A Phemex Trading Bonus is a reward offered to users through multiple events, campaigns, and promotions. For example, all of the rewards offered through our Welcome Bonus promotion are in the form of trading bonuses.
Trading Bonuses come in two forms: USD Trading Bonuses (used for contracts settled in USD) and BTC Trading Bonuses (used for contracts settled in BTC).
Is a Trading Bonus the same as receiving cryptocurrency or money?
No. Trading bonuses are complimentary funds sent to either your BTC or USD Contract Trading Accounts. This means that these funds can only be used to trade contracts and cannot be withdrawn to a spot wallet.
Again, these funds can only be used with Contract Trading and not Spot Trading.
If you attempt to withdraw or transfer a trading bonus, the entire amount will simply be removed.
Although you cannot withdraw a trading bonus, you can use it to trade contracts just like your regular funds. Any profits (Realized PNL) that you then generate from trading can be withdrawn.
How exactly are Trading Bonuses used?
To illustrate how trading bonuses work, let’s suppose you have received a trading bonus in your BTC Contract trading account. You can now use these funds to open a new BTC Contract position just as you would with your regular contract trading funds.
If you close your position in profit, this realized profit is entirely yours to keep, withdraw, or transfer. However, please note that if you withdraw your realized profits, whatever trading bonus amount was left in your contract trading account will be removed.
If you close your position at a loss or get liquidated, the trading bonus will cover all your losses.
If you have both your regular funds and trading bonus funds in your contract account at the same time, costs and fees will be split 50%. For example, if you have an open position that must pay a $10 Funding Fee, $5 dollars will be discounted from your own funds, and $5 dollars will be discounted from the trading bonus funds.
Trading Bonus – Key Points and Additional Restrictions
- A trading bonus can only be used for Contract Trading.
- A trading bonus cannot be withdrawn. Attempting to do so will immediately cause the entire bonus to be removed.
- A trading bonus can be used to open new positions, pay fees, or cover losses. Bonuses will cover 50% of your fees and losses, with the remaining 50% coming from your own funds within the trading account. If you have no funds other than trading bonuses in your contract trading account, then the bonus will cover 100% of all fees and losses.
- You are not allowed to register with multiple email addresses to receive multiple Bonuses. Your account will be banned if any cheating is detected by our system.
- If your account is banned due to a multiple-account violation, please contact online customer support or email firstname.lastname@example.org.
- Phemex reserves the right to modify the terms of this program at any time.
Are Trading Bonuses the same as Cashback Vouchers?
Trading bonuses are different from cashback vouchers and cashback cards. Cashback vouchers are rebate vouchers that can be used to get cashback on part of all transaction fees when a user makes a trade. They are categorized as Spot Cashback Vouchers for spot fees, and Contract Cashback Vouchers for contract taker fees. Cashback Cards function with a similar mechanism to vouchers, except a voucher gives a set amount of cashback whereas a card gives a percentage cashback on fees. For more information, refer to our guide on Cashback Vouchers and Cards.