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The Washington Independent

Is Phemex Legit? Here's What You Need To Know

Is Phemex Legit? Here's What You Need To Know

This Phemex review will explain how the system works, if it is safe to use, and whether the firm behind Phemex is legitimate. As the quickest cryptocurrency derivatives exchange, the site confidently enters the financial industry.'

Hajra Shannon
Last updated: Jan 11, 2022 | Dec 10, 2021

Table of Contents

There's a reason why Phemex is called after the Greek Goddess of Fame and Good Reputation, Pheme. It is one of the most recent crypto derivatives exchanges. Phemex has a lot to prove, despite the fact that everything in it appears and sounds great.

This Phemex review will explain how the system works, if it is safe to use, and whether the firm behind Phemex is legitimate.

As the quickest cryptocurrency derivatives exchange, the site confidently enters the financial industry.'

What Is Phemex?

Phemex aims to make derivatives trading accessible to a wide range of investors. Traders and investors may now take advantage of the ex-Wall Street team's expertise by choosing from a wider range of crypto derivative broker alternatives.

Former Morgan Stanley executives debuted their product in Singapore on November 25th, 2019 and have since been trying to make the platform more user-friendly.

When the Phemex exchange listened to user suggestions for additional trading pairings to include, they introduced the LINK/USD trading pair lately.

what is Phemex

The Team Behind Phemex

  • Jack Tao is the CEO of the company.
  • Yang Du, Architect of Trading Systems
  • Marketing Director Cecilia Wang
  • An expert in security and strategy, Federico Variola

Former Morgan Stanley executives that have a demonstrated track record in the financial sector make up this team. Phemex now employs 40 people and is actively seeking more personnel. Since the outbreak of Coronavirus, they have gained the public's trust by distributing 10,000 face masks to those in need.

Top Benefits For Phemex Users

Premium Members Pay No Transaction Costs

Premium members pay no transaction costs on "spot" deals made in real-time. Buying or selling assets in the present tense is what we mean by "spot trading." Buying or selling an item at a predetermined price in the future is known as "future trading" in the financial industry.

100x Leverage Is Available For Phemex Trading

Leveraged trading at Phemex allows you to get 100 times the return on your investment. Borrowing money from the exchange is a key component of leverage trading (sometimes called margin trading). To maximize profit possibilities, leveraged trading is a good idea. To earn from leveraged trading, you may trade and profit with assets that are considerably greater than your own money can handle.

Investment Becomes A Game For Both Enjoyment And Profit

Investors may participate in a team tournament on the Phemex platform that lasts an agreed-upon duration. Teams may have as many members as they like, but they must have at least 10 members. Teams with fewer than 10 members will be dissolved and members will be randomly allocated to other teams that match the tournament's qualifications at the start of the competition.

Earn Interest On A Variety Of Accounts

Phemex offers two different methods for you to profit from the unused Bitcoin and Tether you've kept on the platform.

The first of them is called Flexible Savings. So users may earn interest on their crypto assets while avoiding long-term ties. The finest advantage is the ability to deposit and withdraw money at any moment while still receiving a reasonable rate of return.

A simple money transfer from a Phemex spot wallet to a Flexible Savings account is all that's required. The user will be credited with the daily interest as soon as the funds are received. At any point, both the original investment and interest may be refunded.

Second, Phemex's Fixed Savings offering enables consumers to receive greater interest rates on BTC and USDT invested for a certain period of time. Users must sign up for this option for a certain amount of time before they may redeem any profits. Flexible Savings has a lower rate of return, but it is more stable. The Fixed Savings account does not allow for early withdrawals at this time.

Is Phemex Legit?

So, is Phemex legit?

Phemex is a legitimate Singaporean currency exchange. It was founded by eight former Morgan Stanley executives with over 40 years of high-frequency technology delivery expertise.

Also, as of this writing, there is no regulation of Phemex, a well-known cryptocurrency exchange. SEBA and the Monetary Authority of Singapore (MAS) are the two regulatory bodies that the exchange is pursuing (MAS).

Summary

Phemex focuses on its strengths: user-friendly approach, remarkably fast transaction time, and sub-account possibility. Although this platform is speedy due to the limited number of trading choices, some traders may find it uninspiring as a result. So far, so good.

Nothing more, nothing less: Phemex is still simply a new fascinating platform. You may, however, buy low-cap coins before they become a familiar "to the moon" moment because to the quickness with which they list them. This is a compelling enough incentive to sign up for a Phemex account. They have great promise, but it will take time for that potential to be realized.

Hajra Shannon | Hajra Shannon has been assisting clients with writing difficulties for over four years. She will help with ghost writing, coaching, and ghost editing. Her experience in family science and journalism has provided her with a strong foundation from which to approach a variety of topics. She loves writing resumes for people who are changing professions in particular.

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Click here to check the ultimate guide to learn how to leverage your PC and internet to make money online.