Cryptocurrency trading has evolved from a small market to a billion-dollar international industry. Institutional investors, retail investors, and professional futures traders have increased their interests in the cryptocurrency trading industry. Meanwhile, they are seeking innovative financial products, safe secure digital infrastructure, and rapid, responsive trading services. We will see how Phemex is building the world’s best, most trustworthy cryptocurrency derivatives trading platform to deliver the best platform for traders’ demand.
Current State of the Crypto Trading Industry
Compared to traditional financial markets, cryptocurrency trading remains a young and growing sector of the global economy. However, since it was first born, the cryptocurrency trading industry has remained solid, constantly recovering from faulty exchanges. Whoever enters the industry today can see the huge potential for cryptocurrency. For example, many see blockchain powering currencies like the U.S. dollar in the future. As the popularity of cryptocurrency trading is growing, so are traders’ expectations. Phemex is here to exceed these expectations. No longer will traders have to accept poor customer service from dull exchanges, lack of security, and overall poor user experience when trading cryptocurrency derivatives. Phemex refers to the Greek Goddess of fame and good repute, Pheme, and Phemex will live up to this name.
What Does The Cryptocurrency Industry Need For Future Growth?
Growth Driver #1: Greater Availability of Cryptocurrency Based Financial Products
A key product that is growing in the crypto environment is crypto derivatives. Currently, there is a huge lack of supply within the cryptocurrency industry. Traditional financial markets are taking for granted many of the investment opportunities.
How is Phemex Addressing this?
Eight former Morgan Stanley Executives are leading Phemex, meaning that investors’ needs are the company’s number one priority. So, this will allow trading of crypto contracts as well as traditional financial products. Moreover, these traditional assets include stocks, indexes, interest rates, FOREX, commodities, metals, energy and more. This means, through it. traditional financial products are as easily accessible as those based on cryptocurrencies. Phemex is capitalizing on this extreme growth driver by building a bridge to cover the gap between traditional and newer financial products. The team’s 40+ years of combined experience in Morgan Stanley is making all this a reality.
Growth Driver #2: Improved Investor Security
Exchanges and platforms that will offer security facilities are a major growth driver within the cryptocurrency trading industry. We can learn from the past that, even the most secure platforms have been vulnerable to security risks. For example, the hacking of big exchanges that sent shockwaves throughout the cryptocurrency world. In today’s trading environment, many exchanges are not immune to the efforts of hackers. Despite the best efforts of exchanges, they still can be vulnerable. So, these emotional reactions sabotage the growth of the industry. The risks involved put-off those who are willing to invest.
How is Phemex Addressing this?
Phemex ensures total peace-of-mind for all cryptocurrency assets of exchanges. How? Phemex has built the Hierarchical Deterministic Cold Wallet System which is its own storage system. This system assigns an independent deposit address to each user so that all assets are kept in cold wallets. Offline signatures with strict careful human examination will conduct Bitcoin collections and transfers. Meaning that compared to many exchanges currently on the market, the private keys of any investor are never stored online. So, in the event of a risk of attack, Phemex guarantees world-class security. In the unlikely event of any loss occurring, Phemex platform guarantee to its users that they will be covered.
Growth Driver #2: Better User Experience
For many, the technical barrier is the biggest barrier to entry into the cryptocurrency investing world. The cryptocurrency space still has poor user experience, hard to understand interfaces and bad support structure. This leaves many investors unhappy. Industry leaders are key drivers for the cryptocurrency industry. They can address this poor user experience problem and allow the same easy access to investment opportunities as traditional financial markets. However, despite the growth of cryptocurrency markets, many investors remain tech beginners, with no clear picture of how to interact with cryptocurrency.
How is Phemex Addressing this?
End-user focus at the center of Phemex’s design. Phemex leverages a “user-oriented” approach to develop far more powerful features than any existing exchange for traders. Consequentially this will allow users to easily buy and sell contracts with trust. Key members of the Phemex team are always available for rapid support through the most popular social channels. Directly on Twitter will be available developments, comments, requests, and feedback. Phemex works with more than 35 technical talents in China, Korea, Japan, USA, and Singapore, and provides 24/7 multilingual, human customer support online. Phemex believes that a “user-oriented” approach is the best way to build a next-generation trading platform.
Conclusion: The Vision of Phemex
The world has become increasingly interconnected over the course of just five years. Anyone with a phone can trade financial products globally. Blockchain technology can include billions of potential users in the financial world. Phemex believes in a future with a more equal global system, where users will have access to cryptocurrencies on a safe and efficient trading platform. Mutual support and growth will allow both users and products to improve every day.
Phemex, combines the words Pheme and MEX. In Greek mythology, Pheme is the personification of fame and the public voice, and MEX refers to any mercantile exchange. This name represents Phemex’s vision and dedication to becoming the most trustworthy trading platform. Phemex works daily to create a platform that allows users to transact with efficiency, simplicity and more importantly, trust. Phemex’s mission is to empower everyone to efficiently manage risk and trade simply. Blockchain technology empowers individuals to access assets that they may never have had access to before. Phemex will support this mission by providing a safe, user-friendly and rapid experience, providing access to the world’s most exciting asset classes. Phemex is building the world’s most trustworthy cryptocurrency.