The Crypto Converter is a new Phemex function that allows you to easily and instantly convert crypto in your spot wallets into USD and vice versa.
Please note, this is different than the USD that is stored within our Buy Crypto/OTC Trading. To learn more about OTC, please read “What is the Phemex OTC service?” and “How do I use the Phemex OTC Service?”
The USD obtained through our Crypto Converter cannot be withdrawn. Instead, it is used for the USD Contract Trading Account. Funding this account allows you to trade all of our USD-Margined Linear Perpetual Contracts with up to 20x leverage.
Once you’re satisfied with your realized profits, the USD you’ve earned can once again be converted back into one of the available Cryptos.
For a full step-by-step guide on how to use the new Crypto Converter function, please read “How do I use the Crypto Converter?”