Conventional monetary techniques face loads of challenges, a few of these embody unreasonably excessive charges and backdoor dealings. Whereas cryptocurrency and blockchain applied sciences are innovating the monetary area, there may be an inflow of exchanges that supply providers to customers. Probably the most fashionable spot exchanges within the cryptosphere is Phemex.
The platform presents customers zero-fee spot buying and selling and perpetual futures contracts with as much as 100x leverage.
Phemex boasts 37 spot buying and selling pairs and 38 contracts. A few of the extra fashionable contracts embody BTCUSD, ETHUSD, LTCUSD, XRPUSD, and XTZUSD. A key defining attribute of the trade is their design philosophy based mostly on ease of use and person expertise.
In an interview with us, Jack Tao, founder, and CEO of Phemex talks in regards to the Phemex platform, the issues they intention to resolve, their Earn crypto program, and rather more.
1. What was the imaginative and prescient behind creating Phemex?
The imaginative and prescient behind Phemex’s creation might be succinctly summarized with our slogan, “Break Via, Break Free.”
After working in conventional finance for over a decade, I turned disillusioned by the various limitations and injustices I witnessed.
The {industry} is stricken by unreasonable charges, unique offers, and inefficient techniques. These all serve to favor the rich and suppress the underprivileged.
Phemex is right here that can assist you break by means of into a greater system, one that provides equal monetary alternatives to all. Solely when you’ve damaged by means of are you able to then break freed from the burdens imposed on you. Phemex was created to assist and information you each step of the way in which.
We’ve constructed a sophisticated and complex platform, leveraging conventional finance’s excessive requirements and mature instruments whereas remaining devoted to cryptocurrency’s beliefs of monetary freedom and self-empowerment.
2. The crypto ecosystem has grown considerably in latest instances. What does Phemex supply to novice {and professional} merchants to make their buying and selling expertise easier?
Whereas simplicity is an integral a part of our design philosophy, we nonetheless supply the entire superior instruments and applied sciences beloved by our extra skilled merchants.
Our leveraged perpetual contract markets characteristic each inverse and linear contracts with deep liquidity, API buying and selling, unparalleled execution speeds, and a wide range of easy-to-set order sorts and circumstances.
For these simply getting began, now we have practically 40 spot markets, Earn Crypto interest-earning accounts, and a real-time simulated buying and selling setting.
The latter permits inexperienced customers to change into snug with our interface whereas testing out buying and selling methods risk-free. Moreover, we’ve chosen to take a number one function as educators within the crypto area.
Phemex has created a complete set of straightforward person guides, insightful blogs and movies throughout a number of channels, and a powerful academy that includes over 400 informative articles. All of this content material, in fact, is 100% free.
3. Inform us extra in regards to the issues that Phemex goals to resolve? What makes it stand out from the remainder within the crypto area?
Blockchain know-how and cryptocurrencies are a rejection of the unreasonable and unjust components of conventional finance. Sadly, most of the platforms and exchanges that declare to characterize these new beliefs have merely perpetuated the outdated ones.
It’s our sincere motivation that helps us excel on this discipline. Whereas different firms prioritize income, we’ve chosen to give attention to our prospects above all else.
Each service we’ve constructed is for the singular objective of empowering customers with larger equality, freedom, and alternative. This driving precept is clearly evident in our merchandise.
Our industry-leading membership mannequin permits customers to commerce with zero charges, our financial savings accounts assure above-average incomes alternatives, and our quite a few giveaways, promotions, and competitions be certain that we’re at all times giving again to the group.
4. What benefits does Phemex supply by way of contract and spot buying and selling to its customers?
All of our buying and selling providers are powered by a framework of cutting-edge applied sciences which were refined to make sure dependable operation.
Most significantly, these should decisively advance our targets. For instance, our asset safety mechanism features a hierarchical deterministic chilly pockets system accessible solely by means of a number of offline signatures.
That is additional enhanced by a meticulous withdrawal process based mostly on subtle Wall Road threat management techniques.
This two-fold strategy of leveraging each distinctive know-how and expertise has been persistently utilized throughout our person accounts, servers, and buying and selling engine safety infrastructures. We imagine that our objective of true monetary freedom can solely be achieved underneath circumstances of absolute security and safety of property.
