What is Phemex?
Phemex is a popular and trustworthy crypto exchange based in Singapore. The exchange was founded in 2019, making it a good choice for novice and expert bettors alike.
Phemex allows you to trade with leverage, which means that you can receive a higher exposure towards a certain crypto’s price increase or decrease, without actually holding the necessary amount of assets. You do this by “leveraging” your trade. In simple terms, this means that you borrow from the exchange to bet more.
In May 2020, Phemex released Spot Trading services. Unlike contract trading, which allows you to speculate on the price of any specific cryptocurrency without having to hold the asset itself, spot trading is the direct buying and selling of cryptocurrencies listed above.
Phemex supports more cryptocurrencies than most other exchanges offer. The exchange provides 223 cryptocurrencies at the time of this writing, and they are likely to get the hot new currencies as they come out.
The platform is available for both desktop and mobile devices. Most traders in the cryptocurrency space use a desktop platform (around 70% or so). However, there are naturally people out there who want to engage in trades from their smartphones as well. If you’re one of those people, then this platform can still be for you; it has a native mobile application.