Is Phemex trading legit?

Can US citizens use Phemex?

ANY CITIZEN OR RESIDENT OF A RESTRICTED TERRITORY IS STRICTLY PROHIBITED FROM ACCESSING OR USING PHEMEX.

How long does it take to withdraw from Phemex?

Your withdrawal will be credited to your wallet within 1-2 hours. Due to the time needed for the manual process and pending transactions on the blockchain to carry out. If you just miss a withdrawal ‘cut- off ‘ time, it takes you about 9 hours to receive the BTC.

Is Phemex insured?

Phemex uses an Insurance Fund to prevent your positions from becoming Auto-Deleveraged. The Insurance Fund is used to alleviate unfilled liquidation orders on the platform before they are taken over by the auto-deleveraging system.

Can you trade on Phemex?

Log in to Phemex.com and click the Spot Trading button in the center of the header to navigate to the Spot Trading Page. Click your desired symbol or coin from Select Market in the top left corner of the page. From the Order Module on the left side of the page, select Limit. Set your desired Limit Price.

Does Phemex report to IRS?

Does Phemex report to the IRS, HMRC, ATO and other tax authorities? Yes. Practically all cryptocurrency exchanges share customer data with the relevant tax authorities around the world, particularly huge exchanges like Phemex. This is why it’s so important to report your taxable transactions accurately.

How do I withdraw from Phemex to Coinbase?

0:073:40How to Withdraw Crypto from Phemex to another Crypto Wallet – YouTubeYouTube

What is the minimum deposit on Phemex?

NOTE: Before you can make withdrawal, a minimum deposit of 10 USDT is required.

What is Phemex withdrawal fee?

Yes, Phemex does not charge a withdrawal fee, but there is a minimum 0.0005 BTC Bitcoin Network fee that is set dynamically based on blockchain load.

How do Phemex contracts work?

At Phemex, users can use two different base currencies to trade all contracts. For contracts based on BTC, each contract is worth 1 USD of Bitcoin (1USD/current BTC price). Profits and Losses are calculated in terms of the contract’s BTC value.

Is Phemex good for beginners?

Phemex Exchange offers competitive fees, plenty of trading tools, as well as a platform that’s quick, secure, and easy to use, thus appealing to both experienced traders and avid beginners at the same time.

How does Phemex trading work?

At Phemex we can offer up to 100X leverage for your trades. … Each trading pair has its own associated available margin/leverage, initial margin rate, and maintenance rate. These can be viewed here. If the value of the coin then goes up so will the balance in your account.

How do I report Phemex taxes?

Investment report

  1. Log in to Phemex and select assets in the top right corner.
  2. In the menu on the left, select funds.
  3. Select investment account from the new top navigation bar.
  4. Select generate investment history report.
  5. Select the time period and desired symbol(s) for your report.
  6. Select generate.

How do I do Phemex taxes?

How to Do Your Phemex Taxes

  1. Navigate to your Phemex account and find the option for downloading your complete transaction history.
  2. Import your transaction history directly into CryptoTrader. Tax by mapping the data into the preferred CSV file format.
  3. CryptoTrader.

How does Phemex work?

The Phemex cryptocurrency exchange is a full-service platform. It offers leverage trading up to 100 times your initial investment amount and accepts deposits from credit cards. Phemex provides ways to earn interest, and it offers free real-time trades for premium members.

Is Phemex a Bitcoin wallet?

Every Phemex user has access to a BTC wallet and two types of Trading Accounts: a BTC Trading Account and a USD Trading Account. For contracts that settle in BTC, users can trade using their BTC Trading Account.

Is Phemex really free?

Phemex provides ways to earn interest, and it offers free real-time trades for premium members.

How do fees work on Phemex?

Currently, only full Premium and Premium Trial users can spot trade with Zero Fees. Standard users will have to pay 0.1% in transaction fees (both as takers and makers). … Funding fees are charged or issued between long and short positions holders every 8 hours. Phemex does not charge any overnight fees.

How do I withdraw my bonus from Phemex?

A trading bonus cannot be withdrawn. Attempting to do so will immediately cause the entire bonus to be removed. A trading bonus can be used to open new positions, pay fees, or cover losses. Bonuses will cover 50% of your fees and losses, with the remaining 50% coming from your own funds within the trading account.

How long can you keep a trade open on Phemex?

They do not have an expiry date, which is an advantage over the futures market. Because there’s no expiry, speculative traders and investors alike can have a no-pressure trading environment where they can hedge and even hold trades as long as they want. The possibility for margin or leverage trading of up to 100x.

How does Phemex bonus work?

Bonuses will cover 50% of your fees and losses, with the remaining 50% coming from your own funds within the trading account. If you have no funds other than trading bonuses in your contract trading account, then the bonus will cover 100% of all fees and losses.

How do I find my Phemex account?

How do I fund my Contract Trading Accounts?

  1. Log in to Phemex.com and click Assets on the top right corner of the page.
  2. Select Contract Account.
  3. Inside the BTC Trade Account section, click the Transfer In button.
  4. Enter your desired amount and click Confirm.