The Power of Low Crypto Trading Fees and Most…

While the profits can certainly be impressive, crypto trading can be an expensive investment vehicle. Besides the cost of buying a token itself (a single bitcoin will set you back thousands of dollars even in a bear market), there are other associated fees, many of which are paid to the exchange or broker you choose to use. 

But some crypto exchanges are making a conscious effort to cut down on the fees they charge, many of which can eat into an investor’s profits. One of these is Phemex, a top Singapore-based cryptocurrency exchange.  Phemex is a top 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 earn substantial financial 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. 

Phemex and Low Fees

When trading cryptocurrency, there are a number of fees that are charged to investors. The platform just recently reduced its contract trading fees to 0.06% for market takers and 0.01% for market makers. 

Take the maker fee, for instance. This fee is charged when an investor places a limit order for an asset i.e places an asset in the market with the order that it not be sold until an offer is made on it for a specific price. 

This sort of instrument is good because the investor can set their desired profit and the exchange automatically sells it at that price without them having to manually refresh all the time. One of the few downsides of this is the fees that are attached to them. But Phemex offers some respite from this as while other exchanges charge around 0.02% (with OKX even charging as high as 0.08%) per transaction, Phemex charges only 0.01%, making it one of the most affordable exchanges in the market. 

The same can be said of taker fees. Taker fees are the fees charged when an investor buys an asset instantly at market price. In this case, they are considered to be ‘taking’ liquidity from the market by buying crypto on the spot. This, of course, has some fees attached. While this differs from one exchange to the other, it can go as high as 0.1% on OKX. Depending on how much an investor is buying and how often, this can represent a significant amount of money that goes to fees. 

Once again, Phemex offers some of the lowest rates on the market, with only 0.06% charged for taker fees. For investors who are making their profit on small margins or who place a lot of orders, this reduction in fees can mean that quite a lot of money stays in their pockets as opposed to going to the exchange. 

Industry’s Best VIP program

While announcing the trading fee adjustment, Phemex also announced a new VIP program to lower trading fees for high-volume traders in both spot and contract trading. For traders who are trading large volumes, they can enjoy as low as 0.0325% contract taker fees and no maker fees at all.  Similarly, spot traders can also enjoy as low as 0.0000% spot maker fee and 0.0400%% spot taker fee. 

Phemex places a high importance on its consumers and it is integrating both spot and contract VIP programs to create a smooth user experience that offers significant savings. When compared to other exchangers, Phemex clearly stands out as the best choice thanks to its VIP program. For instance, FTX Tier 3 requires customers to have over 5 million in trading volume for a maker/taker charge of 0.01%/0.055% in order to qualify for VIP membership. On the other side, Phemex is offering a lower maker/taker charge of 0.004$/0.050% for users with 5 million to 15 million trading volume, which is merely Tier 2 in the VIP program. One thing to keep in mind is that in order to receive special VIP advantages on exchanges like Bybit, Binance, and FTX, users must own their own tokens like BIT, BNB, or FTT. Phemex however, does not have this requirement for users to hold specific tokens in order to receive the VIP benefits.

What’s best is that both contract and spot VIP programs are merged at Phemex. As a result, a VIP level 5 spot trader can also profit from VIP level 5 contract trader privileges, and vice versa.  Phemex will not require users to fulfill the obligations of both spot and contract, only reaching the relevant level for one is enough to receive the same benefit for the other. Day traders from other exchanges can also easily submit proof of their trading history as part of Phemex’s fantastic welcome promotion to instantly qualify for their equivalent 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.

A World of Low Fees

Along with its record low fees, Phemex also offers its users an interface that is easy to navigate, even for crypto newbies, trading instruments such as margin trading and future contracts so they can maximize their investment and 24/7 support for all of their issues.

All this is tied up in Phemex’s low fees that beat out even top competitors in the industry, making sure that their customers can invest in a safe and intuitive environment while also pocketing as much of their crypto profit as possible.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice