Phemex vs Crypto.Com: Which Is the Better Exchange?
9 min read
Are you on the hunt for the best crypto trading platform? Look no further than our comparison of Phemex vs Crypto.com. With the cryptocurrency market always evolving, it's vital to choose an exchange with the features and fees that meet your specific needs. By the end of this breakdown, you'll have all the information to make an informed decision. So, let's dive in and see which of these exchanges comes out on top!
In this comparison, we will be taking a closer look at two popular cryptocurrency exchanges, Phemex and Crypto.com. Both exchanges offer a range of trading options and have garnered a significant user base, but there are important differences to consider before deciding which exchange to use.
Founded in 2016 in Singapore, Crypto.com is a comprehensive trading exchange available in 180 countries. It offers spot trading, staking, and lending services, along with its own Visa card for seamless crypto spending.
The exchange has over 50 million users worldwide and its Android and iOS app has been downloaded over 10 million times, with a rating of 4.6 based on over 400,000 reviews. Crypto.com supports over 250 cryptocurrencies, including Bitcoin and Ethereum, and offers attractive promotions for users.
In contrast, Phemex is a relatively new exchange that was founded in 2019 and is headquartered in Ankara. It specializes in both spot and derivatives trading, offering over 75 perpetual contracts for users to trade with up to 100x leverage. The platform has quickly gained popularity, attracting over 5 million users worldwide.
The Phemex Android app has been downloaded over 1 million times and has a rating of 4.5 based on over 10,000 reviews. Phemex offers a wide range of over 350 cryptocurrencies to trade with, including Bitcoin, Ethereum, and Cosmos.
Phemex vs Crypto.com Signup & KYC
Phemex and Crypto.com are both popular cryptocurrency exchanges that have different takes on KYC requirements for their users.
Signing up for Phemex takes just 30 seconds and users can immediately begin depositing cryptocurrencies and trading without KYC. However, for users who want access to more features, completing KYC verification is necessary. This involves uploading an ID and a photo of themselves, which can be done in just a few minutes.
On the other hand, KYC is required on Crypto.com in order to use any of it's services. Signing up for Crypto.com takes less than five minutes, including completing KYC verification. This involves providing their full legal name and a picture of a government-issued ID.
Once the verification process is complete, users can access all trading and other features available on the platform. Overall, both exchanges have a quick and easy signup process but Phemex obviously has the advantage for users who do not want to go through KYC and begin trading immediately.
Phemex vs Crypto.com Products & Services
Let's take a closer look at what each exchange has to offer when it comes to products and services.
Phemex is a relatively new player in the crypto exchange scene, but it has made a big impact with its offering of spot trading, perpetual contracts, margin trading, copy trading, and a launchpad.
The platform is designed with user experience in mind, and it is easy to use for both beginners and seasoned traders. One standout feature of Phemex is its high leverage options with up to 100X leverage on perpetual contracts and up to 5X leverage on margin trading.
On the other hand, Crypto.com has been around since 2016 and has built up a loyal user base with its diverse range of trading options. The exchange offers over 500 spot trading pairs and over 100 futures, perps, and warrants.
In addition to trading, Crypto.com also offers lending and borrowing of digital assets, crypto.com cards with cashback and an NFT marketplace. The user experience on Crypto.com is also quite good, with a sleek and easy-to-use interface.
In terms of liquidity, both Phemex and Crypto.com are in the top 20 category with daily spot trading volumes hovering around $100-$300 million for Crypto.com and over $1 billion for Phemex. Overall, both Phemex and Crypto.com have a lot to offer traders of all levels.
When it comes to trading fees, Phemex and Crypto.com both offer competitive rates. Phemex charges a 0.1% spot fee for makers and a 0.10% fee for takers. On the other hand, Crypto.com charges a 0.075% fee for both makers and takers.
While Crypto.com's fees are lower when it comes to spot trading, Phemex has the edge on futures fees with 0.01% fee for makers and a 0.06% fee for takers. Crypto.com's futures fees are slightly higher at 0.017% for makers and 0.034% for takers.
So while Phemex has slightly higher spot trading fees than Crypto.com, it has a big edge in terms of futures fees. Having said that, both exchanges offer competitive fees when compared to the market as a whole.
When it comes to deposit options, Phemex is focused solely on crypto deposits and no fiat deposits are available. Crypto.com on the other hand offers the option to deposit USD via wire transfer free of charge. When it comes to fiat deposits, clearly Crypto.com has the advantage by offering users the option to deposit USD. This is one of the few cons of Phemex where it could significantly improved the user experience by providing some fiat deposit options.
When it comes to withdrawing your funds from Phemex, you won't find any fiat withdrawal methods available.
However, crypto withdrawals are possible with fees varying depending on the blockchain. For example, withdrawing Bitcoin comes with a 0.0004 BTC fee, Ethereum has a 0.001 ETH withdrawal fee and the fee for withdrawing Tether USD is 4 USDT.
Crypto.com offers a bit more flexibility when it comes to withdrawing funds. Fiat withdrawals are only available for USD via bank transfer, and like deposits, they are free of charge.
When it comes to crypto withdrawals, the fees vary depending on which coin you wish to withdraw. For instance, withdrawing Bitcoin has a 0.0001 BTC fee, Ethereum has a 0.04 ETH withdrawal fee and Solana withdrawals come with a 0.03 SOL fee.
In conclusion, both Phemex and Crypto.com are top-notch cryptocurrency exchanges that offer a range of trading services to their users. Each exchange has its unique features and advantages that cater to different types of traders.
Phemex is a great option for users who want to trade immediately without KYC, and it offers advanced trading options with high leverage on perpetual contracts and margin trading.
On the other hand, Crypto.com is an established platform that provides a wider range of trading products and services, and it offers the option to deposit with USD via wire transfer. Both exchanges have competitive trading fees with Crypto.com having a slight advantage in terms of spot fees and Phemex having a bit advantage in terms of futures fees.
When it comes to withdrawing funds, Phemex only allows for crypto withdrawals with affordable fees, while Crypto.com offers the added convenience of zero fees for USD withdrawals.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.