Phemex vs Binance: Crypto Platform Comparison (2024)

Which one should you choose? Here's a breakdown of their trading platform features and differences.

Cryptocurrency trading has seen a significant rise in popularity over the past few years. With the emergence of various exchanges, traders are left with an abundance of choices. Two prominent names in the world of crypto exchanges are: “Phemex vs Binance”.

Phemex is a relatively new exchange that offers traders a range of innovative features, such as zero-fee spot trading, perpetual contracts, and crypto savings accounts. On the other hand, Binance is a well-established exchange that offers a wide variety of trading pairs, staking services, and the ability to trade futures and options.

In this blog post, we will be taking a closer look at the differences between Phemex and Binance. We will explore the features offered by each exchange, their fees, user experience, and security measures.

Quick Verdict:

  1. Binance offers a wider range of cryptocurrencies for trading than Phemex.
  2. Phemex supports more payment methods for deposits and Withdrawals.
  3. Binance offers a wider range of trading features including OTC Trading, staking, Lending, NFT Marketplaces, etc.
  4. Phemex has low trading fees for new users compared to Binance.
  5. Binance has higher liquidity and Volume.
  6. Phemex maker and taker fees are 0.075-0.1% for new users, whereas perpetual contract fees are 0.01%. Binance has 0.1% maker/taker fees.

Phemex vs Binance: Similarities and Differences

phemex platform
Most efficient crypto trading and investing platform with the lowest fees in Industry
  • Trading Platform Features: Spot, Margin Trading, Perpetual contracts, Earn and savings, P2P Trading, NFTs, DEXs, Loans
  • Trading Fees: 0.05 – 0.1% spot, 0.06% futures
  • Number of cryptocurrencies supported: 213
  • Fiat Supported: 10+ different currencies
  • Payment Methods: SWIFT, ACH, SEPA, Moonpay, simplex, etc.
  • Solvent: $107 million in reserve assets

Pros

  • High-leverage trading is available
  • User-friendly interface
  • Low trading fees
  • The fast and efficient trading engine
  • No KYC required for spot trading

Cons

  • Limited Fiat support
  • A limited selection of cryptocurrencies
  • Relatively new exchange
Binance
Top Trading platform with high volume and a 100 million user base.
  • Trading Platform Features: Spot and Futures, Margin Trading, Leveraged Token, Dual Investment, Liquidity mining
  • Trading Fees: 0.1% maker, 0.1% Taker Fees (30% BNB discount)
  • Number of cryptocurrencies supported: 350+
  • Fiat Supported: EUR, GBP, BRL, and +8 more (currently USD not supported)
  • Solvent: $70 billion in reserve assets

Pros

  • User-friendly interface
  • Low fees
  • Wide range of cryptocurrencies
  • High liquidity
  • NFT Marketplace
  • Advanced trading features: OTC, Copy, Derivatives

Cons

  • Limited supported tokens
  • Regulator issues in past
  • History of security breaches.

Phemex and Binance Overview

Phemex is a cryptocurrency exchange. It was founded in 2019 by a group of Wall Street veterans. Users can trade various digital assets, including Bitcoin and Ethereum. The platform offers spot trading and perpetual contracts.

Phemex has a trading engine capable of processing up to 300,000 transactions per second. The exchange has advanced charting tools and customizable trading interfaces. It uses a multi-signature cold wallet system to store user funds offline.

It also has two-factor authentication and IP whitelisting to protect accounts. The exchange offers a referral program that rewards users with a percentage of their referrals’ trading fees. Phemex has a demo trading platform for users to practice trading without risking real funds.


Binance is a cryptocurrency exchange founded in 2017 by Changpeng Zhao. It quickly became one of the largest and most popular exchanges in the world, with a wide range of cryptocurrencies available for trading.

It offers a user-friendly interface and a variety of trading options, including spot trading, margin trading, and futures trading. Users can also earn interest on their cryptocurrency holdings through Binance’s lending and staking programs.

