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Phemex Review

Last Updated on January 31, 2024

James Headshot
Written by
Adam Headshot
Edited by
Phemex logo
3.30
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.
Visit Phemex

The Bottom Line Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Phemex stands out as a crypto trading platform that delivers on multiple fronts – from its user-friendly approach to the diverse range of trading options it provides. Its commitment to security and competitive fee structure further cements its status as a popular exchange for crypto enthusiasts around the globe.

Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Pros

  • User-friendly interface
  • Competitive trading fees
  • No-fee spot trading
  • High leverage options for experienced traders
  • Strong security measures

Cons

  • Limited selection of cryptocurrencies compared to some other exchanges
  • Mandatory KYC for higher withdrawal limits
  • No fiat currency deposit options
  • Relatively small community and user base
  • Limited educational resources for beginners

Quick Summary

Headquarters Location Singapore
Fiat Currencies Supported USD, AUD, GBP, CAD, EUR, NZD + 84 others (some through third party apps)
Total Supported Cryptocurrencies 185+
Trading Fees 0.05% - 0.10%
Deposit Methods Bank Transfer, Debit Card, Credit Card, Cryptocurrency, Apple Pay, Simplex, MoonPay, Coinify
Support Twitter, Live Chat, Help Center Articles, Support Ticket
Mobile App Yes - iOS, Android

Welcome to our comprehensive review of Phemex, a rising star in the world of cryptocurrency exchanges. Whether you’re a seasoned trader or new to the crypto arena, this review aims to provide you with a detailed inspection of Phemex’s offerings, from its user interface to its trading experience.

Phemex homepage

Welcome to our expanded review of Phemex, where we delve deeper into the intricacies that make up this cryptocurrency exchange’s fabric. As the crypto world evolves, Phemex adapts, enhancing its offerings to meet the ever-changing needs of its traders.

This section aims to shed more light on Phemex’s position within the bustling market of digital currencies, highlighting attributes that contribute to its growing reputation without echoing previously mentioned details.

About Phemex

Phemex, founded by former Morgan Stanley executives including Jack Tao, has rapidly made a name for itself since its inception. The exchange, headquartered in Singapore and strongly established in regions like South Korea and Hong Kong, has become synonymous with reliability and innovation in the crypto industry.

Phemex’s journey began with a clear mission – to empower users with a simple, efficient, and secure platform for trading a variety of digital assets.

Phemex features

Phemex’s narrative is deeply intertwined with pivotal moments in the crypto universe. Its inception coincided with a period of burgeoning interest in digital assets, tapping into the potential of blockchain technology to revolutionise the financial landscape.

The founders’ foresight and experience have navigated Phemex through volatile market conditions, leveraging industry shifts such as the surge in demand for crypto derivatives exchanges to cement its place within the sector. Additionally, Phemex’s geographic foothold in dynamic markets like South Korea and Hong Kong has been instrumental in its expansion, reflecting a responsive approach to global economic trends and user needs.

Phemex has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Discord, Reddit, Telegram, TikTok and YouTube.

Phemex has a mobile app on both the Apple App Store and Google Play.

Phemex Supported Cryptocurrencies

Phemex supports trading on over 185 cryptocurrencies on their platform. This exchange currently supports 26 of the top 30 market cap cryptocurrencies.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USDt (USDT)
  • BNB (BNB)
  • Solana (SOL)
  • XRP (XRP)
  • USDC (USDC)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Avalanche (AVAX)
  • Shiba Inu (SHIB)
  • Chainlink (LINK)
  • TRON (TRX)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Bitcoin Cash (BCH)
  • Toncoin (TON)
  • Uniswap (UNI)
  • Litecoin (LTC)
  • Internet Computer (ICP)
  • Dai (DAI)
  • Ethereum Classic (ETC)
  • Filecoin (FIL)
  • Cosmos (ATOM)
  • Immutable (IMX)
  • NEAR Protocol (NEAR)
  • UNUS SED LEO (LEO)
  • Aptos (APT)
  • Stacks (STX)
  • Optimism (OP)

