An Introduction to Phemex
Phemex is a cryptocurrency exchange and derivatives trading platform for users to buy, sell, and trade crypto with up to 100X leverage.
Phemex is one of the newcomers on the block founded in Singapore in 2019 by a group of 8 individuals who formally worked at banking giant, Morgan Stanley. The platform has grown rapidly in just a short space of time with over 5 million registered users, $32 billion in 24-hour daily volume, and offers hundreds of cryptocurrencies for users to trade.
Phemex is a well-rounded cryptocurrency exchange that offers competitive fees, and plenty of trading options for its users. Its platform caters for all types of cryptocurrency investors, whether you’re a beginner investor, casual or advanced trader, with features to suit your investing ability. Phemex is available in more than 110 countries worldwide, but it also restricts access to many countries across the globe. A full list of countries it accepts and does not accept can be found on the Supported Countries page on the Phemex Website. In 2022, Phemex announced Manchester City soccer player, Kevin De Bruyne, as its brand ambassador to help onboard new users.
We’ve reviewed all aspects of the Phemex exchange including its features, fees, security, ease of use, and cryptocurrencies supported, so you can decide if this is the best exchange for you to use.
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Phemex Review: Quick Glance
- $37B in 24-hour trading volume
- 5M registered users
- 30+ integrated liquidity providers
Correct as of August 2022.
What we like:
- Multiple trading interfaces
- Advanced trading options
- Low fees
What we don’t like:
- Many countries restricted
- Lack of user account security features
- Lower liquidity than other top exchanges
Whilst Phemex is a newcomer on the block, it’s an exchange that’s growing at a rapid rate. It’s become a solid, well-rounded option for crypto traders and investors alike with its intuitive user interface. Noticeably, some key features are missing from the platform, which we hope the team adds over time as it evolves and expands.
See the table below for an overview of the Phemex platform:
|Access||Over 110 countries|
|Features||Multiple trading interfaces,Multiple order types,Sub accounts,Earn rewards,Staking,Low fees,Copy trades,Top gainers,New listings,Custom API keys,Phemex Academy,VIP program,Mobile app,Derivatives,Online chat and email support.|
|Cryptocurrencies||Over 250 cryptocurrencies and 79 perpetual contracts|
|Fees||Maximum 0.1% buying and selling fee, Higher fee discounts with VIP program,Deposit and withdrawal fees vary by currency and crypto.|
|Security||2FA via Google authenticator app,Process withdrawals 3x per day,Funds kept in cold storage.|
Phemex is a global cryptocurrency exchange that’s available in over 110 countries worldwide, including the United States. However, it also restricts access to many other countries such as Mexico, United Arab Emirates (UAE), selected countries in Europe, and many more. A full list of countries it accepts and does not accept, can be found on the Supported Countries page on the Phemex Website.
Phemex offers users over 250 cryptocurrencies to choose from and 79 perpetual contracts, giving traders and crypto investors plenty of opportunities to explore and alt coins gems to discover. Once logged into the platform and ready to trade, there are several trading interfaces to choose from depending on skill level.
Phemex: Ease of Use
Phemex has a user interface which feels smooth and easy to use. You can access all the platform features by navigating the drop-down menu at the top of the screen. Once in the trading interface, users have the flexibility to customise the screen to suit their trading ability and personal preferences. The TradingView embedded charts allow users to edit, draw, and apply indicators to them all in this one platform. Whilst it could be intimidating to beginner traders and investors alike at a first glance, the help section and learning academy provide all the support you will need to get up to speed and feel comfortable. The advanced trading features will make this a dream for experienced traders to use on a daily basis.
Phemex has a simple registration process which is easy to follow, and one they say takes only 30 seconds to complete. You only need an email address and password to get started. Once you’ve created your account, you will need to complete the KYC (Know Your Customer) verification checks and connect your bank account or credit card to start trading. Applying two-factor authentication (2FA) is easy to do from the account settings and downloading the Google Authenticator app from there.
Phemex is not only a cryptocurrency exchange for you to buy and sell crypto assets, but it’s also a trading platform with a ton of features so you have everything you need no matter who you are.
Here are the main features available across on Phemex:
Multiple trading interfaces: Phemex allows users to drag and drop components to customise the trading interface so you’re as comfortable as possible when trading. This means that no matter whether you’re a casual, experienced, or advanced trader, you can build a trading screen that works for you. The embedded TradingView charts allow users to edit, draw, and overlay hundreds of indicators.
Multiple order types: Phemex offers a selection of different trading options. Here’s a list of some of the trade types:
- Market order
- Limit order
- Conditional order
- Stop loss order
- Take profit order
- Post only order
- Close on trigger order
Earn rewards: Phemex allows investors to earn rewards on their crypto through flexible or fixed savings, launchpools, and the earn program. This is a useful way for investors to increase their crypto holdings such as BTC, ETH, USDC, USDT, SOL, and DOT.
API keys: Phemex allows crypto investors access to create an API key, by navigating to the API Management section within the user’s account. An API key allows the integration of third-party apps into the Phemex platform.
Derivatives: Phemex gives experienced crypto traders access to advanced trading features such as futures contracts and up to 100x leverage, to take full advantage of the market movements.
Sub-accounts: A sub-account allows advanced traders to create multiple accounts under one primary Phemex account. This helps users with larger trading accounts to separate out risk levels, investing strategies, budgets, and expenses.
Copy trades: Designed to benefit inexperienced traders, users can follow other traders on the platform and replicate their trades and portfolios. This trading methodology can be used to either automatically or manually open trades based on the user’s preference.
Phemex Academy: Phemex’s free education platform is a great resource for crypto investors and traders alike to level up knowledge on technical analysis, DeFi, Metaverse, and more. Its trading resources are detailed and in-depth yet easy to follow with screenshots and simple explanations. The Phemex Academy is perfect for beginner traders but can also act as refresher lessons for traders with more experience too.
Learn and Earn: Read, watch, learn, and take quizzes to receive trading bonuses for every lesson you complete. The Learn and Earn program also allows you access to limited-time courses to receive crypto in reward for successfully passing with flying colours.
VIP program: The more you trade, the better discounts and perks you’ll receive. The VIP program gives you access to the lowest fee structure and withdrawal priority, among other benefits such as merch and exclusive rewards.
Simulation trading platform: Registered users can sign up to the Phemex testnet which allows inexperienced traders to learn and practice the skill of trading without risking real money.
Phemex offers users access to the top cryptocurrencies, supporting over 250 cryptos, as well as over 75 perpetual contracts for the advanced trader.
Phemex allows you to purchase the top cryptocurrencies including Bitcoin, Ethereum, Solana, Polygon, Cardano, Chainlink, BNB, Avalanche, Polkadot, Uniswap, Aave, and of course BNB, the stablecoins such as USDC, USDT, and DAI. There’s also a large selection of altcoins for experienced traders such as ENJ, CHZ, OP, and more. Phemex has a minimum order amount in USD of $25. To explore the full list of cryptocurrencies available on Phemex, you can review the Phemex market listings.
Phemex provides users with support for fiat currencies and cryptocurrencies with its credit card partners including: Simplex, Banxa, Moonpay, Mercuryo, and Coinfy. You will find a full list of Fiat and Cryptocurrencies supported by Credit Card on the Phemex website.
Phemex offers a simple, low-fee maker and taker structure that incentives high volume traders without penalising casual traders with ridiculously high fees. No matter your level of expertise and budget size, you can benefit from the low trading fees.
Here’s a list below of the spot fees on the Phemex exchange:
Phemex Trading Fees
|LEVEL||LAST 30D SPOT TRADING VOLUME (USD)||CONDITION||LAST 1D AVERAGE HOURLY BALANCE (USD)||MAKER FEE||TAKER FEE|
|LV1||< 1M||and||> 0||0.1%||0.1%|
|LV2||> 1M||and||> 0||0.07%||0.09%|
|LV3||> 4M||and||> 0||0.06%||0.08%|
|LV4||> 10M||and||> 4,200||0.05%||0.07%|
|LV5||> 20M||and||> 75,000||0.03%||0.06%|
|LV6||> 50M||and||> 100,000||0.02%||0.05%|
|LV7||> 100M||and||> 130,000||0%||0.05%|
|LV8||> 150M||and||> 180,000||0%||0.04%|
|LV9||> 200M||and||> 250,000||0%||0.03%|
|LV10||> 500M||and||> 550,000||-0.002%||0.03%|
The higher the trading, the lower the fee becomes all the way down to a -0.0002% maker fee and 0.03% taker fee respectively. Yes, this means if you are a Level 10 high-volume trader, Phemex credits you for placing a buy order in the order book.
Phemex Withdrawal and Deposit Fees
There are no fees on deposits, but there are minimum deposit amounts that apply to each cryptocurrency. Phemex charges a withdrawal fee and again this will vary depending on the cryptocurrency you are withdrawing. For a full list of deposit and withdrawal amounts, you can visit the fees section on the Phemex website.
Phemex: Security Features
Phemex has a strong security infrastructure behind-the-scenes but when it comes to user account security, the security procedures are extremely limited. We are hoping this is something the Phemex team will develop and enhance over time to give users much more peace of mind.
The security features include:
- Two-factor authentication (2FA)
- Phemex offers two-factor authentication (2FA) via the Google Authenticator app.
- Cold Storage
- Phemex’s Hierarchical Deterministic Cold Wallet System is designed to assign a cold wallet address to each user and is managed in the company’s multi-sig wallet via an offline signature.
- System Security
- Phemex deploys its system on Amazon’s Web Service Cloud (AWS) and uses several firewalls across the different time zone servers to maintain top security levels. Phemex also follows best practices when it comes to withdrawing your crypto, processing requests just three times per day.
Phemex: Regulatory Scrutiny
Regulators all over the world are concerned about crypto. From the potential of crypto to be used for money laundering, to the risks involved to investors speculating on highly volatile assets. It’s not surprising to see Phemex targeted by financial regulators, like most other cryptocurrency exchanges.
Phemex has come under fire from the South Korean Financial Services Commission (FSC) for operating illegally as an unregistered provider. South Korea’s financial intelligence unit (FIU) has notified 16 entities in total including KuCoin, Coinex, and Phemex, noting these are exchanges based out of the region but targeting domestic customers. Therefore, they must register the business with the authority to carry on operating in jurisdiction of South Korea.
Phemex is also restricted in over 80 countries at the time of writing and cannot offer its services to users in those countries. A full list of countries it accepts and does not accept, can be found on the Supported Countries page on the Phemex Website.
Phemex: Final Thoughts
Phemex is a platform that’s carefully considered the classic hodler, the casual investor, and the experienced trader in the design of its interface and features. It’s a cryptocurrency exchange and trading platform in one, with beginner-friendly 101 help and guidance, as well as advanced trading options for the pros. With access to over 250 cryptocurrencies, it has a decent variety without being too overwhelming – once again catering for conservative investors and altcoin traders alike. The rock bottom fees are some of the best across the industry, so even if you’re not placing many trades you can still benefit from using the platform.
Where Phemex is able to differentiate itself from the other platforms is by offering access to the testnet for newbie and beginner investors to place trades without any risk of losing money. This is definitely a feature not to be overlooked. Another feature that sets Phemex apart from the rest is the ability to peak behind the curtain at the trades and portfolios of other more experienced traders and execute copy trades. Whilst this can’t replace your own research and should not be taken as investment advice, it’s a useful tool to see in real-time the opportunities that are out there.
It’s come a long way in a short space of time, but if we could change one thing about the platform, it would be more security options for users. We’re hoping these features come soon, but at a minimum, 2FA can be applied via Google Authenticator.
If you are a user from the US and are struggling to find a decent exchange in your jurisdiction, then look no further than Phemex. It’s your one-stop shop for all things crypto and is an enjoyable, well-rounded platform to use.
What is Phemex?
Phemex is a cryptocurrency exchange founded in Singapore in 2019 that’s designed for buying, selling, and trading cryptocurrencies. Phemex offers its users a customizable trading interface and features suited mainly for intermediate and advanced crypto traders. The help and learn resources are 101-friendly, making it totally feasible for beginner investors to get up to speed in order to trade and use the platform. So, no matter whether you’re making your first cryptocurrency purchase or making high-volume trades, Phemex can cater for you.
To make a cryptocurrency purchase on the Phemex exchange, users can register in under 30 seconds using just an email address and password. Once users have access to the platform, you can connect your bank account and add funds via a bank account transfer or credit card. When you make a crypto purchase, you are exchanging traditional currencies for crypto, and Phemex is storing the crypto for you until you decide to sell, trade, or withdraw it. Once purchased, users can then either withdraw those currencies to a crypto wallet for safekeeping or simply keep them on the Phemex platform for trading. When you’ve sold your cryptocurrency, you can withdraw the funds out of the exchange and back into your traditional bank account.
Who should use Phemex?
Phemex is a well-rounded platform that’s suited for all kinds of investors from those with a long-term hodl approach, to casual and advanced traders. Advanced traders will enjoy the customizable trading interfaces where you can drag and drop components to suit your trading style. The TradingView embedded charts allow traders to geek out here by editing, drawing, and applying hundreds of indicators. Beginner investors are welcome to join too and use the Phemex academy to fill any knowledge gaps to take advantage of all the trading options the platform has to offer. With the Learn and Earn program, investors can boost their portfolios by receiving crypto and trading bonuses in exchange for completing educational quizzes. We would recommend beginners start here.
Does Phemex have a wallet I can use?
No, Phemex doesn’t have a cryptocurrency wallet. Therefore, we would recommend moving any cryptocurrencies you plan to hold for the long-term into cold storage using a hardware wallet such as Trezor or Ledger. Phemex does however have a mobile app you can download to trade on the go.
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