As the Crypto Space is growing constantly and considerably, the main problem (kind of) for each newbie is to seek out a decent exchange for purchasing and trading cryptocurrencies.

Although, there are plenty of top cryptocurrency exchanges like Binance, Coinbase, FTX which have already secured an honest ranking and base, today I'm going to review Phemex: One of the Best Pick apart from Binance. 

So, let's get started -

Phemex is relatively a brand new exchange within the crypto market but has strong fundamentals and a lively development team

Introduction: 

Phemex was founded on Nov 25th 2019., in Singapore, and is owned by Phemex Financial Pte. Ltd. Their stated goal is to become the world’s most trustworthy cryptocurrency derivatives trading platform while maintaining the user-oriented approach. The company is of-shore, registered within the British Virgin Islands, like many other similar crypto companies. the explanations for this are mostly business related – looser regulatory standards and far lower tax rates.

In brief period of time, Phemex attracted over 50,000 new users and records over $700 million of daily trading volume which puts it among the highest 10 derivative exchanges on the Coinmarketcap rankings.

Currencies supported: 

Phemex offers alittle list of supported currencies: Bitcoin, Ethereum, Ripple, and LINK which will be traded against the USDT – Tether. As there aren't any actual transfers of Bitcoin within the buying/selling process, contracts are quoted in USDT.

The Team

• Jack Tao, CEO
• Yang Du, Trading System Architect
• Cecilia Wang, Head of Marketing
• Federico Variola, Security and Strategy Consultant

This is often a decent team, consisting of former Morgan Stanley executives with proven track records within the financial world. Phemex currently contains a team of 40 employees and is recruiting new staff as we speak. they need already won the general public sympathies by donating 10,000 face masks during the Coronavirus outbreak.

Phemex Fees

Phemex charges a maker-taker fees of 0.025% and 0.075% respectively which is standard and kind of similar to the leading derivatives exchanges like Bybit and BitMEX.

User Interface:

You'll be able to select from 5 different languages with an idea to feature more world languages as their usebase grows.

Users can adjust the platform to their desired preferences, and also there's a demo-trading option, for a straightforward inside view of all the Phemex options without adding any funds. However, some parts aren’t fully customizable, for example, time frames on the trading view chart.

Overall, Phemex comes with a pleasant interface solution, the same as most of the platforms. Traders with questionable internet speed will surely appreciate the ping monitor, displayed at the underside left corner of the UI.

Customer Service

Their Help Center is surprisingly well managed, with a plethora of helpful articles, FAQ sections, how-tos, and up to date blog posts. you'll find most of the answers regarding the platform here. The support team is accessible via email, live chat, and the Telegram community. The CEO is additionally available on Telegram and Twitter.

Is it safe to use?

The team behind the platform has proven itself within the business world already and has over 40+ years of combined experience in delivering high-frequency technology. As they often emphasize, they're led by eight former Morgan Stanley executives, which gives this platform a high level of trustworthiness.

The platform uses an HD Cold Wallet System to secure the funds. All the funds are periodically sent to 1, multi-signature cold wallet via offline signature. Phemex doesn’t have own hosting service but uses Amazon Web Service (AWS) Cloud, the industry leader when it involves cloud-based security and safety. Trading zones are separated from the internal network with the layer of firewalls. The platform is additionally secured with SSL technology and uses PCI scanning.

Final Words

Phemex builds its position on the market by specializing in its main strengths: user-oriented approach, surprisingly quick transaction time, and sub-account option.