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Phemex Review

Last Updated on March 20, 2024

James Headshot
Written by
Adam Headshot
Edited by
Phemex logo
3.12
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 an outstanding crypto trading platform that delivers on multiple fronts – from its user-friendly approach and wide array of trading options it provides, to its commitment to security and competitive fee structure – cementing its place as one of the go-to exchanges 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 253+
Trading Fees 0.09% - 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 among cryptocurrency exchanges. No matter whether you’re experienced trader or just getting into cryptocurrency trading, this review offers an in-depth examination of Phemex’s offerings from user interface to trading experience.

Phemex homepage

Welcome to our expanded review of Phemex cryptocurrency exchange! As the crypto world evolves, Phemex continues to adapt by expanding their offerings to meet traders’ ever-evolving needs.

This section’s goal is to shed more light on Phemex’s place within the bustling market of digital currencies, emphasizing features that contribute to its rising reputation without repeating details already discussed.

About Phemex

Phemex, founded by former Morgan Stanley executives including Jack Tao, has quickly established itself since its launch. Headquartered in Singapore and with strong footholds across South Korea and Hong Kong, the exchange has quickly earned itself a name as an unmatched provider for reliable crypto trading experiences.

Phemex set out on its journey with one clear aim in mind – providing users with an efficient, safe platform for trading digital assets.

Phemex features

Phemex’s history is interwoven with key events in the cryptocurrency ecosystem. It was born during a surge of enthusiasm for digital assets and an explosion in interest for blockchain technology’s promise of revolutionising financial landscape.

Phemex’s founders’ vision and experience have enabled it to survive volatile market conditions with ease, capitalizing on industry shifts such as crypto derivatives exchanges’ growing demand to gain a stronger foothold within its sector. Furthermore, Phemex’s geographic foothold in key markets such as South Korea and Hong Kong have contributed immensely towards its expansion, reflecting an approach responsive 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 253 cryptocurrencies on their platform. This exchange currently supports 25 of the top 30 market cap cryptocurrencies.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USDt (USDT)
  • BNB (BNB)
  • Solana (SOL)
  • USDC (USDC)
  • XRP (XRP)
  • Dogecoin (DOGE)
  • Toncoin (TON)
  • Cardano (ADA)
  • Shiba Inu (SHIB)
  • Avalanche (AVAX)
  • TRON (TRX)
  • Polkadot (DOT)
  • Chainlink (LINK)
  • Bitcoin Cash (BCH)
  • Uniswap (UNI)
  • Polygon (MATIC)
  • Litecoin (LTC)
  • NEAR Protocol (NEAR)
  • Dai (DAI)
  • UNUS SED LEO (LEO)
  • Pepe (PEPE)
  • Internet Computer (ICP)
  • Kaspa (KAS)
  • Ethereum Classic (ETC)
  • Aptos (APT)
  • Monero (XMR)
  • Render (RNDR)
  • Hedera (HBAR)

Download full list of cryptocurrencies Phemex supports

Trading Experience

Phemex provides an intuitive trading experience tailored to suit both novice and experienced traders alike. Its user interface enables users to effortlessly navigate and place trades.

This platform supports various financial instruments, including perpetual contracts with up to 100x leverage – meeting the needs of traders seeking advanced options.

Phemex provides users with more than simple buying and selling; its trading experience extends well beyond basic transaction. Users have access to tools designed to meet all levels of expertise; spot and contract trading options can be taken advantage of along with high leverage opportunities.

Phemex’s dedication to creating an easy trading interface, combined with sophisticated trading bots and comprehensive charting options, allows traders to engage with the market effectively and make informed decisions.

Phemex exchange marketing

Phemex Fees

Phemex stands out in the fees industry by offering competitive rates that accommodate both makers and takers, and by maintaining an upfront and transparent fee structure designed to encourage active trading while remaining transparent.

Traders can anticipate an industry-standard fee model that allows them to manage their funds efficiently without unexpected expenses.

Phemex’s highly competitive rates have contributed greatly to its appeal among both casual and experienced traders alike. Its transparent fee structure underscores Phemex’s philosophy of transparent trading.

Phemex stands out in an industry with complex fee models, providing traders with clarity regarding what costs can be expected; this allows them to focus more on developing strategies than deciphering rates.

Type Fee
Deposit Fee (Bank Transfer) 0%
Deposit Fee (Credit/Debit Card) 0.08% - 2.80%
Trading Fee 0.09% - 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 0.00025 BTC. The average across all other exchanges that we've reviewed is 0.000415 BTC. This means Phemex charges below the industry average by 39.82%.

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, 800.00K) 0.1000% 0.1000%
VIP1
(800.00K, 1.80M) 0.0900% 0.1000%
VIP2
(1.80M, 2.50M) 0.0500% 0.0700%
VIP3
(2.50M, 4.50M) 0.0450% 0.0650%
VIP4
(4.50M, 8.00M) 0.0400% 0.0600%
VIP5
(8.00M, 15.00M) & API≤20% 0.0350% 0.0550%
Star VIP
(15.00M, ~∞) & API≤10% 0.0000% 0.0400%
Pro1
(15.00M, 50.00M) & 70%Maker 0.0300% 0.0500%
Pro2
(50.00M, ~∞) & 70%Maker 0.0000% 0.0450%

Security - Is Phemex Safe?

Phemex takes security seriously and adheres to stringent standards to safeguard user assets. These measures include cold wallet deposit addresses, an Amazon Web Services-powered internal network and other features aligning with industry best practices.

Phemex puts regulation and compliance at the forefront of its operations, building confidence among users.

Phemex stands out in the crypto trading scene by upholding stringent security protocols that safeguard its user funds. Phemex stands as an example for trustworthiness with their dedication to keeping customer accounts safe from fraudulent trading platforms and their dedication to providing user funds safety.

Phemex goes beyond providing secure cold wallet deposit addresses and an uninterrupted network, by always staying ahead of potential threats with innovative measures to stay ahead. Such proactive action are essential in an industry where cyber threats evolve rapidly; exchanges must remain vigilant against all types of potential cyber threats.

Phemex Customer Support

Customer support is an integral component of Phemex service offering. The exchange has established various channels of support so users can get assistance whenever they require it.

Phemex user experiences are enhanced by responsive and knowledgeable support teams who deliver exceptional user experiences.

Phemex stands out among its competitors by emphasizing customer support and timely assistance in the fast-paced world of trading, so they have created an exceptional support system to assist their traders at any time they may require assistance.

Phemex takes pride in offering users a multifaceted and tailored approach to communication channels, so that if they ever encounter issues with their trading account or withdrawal process or require assistance with using features, assistance will always be 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

Phemex Alternatives

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

Total Supported Cryptocurrencies
395+

Trading Fees
0.10%

Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others

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

Total Supported Cryptocurrencies
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Trading Fees
0.08% - 0.40%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other

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

Total Supported Cryptocurrencies
364+

Trading Fees
0.08% - 0.10%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others

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Final Thoughts

Phemex stands out as an impressive and dynamic cryptocurrency exchange in the global marketplace, boasting user experience-oriented services combined with robust trading features that make it a worthy destination for cryptocurrency traders worldwide.

Phemex plays an indispensable role in shaping the future of digital finance, acting not only as gateways into cryptocurrency world but also influencing overall industry trends.

Innovation within the industry paves the way for increasingly advanced financial products, potentially revolutionising investments and wealth management practices for both 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.

Check James out on:
Adam Headshot
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.

Check Adam out on: