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Messages - nitrogen64

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Currency exchange / Phemex - leverage trading platform review
« on: April 02, 2021, 04:23:39 PM »
Phemex.com - review for the phemex leverage trading platform[/b[/b]

General:
Phemex is a great leverage trading platform to trade BTC and also altcoins.
It has a pretty simple user interface so it is easy and fast to place trades.
You can also get a generous trading bonus when you register an account and you make your first deposit which is also great.
The platform is very fast and responsive. They place a lot of focus on security (also with cold wallets) so your funds will always be safe with them.
You can use a leverage of up to 100X for Bitcoin and even a 20X leverage for the altcoins.
As for altcoins, they currently have ETH, ADA, DOGE, ALGO, LINK, COMP, UNI, LTC, XTZ, AAVE, DOT, YFI and BCH (XRP is currently suspended and they also have gold to trade). They are also adding more and more altcoins.
They even provide a spot exchange.
There is no KYC required to register an account nor to trade.
What is also amazing is that they are engaged a lot with their community. They are organising a lot of different events and currently they have their 2nd trading competition running.

Fees:
The fees are pretty good, there is a 0.075% taker fee (for market orders) and a negative 0.025 maker fee (for limit orders, so you actually get a rebate when trading with limit orders!)
Phemex also supports some different trading bots.
On their spot exchange there is actually no fee.

Support:
They have a great support system with a live chat.
If you have a problem there should always be someone there for you that can answer your questions pretty fast.

Improvements:
The biggest area where they could still improve a lot is their mobile app.
It works great for placing orders, but there is a lot of room to grow with this.
The biggest downside of the app is the chart, which is not really usable (not a problem if you know exactly where to place your trades beforehand).
The app is still amazing for quickly checking your trades on the go.
Also sometimes there can be "liquidity wicks" on the platform. But I know that they are already improving their liquidity and it is getting better and better.
I also have had small connection issues before while there was a lot of traffic coming in.

Feature request:
For the platform in general, I have a feature in mind that would improve order placing even more.
That is setting the stop loss based on how much you want to risk (eg. 0.001 BTC (or even a dollar amount)).
The price where the stop loss is would then be automatically calculated (based on the position size).

Link to the platform (no referral link): phemex.com
If you want to support me and get 10% off the contract taker fee and also a 7 day premium trial, you can use my referral code: C3CPK

If you have some questions or you want to add something yourself, you can post a reply below.

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