Phemex Review

Phemex Review

Daniel Chan

March 11, 2022

Cryptocurrency

What is Phemex?

Phemex is one of the biggest and most advanced crypto trading and investing platforms in the world. With over two million active users from around the globe, Phemex has built a trusted name in the crypto community. Along with the convenient selling and purchasing of cryptocurrencies, Phemex provides their users with unlimited trading options. The stated goal of the exchange is ‘to empower everyone to trade simply and manage risk efficiently.’ 

Phemex leverages a user-oriented approach to gain better insights into what their users actually want. This is how they manage to efficiently fulfill user demands and provide them with helpful solutions. The platform is based in Singapore and employs hundreds of people to provide the best possible services to their traders and investors.

  • Web Address: www.phemex.com
  • Main Location: Singapore
  • Cryptocurrencies: BTC, ETH, LUNA, DOT, CHZ, SOL, FTM, ATOM, and 40 more
  • Fiat Currencies: USD, EUR, GBP, AUD, JPY, ARS and more
  • Deposit Methods: Visa Card, Mastercard, Bank Transfers, Cryptocurrency
  • Deposit Fees: Varies
  • Trading Fees: 0.1%
  • Mobile App: Yes

My Overall Thoughts on Phemex

Phemex is a complete cryptocurrency exchange with all the necessary trading tools as well as countless options to enhance the trading experience. Phemex offers many attractive features, which I describe in more detail in a later section. The beginner-friendly user interface, help center, guides and premium customer support take care of both amateur and professional traders. If you want to earn some extra cash, Phemex has introduced several options for earning a few bucks without doing anything. But if I had to pick the best aspects about Phemex, they would be:

1) The platform supports easy and quick crypto purchases:  There are no long processes, verifications or wait times to buy cryptocurrencies on Phemex. In only a few minutes, you become the proud owner of your cryptocurrency. This is the reason the platform attracts many digital investors.

2) Phemex is a professional and advanced trading platform:  With Phemex, you can trade in different markets. The most popular, of course, is spot trading. But the platform also offers margin trading, contracts and perpetual assets, so you can trade just how you want. The trading experience is top notch, as you get a full-fledged accurate and precise platform with the ability to customize.

3) Users can earn through staking:  Users can stake their already-owned assets and earn great interest on them. It’s a great deal for investors who do not want their money to sit idly in their wallets.

Phemex is not a perfect platform, as I discuss below. But I have high hopes that they will improve, as they are always working on bringing the best for their users.

Key Features & Advantages of Phemex

Phemex offers crypto traders and investors a wide range of benefits and opportunities that can be quite hard to find in a single place anywhere else. The platform is relatively easy to use, which makes it suitable for both amateurs and professionals. Phemex has established a strong hold on the market by emphasizing its primary advantages: a user-friendly approach, a remarkably fast transaction time and the ability to create sub-accounts.

While these features set Phemex apart from their competitors, there are many other aspects of the exchange that its users love. I’ve listed these benefits below. All told, Phemex is a phenomenal choice if you are looking for a professional and seamless trading and investing experience and extra features that can enhance your investments even more.

Negatives & Disadvantages of Phemex

While Phemex offers many things that are helpful for most traders and investors, there are two crucial negatives against the platform, which are detailed below.

What Services Does Phemex Offer?

Phemex is regarded as one of the industry’s premier financial services providers, incomparable in terms of reliability, honesty and integrity. As they continue to develop alongside the community, they  aim to provide the highest quality services.

The exchange has all the tools and options that any experienced trader or investor requires. Phemex is recognized worldwide for its extremely low trading fees, with the opportunity to reduce them to zero for premium members. Learn the particulars about how Phemex works and their services below:

Instant purchasing of cryptocurrencies:  Modern technology allows transactions to take place quickly and efficiently. This extends to digital finances, including the purchase of cryptocurrencies. However, when it comes to crypto exchanges, your transactions are only as quick as their options allow. Luckily, Phemex has partnered up with several third-party payment gateways to allow their users to buy cryptocurrencies instantly without any problems.

 Users can pay through debit or credit cards. There is even a bank transfer option available for supported countries, so users can directly transfer funds to make crypto purchases. As Phemex supports many fiat currencies, users can usually pay in their local currencies and save the hefty conversion costs.

50 popular crypto assets:  Phemex definitely does not offer the widest variety of cryptocurrencies, but they do well enough for many traders and investors. You can easily get your hands on almost all the popular cryptocurrencies without having to convert or trade for them. The following are just a few of the cryptocurrencies that you can buy and trade on Phemex:

  • BTC
  • ETH
  • USDT
  • DOGE
  • XRP
  • LINK
  • ADA
  • ALGO
  • ATOM

Phemex currently has around 50 crypto assets available, but they are gradually expanding their variety, so you might be able to trade or buy more cryptocurrencies in the future.

