Phemex vs Binance 2022 Review

Phemex vs Binance

Phemex and Binance are centralized cryptocurrency exchanges allowing users to buy, sell, and trade crypto coins and tokens. These platforms have become more than just your average crypto exchange. With a ton of extra features, perks, and bonuses, they cater for all different investor types and skill levels. We’ve reviewed both platforms focusing on their features, fees, security, cryptocurrencies, and more, so you can decide which one works best for you. 

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 formerly 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

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An Introduction to Binance

Binance was founded in China in 2017 by CEO Changpeng Zhao, known as CZ, making it one of the newer cryptocurrency exchanges to buy and sell crypto. It’s grown rapidly in size with 90 million registered users, $76 billion in 24-hour daily volume, and offering hundreds of cryptocurrencies to users. Thanks to its native coin, BNB, Binance has built a large and loyal investor base, who are rewarded with discounts for using the BNB coin. Binance is designed for all types of cryptocurrency investors, whether you’re a beginner, intermediate, or advanced trader, with different interfaces to suit your investing ability.

binance

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Phemex vs Binance: Quick Glance

Phemex is a crypto exchange and trading ecosystem combined into one platform. With over 250 cryptocurrencies and over 75 perpetual contracts to choose from, it’s clear why it’s grown in popularity in the space of just a few years. Binance is a robust and versatile crypto exchange with over 600 cryptocurrencies to trade, offering a much wider selection than Phemex.

PHEMEXBINANCE
AccessOver 110 countriesOver 180 countries
FeaturesMultiple 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.Multiple trading interfaces,Multiple order types,Low fees,Recurring buys,Staking,Custom API keys,Binance Academy,Mobile app,Derivatives,NFT marketplace,Crypto loans,Binance card with cashback,Binance gift card,Binance Pay,24/7 chat support.
CryptocurrenciesOver 250 cryptocurrencies and over 75 perpetual contractsOver 600 cryptocurrencies
FeesMaximum 0.1% buying and selling fee, Higher discounts with VIP program,Deposit and withdrawal fees vary by fiat currency and crypto.No trading fees on 13 Bitcoin spot trading pairs until further notice,Maximum 0.1% buying and selling fee, 25% discount on your trading fee if you pay with Binance Coin (BNB),Additional 2% fee for credit card purchases,No fees for USD deposits or withdrawals,Deposit and withdrawal fees vary by fiat currency and crypto,Higher discounts with VIP program.
Security2FA via Google authenticator app,Process withdrawals 3x per day,Funds kept in cold storage.2FA via SMS, Google authenticator app, or hardware key,Device-level access restrictions,Whitelist wallet addresses,Partnered with Trust wallet, a third-party hot wallet.

Phemex vs Binance: Access

Phemex is a global cryptocurrency exchange that’s available in over 110 countries worldwide, including the United States. However, it does restrict 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, 79 perpetual contracts, and up to 100X leverage, giving traders and crypto investors plenty of opportunities to explore. Once logged into the platform and ready to trade, users can customise the trading dashboard to suit their needs.

Binance is a global crypto exchange and whilst it’s available in over 180 countries worldwide, it does exclude the United States. US users are however required to use its subsidiary platform, Binance US. Binance partnered with BAM Trading Services in 2019 to build a separate platform for US-based users. The platform has been built with stricter KYC (Know Your Customer) identification checks and anti-money laundering restrictions required by the United States.

Phemex vs Binance: 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 using drag-and-drop, 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 for beginner traders and investors alike at a first glance, the help section and learn 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

Binance is a jack-of-all-trades exchange and a master of all. It’s versatile and easy to use, with everything covered in this one platform. It will appeal to crypto investors of all investing abilities, whether you’re a beginner investor or an experienced trader. Binance makes it simple for beginners to get started and make their first crypto purchase, but also allows advanced users to get technical with the advanced charting, trades, and custom API keys. 

Binance

Binance has made the sign-up process simple and easy to follow. You only need an email address and password to get started. Phemex offers a similar sign-up process, with the promise you can create an account in under 30 seconds. Once you verify your email address, you must complete the identification checks and connect your bank account or credit card. From there, you can start building your crypto portfolio right away by buying and selling. Before you place any trades, we recommend applying two-factor authentication (2FA) in the account settings to secure your account.

Phemex vs Binance: Features

Phemex and Binance have expanded their crypto product offerings to provide investors with so many opportunities beyond just buying and selling cryptocurrencies. 

Here are the main features available across both platforms:

Phemex features 

Multiple trading interfaces: Phemex allows users to drag and drop components to build a personalized trading screen. 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

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: 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 features

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 vs

Binance features 

Multiple trading interfaces: Binance allows users to trade using the simple buy, sell, and convert interface for beginners, or the advanced charting views using TradingView embedded charts with hundreds of indicators you can overlay. 

