The costs associated with trading cryptocurrencies can quickly add up to a significant sum. There are occasions when the fees are so expensive that they consume a substantial portion of a trader’s revenues. Especially for traders with high volume, trading fees can add up quickly. When selecting a cryptocurrency exchange, it is essential to consider several factors, including the types of assets it deals with, the fees it levies, the payment methods it acknowledges, and the type of VIP programs.Traders interested in buying or selling cryptocurrencies should seek a reliable exchange with all the mentioned perks to enjoy a profitable journey.
Phemex is a top Singaporean exchange for purchasing and selling various cryptocurrencies. The platform offers one of the most cost effective trading fees across the entire industry and enables all its customers to potentially earn substantial gains on each transaction they execute.
Phemex has also expanded its global presence by attracting users from 200+ countries and recently obtaining the crypto wallet and crypto exchange license in Lithuania. The exchange can now officially conduct business in Lithuania as a legal Virtual Currency Exchange Operator and Depository Virtual Currency Wallet Operator, allowing it to offer crypto products and wallet services to users in that region. Moreover, the exchange also obtained regulatory approval in regions such as Canada and Turkey. Phemex is now approved for operations in Turkey, Lithuania and 48 states in the U.S. By contributing to the thriving blockchain ecosystem in these countries, Phemex welcomes users from these areas to enjoy trading on its platform.
Most Optimal VIP Programs for Traders
The platform just recently reduced its contract trading fees to 0.06% for market takers and 0.01% for market makers. While announcing the trading fee adjustment, Phemex also announced a new VIP program to lower trading fees for high-volume traders. For traders who are trading large volumes, they can enjoy as low as 0.0325% contract taker fees and no maker fees at all. At the same time, spot traders can also enjoy as low as 0.0000% spot maker fee and 0.0400%% spot taker fee.
Phemex strongly values its customers and has integrated both spot and contract VIP programs to form one seamless experience that bestows hefty discounts. When comparing the Phemex VIP program to other exchanges, Phemex definitely stands out as the most optimal option. For instance, the VIP membership with FTX Tier 3 requires users to have over 5 million in trading volume for a maker/taker fee of 0.01%/0.055%. On the other hand, 5 million-15 million is only Tier 2 in the Phemex VIP program, yet Phemex is already offering a lower maker/taker fee of 0.004$/0.050%. One important thing to note is that exchanges like Bybit, Binance and FTX require users to hold their own tokens such as BIT, BNB or FTT to receive exclusive VIP benefits on their exchanges. Phemex however, does not have this requirement for users to hold specific tokens in order to receive VIP benefits. This is a great opportunity for users to not only get more benefits, but also enjoy less restrictions in the Phemex VIP program.
Of course, that’s not all. As mentioned above, Phemex merged both contract and spot VIP Programs together. This means that a VIP level 5 spot trader can also receive all the benefits of a VIP level 5 contract trader and vice versa. Phemex will not require users to fulfill the obligations of both Spot and Contract, so only reaching the relevant level for one is enough to receive the same level benefit for the other. Furthermore, Phemex is offering a great welcome promotion where day traders from other exchanges can easily submit proof of their trading history to instantly qualify for their corresponding VIP level+1 on Phemex for 30 days.
Phemex is dedicated to providing the most efficient and beneficial VIP program in the industry. Users who are VIP level 4 or above can also enjoy withdrawal quickpass and have a 1-on-1 VIP account manager dedicated to all their needs. With the new VIP program, users who qualify will be able to get various rewards, discounts and merchandise from Phemex.
What Makes Phemex Stand Apart From Other Exchanges?
Serving around 5 million active users in over 200 countries, Phemex supports 141+ contract trading pairs with up to 100x leverage and 293+ spot trading pairs, making it easy and efficient to trade and buy cryptocurrency. Phemex is founded on the values of honesty, integrity, and trustworthiness. Phemex is the ideal solution for your crypto-financial needs, with a great vision, a devoted team, and a genuine interest in the interests of its consumers.
Phemex deserves praise as an exchange with some of the lowest costs compared to other options. In addition, Phemex also offers many other fantastic features that make it the premier exchange for both new and experienced traders. These perks include a user interface that is intuitive and simple to use; sophisticated trading instruments like margin trading and futures contracts; and customer support provided by a team of professionals—24 hours a day, 7 days a week.