Phemex Copy Trading – How to Copy Trades on the Crypto Platform
Phemex, a leading crypto trading platform that recently announced football star Kevin De Bruyne as its new brand ambassador, now offers copy trading, a service that allows one user to replicate the crypto trades of another user.
Are you looking to start copying trades on Phemex? If so, this guide explains everything you need to know about Phemex and how to get started with the platform’s copy trading service.
About Phemex
Phemex was launched in late 2019. According to data on its website, the founders of the trading platform worked at Morgan Stanley as senior executives. The goal of these founders was to address the limitations they noticed in traditional finance by building a reliable crypto platform that facilitates trading at low cost.
Data on Phemex.com suggests that the crypto trading platform has the ability to handle up to 300,000 transactions per second and process $10 billion in daily trading volume. Moreover, Phemex claims to offer 24/7 customer support in various languages.
How to Copy Trades on Phemex
Getting started with Phemex’s copy trading service is easy. First, you need to create an account with the platform. You can do so by visiting Phemex.com and clicking the “Register Now” button. You will be required to enter your email address.
After accessing your Phemex account, go to “Contract” and press the “Copy Trade” button. A list of recommended lead traders will appear. You will see their monthly returns, followers, and capital under management.
To pick your preferred lead trader, simply click on their profile and press “Copy.” Note that Phemex does not support copy trading using demo accounts. Therefore, you must fund your account to start replicating trades.
After clicking the “Copy” button and allocating funds to your lead trader, Phemex will notify you when the trader opens a position. You can monitor any opened trade by clicking “My Copy Trade.”
Costs of Copy Trading on Phemex
After every successful trade, your lead trader deducts 10% of the realized profits as their commission. While Phemex does not charge users a fee to access its copy trading service, it imposes trading fees on copied trades.