MEXC vs Phemex

Platform Overview

MEXC

MEXC launched in 2018 and quickly became a go-to exchange for traders seeking access to early-stage tokens. With over 2,960 coins listed, it’s one of the most altcoin-rich platforms in the world. It also offers copy trading, staking, and competitive fees, appealing to both beginners and pros.

Phemex

Founded in 2019 by former Morgan Stanley executives, Phemex markets itself as a performance-first exchange. It focuses on professional-grade derivatives trading, with a clean interface, low latency, and reward-based features. While smaller in scale than MEXC, it has built a loyal user base thanks to its reliability and speed.

Supported Cryptocurrencies

• MEXC is the clear winner for token variety, with more than 2,960 assets — including many small-cap and trending altcoins.
• Phemex lists around 300 cryptocurrencies, primarily focused on large-cap coins and a few select DeFi and trending projects.

If you're an altcoin hunter, MEXC dominates. If you prefer a more curated list of high-liquidity pairs, Phemex is simpler to navigate.

Fees and Trading Costs

• MEXC offers 0% spot trading fees for spot and futures makers, and takers are charged 0.05% for spot and 0.02% for futures.
• Phemex charges 0.1% for spot trades and 0.01% maker / 0.06% taker on futures — with discounts for using their native token (Phemex Token or PT)

User Interface and Trading Costs

Both platforms prioritize speed and clarity:

• MEXC provides a data-heavy layout with TradingView charts, deep markets, and more buttons than a beginner might need — but ideal for advanced users.

• Phemex has a minimalist, fast-loading UI, perfect for futures trading. The interface is simple, functional, and clean, optimized for quick execution without distractions.

Phemex wins for user-friendliness and speed, while MEXC offers more advanced tools and data for experienced traders.

Derivatives and Leverage Trading

Both platforms support futures trading with leverage:

• MEXC offers hundreds of perpetual contracts, including obscure altcoins. Leverage can go up to 200x on selected pairs.

• Phemex supports a smaller range of high-liquidity futures pairs with up to 100x leverage, and prides itself on execution speed and stability.

If you prioritize performance and reliability, Phemex is excellent for derivatives. For variety, MEXC has more contracts.

Earning Features: Staking, Launchpads, and Yield

• MEXC Earn provides access to staking, flexible savings, token airdrops, and Kickstarter events that let users vote on new projects.

• Phemex Earn includes Flexible Savings, a launchpool-like program, and Phemex Launchpad for early token access.

Both platforms offer yield tools, but MEXC’s ecosystem is more developed and includes more experimental opportunities.

Copy Trading and Social Features

• MEXC supports copy trading with leaderboards, detailed trader stats, and auto-follow options.

• Phemex does not offer copy trading, focusing instead on speed and individual user performance.

If you’re new to trading or want to follow expert strategies, MEXC gives you that edge.

Security and Trust

• MEXC uses cold wallet storage, standard 2FA, and anti-phishing tools. It hasn’t had any major hacks but is less public about audits or reserves.

• Phemex emphasizes institutional security standards, and although smaller, it’s led by Wall Street veterans with a strong focus on trust and system uptime.

Phemex has stronger reputational ties to institutional-grade security, while MEXC has a clean but less transparent track record.

Customer Support

• MEXC offers 24/7 multilingual support via live chat and email, plus a help center with guides and updates.

• Phemex also offers 24/7 support, and its tutorials are especially useful for new traders getting started with leverage.

Both are reliable, but Phemex’s onboarding support is slightly more beginner-focused.

Which One Should You Choose?

Choose MEXC if you want:

• Access to 2,960+ coins and early altcoin launches
• Anonymous trading with no KYC
• Copy trading and early token launches
• Competitive staking and earning tools

Choose Phemex if you want:

• A high-performance platform for futures
• Minimalistic interface with fast execution
• Institutional-level security and leadership
• Simple, curated asset selection

Conclusion

In the MEXC vs Phemex debate, your decision comes down to trading goals.

If you want maximum token access, low KYC barriers, and diverse features, MEXC is the winner. If you’re focused on speed, performance, and clean design — especially for futures — Phemex is a smart choice.

Many traders use both: MEXC for exploration, and Phemex for execution.

Still Researching?

To do more research before signing up to either of these platforms, you can read my Phemex review (here) and MEXC review (here). You can also read this article on the top cryptocurrency exchanges in the US. I have also included a quick comparison table below that summarizes some key info.