In almost all countries, the use of virtual currency is being accepted now. Not only that, in some countries, there are platforms being developed for the trading of cryptocurrency, which can prove beneficial to many users and traders. This can also help to open a new option of trading for the traders and give a boost to the economy. The use of cryptocurrency can be termed very recent as it does not hold a long history, but it has gained huge fame in the short term, and that is why even authorities have to support it and take action to accept it to a larger extent. According to Phemex cryptocurrency derivatives exchange, it can process over 300,000 transactions per second, which makes it the fastest trading platform in the world. The derivatives exchange is led by 8 ex Morgan Stanley executives, and it has offered latency speeds of less than one millisecond. This can give some confidence to traders who want to buy and sell multiple contracts in bulk at the same time. The exchange also claims that it is less susceptible to outages as it offers 99.9999% availability.
Why is this crucial for the crypto market?
The exchange offering such reliability is crucial for the crypto industry. In the recent past, we have seen outages happen with various exchanges whenever Bitcoin moved by a significant margin. This has reduced the confidence of users on such platforms, and they are frustrated to get caught in the outage. Many traders have made a lot of losses due to such outages in the past. However, with reliability improving due to upgraded technology, it is now easy for traders to enter and exit trades without any hassles in a quick time.
Zero fees for spot trading
In most cases, we have seen that spot trading is very expensive as the fees are very high. However, Phemex has made it completely zero and provides a different subscription plan for traders. The basic plan that comes at 9.99 USDT per month will be more than enough for most traders. However, if you want to save more money, you can choose the three-month plan or go for the annual plan at 69.99 USDT. These plans allow unlimited trades across ETH, BTC, XRP, and LINK.
Customer support in multiple languages
The best part about the exchange is that customer support is available in many languages, which is essential to get traction in different countries. Many people want to have customer support in their native languages, and this will help them to trade without any hassles. This customer support is available round the clock, and users can access them at any point during trading hours and after hours.
Growth of Phemex
The derivatives exchange has managed to grow rapidly within a short duration of time. It has more than 150,000 users and has exceeded $1 billion in trading volumes during February. Most of the new features are still under development, and it also plans to launch different contracts that are backed by metals, energy, and commodities. In this way, users can get to leverage their assets in other investments. The company has also partnered with Banxa that offers fiat to crypto gateway solutions. With this partnership, it is now possible for users to buy BTC, ETH, and USDT by using a credit card and debit card.
In this manner, the presence of ex Morgan Stanley executives has made a lot of difference to this platform. This can bring a lot of expertise in the long run to the crypto trading market. This will be beneficial for traders as they can trade in a safe environment.