Spot and contractual trading markets:  Spot trading is unquestionably the most popular trading market, because it focuses on known assets that are easy to understand and trade. Phemex offers spot trading and all the benefits you would want while doing so. To make your experience even better and increase your potential earnings drastically, Phemex also offers leveraging up to 100 times your initial investment. With leverage you can trade and earn with far higher asset quantities than you could with your own money. Just bear in mind that leverage trading comes with risk. While you can earn a lot with margin trading, you can lose a lot, too.

In addition to spot trading, Phemex supports contractual trading. There are around 40 contracts that users can trade as of now on Phemex.

Professional yet user-friendly mobile apps:  The era of laptop or PC dependency is long gone. Thanks to technology, mobile phones have made our lives easier and better, including in the crypto community. Phemex has developed mobile applications that enable users to trade and buy digital assets from anywhere.

Phemex has done a great job designing their mobile apps so that you won’t find much of a difference between the app and using Phemex’s website. You get access to almost all the features you require to trade efficiently, and you can also buy digital assets right from the app. Phemex mobile apps are available to download right away on Android and iOS devices.

Full-fledged trading experience with advanced charts:  Diversity in trading markets and assets does not matter if a platform cannot offer a good trading experience. What makes a good trading experience is accurate and precise charts, thorough insights, customization, flexibility and a good user interface. You can find all of these factors in Phemex, a rare feat. Their accurate and precise charts are fetched from TradingView, one of the biggest and most trusted chart services in the world.

The charts can easily be customized to fit your needs. You can use indicators, compare assets, draw lines, select different time periods and do much more to enhance your trades. From the left panel of Phemex’s trading section, you can place orders, manage leverage and check other details about the assets.

Staking to earn passive income:  Staking is kind of like a savings account where you deposit some cryptocurrencies and gets returns after a predetermined period of time. With the staking option offered by Phemex, investors can stake several assets and earn a considerable amount of interest at the end of the agreed period.

Phemex allows their users to stake several assets, including BTC, ETH, USDT, ADA, LINK and XRP. If you have any of these assets in your Phemex account, you can simply stake them on the platform to earn free money. Before you do so, make sure to  thoroughly check the returns and the time period, as those funds will effectively be locked until the staking period is over.

To make things even better, Phemex offers two staking options. The first one is flexible, where the duration period is determined by your own preferences. The second one is fixed, where the staking period is defined by the platform.

Quick signup process:  If you want to start professional trading or investing at Phemex, it will only take a minute to sign up on the platform. Instead of filling out a lengthy form with all your personal details, all you need is to verify your email and create a password. The best thing is, you can make purchases and trade without further verification. However, if you want to remove certain limitations and restrictions, or if you want to withdraw your funds efficiently, you might have to verify your identity fully. To do that, you will have to upload your ID and then complete a facial verification.

Several promotional campaigns:  Who doesn’t like to save or earn easy money? Promotional campaigns are one of the simplest ways for users to do so. Phemex’s campaigns are brilliant because rather than providing one or two , they offer several options through which you can enjoy amazing benefits. If you are new on the platform, make sure to opt for the welcome bonuses, where you can earn up to $60 by just following the guidelines.

Phemex also has “0-fee” events where users can buy different cryptocurrencies without paying a dime in fees. Then come the prize pools and all-star program, where you can earn 50% commissions based on your influence. So if you are looking for some extra bucks or efficient savings, visit the promotional section of the exchange.

Massive learning portal with guides:  If you are still a beginner and you have a lot to learn about basic trading and investing, then don’t worry—Phemex has you covered! The platform has one of the biggest learning portals I’ve seen on any exchange, which anyone can access. These guides can help you master everything from the basics to professional and advanced trading options.

There is a complete section named “Academy” that focuses on cryptocurrencies and how they work. There is also a trading section, designed to teach you how to trade. Some guides focus on the essentials, but there are also dedicated guides that cover almost all the crucial aspects of trading. There is even a blog section with the latest crypto news.

Great referral program:  With the Phemex referral program, you can earn 10% of your referral’s contract taker fee, along with 50% of your referral’s welcome bonus. It can be a convenient way to earn a few extra bucks. You can invite as many people as you want—friends, family or work colleagues—through your link, and you will be rewarded their fee once they start trading.

Fast and efficient customer support team:  You can get in touch with the Phemex customer support team with just a single click. While some exchanges require you to fill out forms or visit support pages and write long messages, Phemex has a chat function built in. All you have to do is click the message icon on the lower right corner of the platform and describe your problem. Then an agent will be transferred to you to help solve your problem.

