Phemex: Best crypto exchange 2023 – Cointelegraph

Cryptocurrencies made worry-free, finally.

Crypto is a contentious topic. Mention “Bitcoin” to 10 of your family members and you may get 10 different responses, ranging from blank stares to excitement to outright ridicule.

The industry has been around for more than a decade and accumulated a market cap over $1 trillion, but it’s very much still in its “Wild West” stage. From the outside looking in, newcomers might be intimidated by the bombastic shilling touted by crypto-bros and interpret the space as filled with grifters and charlatans. They wouldn’t be totally wrong, but a deeper dive into the cryptosphere will also unveil what makes it great — a dedicated, fervent community on the forefront of technology looking to further individual rights through decentralized systems.

Knowing that, if you want to get involved with crypto or are already a blockchain veteran, it’s always imperative to choose the best platform. Right now, that very well may be Phemex — an all-in-one crypto trading exchange that’s secure, performant and user-friendly.

Let’s dig in.

Transparency is a virtue

Crypto’s main value proposition has always been that it’s on a transparent distributed blockchain, so all the transactions and records can be tracked without any potential fraud. It sounds good in theory, but in practice, bad actors like FTX have given the space a notorious label.

FTX took its customers’ crypto deposits, and instead of keeping them safe, it illegally invested or spent them without telling its users. For the cryptocurrency industry to evolve, there is no room for these fraudulent practices.

That’s why Phemex has released its self-proving Proof-of-Reserves tool, to give all its users peace of mind that their assets on Phemex are always safely kept available.

Any user can use Phemex’s Proof-of-Reserves tool to confirm that their assets are accounted for within the cryptographic Merkle tree, thereby verifying their crypto is safe. Phemex’s Proof-of-Reserves tool is unique because it enables users to rely on code and their individual confirmation, without needing to blindly trust in a third-party auditor.

Furthermore, Phemex even publishes a portion of the exchange’s own cold wallets, so anyone can see their total assets and compare them against total customer deposits. By allowing customers to check that the exchange’s assets outweigh liabilities, Phemex also provides Proof-of-Solvency, which is something many other competitor platforms aren’t willing to show.

Something for everyone

Likely no other crypto exchange is as versatile as Phemex. It’s great for expert traders and crypto newbies alike.

Phemex offers spot trading of over 350 different cryptocurrencies and contract trading of over 150. So whether you want to just buy and hold some Bitcoin (BTC), invest in a relatively obscure coin, or day-trade futures contracts with high leverage for daily profits, it’s all available on Phemex. In fact, Phemex currently offers the lowest credit card fees to purchase crypto across the entire industry, so it’s the go-to place for beginners to onboard themselves.

For trading experts who are comfortable with more risk, they can take advantage of Phemex contract trading with 100x leverage or margin trade on the spot market with up to 5x leverage and low costs to borrow.

Newbies and veterans alike will appreciate the copy-trading feature. Experienced traders can apply to become Top Traders, who can have their trades copied by other users, and earn an extra commission from it. Conversely, newer users can take the opportunity to copy-trade highly experienced and profitable users, so they can enjoy pro-trading returns without needing to accumulate the knowledge.

Phemex is even building its own Web3 ecosystem, where users can mint their own Phemex Soul Pass and get early access to the upcoming Phemex Token. By participating in the xPT Pre-Mining event, users earn free xPT airdrops just for trading contracts on the platform, making Phemex the most lucrative crypto exchange to trade on right now.

Bottom line

Crypto isn’t going away, so you may as well get more involved. Phemex is the premier cryptocurrency trading platform for both novice and experienced members.

Its focus on transparency and security sets Phemex apart from other exchanges, and is a breath of fresh air in an industry rife with opaque scams. The Phemex trading engine is industry-leading in its trading execution time of 300,000 TPS with 24/7 availability, making the platform’s technical prowess quite evident.

Now is the best time to try out Phemex, as it is currently hosting the xPT Pre-Mining event ahead of its platform token launch. For a limited time only, if you sign up and trade contracts on Phemex, you’ll receive free xPT token airdrops for free, which can later be converted into Phemex Token and sold on the open market.