Phemex Review: Commission Free Cryptocurrency Exchange

Phemex Review: Commission Free Cryptocurrency Exchange

Phemex is an user friendly cryptocurrency exchange that provides a safe and professional trading experience to individuals all around the world.

The exchange is widely known for their innovative approach where they offer zero-fee trading model. Yes, you read it right! They don't take commissions unlike other exchanges like Binance, Kucoin & Coinbase, on every trade.

No need to be surprised. The exchange is led by Jack Taoan 11-year veteran executive from Morgan Stanley, along with 7 other former Morgan Stanley Executives. The team is both devoted & determined to build breath taking crypto trading platform.

Phemex claims on their website that they are on a mission to empower everyone to manage risk efficiently. Fortunately, I was able to feel it after trading on it for almost 6 months and this is why I am here to share my thoughts and experience about this groundbreaking cryptocurrency exchange in this review.

Phemex Overview:

Phemex is the most trusted cryptocurrency exchange that provide zero-fee on spot trading. It was launched in November 2019 & is headquartered in Singapore. Since its inception, this platform has gained the trust of crypto traders from whole across the world.

The exchange offers both spot trading & futures contracts with a leverage of upto 100x.

How Does Phemex Offer Zero Trading Fee?

Wondering how are they able to offer commission free trading feature because I was when I first heard of this exchange last year in December? Do not worry, I will answer all your questions.

I am sure, you must have heard of Amazon Prime membership and If you're an avid Amazon user then chances are you already have Amazon prime on your account. Similar to Amazon Prime, Phemex's Zero trading fee is a subscription based model.

On Amazon with a prime membership users gets an access to dozens of services at no extra cost. Similarly, here on Phemex with a monthly or an annual subscription users can trade commission free. Other than this, the trading fees for future contracts is way lower than the global standard fee.


Phemex Premium 7 Day Free Trial

Supported Countries On Phemex:

Phemex supports all the countries where cryptocurrency is legal to hodl & trade including United States, India, Australia, Singapore & United Kingdom.

Phemex Fees:

As discussed above in the overview, Phemex has a flat fee structure of 0% for both maker & taker on spot trading.

However, in contract trading the maker is charged 0.025% and taker is charged 0.075%. Taker fees are higher as compared to maker fees, this is because exchange promote users to fill the order books & establish higher liquidity on its marketplace.

Other than this, Phemex does not charge any additional fees thus users can trade even small quantities without having to fear about the overwhelming fees.

And If I talk about the withdrawal fees then I am sure you must be aware of the fact that this is something that depends on the network congestion & the cryptocurrency.

Phemex Withdrawal Fees

Does Phemex Require KYC Verification?

No, Phemex does not require to go undergo KYC verification. Thus, it is completely an anonymous cryptocurrency derivatives exchange.

Payment Methods Available On Phemex:

1. Visa Credit/Debit Card

2. Master Credit/Debit Card

3. ApplePay

4. PayID

5. Bank Transfer

6. And, SEPA

How To Buy Cryptocurrencies On Phemex?

Buying cryptocurrencies on Phemex is as simple as buying grocery on Amazon. As of now, there are six cryptocurrencies you can buy on Phemex and these are: Bitcoin (BTC), TetherUS (USDT), Ethereum (ETH), Ripple (XRP), Chainlink (Link), Tron (TRX)

Steps to buy cryptocurrencies on Phemex:

1. Register on Phemex.

2. Verify you email.

3. Once your email is verified, visit the "Buy Crypto" section.

4. Click the desired cryptocurrency you want to buy.

5. Enter the amount in USD & select the payment method you're conformable with.

6. Once you hit the Buy Button, it will give you the list of merchants.

7. Choose the one that is offering the best market price.

8. Select the confirm button.

9. Make the payment and voila! You're all set. 

Conclusion:

With its cutting-edge user friendly interface, Phemex is an appealing cryptocurrency exchange that not only provides a professional trading experience to day traders & analysts but also allow them to save $1000s of US dollars every month on trading fees.

Above all, the exchange is led by a highly experienced team which is comprised of Ex-Morgan Stanley executives and developers who were into developing Equity trading algorithms for their clients.

Thus you can imagine how much of efforts they must have put together to keep the platform super secured & protect users funds.

Henceforth, Phemex is worth considering when looking to trade digital currencies without paying the trading fees & commissions to exchanges.

While there is a small subscription cost, serious crypto traders should upgrade their plan to premium account. This will ensure to increase your profit margins and would help you to pay for an annual subscription many times over.

Click Here To register for a 7 day free trial of premium subscription on Phemex.

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