Premium security features:  Security is another thing that Phemex does not compromise on. The platform uses countless security techniques and methods. In addition to making their wallets secured, they have made their system, users’ accounts and trading engine secured.

Things I Don't Like About Phemex

Despite all the fantastic things about Phemex, there are a few things that might cause issues for the platform’s users.

Not the best crypto variety:  Tens of thousands of cryptocurrencies have been created in the past decade. Of course, no exchange can or should list them all. The best exchanges opt for the assets that have potential and the ones that are in demand. But any exchange that offers fewer than 60 is not competitive in this market, where some crypto exchanges offer thousands of crypto assets to trade and buy.

Phemex offers only about 50 cryptocurrencies, so they have a bit of work to do to fulfill the demands of their traders and investors. The good thing is they have almost all the popular cryptocurrencies.

OTC trading restricted for many countries:  Over-the-counter trading, which was originally used for stocks trading, is gaining significant popularity in the digital currency ecosystem to service more users across various economic classes. Unfortunately, OTC trading is restricted for quite a lot of countries on Phemex. While it is available for many major countries like the US, UK or China, it is not available for many European or Asian countries.

Phemex Fees

Phemex Deposit Fee

Crypto deposits are free of charge on Phemex.

As for third-party payment gateways, Phemex claims them to also be totally free, but this is only partially true. You might have to pay a fee of up to 2% when paying through VISA or MasterCard, whereas other payment options like SEPA or simple bank transfers are free.

Phemex Trading Fee

The trading fee at Phemex is as follows:

  • Spot trading fee for standard users: 0.1% (both takers and makers)
  • Spot trading fee for premium or premium trial users: Free
  • Contract trading fee: 0.075% for takers and -0.025% for makers

Phemex Fiat Withdrawal Fee

Phemex does not have any payment methods to withdraw fiat currencies.

Phemex Crypto Withdrawal Fee

The crypto withdrawal fee at Phemex varies for each asset, and it can fluctuate depending on market conditions. So make sure to check the fee before withdrawing your digital assets.

Pros and Cons of Phemex

Pros
  • Spot and contract trading
  • 50 popular cryptocurrencies
  • Premium customer support and help center
  • Advanced trading with leverage
  • Earnings through staking and promotional campaigns
Cons
  • Lack of variety of crypto assets
  • OTC trading is not available in many European and Asian countries

Verdict

Modern traders and investors prefer diversity, security, easiness and opportunities to grow, learn and earn. Phemex goes above and beyond in each area, offering the best services for traders and investors. Although their diversity of cryptocurrency is somewhat lacking, they make up for it with the integration of spot, margin and contractual trading markets.  And of course, the integration of one-click buying of cryptocurrencies makes it easy to invest with Phemex.

Lastly, the friendliness, guides, customer support, opportunities to earn some extra bucks and security make Phemex an even better choice for anyone entering the blockchain industry.


If you want to research some more crypto trading platforms before opening an account with Phemex, have a read of our helpful article on the best crypto exchanges. We have also included a table below to assist you in comparing the exchanges based on some key information.

Comparison Table of the Best Crypto Exchanges in the USA

eToro
Pionex
Coinmama
Gemini
Uphold
Crypto.com
Crypto Exchange
Crypto Exchange
eToro
Pionex
Coinmama
Gemini
Uphold
Crypto.com
Fiat Currencies
Fiat Currencies
USD
USD, TWD
USD, EUR, AUD, CAD, GBP, JPY
USD, AUD, CAD, EUR, GBP, SGD, HKD
USD, GBP, EUR, CHF, AUD, JPY & 21 more
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY & 10+ more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 50 more
BTC, ETH, LTC, SOL, DOT, TRX & 120+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, BCH, DOGE & 90+ more
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
BTC, ETH, LTC, XRP, CRO, ADA, DOT, SOL, DOGE & 250+ more
Deposit Methods
Deposit Methods
PayPal, Debit card, Credit card, Wire transfer, Online banking
Credit card, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank transfer (ACH), Debit card, Wire Transfer, Cryptocurrency
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Bank Transfer (ACH), BPAY, SEPA, Credit/Debit card, PayPal, TransferWise, Fedwire, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
1%
0.05%
2.93% - 3.90% (depending on loyalty level)
From 0.25% (maker) and 0.35% (taker)
Fees included in the spread
Exchange: from 0.4%, App: Free (included in spread)

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."

Frequently Asked Questions

Has Phemex ever been hacked?

No, Phemex has never been hacked in their entire history of providing their services. The platform also continuously works on making its security system better and preventing hacks and breaches at all costs.

Is Phemex available for US users?

Yes, Phemex is available for users residing in the United States.

How long does Phemex withdrawal take?

According to Phemex, withdrawals usually take about one to two hours. However, the time might vary depending on network conditions and the load on the exchange.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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