In different phrases, our edge stems from our distinctive design philosophy. We’re before everything guided by our honest want to empower customers with truthful and efficient monetary instruments. With out compromise, any know-how or observe we make use of should be as superior as attainable whereas nonetheless adhering to our ideas.
5. Discuss to us about your low-cost membership mannequin? How wouldn’t it be helpful in your customers?
Our low-cost premium membership is impressed by our philosophy of creating monetary providers extra accessible.
We’re the primary amongst our opponents to efficiently implement such an providing. Nevertheless, we imagine that quickly all others will observe.
We’ve priced our membership at charges which might be reasonably priced to all. In trade, we provide zero-fee spot buying and selling. Each small and huge buyers are deprived by the arbitrary charges and commissions charged by most exchanges.
Though this observe could also be extremely profitable to the enterprise, it’s in the end a detriment to the {industry}. As a substitute, our imaginative and prescient is to extend and encourage participation throughout all ranges of merchants as a lot as attainable.
At 0.19 USD per day for a yearly subscription, customers can commerce freely with out contending with the problem of calculating hidden trade charges with each transaction.
That is solely one of many many steps we’ve taken to make cryptocurrency buying and selling extra equitable and accessible to all.
6. What’s the Earn Crypto program on Phemex? Inform us extra about it?
Our Earn Crypto program comprises varied high-yield crypto accounts akin to conventional financial savings accounts. Nevertheless, in contrast to banks, our crypto financial savings accounts supply estimated APYs as excessive as 8.5%. The product is extremely easy to make use of.
A Phemex person can merely deposit any of the supported cryptocurrencies to both a versatile or 7-day account. The versatile account permits every day withdrawals with a decrease APY, whereas the 7-day account locks the funds for every week however presents the next APY.
If desired, all earnings might be robotically reinvested for compounding curiosity. That is the best and most safe method to generate returns, with funds assured by Phemex no matter market circumstances.
7. Conserving in thoughts that customers and merchants are an essential a part of any trade. What steps are you taking to interact along with your group?
As a platform, we provide a wide range of campaigns, promotions, and giveaways by means of all of our social media channels. Our objective is to constantly give again to the group that helps us.
We’ve hosted buying and selling competitions with thousands and thousands of {dollars} on the road, given away vehicles, electronics, cryptos, and challenged our customers with complicated but enjoyable puzzles. We’re at all times eager about what our prospects need to say so we actively search suggestions and enter.
At a person degree, I’m at all times out there on Twitter and sometimes be part of conversations on varied messaging apps. As well as, you’ll see me more and more taking part in podcasts, streams, and stay occasions. For instance, this 12 months you possibly can catch me and the Phemex workforce at Dubai’s World Blockchain Summit.
I’ll be there to share a few of our newest updates, however extra importantly, I’ll be there to fulfill and hearken to the various merchants and members who make up our numerous group.
8. Inform us about future initiatives and partnerships that we are able to sit up for?
I can’t reveal too many particulars about our future plans, however relaxation assured. We’ll by no means surrender on making our imaginative and prescient of delivering monetary freedom by means of digital property a actuality.
Transferring ahead, now we have many initiatives within the works to make our providers extra accessible and protected throughout the globe.
We’re additionally conserving a vigilant eye on all the brand new, modern tendencies, notably NFTs and the metaverse. You possibly can count on extra partnerships and merchandise associated to those fields.
9. Based on you, what function does Phemex play within the crypto area sooner or later by way of its progress and mass adoption of crypto?
As soon as once more, our slogan, “Break Via, Break Free,” completely encapsulates the function we search to play. We’re the gateway that helps you break by means of the limitations that stand between you and a greater future. Crypto is as complicated as it’s auspicious.
Efficiently navigating this discipline requires the best instruments. With our cutting-edge applied sciences and a long time of conventional expertise, we’ve crafted the absolute best devices characterised by pace, stability, and security. Nevertheless, providers and instruments are solely efficient with the best experience to wield them.
Because of this we additionally search to be main educators within the area by creating, curating, and disseminating essentially the most beneficial data.
For extra data on Phemex, please try their web site, Twitter, Fb, Telegram, and Instagram.
Disclaimer: It is a paid publish and shouldn’t be handled as information/recommendation.
