Are you interested in knowing if Phemex stands out in a crowded cryptocurrency market? If so, you have come to the right place as we have meticulously evaluated the exchange for you. Our comprehensive analysis of Phemex provides you with all the essential facts and details you need to make an informed decision. The review includes an overview of the exchange's products and services, spot trading fees, liquidity, volumes and much more.
Phemex is a relatively new trading platform that has quickly gained a reputation for its advanced trading features and exceptional customer support. Founded in 2019 by Jack Tao, the exchange is headquartered in Ankara and has over 200 employees. The platform is available in 200 countries, with only a few restrictions on certain locations such as Hong Kong and China.
Phemex Exchange
Phemex offers an impressive selection of over 350 cryptocurrencies and over 75 perpetual contracts for trading. Their contract trading pairs are margined in USDT, with leverage of up to 100x available, and support Hedge Mode. In addition, the platform provides access to more than 300 popular spot trading pairs, making it an ideal choice for traders of all levels. Phemex has already amassed over 5 million users and earned over 1 million downloads of their app, with an impressive 4.5-star rating based on 13,000 reviews.
Buy crypto with Phemex App
But what sets Phemex apart from other exchanges is its strong emphasis on customer support. With 24/7 support available through multiple channels including chat, phone, and email, customers can rest assured that they will always receive prompt and reliable assistance. Additionally, Phemex offers a range of educational resources such as learn and earn, user guides and trading academy to help traders improve their skills.
Phemex Signup & KYC
Phemex provides its users with the option to trade without the need for KYC verification. This means that users without KYC can deposit and trade cryptocurrencies without any restrictions. However, for users who want to access more features, they will need to complete the KYC verification process. The signup process on Phemex is quick and easy taking only 30 seconds to complete.
Phemex signup and KYC
Once signed up, users can deposit cryptocurrencies and start trading. For those who want to complete KYC verification, they will need to upload their ID and a photo of themselves. The verification process is relatively quick and can be completed in a few minutes. Overall, Phemex offers a streamlined and convenient way for users to trade cryptocurrencies without the need for KYC verification.
Phemex Products & Services
Phemex has done a great job of providing a respectable range of crypto products to satisfy the needs of both new and experienced traders.
Some of the trading services include spot trading, perpetual contracts, margin trading, copy trading, and earn products. Additionally, Phemex offers a launchpad for new token sales, making it easy for users to invest in up-and-coming projects.
Phemex Earn & Savings
One of the standout features of Phemex is its user experience. The platform is user-friendly and easy to navigate making it accessible for everyone. KYC is not required for basic trading which is a plus for those who prioritize privacy. The experience of using their product is smooth and seamless, making it a great option for beginners.
In terms of leverage, Phemex offers up to 100X leverage on perpetual contracts and up to 5X leverage on margin trading. This level of leverage is competitive and can be appealing to more experienced traders. However, it's important to note that high leverage can also increase risk, so it's important to trade responsibly.
Trading on Phemex
Overall, Phemex is a solid choice for anyone looking for a reliable and user-friendly cryptocurrency exchange. Its range of products and services, combined with its great user experience, make it a top contender in the cryptocurrency trading space.
Phemex also provides a solid range of different methods to buy cryptocurrencies. Obviously the platform provides spot trading services, allowing users to buy and sell cryptocurrencies at competitive rates. In addition, Phemex also offers third-party payment providers such as Simplex, MoonPay, Banxa, Advcash, and Coinify, which allow users to buy crypto with a credit or debit card.
How to buy crypto on Phemex
The fees for these services can vary depending on the fiat currency and provider used, ranging from 2-6% commissions. For users looking to buy crypto with a bank transfer, Phemex also offers this option. The deposit fee for bank transfer is $0, and the trading fee ranges from 2% to 0.08%, depending on the size of the trade. This service is provided via Legend Trading.
