bait & switch dishonest business model
Phemex is a bait and switch dishonest business model claiming to have 0% fees on spot trading. What they do instead is have a gap where they don't show you the quotes where transactions are being placed. They are missing the top 10 or bottom 10 so you are always overpaying for the trade. When you place a market trade is far above the market where other trades are being processed. Pyramid scheme of getting others to sign up and sharing commissions which outlines that they actually do charge very high fees. On their page related to starting your own business of Phemex All Stars "The customer makes one trade worth $1,000 and pays 0.25% in fees, equivalent to $2.5." Meaning you are actually paying high than others which is often .1% On top of that the trading platform is mediocre UI. As if all that weren't bad enough they want to charge you a monthly fee because you imagine you are getting 0% fees. Great business model for their own profits horrible everything for actual customers.