Time is of the essence when it comes to crypto trading. After all, with the highly volatile nature of cryptocurrencies, losing time in transaction processes means losing profits. Fortunately, the Phemex exchange helps you process your transactions faster! Learn how it does so through its features in this BTC Post article.
What is Phemex?
Phemex is a cryptocurrency exchange developed by Former Morgan Stanley Vice President and crypto enthusiast, Jack Tao on November 25, 2019. He created it so investors of all skill levels can use accessible, affordable and safe trading services while earning interest with their investments.
Additionally, Phemex offers 39+ trading and 53+ spot trading pairs to invest in. It supports major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Tether (USDT) and more. So whenever you need an accessible place to trade and store your cryptocurrencies while earning at the same time, sign up at Phemex exchange.
Crypto investors in the Phemex exchange can access the following features:
Fast transaction services
Maximise your transaction time with Phemex’s high-speed transactions. With a less than a millisecond transaction period, it processes 300,000 transactions per second, allowing you to easily and quickly do your transactions.
This is possible through the exchange’s two core components:
- CrossEngine – This system makes large-scale transactions within the exchange.
- Trading Engine – This system matches client requests based on the urgency needed for the tokens.
In comparison, Binance only processes 100 transactions per second in the Binance Smart Chain. Phemex then offers faster transaction processing than the world’s most well-known crypto exchange.
One of the best features of Phemex is that you can earn passive income through interest rates. Thus, growing your current cryptocurrencies into something more valuable.
To do so, you can use the two products:
Flexible Saving product
The Flexible Saving Product is a savings account that earns interest for an unspecified time as long as funds are deposited in them. Earn interest within the exchange by transferring your cryptocurrency tokens from your Phemex spot wallet to your Flexible Savings account.
You can earn an estimated 7% Annual Percentage Yield on interests for deposits valued up to 50,000 USDT without having long-term investments through the Flexible Saving product.
Fixed Saving product
The Fixed Saving Product is a savings account that earns interest for a 14-day lock-in period. You may only withdraw your deposited tokens and their earned interest once the 14-day lock-in period is over.
Earn interest by depositing your tokens from your spot wallet to the Fixed Savings account. The value of your earned interest is up to 10% APY whenever you make any transactions that are between 100 – 50,000 USDT.
Comprehensive Crypto Blog
Make the best crypto investments by studying Phemex’s comprehensive learning platform. With their 400+ articles, you will learn essential crypto knowledge such as the basics of NFTs, overviews of cryptocurrencies and various blockchain-based strategies.
Use these helpful articles well and you will soon grow from a novice investor to an expert at your own pace.
Affordable transaction fees
The transaction costs in the Phemex exchange is 0.00000001 in your chosen cryptocurrency, regardless of their current market value. As one of the most affordable transaction costs in the market, you’re saving up on all your crypto tokens when using Phemex.
When compared with Binance’s fee of US$10/transaction, Phemex’s transaction costs are significantly more affordable. Moreover, if you choose to be a Phemex premium user, all your transactions are free.
Phemex Premium Account
Enjoy free transactions and make the most out of your crypto tokens by signing up for a Phemex Premium account.
To do so, accomplish one of the following requirements:
- Register at Phemex – You will get a Premium Trial for a week after you’ve registered at Phemex.
- Give Social Media Gifts – When you’ve followed Phemex on both Twitter and Facebook and retweeted Phemex’s pinned tweet, tagged 3 of your friends, added a comment and filled up the Premium application form, you’ll receive a 30-day full Premium account once your request has been approved.
- Complete 3 tasks – Once you’ve invited a friend to sign up at the Phemex exchange via personal link/code and made an over 0.02 BTC deposit and completed an over US$1000-valued BTC/USD contract transaction, you receive a 30-Day Premium account.
- Buy the Premium account – If you’d like to save time, you can purchase the Premium membership account for US$9.99, 19.99 or 69.99 for 30, 90 or 365 days respectively.
High-valued leveraged trading
Phemex offers leveraged trading that goes up to 100 times your initial contribution, meaning you can also make a profit by borrowing within the exchange.
Leveraged trading is done whenever you borrow funds to increase the profit potential for your investments. Once you’ve borrowed from the exchange, you may then use it to buy and sell.
After profiting from trading, you then have to return your borrowed tokens to the exchange. Fortunately, you keep your profits and grow your investment.
However, there is a strong risk-reward process that goes with leveraging. After all, there is no certainty that your planned transactions will make your borrowed cryptocurrencies grow. So if you’re unsure how to do leverage trading, practice it first on the Phemex test platform using fake funds.
Phemex uses a FIX API (Financial Information Exchange Application programming interface) that allows safe transactions through clearly-defined rules and agreements between buyers and sellers. This is especially useful for high-quantity traders and institutional traders who use Sub-Accounts.
Safe storage wallet
One of the best things about Phemex is that it uses a cold storage wallet (or offline hardware devices) to keep your tokens secure from online attackers.
Since cold wallet-stored tokens are not on the internet, it’s safe against most online hacking attempts. To further keep your investments safe, Phemex requires 2 trusted offline signatures to open the wallet thus, preventing the chances of hacking should one of the signatures get compromised.
Because of this multi-level, offline security protocol, you get to keep your tokens significantly safe, especially if you’re holding high quantities of cryptocurrencies.
It’s every investor’s right to have an accessible crypto exchange service. Keeping this belief in mind, the team at Phemex exchange gives investors 24/7 access to live multilingual support. So wherever you are in the world, you can receive quality services in a language you’re comfortable with.
Bitcoin (BTC) $ 27,668.00 2.55%
Ethereum (ETH) $ 1,754.54 3.66%
Tether (USDT) $ 1.01 0.17%
BNB (BNB) $ 324.70 0.63%
USD Coin (USDC) $ 1.00 0.15%
XRP (XRP) $ 0.449383 2.17%
Cardano (ADA) $ 0.362909 1.45%
Dogecoin (DOGE) $ 0.075337 2.24%
Lido Staked Ether (STETH) $ 1,750.66 3.56%
Polygon (MATIC) $ 1.11 3.21%
Expand your knowledge and invest in the cryptocurrency industry.