Phemex is a cryptocurrency margin and spot trading platform which provides up to 100x cryptocurrency derivatives and regular trading on a secure and professional platform. Phemex is similar to other crypto exchanges you may have heard of like Bybit, BitMEX and Binance.
In this detailed review, we’ll be taking a look at what the Phemex platform has to offer and ultimately, letting you know if it is a good place to trade cryptocurrencies with and without leverage.
Phemex Crypto Exchange: Facts
Firstly, lets talk about the company behind the Phemex crypto exchange and discuss their story a little bit.
Phemex was founded in 2019 by Jack Tao, a former Morgan Stanley veteran. The exchange is owned and operated under the company name Phemex Financial Pte. Ltd – a legally registered entity in Singapore.
The Phemex team consists of several Morgan Stanely executives with extensive experience in providing services within the financial sector.
According to their LinkedIn page; Phemex has between 11-50 employees.
When looking at a potential exchange for derivatives trading cryptocurrencies with leverage, it is always wise to be aware of the features of the platform in order to make an informed decision on whether or not you would like to use it in the future. So, let’s dig into some of the main features of the Phemex trading platform.
- BTC & USD contract settlements
- Up to 100x leverage trading
- Multiple order types
- Hierarchical Deterministic Cold Wallet System (HDCWS)
- Spot trading
- USDT pairs
- Native mobile apps
- 0.5 USD min price increment
- 300k transactions per second (TPS)
- Trade traditional contracts like GOLD with crypto
Supported Coins & Pairs
So you might now be wondering what you can trade on the Phemex crypto exchange. Below I have made a list of all the pairs offered on Phemex.
- BTC/USD (Bitcoin/US Dollar)
- ETH/USD (Ethereum/US Dollar)
- XRP/USD (XRP/US Dollar)
- LINK/USD (ChainLink/US Dollar)
- XTZ/USD (Tezos/US Dollar)
- LTC/USD (Litecoin/US Dollar)
- GOLD/USD (Gold/US Dollar)
I am impressed with the pairs listed on Phemex, they appeal to a broad range of crypto traders. It’s also important to note here that all the derivatives pairs on Phemex are perpetual contracts and there are currently no other futures contracts available. They added spot trading pairs in mid-2020 so the exchange appeals to a broad audience and could become an all-in-one exchange in the future.
KYC: Is it required?
Phemex doesn’t require any KYC checks whatsoever – it’s a completely anonymous crypto derivatives exchange. You can register on the Phemex platform instantly with just an email address and a password, deposit and start trading immediately. This is one of the best things about Phemex since many crypto traders enjoy keeping their privacy intact.
It’s unsure how long this will remain the case however, with the tightening of global crypto regulations which is occurring.
In this section of the Phemex review, I’ll be assessing the fees of the Phemex crypto trading platform in order to determine if it is any good with regards to the fees it charges.
Phemex charges a basic 0.075% taker fee and -0.025% maker fee (rebate) on all derivatives trading pairs on the exchange. In addition to this, there is a dynamic funding fee which is charged every 8 hours, as with almost all crypto derivatives trading platforms like Phemex.
For spot trading on Phemex, the fee rate is 0.1% per trade, or nothing if you have a Phemex premium account (more about that later).
Account: Register & Login
Getting started on Phemex is simple and quick. Follow the steps below to register and login to the Phemex.com exchange.
- Visit phemex.com/register
- Enter your email address, a password and the invitation code GNFLL
- Confirm your email address by clicking the link in an email which they send you
- Registration complete
- Go to phemex.com
- Click ‘Log In’
- Enter your account information
- Open your email, copy the OTP (one-time-password)
- Enter the OTP into the prompted box
- Login complete
Deposit & Withdrawal
A good Phemex review wouldn’t be complete without assessing deposit and withdrawals on the platform.
Phemex supports 5 different deposit methods, all of which are cryptocurrencies. Currently, traditional payment methods like credit/debit cards and PayPal are not supported due to the anonymous nature of the exchange. Below you will find a list of the deposit methods on Phemex.
- Bitcoin (BTC)
- Ethereum (ETH)
- Chainlink (LINK)
- Tether (USDT)
- XRP (XRP)
To deposit on Phemex, head over to the ‘Assets’ tab, then select which coin you want to deposit and send your crypto to that deposit address.