Multiple order types: Binance offers one of the widest varieties of trading options. Here’s a list of some of the trade types:

  • Limit order
  • Market order
  • Stop limit order
  • Stop market order
  • Trailing stop order
  • Post only order
  • Time in force limit orders
  • One-cancels-the-other (OCO) orders
  • Limit TP/SL order (strategy order)
  • Margin trading
  • Pool liquidity
  • Peer-to-peer trading

Binance Academy: Binance’s free education platform is a great resource for crypto investors of any knowledge level to learn more about blockchain, crypto, and security. From beginner crypto lessons and glossaries to advanced tutorials on trading, Binance Academy is an extensive educational tool that shouldn’t be overlooked.

NFT marketplace: Launched in 2021, the Binance NFT marketplace features digital artwork and collectibles powered by the BNB blockchain. It’s free to use and beginner-friendly, allowing users to mint, sell, bid, and purchase NFTs. Binance’s NFT marketplace comes with low minting fees, but only lets creators collect 1% in royalties.

Phemex vs Binance: Cryptocurrencies

Phemex and Binance both allow users to buy and sell the top cryptocurrencies. These include Bitcoin, Ethereum, Cardano, Solana, Polygon, and stablecoins such as USDC, USDT, and DAI. Binance supports over 600 cryptocurrencies, that’s over 2x more than Phemex. Binance also supports its native coin, BNB, and many other altcoins. Phemex supports over 250 cryptocurrencies, as well as over 75 perpetual contracts for the advanced trader. Phemex has a minimum order amount in USD of $25 and Binance has a minimum order amount of $10. Cryptocurrencies are fractional assets, so you do not have to purchase a whole coin or token. To explore more cryptocurrencies on both platforms, you can review the Phemex market listings and Binance market listings.

Phemex vs Binance: Fees

Phemex and Binance allow customers to buy, sell, and trade cryptocurrencies with low fees – some of the best across the entire market. 

Binance Trading Fees

Binance charges users an average fee of 0.1% or less per transaction. Binance incentivizes high-volume traders with a fee structure, using a maker-taker fee structure.

Here’s a list below of the trading fees on Binance:

LEVEL30D TRADE VOLUME (BUSD)& / ORBNB BALANCEMAKER / TAKER FEEMAKER / TAKERBNB 25% OFF
Regular User< 1M BUSDor> 0 BNB0.1% / 0.1%0.075% / 0.075%
VIP 1> 1M BUSDand> 25 BNB0.09% / 0.1%0.0675% / 0.075%
VIP 2> 5M BUSDand> 100 BNB0.08% / 0.1%0.06% / 0.075%
VIP 3> 20M BUSDand> 250 BNB0.07% / 0.1%0.0525% / 0.075%
VIP 4> 100M BUSDand> 500 BNB0.02% / 0.04%0.07% / 0.09%0.015% / 0.03%0.0525% / 0.0675%
VIP 5> 150M BUSDand> 1,000 BNB0.02% / 0.04%0.06% / 0.08%0.015% / 0.03%0.045% / 0.06%
VIP 6> 400M BUSDand> 1,750 BNB0.02% / 0.04%0.05% / 0.07%0.015% / 0.03%0.0375% / 0.0525%
VIP 7> 800M BUSDand> 3,000 BNB0.0200% / 0.0400%0.0400% / 0.0600%0.015% / 0.03%0.03% / 0.045%
VIP 8> 2B BUSDand> 4,500 BNB0.02% / 0.04%0.03% / 0.05%0.015% / 0.03%0.0225% / 0.0375%
VIP 9> 4B BUSDand> 5,500 BNB0.02% / 0.04%0.015% / 0.03%

The higher the trading volume (measured in BUSD or USD amounts), or BNB balance, the lower the fee becomes. If you are an active and high-volume trader, Binance offers some of the lowest fees on the market.

Binance Withdrawal and Deposit Fees

The withdrawal and deposit fees on Binance are as follows:

DEPOSIT FEE ($)WITHDRAWAL FEE ($)
Bank Transfer (SWIFT)015 USD
Bank Transfer (Signet)00

Phemex Trading Fees

Phemex offers a simple, low-fee maker and taker structure that incentivizes high-volume traders without penalizing 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:

LEVELLAST 30D SPOT TRADING VOLUME (USD)CONDITIONLAST 1D AVERAGE HOURLY BALANCE (USD)MAKER FEETAKER FEE
LV1< 1Mand> 00.1%0.1%
LV2> 1M and> 00.07%0.09%
LV3> 4Mand> 00.06%0.08%
LV4> 10Mand> 4,2000.05%0.07%
LV5> 20Mand> 75,0000.03%0.06%
LV6> 50Mand> 100,0000.02%0.05%
LV7> 100Mand> 130,0000%0.05%
LV8> 150Mand> 180,0000%0.04%
LV9> 200Mand> 250,0000%0.03%
LV10> 500Mand> 550,000-0.002%0.03%

The higher the trading volume, 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 vs Binance: Security Features

Phemex has a strong security infrastructure behind-the-scenes but when it comes to user account security, the security procedures are limited. We are hoping the security features will improve over time for its users. Binance on the other hand provides much more robust security options to its customers.

