Phemex overview

Judy Rubio

The Phemex blockchain derivatives exchange immediately attracted the attention of the crypto community. Now it employs more than 40 specialists, business owners intend to constantly increase their number.

Eight ex-employees of Morgan Stanley Bank have created a trading platform Phemex, which focuses on cryptocurrency derivatives. It is expected that the platform will process 300,000 operations per second, which is ten times higher than other crypto exchanges. The response of the service when the user places an order will be within 1 MS.

The crypto currency exchange serves both retail and institutional investors. It offers to use perpetual contracts that work on the basis of Ripple, Ethereum, Bitcoin, EOS and Litecoin. Trading operations can be performed with a leverage of up to 100.

Phemex plans and achievements

Jack Tao, who in the past conducted tests of digital trading strategies at Morgan Stanley, noted: "Trading mechanisms for comparing risk management and bids were developed within six months. This allowed us to achieve a technical level of the platform that corresponds to Nasdaq."

At the moment, the number of staff on the Phemex platform is 40 people. The crypto exchange intends to increase its own staff. Mr. Tao noted that the company is currently looking for investments. At the moment, its market value is estimated at $ 30 million.

Tao concluded: "We strive to create comfortable conditions for clients to trade contracts based on classic products: S&P500, national currencies, commodities, and the like. This process is a long one and should be considered in the context of licensing and regulation. These functions should be implemented early next year."

Bank Of Singapore: we are closer to bringing bitcoin derivatives to trading platforms

On regulated crypto platforms, the regulator can allow registration and turnover of digital derivatives. This statement was made by the monetary authority of Singapore.

The regulator's proposal is explained by the interests of institutional investors in this type of object. In accordance with the current legislation of Singapore, Ethereum and Bitcoin do not act as assets on the basis of which regulated derivative financial instruments can be used. In the article "What are exchange funds" you can read additional information about such funds.

MAS noted: "We receive requests to include these assets in the law "on securities and futures", as a result, you can make a listing on trading platforms." Singapore's legal platforms are Futures Singapore, the Singapore stock exchange, the Asia-Pacific and other platforms.

The Central Bank expects that the offer will be able to meet the needs of institutional depositors in managing payment tokens under state control.

At the same time, MAS drew attention to the fact that retail investors are not interested in derivatives and tokens as a financial tool due to their increased volatility.

A few weeks earlier, JPMorgan Bank and the Singapore regulator showed the General public blockchain-a prototype that allows payments to be made in different currencies within the same network.

The Bitcoin exchange rate rose after the news about the launch Of the phemex derivatives exchange

Key cryptocurrencies rose in price amid reports of the launch of the cryptocurrency derivatives exchange. The market is holding back from a more powerful upswing by the news that Facebook Libra has been banned in the European Union.

Within a day after the announcement of the launch of the Phemex exchange, the rate of the main cryptocurrencies, including bitcoin and Ethereum, increased around 1%. Among the top coins, the best dynamics was demonstrated by XRP, which rose by 3.22%.

Financial scouts believe that the market will grow in the near future, but this trend will be short and moderate.

Key features of the Phemex derivatives exchange

The platform intends to increase the number of contracts that will be supported by both digital assets and classic financial products (stock indexes, energy, metals, agricultural products, interest rates, stock indexes, and others). This will help win the trust of users and simplify trading.

The user interface of the derivatives exchange is simple and not overloaded. The minimalist appearance and white background make the work enjoyable. The platform displays all order data on the user's screen before the transaction is made. If you take into account the complexity of derivatives, this is particularly useful.

Deposit replenishment and cash out with Phemex

The platform is very loyal to its customers. They are not charged a fee for adding funds to their balance or transferring money from their account. There are no minimum Deposit requirements.

The beginning of trading on the Phemex exchange is carried out in several stages:

  1. Registration on the site
  2. Confirmation of OTR by e-mail
  3. Visit the Assets category and go to the "Deposit" section. Here is the QR code, you need to scan it and add funds to your account

A nice bonus from Phemex is the presence of a referral program. It allows the client to get All-Star status. It allows you to receive up to half of the Commission from the entire earnings of the site from the users attracted by the client.

Technical support for users is available around the clock. The company's specialists are ready to help the client at any moment and solve his problem.

Morgan Stanley specialists are highly qualified. It is not surprising that the opening of the derivatives exchange by ex-employees of the Bank caused a surge of emotions. The platform has everything you need to become one of the market leaders. If you are planning to start trading cryptocurrencies and their derivatives, pay close attention to the Phemex platform. It has many advantages, it is convenient and easy to trade with.