To sell bitcoin on the Phemex Spot Market quickly and simply, review all the Prerequisites and adhere to the instructions to earn more from selling bitcoin.
Here are simple steps on how to sell Bitcoin on Phemex Spot Market.
- Sign Up and log in to Phemex Spot Market.
- Choose an order type you want to sell Bitcoin: Limit Order, Conditional Order, Market Order
- Follow the detailed steps to set your order and click sell.
- Receive your Bitcoin earnings.
You can start selling Bitcoin on Phemex Spot Market safely in a matter of minutes by following our comprehensive guide.
What is Phemex?
On top of being a cryptocurrency exchange with spot markets like Bitvavo, Phemex is also a derivatives exchange. The value or price of a target cryptocurrency is imitated by a derivative, which is a financial product. For instance, the cost of a Bitcoin derivative is the same as the cost of a genuine bitcoin. Without having to buy or sell the actual cryptocurrency, these derivatives allow you to speculate on the price of Bitcoin.
Because they let you trade using leverage, these exchanges are very popular among seasoned traders. Although they carry a high level of risk, leveraged financial instruments can increase your chances of making faster money. You also run the risk of losing your money very quickly at the same time. The ongoing and persistent consistency problems that other rivals like BitMEX are experiencing are one of the factors that led to Phemex’s launch.
The founders of Pemex are from the renowned American business bank, Morgan Stanley. They want the cryptocurrency scene to be as dependable and secure as the conventional finance scene. Their goal is to establish themselves as the most reputable cryptocurrency and derivatives exchange in the world.
By providing products like stock indices, interest rates, foreign exchange, energy, and other commodities, Phemex aims to close the gap between traditional finance and cryptocurrencies. For the ultimate goal of creating the most user-friendly platform, all of their services and products are created with the intention of making things simpler and lowering the entry barrier for new traders.
Phemex Trading Platforms
The Phemex trading platform was designed with ease of use in mind and is suitable for both new and seasoned traders. The Phemex broker firm was able to offer one of the best trading platforms in the cryptocurrency industry by utilizing cutting-edge web development and security technology. No matter the level of volatility in the cryptocurrency market, this platform is always safe, reliable, and effective to use.
Furthermore, unlike some of the major cryptocurrency brokers like Bitmex, Phemex has not experienced any platform freezing or crashing incidents since its launch.
Phemex offers three different kinds of orders for the sale of bitcoin.
Limit Order
Setting a price, also known as the limit price, is required when using a limit order. This means that you will only buy or sell at the agreed-upon price. If the limit price is never reached, the order won’t be filled.
Conditional Order
This is comparable to limit orders in some ways. The only difference is that it has a trigger price, meaning that the order will not even active or be “triggered” until your specified price is reached. Professional and experienced traders use this.
Market Order
These kinds of orders are filled at the best price on the market and are executed straight from the order book. The best price will be used to fill your order right away if you choose a market order.
Steps to Sell Bitcoin on Phemex (Limit Orders)
- Log in to Phemex.com and click the Spot Trading button in the center of the header to navigate to the Spot Trading Page.
- From the Select Market menu in the top left corner of the page, select the symbol or coin of your choice.
- From the Order Module on the left side of the page, select Limit.
- Set your desired Limit Price.
- From the drop-down menu below the Limit Price, select either USDT to enter the amount you wish to spend or select your Symbol/Coin to enter the amount you wish to receive.
- At the bottom of the module, select either GoodTillCancel, ImmediateOrCancel, or FillOrKill depending on your needs.
- Click Sell to display a confirmation window.
- Click the Confirm button to place your order.
Steps to Sell Bitcoin on Phemex (Market Orders)
- Log in to Phemex.com and click the Spot Trading button in the center of the header to navigate to the Spot Trading Page.
- Click your desired symbol or coin from Select Market in the top left corner of the page.
- From the Order Module on the left side of the page, select Market.
- From the drop-down menu below the Limit Price, select either USDT to enter the amount you wish to spend or select your Symbol/Coin to enter the amount you wish to receive.
- Click Sell to display a confirmation window.
- Click the Confirm button to place your order.
Steps to Sell Bitcoin on Phemex (Conditional Orders)
- Log in to Phemex.com and click the Spot Trading button in the center of the header to navigate to the Spot Trading Page.
- Select Market is located in the top left corner of the page. Click the desired symbol or coin there.
- From the Order Module on the left side of the page, select Conditional.
- Check Limit if you want to set a Limit Price, or Market if you want to use the Market Price at the time that your condition triggers.
- If you checked Limit, set your desired Trigger Price and Limit Price. If you checked Market, set your desired Trigger Price.
