Phemex is a cryptocurrency trading platform that has been gaining popularity in recent years. With its user-friendly interface, low derivative fees, and advanced trading tools, It has quickly become a favorite among cryptocurrency traders.
In this review, we will take an in-depth look at Phemex and explore its features, fees, and security measures.
Phemex
Summary
Phemex is a user-friendly trading platform that offers various features such as perpetual contracts, spot trading, and demo trading. The Exchange offers high security, quick customer support, and a user-friendly mobile app.
Phemex Key Specifications
| Key Point | Description |
|---|---|
| Platform Type | Cryptocurrency trading platform |
| Supported Cryptocurrencies | 310+ assets, and 450+ trading pairs |
| Trading Fees | Maker: 0.025% – 0.1%, Taker: 0.1% |
| Trading Instruments | Spot trading, copy trading, perpetual trading |
| Leverage | Up to 100x for contract and perpetual trading |
| Demo Account | Available |
| Security Features | 2FA, cold storage, anti-phishing code, and more |
| Trading Tools | Price charts, technical indicators, order types, and more |
| Mobile App | Available for iOS and Android |
| Customer Support | 24/7 live chat and email support |
| KYC Requirements | Required for withdrawals |
| Country Restrictions | Restricted in some countries, including the United States |
| Referral Program | Offers bonuses for referring new users |
| Company Background | Founded in 2019, based in Singapore, led by experienced Wall Street traders |
Phemex Overview
Phemex is a cryptocurrency trading platform that was founded in 2019. It offers a variety of trading options, including spot trading, margin trading, and derivatives trading.
The platform is known for its fast trade execution and advanced trading tools, such as stop-loss and take-profit orders. It also offers a mobile app for iOS and Android, making it easy to trade on the go.
In addition, the platform has a strong focus on security, with measures such as multi-signature wallets and cold storage. Phemex has gained a reputation for being a reliable and user-friendly platform and has quickly become a popular choice among cryptocurrency traders.
Pros and Cons
| Pros | Cons |
|---|---|
| High trading volume | Limited number of supported cryptocurrencies |
| Low trading fees | No margin trading for US residents |
| Advanced trading features (e.g., stop loss, take profit) | No staking services |
| User-friendly interface | No KYC Required (security threat) |
| Fast trade execution speed | |
| Secure platform with two-factor authentication | |
| Supports both spot and derivatives trading |
Phemex Trading Platform Review
P2P Trading
P2P (peer-to-peer) trading allows Phemex users to buy and sell cryptocurrencies directly with other users without the need for an intermediary like a centralized exchange.
This feature enables users to trade with more flexibility, privacy, and security. When using Phemex’s P2P trading feature, users can choose from a range of payment methods, including bank transfer, AliPay, and WeChat Pay.
Additionally, Phemex offers an escrow service to ensure that trades are completed safely and securely.
Perpetual Contracts
Perpetual contracts are a type of futures contract that does not have an expiration date. Phemex offers perpetual contracts that are settled in either USD-M (tether) or COIN-M (bitcoin).
These contracts allow traders to leverage their positions by trading with margin, which can increase their potential profits but also magnify their losses.
Phemex’s perpetual contracts also include features such as funding rates, which encourage the contract’s price to converge with the spot price of the underlying asset.
Copy trading
Copy trading allows users to automatically copy the trades of other traders on the platform. This feature can be useful for traders who are new to cryptocurrency trading or those who want to diversify their portfolios by following the strategies of more experienced traders.
The copy trading feature allows users to choose from a range of traders to follow, and they can set parameters such as stop loss and take profit levels.
Margin Trading
With margin trading, traders can also take both long (buy) and short (sell) positions on a cryptocurrency, which means they can profit from both upward and downward price movements.
Phemex offers margin trading with up to 5x leverage, which means that traders can borrow up to five times their trading capital to increase their buying power.
Phemex Earn and Savings
Phemex has introduced a program called the Earn Program, which allows its users to earn up to 19% APY through a savings account that is both fixed and flexible.
This move by Phemex is aimed at competing with trading platforms like Bybit and Kucoin. The program offers rewards for 10+ different assets, with APR ranging from 0.4% to 19%, which includes APT, SOL, and USDT.
However, the greater interest options are only available for short-term investments, which can last for 7 or 14 days. Long-term investments, on the other hand, have less than a 2% annual percentage yield. Members of the Earn Program have a flexible term and can withdraw their money at any time.
Phemex Launchpad
Phemex Launchpad is a new platform for Initial coin Offerings (ICOs). The Launchpad has a thorough selection process for the projects it hosts, ensuring that they are of high quality and have a strong team behind them.
The platform also provides a transparent and secure token sale process, with KYC verification and smart contract audits conducted by reputable third-party firms.
Investors on Phemex Launchpad have access to a diverse range of projects in different sectors, including decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming. The platform also provides investors with early access to tokens at a discounted price, enabling them to maximize their returns.
Phemex Supported Cryptocurrencies
Phemex offers a variety of spot crypto assets for exchange, including popular coins such as BTC, ETH, and XRP, as well as lesser-known coins like XTZ and DOGE. In total, there are over 350 supported assets for buying and selling.