View all cryptocurrencies Phemex supports

  • 1000FLOKI
  • 1000VOLT
  • 1INCH
  • AAVE
  • ACH
  • ACS
  • ADA
  • AGIX
  • AGLD
  • ALGO
  • ALICE
  • ALPHA
  • AMP
  • ANKR
  • APE
  • API3
  • APT
  • ARB
  • ARKM
  • ASTR
  • ATOM
  • AUCTION
  • AUDIO
  • AVAX
  • AXS
  • BAND
  • BAT
  • BCH
  • BEL
  • BICO
  • BLUR
  • BNB
  • BNT
  • BNX
  • BOND
  • BPTC
  • BTC
  • C98
  • CAKE
  • CCX
  • CELR
  • CFX
  • CHESS
  • CHZ
  • COMBO
  • COMP
  • COTI
  • CRV
  • CVX
  • CYBER
  • DAI
  • DAR
  • DASH
  • DENT
  • DOGE
  • DOT
  • DYDX
  • EDU
  • ELF
  • ENJ
  • ENS
  • EOS
  • ERN
  • ETC
  • ETH
  • FET
  • FIL
  • FLR
  • FLUX
  • FTM
  • FXS
  • GAL
  • GALA
  • GMT
  • GMTT
  • GMX
  • GNS
  • GRT
  • GTC
  • HFT
  • HIGH
  • HOOK
  • HOT
  • ID
  • IDEX
  • ILV
  • IMX
  • INJ
  • JASMY
  • JOE
  • JUV
  • KEY
  • KLAY
  • KNC
  • KSM
  • LDO
  • LEVER
  • LINK
  • LIT
  • LOKA
  • LOOKS
  • LQTY
  • LRC
  • LTC
  • LUNA
  • LUNC
  • MAGIC
  • MANA
  • MASK
  • MATIC
  • MDT
  • MKR
  • MTL
  • NEAR
  • NEO
  • NEXO
  • OCEAN
  • OMG
  • ONT
  • OP
  • PAXG
  • PENDLE
  • PEOPLE
  • PEPE
  • PERL
  • PERP
  • PHA
  • POND
  • PORTO
  • PUNDIX
  • PYR
  • QNT
  • QTUM
  • QUICK
  • RAD
  • RDNT
  • REEF
  • REN
  • RLC
  • RNDR
  • RPL
  • RSR
  • SAND
  • SANTOS
  • SEI
  • SFP
  • SHIB
  • SLP
  • SNX
  • SOL
  • SPELL
  • SSV
  • SU
  • SUI
  • SUPER
  • SUSHI
  • SYN
  • T
  • TKO
  • TLM
  • TOMI
  • TRU
  • TRX
  • TURBO
  • TUSD
  • TWT
  • UMA
  • UNFI
  • UNI
  • USDC
  • USDP
  • USDT
  • VGX
  • VOXEL
  • WAVES
  • WBTC
  • WLD
  • XLM
  • XRP
  • XTZ
  • XVS
  • YFI
  • YGG
  • ZEC
  • ZRX

Trading Experience

The trading experience on Phemex is designed with both novice and experienced traders in mind. Its user interface is intuitive, enabling users to navigate and execute trades effortlessly.

The platform supports various financial instruments, including perpetual contracts with up to 100x leverage, catering to the needs of traders looking for advanced options.

The trading experience on Phemex transcends basic buying and selling, offering users a suite of tools designed to suit all levels of expertise. Traders have at their disposal an array of options including spot and contract trading, complemented by high leverage opportunities.

Phemex’s commitment to providing a seamless trading interface, coupled with sophisticated trading bots and detailed charting options, enables traders to engage with the market effectively and make informed decisions.

Phemex exchange marketing

Phemex Fees

When it comes to fees, Phemex prides itself on competitive rates that cater to both makers and takers. The fee structure is designed to encourage active trading while remaining transparent and straightforward.

Traders can expect a fee model that aligns with the industry standard, allowing them to manage their funds effectively without unwelcome surprises.

Phemex’s competitive rates have played a crucial role in its appeal, drawing in both casual and advanced traders. The fee structure, devoid of any hidden complexities, embodies the platform’s philosophy of transparent trading.

In an industry where complex fee models often lead to confusion, Phemex stands out by offering traders clarity on what they can expect in terms of costs, allowing them to focus more on their strategies and less on deciphering rates.

Type Fee
Deposit Fee (Bank Transfer) 0%
Deposit Fee (Credit/Debit Card) 0.08% - 2.80%
Trading Fee 0.05% - 0.10%
Withdrawal Fee (Bank Transfer) $30 USD

Phemex supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.0001 BTC compared to the industry average of 0.000075 BTC. So Phemex has a fee that is above the industry average by 33.33%.

Phemex has a maker/taker fee schedule which you can see below.

User level Last 30d spot trading vol. (USD) Maker fee Taker fee
Standard
(0.0000 – 10.00K) 0.100% 0.100%
VIP1
[10.00K – 500.00K) 0.090% 0.100%
VIP2
[500.00K – 2.00M) 0.050% 0.070%
VIP3
[2.00M – 4.00M) 0.045% 0.065%
VIP4
[4.00M – 6.00M) 0.040% 0.060%
VIP5
[6.00M – 10.00M) 0.035% 0.055%
Star VIP
[10.00M – ∞) & API<= 20% 0.000% 0.040%
Pro1
[10.00M – 50.00M) 0.030% 0.050%
Pro2
[50.00M – ∞) 0.000% 0.045%

 

Security - Is Phemex Safe?

Phemex takes security seriously and adheres to rigorous standards to ensure the safety of user assets. This includes using cold wallet deposit addresses, a secure internal network powered by Amazon Web Service, and a host of security features that align with the best practices of the industry.

Regulation and compliance are also at the forefront of Phemex’s operations, instilling confidence in its users.

In the realm of online assets, security stands as the bedrock of trust for any crypto trading platform. Phemex’s dedication to safeguarding its user’s funds is evident in its layered security protocols.

Beyond the secure cold wallet deposit addresses and the robust internal network, Phemex continuously innovates to stay ahead of potential threats. This proactive stance is crucial in a sector where the security landscape is constantly evolving, and exchanges must remain vigilant against new types of cyber threats.

