Crypto exchange Phemex to be the next to bring commission-free trading
- Cryptocurrency exchange Phemex announced a new addition to its platform in the form of premium membership.
- By purchasing a premium membership, users will be able to enjoy unlimited zero-fee trading, starting tomorrow.
- The exchange will provide all existing accounts with a 7-day free trial of the membership.
Cryptocurrency exchange Phemex recently announced the launch of a new premium membership program. One of the main benefits of the program will include commission-free spot trading.
Users will be able to start using the new program beginning tomorrow, May 15th. According to the exchange, they will have the ability to trade as many times as they want, and not trigger any additional trading fees. Of course, that will only apply to those who choose to purchase Premium membership.
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Not only that, but all users who already have an account on the exchange will be rewarded for their support through a free trial of the premium membership. The free trial will last for 7-days, after which users can opt to purchase the membership or return to trading with fees.
The first exchange to offer on-demand zero-fee trading
Zero-fee trading is becoming more and more widespread in the crypto industry. We already reported about multiple crypto businesses that introduced it in 2020 alone, such as bitFlyer and Digitex. However, Phemex will be the first known derivatives and spot market exchange to offer commission-free trading on demand.
So far, margin trading exchanges mostly focused on offering zero-fee trading to some of the largest traders. In other words, traders needed to meet certain thresholds when it comes to volume and/or the size of their deposits. Phemex, on the other hand, allows anyone to purchase its premium membership and start trading for free.
A transition into a more comprehensive financial service provider
The exchange’s CEO, Jack Tao, commented on the new move by stating: “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.“
It appears that the legacy markets’ offering of zero-fee trading is beginning to stick in the crypto industry. More and more businesses are adopting it, thus becoming user-friendlier which will, eventually, work in their favor, as they will attract more investors who won’t be intimidated by the cost of trading. If you are interested in becoming a trader in the crypto industry, you can check out our guide on trading cryptocurrencies in 2020.