Binance also operates its own blockchain network, Binance Smart Chain, which allows for the creation and exchange of decentralized applications. The exchange has faced some regulatory challenges in certain countries but continues to operate globally with a strong user base and reputation in the cryptocurrency community.

Comparison between Phemex and Binance Exchange

Key PointsPhemexBinance
Number of coins210+500+
⚖️ Maker fees0.1% – 0.05%0.1% – 0.02%
⚖️ Taker Fees0.1%0.1%
⚖️ Futur trading fees0.01% maker fees, 0.06% taker fees0.02% maker, 0.04% Taker
Margin tradingYesYes
Futures tradingOnly Perpetual contractsYes
Options tradingYes
Spot tradingYesYes
OTC tradingYes
KYC requirementsOptionalRequired
Mobile appYesYes
Web-based platformYesYes
🔑 Security measures2FA, SSL, cold storage2FA, SSL, SAFU fund
Customer support24/7 live chat, email24/7 live chat, email
Trading toolsTradingView charts, API accessTradingView charts, API access
Fiat support10+EUR, GBP, BRL, and +8 more
Payment methodsSWIFT, ACH, SEPA, Moonpay, simplex, etc.Credit/Debit card, Bank transfers, Google Pay, Apple pay
Order typesLimit, Market, ConditionalLimit, Market, Stop-Limit, Stop-Loss, OCO
API tradingYesYes
Social tradingYes (Copy Trading)
Education resourcesBeginner’s guide, video tutorialsAcademy, articles, webinars
Staking rewardsYesYes (Flexible and Locked)
Referral programYesYes
Exchange tokenBNB
Decentralized exchangeYes (Binance DEX)
Trading volumeLow (million)Very High (billions)
ReviewPhemex ReviewBinance Review

Trading Platform Comparison

Binance trading

Binance is known for having a user-friendly and intuitive trading platform. The platform is highly customizable, and users can switch between advanced and basic trading views.

The Exchange also offers a range of order types and tools, such as limit orders, stop-limit orders, and trailing stop orders, to help users manage their trades more effectively. It also provides access to advanced charting tools, allowing traders to analyze price movements and make informed trading decisions.

phemex trading

Phemex’s trading platform also provides users with a customizable trading experience, including advanced and basic views. Phemex has an intuitive interface and is optimized for high-speed trading.

The platform includes a range of trading tools, including limit orders, stop orders, and take-profit orders, to help users manage their trades more effectively. Additionally, It offers unique features such as zero-fee spot trading and a built-in trading simulator.

Margin Trading and Perpetual Contracts

Both Phemex and Binance offer margin trading, allowing users to trade with borrowed funds to increase their buying power. Phemex offers up to 5x leverage on their margin trading, while Binance offers up to 10x leverage. This means that Binance offers slightly higher leverage than Phemex, which may be appealing to some traders.

In terms of Futures, Phemex offers up to 100x leverage on perpetual contracts, while Binance offers up to 125x leverage.

Trading Fees

Binance fees

Binance charges trading fees ranging from 0.02% to 0.10%, depending on the user’s trading volume and whether they pay in Binance Coin (BNB). It also offers lower fees for high-volume traders and users who hold a certain amount of BNB. Its withdrawal fees vary depending on the cryptocurrency being withdrawn.

phemex fees

Phemex offers competitive trading fees, with a standard trading fee of 0.10%. However, The Trading platform also offers a zero-fee spot trading service, which allows users to trade cryptocurrencies with no trading fees.

Number of cryptocurrencies supported

Binance offers a vast selection of cryptocurrencies to trade, with over 500 different cryptocurrencies available on the platform. Binance also supports a range of fiat currencies including EUR, GBP, BRL, and +8 more. This allows users to easily buy and sell cryptocurrencies using their local currency.

