Phemex vs Coinbase 2022 Review

phemex vs coinbase 2022

Phemex vs Coinbase 2022: Two centralized cryptocurrency exchanges where users can buy, sell, and trade cryptocurrencies. These platforms have grown over time as the crypto market has evolved, offering extra features, and catering for all kinds of investor skill levels. We’ve reviewed both platforms extensively, looking at 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 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.

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An Introduction to Coinbase

Coinbase was one of the first cryptocurrency exchanges, launched in 2012 by Brian Armstrong and Fred Ehrsam, to allow users to buy and sell crypto. Coinbase is a US-based platform available in over 100 countries, with over 103 million verified users, and has a quarterly traded volume of $217 billion. With an easy-to-use app and over 200 cryptocurrencies to choose from, Coinbase has become a popular exchange amongst the investor community. In 2022, Coinbase announced it’s discontinuing its professional trading platform, Coinbase Pro, and merging it with existing services to have everything under one roof. 

Phemex vs Coinbase: Quick Glance

Phemex and Coinbase are both crypto exchanges and derivatives trading platforms. Both platforms have a similar variety of cryptocurrencies available to choose from, but Phemex has an edge when it comes to its incredibly low fees. Coinbase is notorious for not being transparent in its fee structure until you preview the trade. Coinbase however excels when it comes to its simple and minimal interface which is perfect for beginner investors.

PHEMEXCOINBASE
AccessOver 110 countriesOver 100 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.Simple interface,Advanced trading interface (replaces Coinbase Pro),Recurring buys,Staking,Custom API keys,Coinbase Learn,Mobile app,Derivatives,NFT marketplace,Crypto loans,Coinbase card,Crypto gifting.
CryptocurrenciesOver 250 cryptocurrencies and over 75 perpetual contractsOver 200 cryptocurrencies
FeesMaximum 0.1% buying and selling fee, Higher discounts with VIP program,Deposit and withdrawal fees vary by fiat currency and crypto.
Fees disclosed at the time of transaction,Fees are determined by a combination of factors, including the selected payment method, the size of the order, and market conditions such as volatility and liquidity.
Security2FA via Google authenticator app, Process withdrawals 3x per day,Funds kept in cold storage.2FA via SMS or Google authenticator app or hardware key,Whitelist wallet addresses,Lock account feature,Built-in wallet,Vault option for cold storage and multi-signature wallets.

Phemex vs Coinbase: 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, over 75 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 customize the trading dashboard to suit their needs.

Coinbase is available in 100 countries with US residents able to access the full suite of cryptocurrencies and features. Its simple interface is designed so that even those with basic skill levels will be able to confidently navigate the platform. Coinbase isn’t just for beginners, it also comes complete with an advanced trading mode and derivatives trading for experienced investors.  

Phemex vs Coinbase: 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 customize 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 vs coinbase

Coinbase offers a much more simplistic interface best suited for beginners to buy and sell cryptocurrencies with ease. The Coinbase app is available on both iOS and Android making it quick, easy, and convenient to buy and sell on the go. Coinbase Pro is a separate Coinbase platform for advanced traders, with cheaper fees, charts, and multiple trading options. Coinbase Pro will be discontinued in 2022 and integrated into the main Coinbase platform via an advanced trading mode, so everything is housed under one roof. 

coinbase
phemex

Both platforms operate a simple sign-up process. You only need an email address and password to get started. Once you verify your email address and complete the identification checks, you are ready to deposit funds and begin trading. Don’t forget to apply two-factor authentication (2FA) in the account settings for maximum security.

Phemex vs Coinbase: Features

Phemex and Coinbase have expanded their crypto product offerings to provide investors with cryptocurrencies, futures, educational resources and more. 

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 review

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.

coinbase review

Learn and Earn: Read, watch, learn, and take quizzes to receive trading bonuses for every lesson you complete. The Learn and Earn program also gives you access to limited-time courses to receive crypto in return for successfully passing with flying colours.

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 testnet

Coinbase features 

Staking: Coinbase allows investors to stake their crypto to receive rewards. This is a useful way for investors to increase their crypto holdings. Coinbase has limited staking options, including Algorand, Cardano, Cosmos, Ethereum, Solana, and Tezos.

Learn and Earn: Coinbase allows users to earn crypto rewards by watching educational videos and answering questions. You can earn rewards in cryptocurrencies such as GRT, GAL, ALEPH, and AMP.

Price alerts: Coinbase users can set up automatic price alert notifications on cryptocurrencies that have been added to a user’s watchlist. 

NFT marketplace: Launched in 2022, the Beta Coinbase NFT marketplace supports digital artwork and collectibles on the Ethereum network. It’s compatible with Coinbase Wallet, MetaMask, and any wallet supported by WalletConnect. Support for Layer 2 and alternate Later 1 networks are part of Coinbase’s future plans for the NFT marketplace. 