Phemex Customer Support

Customer support is an integral part of the Phemex service offering. The exchange has established multiple channels of support, ensuring that users can obtain assistance whenever needed.

Responsive and knowledgeable, the support team is a cornerstone of the Phemex user experience.

A distinguishing feature of Phemex is its dedication to customer support. The exchange recognises the criticality of timely assistance in the fast-paced world of trading and has constructed a support system that stands ready to aid traders.

With a multifaceted approach that spans various communication channels, Phemex ensures that whether a user faces an issue with their trading account, has queries about the withdrawal process, or needs guidance on using features, help is readily available.

Phemex support

Phemex Support Channels

  • Facebook
  • Twitter
  • Instagram
  • Live Chat
  • Help Center Articles
  • Support Ticket

How to Sign Up on Phemex

  1. Create Account - Visit the Phemex website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
  2. Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
  3. Transferring Funds - Once your account has been verified, you can deposit using the deposit methods listed below, including some options through third party apps.
  4. Start Trading Crypto - That's it! You should now have everything in place to start trading.

Deposit Methods

  • Bank Transfer
  • Debit Card
  • Credit Card
  • Cryptocurrency
  • Paypal
  • Apple Pay
  • Google Pay
  • Simplex
  • MoonPay
  • Coinify

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Crypto Head Rating
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Fiat Currencies Supported
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Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

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Final Thoughts

In closing, Phemex presents itself as a capable and dynamic exchange in the cryptocurrency market. Its focus on user experience, combined with a robust offering of trading features, positions it as a noteworthy destination for crypto traders worldwide.

The role of crypto exchanges like Phemex in shaping the future of digital finance is immense. As these platforms evolve, they not only provide gateways to the world of cryptocurrencies but also influence general industry trends.

The continuous innovation within the industry paves the way for more advanced financial products, potentially transforming the landscape of investments and wealth management for individuals and institutions alike.

Phemex FAQs

Phemex is a crypto trading platform that has been in operation since its establishment by Jack Tao and other former Morgan Stanley executives. As a platform that offers a variety of services including spot and contract trading, it claims to adhere to industry standards for security and provides features such as cold wallet deposit addresses for enhanced security of crypto assets.

Phemex also showcases a user interface designed for both novice and advanced traders and states to provide competitive trading fees. However, as with all trading platforms, users should perform their own due diligence and consider their own trading needs and security requirements before using the services of any crypto exchange.

To withdraw funds from Phemex, one must follow the exchange’s withdrawal process. This typically involves logging into your account, navigating to the wallet section, selecting the digital assets you wish to withdraw, entering the destination wallet address, and confirming the withdrawal amount.

Phemex imposes withdrawal limits and might have withdrawal fees based on the network fees and the asset being withdrawn. The user interface on both the mobile application and website is designed to make the withdrawal process straightforward for users.

It is important for users to ensure that the wallet address entered is correct before confirming the withdrawal to prevent loss of funds.

Phemex provides services that may vary based on whether a user completes the Know Your Customer (KYC) process. While users can perform some functions without completing KYC, certain features and higher withdrawal limits might only be available after identity verification.

The specific requirements can depend on the jurisdiction of the user and the policies of Phemex.

Phemex offers competitive rates in comparison to other crypto exchanges. It provides a detailed fee structure on its website, which includes trading fees, maker and taker fees, and potential funding rates for contract trading.

It is known for offering a zero-fee spot trading option for premium users and often adjusts its fees to align with the industry average. Traders should review the most current fee schedule directly on Phemex’s platform to understand the costs associated with their trading activity.

Withdrawal times from Phemex may vary depending on the asset and network conditions. Phemex processes withdrawals several times per day, and they typically aim to ensure that withdrawals are completed promptly.

However, some withdrawals might take longer depending on security checks or network congestion. Users can check the status of their withdrawal requests in the wallet section of their accounts.

Phemex was launched in November 2019, with its team led by Jack Tao, who has a background at Morgan Stanley. Since then, Phemex has grown to offer a variety of trading options and services on its platform, including spot and contract trading for an array of crypto pairs.

Phemex’s withdrawal fees differ for various digital assets and are influenced by the current network fees. Users can find the up-to-date withdrawal fee information in the wallet section of the Phemex platform.

These fees are typically in line with the industry average, and it is important for users to be aware of the minimum withdrawal amounts and network fees when initiating a withdrawal.

Phemex offers features that may appeal to day traders, such as an advanced trading interface, competitive rates, and a variety of market pairs. The platform provides services like contract trading and spot markets, with capabilities for up to 100x leverage for experienced traders.

Additionally, Phemex has a mobile application to facilitate trading on the go. Yet, whether it is suitable for an individual’s day trading needs depends on the user’s specific requirements and trading strategies.

Potential users should consider all relevant factors, such as trading fees, funding rates, withdrawal limits, and the exchange’s liquidity, among others, before day trading on any platform.

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Methodology

At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.

About The Authors

James Headshot
Written by

Crypto Technical Writer

James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.

His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.

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Edited by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

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