The Cryptocurrency exchange Phemex has launched a Premium membership program that allows fee-less spot trading, which is going live on May 15th, 2020 with membership priced at $9.99 USDT per month.
Premium traders will be able to swap as much or as little cryptocurrency as they refer with no additional fees. Also, all current and new Phemex users are to be awarded a free seven-day Premium trial.
No Crypto Trading Fee at Phemex
Phemex is the first derivatives and spot exchange who offer users zero-fee trading on demand. The exchange is offering 19.99 USDT/3 months and 69.99 USDT/year options and allows users to be able to choose to extend their Premium memberships at any time or expire these with no renewal requirements.
Exchanges, traditionally, only offer zero-fee trading to high volume users that meet minimum deposit and volume thresholds. Meanwhile, Phemex’s Premium members can enjoy transactions with a low monthly membership cost. Full Premium users also can gift a 30-day Premium trial to anyone they wish, further extending the benefits of a Premium account.
Premium Spot traders can swap 4 cryptocurrencies with zero fees, including BTC, ETH, LINK, and XRP. Also, they are allowed to place conditional orders, make hourly withdrawals, and no withdrawal limits.
Regular members who deposit more than 0.02 BTC and complete over $1,000 worth of trades for BTCUSD contracts will be eligible to receive a 30-day Full Premium membership.
Jack Tao, the CEO of Phemex, and be the one who spent 11 years with Morgan Stanley, latterly as the MSET BXS global development leader, said:
“Phemex’s vision is in line with the Blockchain’s mission to facilitate financial transactions. We wish to usher in what we’ve dubbed the Era of Zero. By offering a low-cost monthly membership in exchange for zero-fee spot trading privileges, we empower individuals with all the advantages of our service in a cost-saving manner. As a company, our goal is to transition into a more comprehensive financial service provider, one that always puts its customer’s needs first. We believe that our new Membership Spot Trading program perfectly exemplifies this philosophy.”
About The Company
Phemex was founded by Morgan Stanley executives back in last year and its headquartered in Singapore but operates globally.
The company is registered in the British Virgin Islands and has a remote workforce from China, Korea, Japan, the US, and Singapore. Phemex not only offers both spot and derivatives options but also BTC, ETH, LINK, XRP, XTZ, LTC, and GOLD perpetual contracts, which can be traded with up to 100x leverage. Phemex has attracted over 100,000 registered users since its launch.