining a user-oriented approach. This platform allows users around the world to trade digital currencies through a secure and uncomplicated medium.  Users of Phemex can trade various perpetual trading contracts such as ETHUSD, BTCUSD, LTCUSD, LINKUSD, XRPUSD, XTZUSD with 100x leverage. Phemex is so efficient that it is currently among the top 10 exchanges in terms of daily trading volume.

Phemex user interface at a glance

To implement a user-centric approach, Phemex developers chose a modular design for charts and trading tools. Users can choose from 5 different languages. In addition, they can add new languages. All standard trading tools are available and the number of indicators per chart is unlimited.

Users can customize the platform based on their preferences, and there is a demo-trading option without adding any funds. The background of the Phemex trading platform consists of two core components, CrossEngine and TradingEngine, where client orders are matched based on price and time priorities.

Phemex Development Team

Phemex’s respectable team consists of 40 members; the main ones are as follows:

• Jack Tao, Chief Executive Officer
• Yang Du, Trading System Architect
• Cecilia Wang, Head of Marketing
• Federico Variola, Security and Strategy Consultant

Phemex Trading Items         

Phemex supports 13 spot crypto assets that can be bought and sold on the exchange, such as BTC, ETH, XRP, LTC, LINK, XTZ, LTC, ADA, DOGE, and USDT. The list of accepted coins is quite limited compared to other trading platforms such as Binance, Huobi, and Kucoin, which have over 300 coins to trade.

Phemex Trading mechanisms

Phemex cryptocurrency exchange offers three types of orders:

Market Orders: A market order is a type of trading order that allows trader to buy or sell a cryptocurrency quickly, at the price that is established in the market where they are trading. To place this order, exchanges create a price and liquidity average that allows them to establish a market price of an asset, which allows the user to sell or buy such assets with virtually no waiting time.

Limit orders: A limit order is a type of exchange order that allows traders to purchase or sell a cryptocurrency at a specified price or better. A limit order will only be executed at the limit price, or a lower one; when selling, the order will be executed only at the limit price or a higher one. This stipulation allows traders to better control the prices they trade.

Conditional Orders: Conditional orders are one of the three types of orders that users can place on Phemex.com. Conditional orders are automatically submitted once a specified criterion is met. To activate these orders, users must specify a trigger price (TP) based on either the Last Traded Price or the Mark Price. Experienced traders generally use this type of order with advanced strategies.

Phemex advantages

Every exchange in the crypto market has features that set it apart from others. Phemex features include:

• Low fees
• Accepts deposits in different cryptocurrencies
• Supporting various cryptocurrencies.
• modular interface
• quick transaction time
• Good customer support

Phemex disadvantages

The most important weaknesses of this exchange are the following:

• it’s Relatively new
• it Does not work for US residents

Phemex security

Phemex has implemented a hierarchical cold wallet system that assigns each user a separate cold wallet deposit address. All deposits are collected on a regular basis via the offline signature of the company’s multi-signature cold wallet. Phemex processes withdrawal requests three times, and each request is carefully checked by the operator and founder. Phemex can detect malicious actions and act quickly to protect users and platform assets.

In addition, Phemex cryptocurrency exchange benefits from multiple layers of security and internal network access management protocols to control accessibility of one instance to another. When it comes to user account security, Phemex uses a two-factor authentication mechanism to protect all its user’s accounts. When users perform important operations such as login, funding, or password modifications, the system will automatically activate two-factor authentication.

Final words:

In this article, the features, strengths, and weaknesses of Phemex Exchange were examined in detail. Concisely, Phemex is a cryptocurrency exchange that has rapidly grown to become one of the most popular trading platforms. It allows users around the world to trade digital currencies via secure and hassle-free media. For both new users and professional traders, it provides a certain degree of comfort when they know the founder’s profile, their accessibility, and involvement.

Official Website: www.phemex.com

Source: The Pipsafe Team