Buy crypto with bank transfer on Phemex
Phemex also offers P2P trading services that lets users buy and sell cryptocurrencies with zero fees. This provides users with an alternative to traditional trading methods and allows for greater flexibility in the purchasing process. Overall, Phemex is a versatile platform that offers a great range of purchasing options for users looking to buy cryptocurrency.
Phemex is a top-tier cryptocurrency exchange with some of the most competitive trading fees in the market. With a spot maker fee of just 0.1% and a spot taker fee of 0.10%, Phemex is definitely one of the most affordable options for traders looking to buy and sell cryptocurrencies.
When compared to other exchanges, Phemex stands out as one of the cheapest options for spot trading against many competitors such as Coinbase (0.40%-0.60%) and Gemini (0.20%-0.40%). Similarly, Gate.io charges a spot maker fee of 0.20% and a spot taker fee of 0.20%.
If you're looking for an exchange with low spot trading fees, Phemex is definitely worth checking out. With competitive rates and a user-friendly platform, it's a great option for both novice and experienced traders alike.
Phemex Deposit Methods
While fiat deposits are not supported on Phemex, users are still able to deposit funds through crypto deposits or purchasing crypto via credit card or bank account. For those looking to deposit funds through crypto, Phemex supports a variety of cryptocurrencies including Bitcoin, Ethereum, Ripple, and Litecoin. This provides flexibility for users who already have different cryptocurrencies in their portfolio.
In addition, Phemex also offers the option to buy crypto through credit card or bank account. While this may come with a slightly higher fee compared to crypto deposits, it provides an added convenience for users who may not have a significant amount of cryptocurrency on hand.
Phemex Withdrawal Methods
When it comes to fiat withdrawals on Phemex, unfortunately, there aren't any fiat options available. However, don't let that discourage you from trading on this platform, as they offer a variety of cryptocurrency withdrawal options with fees that vary depending on the specific blockchain.
Crypto withdrawals on Phemex
For example, withdrawing Bitcoin comes with a low fee of 0.0004 BTC, while Ethereum and Solana withdrawals have fees of 0.001 ETH and 0.01 SOL respectively. If you want to withdraw USDT on Ethereum (ERC-20), that fee is set to 4 USDT.
Is Phemex Safe?
If you're looking for a secure and trusted cryptocurrency exchange, Phemex is definitely worth considering. Not only has the platform never been hacked, but it also offers proof of reserves which is an added level of transparency and security for users. The exchange keeps 100% of user funds in reserve at all times, so all user assets are backed 1:1. Phemex has also released Merkle-tree Proof-of-Reserves to enable every user to check and verify where their funds are kept within the platform.
Phemex proof of reserves
Phemex is also a fully registered Money Services Business with a Money Transmitter license, which means it has regulatory approval in multiple regions, including the United States, Canada, Turkey, and Lithuania.
When it comes to security features, Phemex deploys its system and secures its machines on the Amazon Web Service (AWS) Cloud. The platform uses a two-factor authentication mechanism to protect all user accounts, and it maintains a 24/7 monitoring and alert program for risks and potential security breaches.
Overall, Phemex offers a secure and reliable trading environment with a focus on transparency and user protection. If you're looking for a feature-rich platform with top-notch security features, Phemex is definitely worth checking out.
In conclusion, Phemex is an impressive cryptocurrency exchange that offers a wide range of trading options for both novice and experienced traders alike.
With over 350 cryptocurrencies and 75 perpetual contracts available for trading, users have access to a vast selection of assets to invest in. Phemex's user experience is also top-notch with a user-friendly interface that makes it accessible to everyone.
The platform offers competitive trading fees (0.1%) making it a very affordable option for those looking to buy and sell cryptocurrencies. While there are some limitations, such as the lack of fiat deposits and withdrawals, Phemex makes up for it as it does not force KYC on all it's users.
The platform has never been hacked and maintains a high level of transparency and user protection through proof of reserves and two-factor authentication. With its range of products and services, competitive fees, and strong focus on user experience and security, it's no surprise that it has already amassed over 5 million users!
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Author
Jack Moreau
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.
