Phemex is a Bitcoin derivatives and spot exchange that offers services to individuals and institutional traders. Founded by the team of former Wall Street experts who worked for Morgan Stanley, the company decided to develop the service with more powerful features than other platforms available on the market.
The company standing behind the project is Phemex Financial Pte. Ltd, which is legally registered in Singapore with the goal to create a highly professional cryptocurrency platform. The Phemex exchange was officially launched on the 25th of November, 2019.
The platform offers cryptocurrencies spot and options trading. There are three kinds of orders available for traders such as limit, market, and conditional trading. It’s possible to use up to 100x leverage for futures trades. Also, the platform offers perpetual contracts that don’t have a set expiry date for automatic settlement. The following pairs are available for trading: BTC/USD, XRP/USD, ETH/USD, LINK/USD, LTC/USD, GOLD/USD, and XTZ/USD.
The platform uses a client-oriented approach and places the customers first when different tools and features are added to the functionality. The company is always interested in consumers’ opinions gathering comments, feedback, and requests from its users.
The Phemex team introduced a unique feature that enables the use of sub-accounts within your existing account. The developers also perfectly cope with the integration of mobile usability. They have created mobile apps for iOS and Android-based devices that feature the full functionality of the exchange just like the desktop version.
The exchange has a modular design that enables customization of its view according to your preferences. Traders can select different ways to display their trading accounts. Also, it’s possible to select the custom time frames for a TradingView chart.
The platform employs a Hierarchical Deterministic Cold Wallet System (HDCWS) assigning separate cold wallet deposit addresses to each customer. All the users’ deposits are gathered from time to time to a multi-signature cold wallet of the platform via offline signature.
The company uses Amazon Web Service (AWS) Cloud for the security of its servers and deploys firewalls to its trading zones. Employing the CrossEngine and TradingEngine, which are two core technical components of the exchange, the platform provides an incredible speed of 300,000 transactions per second (TPS).
The company can boast of virtually zero downtime and 99.99% high availability. The platform doesn’t require KYC checks, so it’s a completely anonymous resource. Users should provide only their emails for registration.
Phemex customer support
A detailed FAQ and help center can deliver answers to multiple questions thus taking a large load of customer support. Additionally, there is live round-the-clock multilingual customer support for questions not described in this section. It’s enough to click ‘chat’ and tell about your issue to get a fast and informative answer. There is also an open line to contact the CEO directly on Twitter or Telegram.
The depositing is free on the exchange. The trading fees are different for takers and makers. The makers are charged with a 0.025% fee, while takers have to pay 0.075% on all derivatives trading pairs. The spot traders have to pay 0.1% per trade, while holders of premium accounts don’t have to pay fees at all. It’s a unique opportunity on the market when holders of trading accounts can enjoy zero withdrawal fees.
Premium membership feature that is 9.99 USD per month makes the platform stand out from the rest. Only premium and premium trial users can access spot transactions, while standard users can’t use this service.
It’s possible to withdraw up to 2 BTC a day for standard and premium trial users. The withdrawals are processed 3 times a day at 8:00, 16:00, and 24:00 UTC. Premium users have special terms for withdrawal. They have no withdrawal limits and the payments are processed each hour. However, it’s possible to take advantage of this opportunity if you should have one valid deposit. This is done for security purposes. Also, users should have two-factor authentication enabled before withdrawing funds from their accounts.
Customers can also get a premium trial membership for free if they complete tasks (invitation of a friend, depositing more than 0.02 BTC, completing a $1000 BTC/USD contract trade, etc.), or register via a referral link.
The company offers welcome bonus promotion that can cover 50% of fees and losses. It’s also possible to get a bonus for social media retweets and follows. Besides, 60 USD is given for depositing 0.2 BTC. The profits gained from bonuses can be withdrawn immediately. It’s impossible to withdraw bonuses to wallets or transfer bonuses to other trading accounts. Users can lose the whole bonus after trying to withdraw it.
Phemex provides a lucrative affiliate program that enables users to multiply the commissions up to 100 times. The affiliate program offers a 50% commission fee rate, so it’s possible to earn half of the fees generated by your referrals. Additionally, it’s possible to make 10% of sub-affiliate referrals.
The Phemex team includes professional Wall Street traders and investors. The company was founded by Jack Tao and other Morgan Stanley executives who have more than 40 years of combined experience in the delivery of high-frequency technology.
Jack Tao, the CEO, with 11+ years of work at Morgan Stanley, specializes in the low latency trading platforms on C++ and Java that employ large scale algorithms. Being proficient in q/KDB+ he got interested in the blockchain technology in 2016, and since then has been devoted to the idea of creating a revolutionary cryptocurrency exchange and development of a new global economy.
Yang Du joined the company to become a leading system architect after he did the same job for HKEX. He is also a former core developer at Morgan Stanley and Ericsson. Using his extensive experience in the financial industry (12+ years), he tries to make the platform more intuitive and accessible to users.
Also, it is worth mentioning such key figures of the company as Cecilia Wang, Chief Marketing Officer, is a former CEO of J.C.Moritz and Federico Variola, a Ph.D. candidate at Fudan University who joined the team as a business development manager.