Phemex exchange has announced that it is bringing to its platform a feature that would allow its members to enjoy a free crypto spot trading as from May 15, 2020. The new feature would see customers and traders on the platform make transactions without charge provided they have subscribed to the firm’s premium membership plan. However, all previous traders on the platform would receive a 7 – day free trial bonus to enjoy the new feature.
No charges for crypto spot trading
Phemex exchange will be the first firm in the spot trading market to offer its client base zero charges on transactions made according to a statement released by the firm. The report released by the company stressed the fact that its customers should be ready to purchase the firm’s premium plan to be able to enjoy the benefits.
Usually, an exchange platform might waive transaction fees of a particular customer provided they meet an actual trade volume or transaction target set by the exchange. However, the firm has promised not to renege on its promise, provided its customer base fulfills its part.
Talking to newsmen on the development, CEO of Phemtex Jack Tao said:
Phemtex mission – vision statement has always been to help people make seamless transactions and this new development is what we will refer to as a zero era. Our main purpose is to offer our clients our usual services for free without having them bother about transaction fees all the time, and this new crypto spot trading answers that.
Is this initiative a legacy market copycat?
A free trade market Is something that is conversant with traders on the legacy markets with Robinhood, one of the few Brokerage who provides this feature to their customers. It is an app that supports crypto and has recently witnessed a USD280 million funding, which was led by Sequoia Capital. Phemtex, a company found by former top bosses at Morgan Stanley, deals in both crypto spot trading and usual crypto trading with the introduction of the free trading a norm for them.