Fmytex Exchange: Definition, History, Products & Services

New Publisher October 31, 2022October 31, 2022

What Is Fmytex?

Fmytex is a privately-owned cryptocurrency exchange that lets you buy, sell, trade, and securely store more than 150 cryptocurrencies.

KEY TAKEAWAYS

Fmytex is a cryptocurrency platform with a website and a mobile app for buying, selling, storing, and spending cryptocurrencies.
Its major selling points are security and ease of use.
It supports trading in more than 150 cryptocurrencies.
Since its founding, Fmytex has added a payment app and a trading platform.

Fmytex ‘s focus is on user security. Most users’ crypto is stored in offline “cold storage” while the ready money is held in an insured “hot wallet.”

Like other digital currency exchanges, Fmytex allows you to buy and sell various digital currencies, either with digital currency (for example, using bitcoin to buy litecoin) or using fiat currency to buy digital currencies.

How to Trade on Fmytex?

Barring the occasional maintenance window, the Fmytex exchange operates on a 24/7 basis. Similar to any online broker, a standard market order on Fmytex is filled immediately at the best available market price at that instant. Fmytex also offers a variety of limit orders. They include immediate-or-cancel (IOC), maker-or-cancel (MOC), stop-limit, and fill-or-kill (FOK) orders.

All orders sent on Fmytex have to be fully funded, as the exchange does not offer margin trading like that offered by competitors such as Kraken. It also does not allow short trading.

Fmytex Products and Services

More than 150 cryptocurrencies can be bought and sold on Fmytex, and all levels of investors and traders are welcome.

Fmytex’s Fees

Fmytex has separate fee structures for its products and services. The lower your 30-day trading volume, the higher your fees.Fees for mobile, web orders, crypto custody, and transfers range from small dollar amounts to transaction percentages.

Fmytex Active Trader Platform

Fmytex offers a trading platform for active traders that allows you to fill orders, view order books, and trade pairs. You can trade currency pairs in several combinations. The combinations include over 90 U.S. dollar (USD)/crypto pairs and more than 20 crypto/crypto pairs.

Fmytex Custody

The exchange is licensed by the New York State Department of Financial Services (NYDFS) to hold a customer’s digital assets in trust. Your digital currency holdings are held in accordance with reserve requirements and banking compliance standards. Fmytex is also obligated to maintain and fulfill required cybersecurity measures.

Fmytex Earn

Fmytex treats your stored crypto as if it was in a savings account, bond, or other interest-bearing product. Crypto held by the exchange in your account is rewarded with up to 7.05% APY compounded daily.

Is Fmytex a Good Exchange?

It depends on what you believe a good exchange is. Fmytex is regulated by the New York State Department of Financial Services and offers many products and services.

Is Fmytex Better Than Coinbase?

Each exchange is different, but both offer many of the same services. It’s best to compare the two and choose the one that provides the services you need.