Phemex vs Coinbase: Cryptocurrencies

Phemex and Coinbase 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. Phemex and Coinbase support a similar variety of cryptocurrencies, over 250 and 200 respectively. Neither platform has its own native token. Phemex has a minimum order amount in USD of $25 and Coinbase has a minimum order amount of $2. 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 Coinbase market listings.

Phemex vs Coinbase: Fees

Phemex offers its customers incredibly low fees to buy, sell, and trade cryptocurrencies with some of the best rates across the entire market. Coinbase however does not disclose its trading fees until you enter the trade preview.

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.

Coinbase Trading Fees

Coinbase does not disclose its trading fees upfront before signing up to the platform, which can be a turn-off for new investors wanting to buy and sell cryptocurrencies using the exchange.

Instead, Coinbase fees are calculated at the time you place a buy or sell order, with the user given a preview of the associated costs before the trade is submitted. Fees are determined by several different factors, including: 

  • Payment method
  • Order size
  • Liquidity
  • Market volatility

Whilst Coinbase has a simple interface ideal for new crypto investors looking to make their first cryptocurrency purchase, users are paying the price through unknown and potentially much higher fees. 

Phemex vs Coinbase: Security Features

Phemex provides a strong security infrastructure behind-the-scenes but limited security features to the customer. This is something we hope the team will improve over time. Coinbase 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.  

Coinbase Security Features 

Two-factor authentication (2FA): Coinbase offers 2FA on all accounts via SMS, Google Authenticator app, or a hardware key such as a Yubikey. Coinbase no longer supports Authy.

Coinbase Wallet: Coinbase Wallet is a built-in self-custody wallet that allows you to store your crypto, keys, and NFTs in one place with an encrypted 12-word recovery phrase. You can also use it to connect to decentralized apps (dApps) such as Uniswap, OpenSea, and Aave. 

coinbase wallet

Enhanced account protections: Coinbase also allows you to whitelist wallet addresses. This ability to restrict transactions to pre-authorized wallet addresses only can be found in your address book. If you notice any suspicious account activity, you can lock your account immediately which stops any further transactions from happening.

Coinbase Vault: For added security, Coinbase offers users a free-to-use crypto vault, allowing you to set up multiple approvers before funds can be withdrawn. To prevent fraudulent transactions, withdrawals have a 48-hour window in which they can be cancelled. To ensure all funds are secure, 98% of Coinbase’s crypto is stored offline, in deposit boxes and physical vaults that are geographically distributed.

Phemex vs Coinbase: 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. Phemex and Coinbase are no exception to this level of regulatory scrutiny, 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.

Coinbase has seen US prosecutors charge several former employees and associates for insider trading, relating to profiting from trading cryptocurrencies ahead of their listing on the platform. Coinbase has also found some of its products under investigation by the US Securities and Exchange Commission (SEC), including “its staking programs, and its stablecoin and yield-generating products.” 

Phemex vs Coinbase: Final Thoughts

Phemex and Coinbase are both cryptocurrency exchanges and trading platforms. Phemex is far superior when it comes to features, impressing investors with such rapid growth over just a couple of years. Its unique features such as copy trades and simulator trading, combined with the Phemex Academy make it appropriate for beginners who want to learn. The advanced trading options, access to futures contracts, and rock bottom fees make it an appealing trading ecosystem for casual and experienced traders. Coinbase is a global platform that’s perfect for beginners just getting started in their crypto journey. With its easy-to-use interface, Coinbase makes it simple to make your first crypto purchase. Its advanced trading mode and derivatives trading does also entice experienced investors. It’s the undisclosed fee structure that ultimately lets Coinbase down.

phemex

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Phemex vs Coinbase FAQs

What are Phemex and Coinbase? 

Phemex and Coinbase are cryptocurrency exchanges and derivative trading platforms designed for buying, selling, and trading cryptocurrencies, digital assets, and futures contracts.

To make a cryptocurrency purchase on either Phemex or Coinbase, users create an account, connect a 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 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. Coinbase? 

Phemex and Coinbase are versatile platforms that cater for investors of different skill levels and abilities. 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. Coinbase is a global platform that’s perfect for beginners just getting started in their crypto journey. With its easy-to-use interface, Coinbase makes it simple to make your first crypto purchase. Coinbase’s advanced trading mode and derivatives trading accommodate experienced investors too. 

Do Phemex and Coinbase have wallets I can use?

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. Coinbase Wallet is a popular choice for beginner crypto investors to use, as it’s easy to transfer crypto assets to and from the exchange. It has multiple layers of security, including access controls and a 12-word recovery phrase. Coinbase Wallet also integrates with many crypto applications and NFT marketplaces.

Phemex vs Coinbase 2022 Review - - 2022

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