Additionally, the exchange provides access to almost 120 Coin-M and USD-M Perpetual Contracts. Some Popular cryptocurrencies supported by Phemex are:
- Bitcoin (BTC)
- Ethereum (ETH)
- XRP (XRP)
- Litecoin (LTC)
- Chainlink (LINK)
- Tezos (XTZ)
- Cardano (ADA)
- Dogecoin (DOGE)
- Binance Coin (BNB)
- Polkadot (DOT)
Fiat and Payment Methods
To enable consumers to purchase bitcoin using credit/debit cards, Phemex has collaborated with well-known payment gateways including Simplex, Coinify, and MoonPay. Moreover, customers can buy cryptocurrency through the Phemex OTC service, run by Legend Trading, using a wire transfer.
About 20+ different currencies, including Bitcoin, Ethereum, and Tether, can presently be purchased on the site.
Phemex’s service stands out for its large variety of accepted fiat currencies, which include USD, GBP, JPY, EUR, CAD, HKD, and RUB among many others, giving traders a variety of alternatives for purchasing cryptocurrency.
Phemex Fees
Trading Fees
For spot exchange trading, Phemex has a Maker-Taker fee structure, with lower prices accessible to high-volume traders. Its costs, which are 0.1%, are comparable to those of other low-fee exchanges like Binance and are among the lowest in the market.
Zero costs on Maker orders are also an advantage for high-volume traders, although this benefit is only available to those who trade more than the minimum volume of $150 million.
Perpetual Trading Fees
Phemex has a maker-and-taker structure for future trading. Traders who provide liquidity to the order book through limit orders will only be paid a negligible 0.01% cost. Those who withdraw liquidity through market orders will only be charged a fractionally low 0.06% execution fee.
These prices help to explain why Phemex is renowned for having among the lowest fees in the derivatives market.
Deposit and Withdrawal Fees
Phemex does not impose any additional costs for cryptocurrency deposits to user trading accounts. Nevertheless, withdrawals from the Phemex wallet are subject to a regular blockchain fee, which fluctuates depending on the cryptocurrency asset and network traffic.
For instance, the industry-standard network charge for BTC withdrawals is 0.0005 BTC (but it also depends on network congestion).
Phemex Security Review
- Two-Factor Authentication (2FA): Phemex offers two-factor authentication using both SMS and Google Authenticator. This is an additional layer of security that helps prevent unauthorized access to user accounts.
- Cold Storage: It stores the majority of its users’ funds in cold storage, which means they are kept offline and are therefore less susceptible to hacking attacks.
- SSL Encryption: The Platform uses SSL encryption to protect user data and communication between the user’s device and the Phemex servers. This helps prevent any third party from intercepting sensitive information.
- Multi-Signature Wallets: It uses multi-signature wallets to store users’ funds. This means that multiple signatures are required to complete a transaction, which provides an added layer of security.
- DDOS Protection: The Exchange has implemented advanced distributed denial-of-service (DDoS) protection to ensure that the platform remains available even in the event of an attack.
- User Protection: Phemex offers its users a range of protections including anti-phishing and anti-fraud measures to help prevent users from falling victim to scams.
Mobile App and Ease of Use
Phemex offers a mobile app that is available on both iOS and Android devices. The app is user-friendly and easy to navigate, allowing users to access their accounts, view market data, and place trades quickly and efficiently. The app features a sleek design with a dark theme that is easy on the eyes.
One of the app’s key features is its customizable trading interface, which allows users to create a personalized trading experience that suits their individual needs. Users can also set price alerts and view their trading history directly from the app.
Customer Support
Phemex offers customer support via live chat and email. Their team is available 24/7 to assist customers with any issues they may encounter.
The live chat feature is easily accessible through the platform, and customers can expect a prompt response from a representative. The email support is also efficient, with most queries being resolved within 24 hours.
Phemex Alternatives and Comparison
| Exchange | Crypto Assets | Trading Fees | Rating | Review |
|---|---|---|---|---|
| Binance | 500+ | 0% to 0.1% | 4.8/5 | Binance Review |
| ByBit | 350+ | 0% (spot), 0.06% | 4.8/5 | ByBit Review |
| KuCoin | 750+ | 0.1% | 4.6/5 | KuCoin Review |
| Bitfinex | 150+ | 0.1% to 0.6% | 4.5/5 | Bitfinex Review |
| Bittrex | 300+ | 0.2% | 4.3/5 | Bittrex Review |
| XT.com | 400+ | 0.1% to 0.2% | 4.2/5 | XT.com Review |
How to Open Account Phemex Crypto Exchange
A step-by-step guide to getting started with Phemex Crypto Exchange:
- Go to the Phemex website and click “Register.”
- Enter your email address and create a password.
- Verify your email address by clicking the link sent to your email.
- Log in to your account and complete the KYC process.
- Deposit cryptocurrency or fiat currency into your account.
- Choose a trading pair and place an order to buy or sell.
- Review your order and confirm the transaction.
- Monitor your portfolio and make adjustments as needed.
- Withdraw your funds to your wallet when you’re ready.
Final Thoughts
Overall, Phemex is a solid option for cryptocurrency traders looking for a fast and reliable platform with competitive trading fees. With a wide range of trading pairs, advanced trading features, and a user-friendly interface, The platform makes it easy to buy and sell cryptocurrencies with confidence.
While it may not offer as many features as some other exchanges, Its focus on speed and simplicity makes it an attractive choice for both beginners and experienced traders alike.
With its strong security measures, responsive customer support, and commitment to transparency, Phemex is a reputable exchange that’s worth considering for your crypto trading needs.