Phemex currently supports a more limited selection of cryptocurrencies, with around 200 cryptocurrencies available for trading. However, Phemex plans to expand its offerings in the future.

Payment methods

Both Phemex and Binance offer a variety of payment methods for funding your account, including bank transfer, credit card, and cryptocurrency deposits. However, Binance offers a wider range of payment options, including options to deposit and withdraw using third-party payment providers like PayPal and Google Pay.

Phemex also supports various third-party payment services like SWIFT, ACH, SEPA, Moonpay, simplex, Banxa, Mercuryo, etc.

Customer support

Both exchanges offer customer support, but Binance has a more extensive support system in place, including a knowledge base, a ticketing system, and 24/7 live chat support. Phemex offers customer support through email and live chat, which is available during business hours.

Phemex vs Binance: Security Measures

Both Phemex and Binance take security seriously and have implemented several measures to protect their users’ assets. These measures include:

  • Two-factor authentication (2FA) using Google Authenticator or SMS verification
  • IP address whitelisting to restrict access to the account from certain IP addresses
  • Anti-phishing code to prevent phishing attacks
  • Withdrawal address management to only allow withdrawals to pre-approved addresses
  • Regular security audits and penetration testing

Additionally, Binance has a Secure Asset Fund for Users (SAFU) that acts as an emergency insurance fund in case of a security breach.

Phemex vs Binance: Restricted Countries

Phemex does not allow residents of the United States, Japan, South Korea, Iran, Cuba, Sudan, Syria, and North Korea to use its platform. This is due to regulatory issues and compliance requirements in these countries.

In contrast, Binance has a longer list of restricted countries, including the United States, Iran, North Korea, Syria, Cuba, Crimea, and others. However, Binance also offers a separate platform, Binance US, which is specifically designed for US residents and is compliant with US regulations.

Phemex vs Binance: Which is better?

Binance has a larger selection of cryptocurrencies available for trading than Phemex. This gives traders more options to diversify their portfolios and find better trading opportunities.

Phemex is better than Binance due to its lower fee structure and easy-to-use trading interface for beginner traders.

Binance offers a wider range of trading options than Phemex, including spot trading, margin trading, futures trading, OTC Trading, NFT Trading, and options trading. This gives traders more flexibility and the ability to choose the trading option that best suits their needs.

How to Open an Account with Phemex or Binance

open account phemex
  1. Go to the Phemex or Binance website and click “Register” in the top right corner.
  2. Enter your email address and create a strong password.
  3. Complete the captcha verification.
  4. Confirm your email address by clicking the link in the verification email sent to you.
  5. Log in to your account and complete the Know Your Customer (KYC) verification process to increase your account limits.

Phemex Offer: Get a welcome bonus upto $6050 using this link

Final Thoughts

In conclusion, while both Phemex and Binance offer competitive trading services, their differences lie in their unique features and target audiences.

Phemex appeals to more experienced traders who prioritize fast trade execution, advanced order types, and customizable trading interfaces. On the other hand, Binance caters to a wider audience with a user-friendly interface, a large selection of cryptocurrencies, and a variety of services beyond trading.

At the end of the day, whether you choose Phemex or Binance, it’s important to stay informed and stay safe when trading cryptocurrencies. Always remember to do your due diligence, keep your security measures up-to-date, and never invest more than you can afford to lose.

Related:

  1. Gate.io vs Binance
  2. Binance vs Crypto.com
  3. Binance vs Kraken
  4. Binance vs. Bittrex
  5. Phemex vs Bybit
Amit Chahar

Amit Chahar

Hey! I am Amit Chahar, a Crypto and blockchain content creator at Wallet Reviewer. With 3+ years of experience as a SEO content writer, I love talking about blockchain technology, digital assets, DeFi, Smart Contracts, DApps, Digital Wallets, Metaverse, and NFTs.

Want to hire me? Contact: hello@walletreviewer.com

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