If you want to trade with leverage, then click on the ‘Contract Trade Accounts’ tab and fund the account from your main wallet.
There are no deposit fees and the withdrawal fee is 0.0005 BTC for Bitcoin withdrawals. This is better than most exchanges which charge 0.001 Bitcoin for withdrawals. Below is a list of all the withdrawal fees on Phemex for each crypto.
|Min. Deposit||0.00000001 BTC|
|Min. Withdrawal||0.002 BTC|
Withdrawals on Phemex are processed 3 times per day at the following hours: 08:00, 16:00, 24:00 (UTC). Once your withdrawal is processed, it usually arrives within a few minutes.
Deposits on Phemex are instant, once you send Bitcoin to your Phemex Bitcoin address, it should arrive as soon as the transaction has completed on the Bitcoin blockchain. Deposits on Phemex are credited after one confirmation.
Phemex is different to other crypto exchanges in quite a few ways, one of which being their ‘Premium Membership’ feature. Anyone can upgrade to Phemex Premium, and it comes with a raft of benefits.
How to get Phemex Premium
There are 3 main ways to get Phemex Premium:
- Complete tasks (Invite a friend, deposit more than 0.02 BTC, complete a $1000 BTC/USD contract trade)
- Register with our referral link here (30-day premium trial)
- Pay for it ($9.99/month, $20/3months, $69.99/year)
Phemex Premium Benefits
You’re probably wondering why you should bother getting Phemex premium. Well, here are the main benefits for having it:
- Zero spot trading fees
- Use conditional orders
- Hourly withdrawals (faster than normal)
- No withdrawal limits
- Gift friends a premium trial
Is it worth it? Well, if you are going to be a regular trader on Phemex then yes, I think it’s definitely worth it as you can quickly make up the membership fee in terms of savings on spot trading fees and it’s nice to have withdrawals every hour rather than only being able to do them at set times during the day (08:00, 16:00, 24:00 UTC for non-premium accounts).
One of the major pros of the Phemex exchange is its brilliant mobile app which is available on IOS & Android (Google Play). This mobile app is one of the best crypto derivatives exchange apps I’ve ever seen on the market. It’s free to download and links to your Phemex account easily. Use the links below to download the Phemex app.
It comes as no surprise that the app has incredible ratings for all devices, it’s the perfect solution and makes crypto derivatives trading on-the-go easier than ever before. A lot of people who use exchanges like BitMEX (which doesn’t have an app) may swing over to this exchange as a better alternative.
When it comes to crypto exchange bonuses, it can be hard to know what the best ones are and who is being honest with their offerings. Phemex.com has one of the best crypto trading welcome bonuses available right now, and it’s easy to claim – here are the details:
Bonus amount: $120
Details: $60 deposit bonus when you deposit 0.2 BTC or more + $10 for spot trading + $10 for contract trading.
Any of the profits you gain from the bonus funds can be withdrawn instantly – no fine print.
Crypto derivatives exchange affiliate programs can be extremely lucrative, especially when they offer up to 100x leverage as the commissions you earn can be multiplied by up to 100 times as opposed to regular exchanges like Binance.
The Phemex affiliate program is free to sign up for and offers a 50% commission fee rate, meaning that you’ll earn half of the fees generated by your referrals. This is far more than any other crypto leverage exchange I’ve ever seen – and just goes to show how they are attempting to be the best exchange in the industry.
On top of the 50% commissions, you’ll earn from the ‘All-Star Program’ on Phemex, you also make 10% of every sub-affiliate’s referrals.
This is by far the best affiliate program in the crypto industry right now.
To register for the Phemex affiliate program right now and start earning, click here.
The support offered by an exchange is one of the most important factors which influences its success within the market.
Phemex’s customer support system is mainly live-chat based. When you’re on the exchange, all you have to do is click on the ‘Chat’ button and then tell them about your issue.
Phemex Review: Conclusion
Overall, Phemex is one of the best crypto trading platforms in the world in our opinion.
To finish of this Phemex review, I’ll list the pros and cons which I found when reviewing it.
- Mobile apps for IOS & Android
- Low withdrawal fee
- No KYC
- Lucrative affiliate program
- Instant support
- Cold wallet support
- Fairly new exchange
- That’s it – I can’t find any other obvious flaws