Review on Phemex by Ogulnar Annamuhammedova

Phemex is a Singapore-based cryptocurrency derivatives exchange that opened in early December 2019.

The creators are eight former employees of the American financial conglomerate Morgan Stanley.



Peculiarities



We currently offer six perpetual cryptocurrency contracts including BTCUSD, ETHUSD, XRPUSD, LTCUSD, XTZUSD, and LINKUSD.

In addition, we also offer our non-crypto trading pair GOLDUSD with a lot of assets like S&P 500 stocks, stock indices, interest rates, FOREX, commodities, energy and metals coming soon ...



* Provides both spot and contract

trade services

* Easier and safer deposits and withdrawals

funds.

* Offers advanced features like FIX API,

subaccount system

* Processing 300 thousand operations per second, which is 10 times

higher than other platforms.

* Leverage up to 100x.

* "Cold" wallet, which assigns

independent deposit address for each

to the user.

* You can trade on the spot market without commissions,

by subscription only.



One of the key advantages of Phemex is the use of stop loss and take profit orders. These orders allow professional traders to fine-tune their trading strategies and customize profit-taking or stop-loss opportunities.

By default, Phemex has quick profit-taking options for 25%, 50%, 75% and 100% profits. They can be set when the starting position is set with a clear indication of the price of the mark and the expected profit or loss. It is important to remember that when a take profit or stop loss is triggered, the position will be sold as a market order - this means that the algorithm will automatically match the trade, even if it does not have the same price.



Phemex offers an easy way to create additional accounts - each with their own individual balances and permissions.

This feature allows traders to isolate their different trading strategies from each other - as a limited balance can be set for each sub-account.

The balance can be freely transferred between accounts through the subaccount system. Traders can create new accounts for every new strategy they want to test. In addition, sub-accounts can be used to trade bots, so automatic trading can be carried out within controlled limits.



There are two key factors to consider when assessing whether Phemex is a safe exchange to trade fund protection and insurance with leveraged funds. The most important consideration is if the exchange is safe from hackers - this is because crypto exchanges tend to be huge exchanges.



Phemex processes withdrawal requests 3 times a day and each request is carefully vetted by both operators and founders. Based on our sophisticated Wall Street risk management experience, we can detect any malicious activity and act quickly to protect the assets of our users and the platform.



Qualified withdrawal requests are also processed using an offline signature, so all assets remain 100% in the Cold Wallet system and all transactions are conducted offline.