- If you checked Limit, you also have the option to select either GoodTillCancel, ImmediateOrCancel, or FillOrKill depending on your needs.
- From the drop-down menu below the Limit Price, select either USDT to enter the amount you wish to spend or select your Symbol/Coin to enter the amount you wish to receive.
- Click Sell to display a confirmation window.
- Click the Confirm button to place your order.
Is Phemex a Secure Bitcoin Trading Platform?
Phemex has a hierarchical Deterministic Cold Wallet System that assigns unique cold wallet deposit addresses to each user, making it secure. The business’s multi-signature cold wallet receives all deposits on a regular basis via offline signature. Three withdrawal requests are processed on the platform each day, which could account for the generally long withdrawal wait times.
The platform secures its servers using the Amazon Web Service (AWS) Cloud, which is a leading industry standard and raises security and safety standards. Additionally, Phemex uses firewalls to divide trading areas within its internal network.
Technically speaking, the CrossEngine and TradingEngine, which match client orders based on price and time priority, are the two main parts of the trading platform.
Additionally, traders should anticipate virtually no downtime, according to the developers. Phemex asserts that users won’t even be aware of any sudden system maintenance breaks. This is a result of its high availability of 99.99% and recovery system. Naturally, this would be regarded as essential for exchanges that are open 24/7 if it endures the test of time. However, because Phemex is a relatively new derivatives platform, it is too early to say how it will respond to malicious attacks when they unavoidably materialize.
Here are simple steps on how to sell Bitcoin on Phemex Spot Market.
- Sign Up and log in to Phemex Spot Market.
- Choose an order type you want to sell Bitcoin: Limit Order, Conditional Order, Market Order
- Follow the detailed steps above to set your order and click sell.
- Receive your Bitcoin earnings.
FAQs
How to Sell Bitcoin With Zero Phemex Fees?
There are no Phemex fees required to trade BTC. The exchange allows you to open an account and select no-fee cryptocurrency trading. After that, you can choose the digital asset you want to trade by selecting “Spot Trading (zero fee)” under Products.
Dose Phemex Charge Any Fees?
Phemex does not charge fees on deposits, meaning you can move money into the exchange at no cost. When it comes to trading fees, however, Phemex keeps it simple at -0.025% and 0.075% maker and taker fee respectively. Similar to other exchanges in the sector, these rates are available.
The leveraged position affects Phemex’s funding rate in addition to this. A position with a lot of leverage will, as is to be expected, have a big effect on equity. Consequently, the rate reflects this.
Is Phemex Safe?
The fact that the CEO and founders aren’t hiding their faces, in contrast to other exchanges, was wonderful to discover while conducting this review. Actually, you can find them on the main website or on LinkedIn, where the full range of employee details is available. Of course, it’s positive that their profiles are public.
How to Create a Phemex Account?
Creating an account is incredibly easy:
– Go to Phemex.com’s registration page first.
– Your email address and password must be entered.
– Click on Continue, then you receive a verification email and code.
– In the window that follows, enter the code.
It’s a very straightforward registration process, and as with many derivatives exchanges, a KYC is not required to be completed.
Is Phemex Good for Beginners?
The Phemex platform was created to ensure that both beginners and experienced crypto traders can trade on Phemex with equal ease. The broker firm of Phemex uses the best technology in terms of security and web development and therefore is able to offer one among the best cryptocurrency trading platforms
How Do I Sell My Short on Phemex?
On Phemex.com, to Sell or Short means to place a sell order for a predefined number of Perpetual Contracts at a specified price. You can choose to sell these contracts at your entry price if the value of your underlying asset falls.
How Long Does It Take to Withdraw from Phemex?
Phemex needs a one-time deposit before you can make a withdrawal from your account. The withdrawal normally completes within one hour. Please get in touch with our customer support staff if your transaction is still not finished within the specified timeframe.
How Do I Sell My Bitcoin and Get Cash?
Utilizing a centralized exchange like Coinbase is one of the simplest ways to cash out your cryptocurrency or Bitcoin. Coinbase has an easy-to-use “buy/sell” button and you can choose which cryptocurrency you want to sell and the amount.
How Do I Convert Bitcoins to Cash Instantly?
There are typically four ways to turn Bitcoin into cash instantly:
1. Make use of a crypto debit card, such as the BitPay Card.
2. On a centralized exchange like Coinbase or Kraken, sell cryptocurrency for cash.
3. Use a P2P exchange.
4. Find a Bitcoin ATM.
Is It Easy to Sell 1 Bitcoin?
To sell your bitcoin, you just need to go to an exchange and click to sell your bitcoin. Once you’ve decided how much to sell, you can transfer your money to a bank. Instead, you should use a bitcoin ATM if you want to convert it instantly into cash.