These are some of the security features available on each platform: 

Phemex Security Features 

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.  

Binance Security Features 

Two-factor authentication (2FA): Binance offers 2FA via SMS, the Google Authenticator app, or a hardware key such as a Yubikey. 

Trust Wallet: Binance doesn’t have its own crypto wallet and instead has partnered with Trust Wallet, a third-party hot wallet with over 25 million users. Trust Wallet secures your crypto with a PIN, Face or Touch ID, and seed phrase.

binance security

Whitelisting wallet addresses: Binance allows you to whitelist wallet addresses, which is the ability to restrict transactions to pre-authorized wallet addresses only. Wallet addresses that have been whitelisted will appear in your address book, blocking any other addresses from accessing your crypto. 

Device-level access restrictions: Binance allows you to review all the devices and browsers that have accessed your account, with the ability to delete any that you don’t recognize or no longer use. You can also enable anti-phishing mode to protect your account from phishing attempts and verifies Binance as the sender of your notification emails.

binance security features

Phemex vs Binance: Regulatory Scrutiny 

Crypto exchanges all over the world are becoming targets of financial regulators. Phemex and Binance are no exception, as financial regulators try to make sense of this new asset class.

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 the 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.

After launching in 2017, Binance was later banned in the US by financial regulators in 2019, stopping all access for US users. Binance partnered with BAM Trading Services to create Binance US, a fully regulated way of bringing Binance’s trading options back to the US market. Binance continues to expand across Europe in 2022. Regulatory approval has been granted from three countries within the European Union: France, Italy, and Spain. These registrations allow Binance to offer crypto services in compliance with the central bank’s anti-money laundering (AML) and counter-terrorist financing (CTF) rules.

Phemex vs Binance: Final Thoughts

Phemex is a cryptocurrency exchange and trading ecosystem all in one platform. It’s easy to use and has features that cater for all different investing abilities. The advanced trading options and access to futures contracts make this perfect for casual and experienced traders. Whereas its unique features such as copy trades, and simulator trading make this appropriate for beginners too. 

Binance is a robust platform for active traders, beginners, and everyone in between. There are also plenty of educational resources, tutorials, and user guides to help beginner investors navigate the journey. Both exchanges offer users incredibly low fees, but Binance is much superior when it comes to user account security. 

Binance and Phemex are solid choices for buying and selling cryptocurrencies, and between the two platforms, there’s something for every investor.

phemex

The Most Efficient Crypto Trading and Investment Platform

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binance

Buy, trade, and hold 600+ cryptocurrencies on Binance

$600 BONUS + 10% OFF FEES

Phemex vs Binance FAQs

What are Phemex and Binance? 

Phemex and Binance are cryptocurrency exchanges designed for buying, selling, and trading crypto assets. 

To make a cryptocurrency purchase on either Phemex or Binance, users are required to create an account, connect a bank account, and add funds via a bank account transfer or credit card. When you make any crypto purchase, you are exchanging traditional currencies for crypto, and the exchange 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 exchange 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 vs Binance? 

Phemex and Binance are versatile platforms that cater for investors of all skill levels and abilities. The variety of features across both platforms means that there’s something for everyone. Phemex has unique features such as copy trade and simulator trading, which combined with the Phemex Academy resources make it easy for beginners to get comfortable with crypto. With access to futures contracts, low fees, and advanced trading options, Phemex is a great trading platform. Binance is the perfect platform for beginner investors to make their first cryptocurrency purchase, with its multiple trading interfaces and better user account security options. Phemex and Binance are both recommended cryptocurrency exchanges.

Do Phemex and Binance have wallets I can use?

Binance doesn’t have its own crypto wallet and instead has partnered with Trust Wallet, a third-party hot wallet with over 25 million users. Trust Wallet secures your crypto with a PIN, Face or Touch ID, and seed phrase. Trust Wallet supports over 65 blockchains and 4.5 million assets, so it will cater to most investors’ portfolios. 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.

Phemex vs Binance 2022 Review - - 2022

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Phemex vs Binance 2022 Review - - 2022
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