Phemex to award 4 BTC to celebrate bracket-order launch

Singapore-based cryptocurrency derivatives exchange Phemex added bracket orders and launched a contest for users with a prize of 4 BTC. Representatives from Phemex told ForkLog about it.

Phemex was founded in November 2019 by former developers of the American investment bank Morgan Stanley. The exchange’s CEO is former Morgan Stanley vice-president Jack Tao.

Phemex offers traders perpetual contracts with leverage up to 100x. Currently the exchange provides contracts based on BTC, ETH, XRP, LINK, XTZ and LTC, as well as the GOLD/USD contract. In the near future Phemex will add contracts for seven more cryptocurrencies: COMP, LEND, DOT, ADA, BCH, ALGO, YFI.

Additionally, Phemex offers spot trading, for which traders pay 0.1% of the trade value. Premium traders trade on the spot market with no fees. A month of premium membership costs $9.99, a year — $69.99.

In September Phemex launched a new instrument — bracket orders. They allow simultaneously setting a limit order and a stop order when trading contracts. The limit order triggers when the contract yields the profit set by the user, the stop order when the position could incur a loss.

“We strive to offer cryptocurrency traders the best tools of the traditional stock market. One such tool is bracket orders. They enable automated trading and earning profits regardless of crypto market movements,” said Phemex CEO Jack Tao.

To celebrate the new tool, Phemex launched the contest #PhemexChallenge with a prize of 4 BTC. Contest participants search for and solve puzzles that the exchange posts every two days on social networks or on its site in encrypted form.

The contest will run until September 30. The prize will go to the user who solves all tasks faster than others. Phemex will provide the winner with access to a wallet containing 3 BTC and will credit 1 BTC as a trading bonus. The wallet with the prize money can be checked at 395pH5TSR4i8jJGdyhnHR5qvMKznEQ2XxF.

Earlier ForkLog reported on the types of orders cryptocurrency traders use.

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