Phemex Review: A Nasty Crypto Investment Venture

Phemex is a company that claims it is the best crypto trading exchange in the market. Honestly speaking this is the first time we are hearing about this entity. There are several crypto trading exchanges that are reputable and genuine.

These include but not limited to; Coinbase, Binance exchange, Polonies, KuCoin, and Kraken. Cryptocurrency trading and mining have grown popular in the past years but so has the scammers increased as well.

There are multiple companies in the market that claims they are offering the best services. Their sales pitch is perfect and convincing. In most cases, novice traders are the ones that end up falling for their utopic narrative.

Phemex is one of those shady and unreliable investment companies. The main purpose of this firm is to defraud investors. They also have multiple bonuses and lucrative offers for their clients. They promise investor high returns.

Instead of entrusting your funds with this dirty scheme, we recommend that you use reliable and proven crypto trading companies. You will earn genuine returns while your safety is being served. These are transparent and credible firms.

Phemex.com Review

Phemex features a number of crypto pair that you can trade. The platform claims it allows investors to trade without experiencing any fees. The firm also presents an opportunity for investors to trade futures contracts.

The entity lacks specialization and it is targeting investors from all over the world. The platform state that it responds to the query of their clients within one minute. However, we cannot verify if this is true.

Phemex has over 30 liquidity providers. The broker markets itself as the best firm in the market. They present a number of features that makes them the best alternative. The company claims that it has a high performance. Therefore, they can transact over 300k transactions in a second.

The firm also states it has advanced functions and their wallet is secure. The big mistake that you can make is to trust a venture with your crypto. The scam is offering wallet but once you safe-keep your funds with them you will suffer big loses.

The entity also guarantees that you will have access to customer support around the clock. Phemex is a dirty scheme that should be avoided. The broker is unsafe and untrustworthy. It would be best to look for a better alternative in the market.

About Phemex

The company claim that it began as an idea of Jack Tao. He was a former Wall Street Investors and come together with other people. They identified untrustworthiness, lack of professionalism and poor customer support services.

The crypto exchanges that are in the market allegedly do not improve their services. Therefore, these people decided to leave the market and look for a better alternative. Phemex was born and the company aims to provide the best efficient and simple trading process.

The company, therefore, made its first digital footprint in November 2019. The name of this exchange allegedly implies that the firm is dedicated to providing trustworthy services to its clients. Their name is a Greek word.

However, Phemex is an entity that is not worth anyone time. It is an illegal scheme that you should not trust with your information. The venture state that it is looking for an opportunity to assist investors but we do not see this happening.

Trading Conditions

The company has a welcome bonus for their clients. The platform presents a web trader interface for its customers. The features of this software are not appealing. Moreover, cannot get their own charts they are using TradingView charts.

Investors who are interested in Forex trading should look for a more reliable option like an entity that is offering an MT4. However, you will trade with a basic web-based interface that will not benefit you.

Withdrawal and Deposits

The minimum amount that you can deposit at this entity is 0.000000001 BTC. There are USD and BTC trading accounts. Investors who chose to deposit money using a USD account need to deposit at least 0.002 BTC which is equivalent to $100.

Phemex assures investors they will not have to pay any withdrawal fees. There is a $60 bonus after depositing the first instalments. The company also promises $10 as a trading bonus. Investors need to deposit 2000 USDT or 0.2 BTC to become eligible for these lucrative.

What the entity is asking from their clients it is not something easy. You will never be able to cash out as tempting as the offer might sound. Moreover, legit investment entities do not have such opportunities for their clients.

Contact Details

Phemex is an entity that is operating anonymously. The entity does not disclose the location of its office address. It is a platform that is asking investors to entrust their coins with them. However, the firm is not transparent. They cannot present information that will help build trust with their clients.

The company can only be contacted via live chat. It is a big joke that the firm is dealing with public money yet there is no convenient method that can be used to reach the exchanges. Investors should ask themselves how their issues will be resolved.

Phemex is not a legit exchange. If they were then the venture would not risk harming their PR in such a manner. If you want to trade diligently find the best exchanges that are reputable and genuine. Avoid this scam at all cost.

Regulation Status

The majority of the crypto trading exchanges are not regulated by the government. The exchange state that it is being run by Phemex Limited. The terms and conditions of the firm are complying with the British Virgin Island.

The platform appears to be operating from an offshore area. Additionally, the USA Department of the Treasury does not recommend the operation of this entity. The company is operating therefore on its own accord as it pleases without following any rules.

We do not recommend you to invest in this dirty scheme. Furthermore, the FCA has issued a warning against the venture as well. Your money will be at high risk. Unregulated entities have the tendency of doing whatever they please without minding their clients.

The Domain Insight

Phemex is a company that has been in the market since 2016. The problem is that despite being around for this long the exchange is still not popular in the market. Their domain name will expire on Feb 2022.

The people that are managing the operation of this entity are doing it anonymously. Therefore, it will be a difficult task going after them. Nonetheless, this is an entity that is targeting investors from the USA.

They have a global alexa ranking of 9,633 which is very high. Most of their customers are from the USA, Belgium, and Switzerland. Investing in this entity exposes you to severe risks. Trade with genuine platforms in the world.

Final Verdict

Phemex is a dangerous company that purports to be an exchange. The platform does not have the intention of helping its clients’ trade efficiently. Furthermore, the firm does not have a reliable customer support team.

Invest with the top crypto trading companies that are reputable and famous in the market. You will trade with confidence without having the fear of being scammed. These platforms are licensed and their support team is professional.

Tags: Phemex Scam Review, Phemex.com Review