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Friday, September 17, 2021

Phemex.com Exchange Review: Vauld Is Legit & Secure

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About Phemex.com

Back in 2017, as experienced professional Wall Street traders and investors, Jack Tao and other founding members of Phemex.com identified a lack of professionalism, trustworthiness, and customer support within the crypto industry. In the following two years, the number of users engaging in cryptocurrency trading increased significantly. Nevertheless, existing exchanges showed little to no improvement.

Realizing the seriousness of the problem, the team left Wall Street and founded Phemex in the summer of 2019. They then dedicated themselves to building a simple, efficient, but most importantly, a trusted cryptocurrency trading platform. Then, on November 25th, 2019, the Phemex platform officially went live.

Phemex.com (Fama) is the personification of fame and of the public’s voice in Greek mythology. While MEX stands for mercantile exchange. This name was chosen to highlight the vision and the dedication to stand as the most trustworthy trading platform.

How To Sign Up & Start Trading

ExchangeDetails
Exchange NamePhemex.com
Exchange TypeCryptocurrency
FeeNo Fees
Deposit FeeFree
Payment MethodUPI, IMPS, RTGS
Taker Fee0.075%
Maker Fee24/7
Top CountryIndia
Website Homepage

How To Sign Up & Start Trading

You Sign Up For A User Account By Providing Basic Information.

On Every Exchange You Will Get Option For Sign Up Or Create Account . Just Fill Some Basic Details Like Name , Email , Password , Security Question Etc For Registration . It Is First Step To Start Trading On Any Exchange

You Then Receive An E-mail In Your Mailbox To Activate Your Account.

Before You Can Login, You Must Active Your Account With The Code Sent To Your Email Address.Then You Will See A Message That Your Financial Account Is Activated And Ready To Go. This Means That You Can Log In And Start Trading In Cryptocurrency.

Identity Verification

For Successful Verification You Will Need Identity Documents. For Example, You Can Use A Driver’s License Or Passport, Where The Name Is Duplicated In Latin Letters.Confirmation Of Identity On Exchange Is An Optional Step. The Procedure Must Be Completed Only If You Want To Remove The Restrictions Of Btc On Deposit Or Withdrawal Of Funds Per Day.

Phemex Trading fees

As they mentioned above, in terms of Spot Trading, Phemex has adopted a zero trading fee model. Instead they just charge for monthly Premium Memberships (prices are $9.99 for 30 Days, $19.99 for 90 Days and $69.99 USDT for 365 Days). Becoming a premium member will also allow you to set conditional spot orders, you will enjoy hourly withdrawals with no limits, and will be able to gift trial premium memberships to friends.

With respect to contract trading, Phemex separates between “takers” and “makers”. Let’s describe these terms real quick. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. They call makers for “makers” as their orders make the liquidity in a market. Takers are the ones who “take” this liquidity by matching makers’ orders with their own.

At Phemex, takers are charged 0.075% per order. This is a fair fee. Sure, there are exchanges offering even lower taker fees for contract trading, but there are also many exchange charging much higher fees.

When it comes to the makers, their fee is -0.025%. This essentially means that each maker gets paid to trade. To clarify, let’s say that you are the maker in an order where you purchase a derivatives contract for USD 1,000. This means that instead of paying USD 1,000, you will only have to pay USD 997.50. This is very competitive indeed.

Phemex Withdrawal fees

To the understanding, Phemex does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure. There is however a minimum fee of 0.0005 BTC when you withdraw BTC from the platform. 

Bonuses

As is customary for newer exchanges, Phemex also offers different bonuses to attract customers. As a welcome bonus, Phemex offers you up to $60 for any deposit of 0.2 BTC or more. This bonus can also be claimed by depositing other cryptocurrencies. In addition Phemex also offers you a $10 spot trading bonus for a single order worth 500 USDT and a $10 contract trading bonus for a single BTC/USD transaction worth 5000 USD. In total, you can receive up $80 dollars in bonuses. Please note that these bonuses may change at any time.

Trade Crypto with Zero Fees

Phemex provides both futures contract trading and spot trading services. We are the first in the industry to offer a low-cost membership model that will allow you to spot trade bitcoin with zero fees! Our perpetual contracts can be traded with up to 100x leverage. We also offer a non-crypto GOLDUSD trading pair contract, with more traditional assets and commodities coming soon.

Mobile Support

This platform is not only available for desktop, but also Android and Apple mobile phones. Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well. If you’re one of those people, then this platform can still be for you

Why Choose Us?

High Performance

300,000 transactions per second, with order response times of less than 1 millisecond.

Advanced Functionalities

FIX API for institutional traders and Sub-Accounts for quantitative traders.

Strongest Wallet Security

Cold wallet storage. Transfers require 2-level human scrutiny offline signatures.

Access and Support

24 x 7 live multilingual support and our CEO is available on Telegram and Twitter.

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