5 Major Reasons Why You Should Use the Phemex Platform
There are several outstanding cryptocurrency platforms but the Phemex platform is one of the most prominent ones. This is one of the latest crypto derivatives platform that offers high-end features that cater the needs of every kind of trader, including the institutional-level traders.
The growth rate of the platform, since its establishment, has been one of the most impressive ones in the industry. However, one should not opt for an exchange simply because it is well-known. As a crypto investor or trader you should opt for a platform that offers features and services that match your criteria and trading requirements.
Therefore, if you are new to crypto trading and you want to opt for a good platform then you should know the major reasons why choosing it would be beneficial for you.
Here are some of the prominent reasons why this can be an excellent platform for you to use.
Phemex Platform is Community-focused
One of the biggest reasons why the Phemex exchange is widely used by millions of traders around the world is its customer-focused business model. Such an approach takes the user experience to the next level.
A community-focused platform focuses on what the crypto community wants and then adjusts its features accordingly. The same case is with the Phemex exchange, it is known to make changes to its available features and more.
One of the latest examples of Phemex following the community-focused model is the addition of LINK/USD trading pair because the exchange received feedback from the crypto community.
This is one of the reasons opting for Phemex can be a suitable choice for you.
Support for All Trading Styles
This Phemex exchange review addresses the next and one of the most major reasons for why it is an outstanding platform, which is the support it extends to all types of trading styles.
This is yet another reason that indicates this platform is highly suitable for all kinds of crypto traders. Therefore, regardless of whichever trading style you opt for, if it is supported by the Phemex platform then this can be a good option for you to use.
The supported trading styles on Phemex are:
- Algorithmic trading
- Long-term trading
- High-volume trading
Leverage Trading for Different Assets
Leverage trading is one of the most popular and widely-used trading strategies. This is an advanced strategy that enables traders to get good profits. However, the possibility to get profits is not guaranteed and depends on how the trade goes.
Before you opt for leverage trading, this Phemex exchange review specifies what this trading strategy is and how it works.
Leverage trading allows traders to borrow funds from brokers, enabling them to open bigger trading positions. Depending on how the trade goes, you can either get high profits or high losses.
Therefore, you need to be careful while trading with leverage (borrowed amount).
The Phemex platform is one of the best platforms that not only supports leverage trading but offers one of the highest leverages, which is up to 100x.
There are 7 different trading pairs supported by the exchange and the leverage ratio for each pair is different.
Here are the details you should know.
- ETH/USD with leverage of 1:20
- XRP/USD with leverage of 1:20
- LINK/USD with leverage of 1:20
- XTZ/USD with leverage of 1:20
- LTC/USD with leverage of 1:20
- BTC/USD with leverage of 1:100
- GOLD/USD with leverage of 1:100
Fair and Transparent Fee Structure
Another prominent and major reason why the Phemex platform is an outstanding exchange and can be a good option for you is its fair and transparent fee structure.
The fee charged by an exchange plays a major role for traders or investors in deciding whether they should opt for a platform or not.
Every crypto exchange charges a fee and the users have to pay it while buying, selling or trading cryptocurrencies. However, the amount and the transparency of that amount can vary from one exchange to another.
This Phemex exchange review addresses the fact that this platform not only charges one of the lowest fees, but it also does not include any hidden or additional charges.
The details of the fee charged are as follows:
- -0.025% trading fee for market makers
- 075% trading fee for market takers
- No fee required for deposits
- 0005 BTC withdrawal fee
Several Advanced Order Types Supported
Another major reason why the Phemex platform stands out among the rest and can be a good option for you is the availability of advanced order types.
As a trader, you can trade digital assets by opting for basic and advanced order types that are supported by the exchange.
If you are a trader and opting for various order types is important for you then you can opt for this exchange and trade crypto assets.
The Phemex platform is one of the best trading platforms in the industry. If you are a new trader and you are looking for an exchange then you need to know why it stands out among the rest. Some of the major reasons you can opt for this exchange are mentioned above.