Phemex is a cryptocurrency platform that allows individuals all around the world to access digital currencies through a user-friendly, safe and efficient crypto trading exchange. Led by over 8 former Morgan Stanley Executives, Phemex aims to become the best cryptocurrency derivatives trading platform.
While we aim to provide you with accurate and the latest information on its features, user interface and trading fees and more in this Phemex review, we strongly suggest that you visit their site to keep updated with any changes that may occur afterward.
What Is Phemex?
Phemex is a cryptocurrency derivatives trading exchange that is available to users worldwide to trade perpetual contracts such as BTCUSD, ETHUSD, XRPUSD, LTCUSD, XTZUSD and LINKUSD with up to 100x leverage.
The derivatives platform is surging in popularity and is currently ranked #6 for daily trading volume on the exchange according to Coinmarketcap.com.
Phemex Compared
Exchange | Trading Pairs | Fees | Rating | Website |
|---|---|---|---|---|
 | 5 | Maker - 0.025% Taker - 0.075% | 5 / 5 | |
 | 100+ | Maker - 0.025% Taker - 0.075% | 4.8 / 5 | |
 | 12 | 0% for Premium Member | 4.2 / 5 |
Phemex Features
Phemex users of the platform have access to several innovative trading features and financial tools to increase potential profits trading cryptocurrencies. The exchange includes features such as:
- Beginner-friendly user interface
- No KYC to start trading
- Spot trading market with zero trading fees
- Derivatives exchange with leverage up to 100x and BTC or USD settlement
- Cryptocurrency demo account to trade cryptocurrency with zero risk
- Mobile app to trade anytime and anywhere
- Generous affiliate program that rewards you for bringing users
- 24/7 customer support team
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Is Phemex Legit?
Phemex is a legit company that is registered in BVI and headquartered in Singapore with employees and users located all over the globe. The cryptocurrency derivatives platform was founded by 8 former Morgan Stanley Executives with 40+ years of combined experience in delivering HFT (high-frequency technology) with great stability.
The team's goal is to bring billions of potential users into a digital currency system by enabling access to a user-friendly, safe and efficient trading platform.
Registration & Login
To create an account with Phemex, the registration process is very straight forward and only takes a few minutes. To get started, follow these simple steps:
- Visit the website https://www.phemex.com
- Click on the 'Register' button at the top right-hand corner
- Enter in your email and set a strong password
- Verify your email address using the verification code
- Login to Phemex using your new credentials
How To Deposit Funds Into Phemex
Phemex exchange allows you to transfer cryptocurrency from a crypto hardware wallet directly to the digital asset trading platform to begin trading. Bitcoin and USDT deposits are secured within the Phemex wallet.
The time taken for a deposit to reach your Phemex wallet depends on the crypto asset, number of confirmations required and the blockchain network load.
To make a deposit into Phemex, follow these steps:
- Visit Phemex.com and login to your account
- Navigate to the 'Assets' link in the top right corner
- Click on 'Deposit' and select the crypto or stablecoin to deposit
- next to the asset and copy the unique wallet address for the selected coin
- Copy and paste the address or scan the QR code with your personal BTC wallet to begin the transaction. Simply select the desired amount and send to your Phemex wallet.
Phemex User Interface
The user interface is a critical aspect for crypto traders that use technical analysis. After using the Phemex trading platform, we were impressed with the charting interface and tools. The experience was simple, smooth and features excellent technical indicators and drawing tools that you would expect. The charting software is provided by Tradingview, which most crypto traders will be familiar with.
On the left, users can choose and select a crypto pairs to buy or sell. When you select a pair, the order entry window is displayed below to place trades using the spot exchange or crypto perpetual contracts. There are several order types that include:
- Limit
- Market
- Conditional (only available to Premium Users)
The order window amount percentages (e.g. 25%, 50% and 100%) to populate the trade volume as a ratio of the available trading account balance. This is fairly standard across the majority of cryptocurrency trading exchanges. The order window is slightly different for the contract markets which has a leverage slider.
On the right, you can see the order book which shows all the prices that people are willing to buy and sell the selected cryptocurrency for. The numbers in the middle show the last sale price and the volume or amount traded at each price level. By click on a recent trade, it will populate the order entry form with the exact price of the pair. This saves time and prevents making a mistake when typing the prices manually.
How To Trade With Phemex With Zero Fees
To buy and sell cryptocurrency with Phemex, follow these simple steps:
- Login to your Phemex.com account
- Navigate to the top menu and hover over 'Products'
- Use the drop down menu to select 'Spot Trading'
- Choose the crypto asset (e.g. Bitcoin, Ethereum)
- Enter the amount to buy or sell back to USDT
- Review the order to ensure the details are correct
- Click on the green 'Buy' or red 'Sell' button to place the trade
The exchange also provides a trading contract for GOLD/USD and with more assets such as S&P 500 stocks, stock indexes, interest rates, FOREX, commodities, energy and metals that will be released on the platform shortly according to the Phemex website.
Buy Crypto Using Phemex
Phemex has partnered with Banxa, an internationally compliant fiat-to-crypto gateway to allow its users to buy crypto using a credit/debit card or bank transfer directly from the Phemex website. Currently, the interface allows the purchase of Bitcoin, Ethereum and Tether.
Purchased funds are credited to your Phemex wallet to trade of withdraw to a hardware wallet.
Phemex Demo Account
Phemex offers a testnet to allow users to practice crypto trading using a demo account without making a deposit. The simulated trading environment provides the same features and functionality as the main exchange. The Phemex testnet account can be accessed under 'Products' along the top menu.
Supported Cryptocurrencies
Phemex exchange provides support for crypto assets such as BTC, ETH, XRP, LTC, LINK, XTZ, LTC and USDT.
Exchange Fees & Limits
Spot Exchange
Phemex spot exchange is available to Premium and Premium trial users who can buy or sell crypto with zero fees or commissions using the website or mobile app. Traders that use an API transaction will incur a 0.1% transaction fees.
Asset | Min. Order Limit | Max. Order Limit |
|---|---|---|
BTC / USDT | 10 USDT | 1000 BTC |
ETH / USDT | 10 USDT | 10000 ETH |
XRP / USDT | 10 USDT | 5000000 XRP |
LINK / USDT | 10 USDT | 5000000 LINK |
In addition to the above coins: XTZ, LTC, ADA, TRX and ONT trading pairs with zero fees will be coming soon.
Contracts Trading
Phemex contracts trading fee is based on a maker and taker model. This means users that add to the order book (e.g. limit orders) will receive a -0.025% rebate and traders that remove liquidity from the order book (e.g. market orders) are charged a 0.075% fee on execution.
Phemex funding fees are charged or issued between long and short positions holders every 8 hours. The exchange does not charge a fee for holding positions overnight.
Overall, the trading fees are very competitive compared to other crypto platforms such as BitMEX and Bitfinex.
Deposit & Withdrawal Fees
Phemex does not charge any fees for deposits or withdrawals to and from its trading account. A withdrawal from a Phemex wallet does incur the standard blockchain fee that varies on the crypto asset and the network load.
Phemex Premium
Phemex users that register an account are eligible for a 7-day free Premium Membership trial. The Phemex Premium account offers additional features that are not available on a free account such as:
- Trade the crypto spot exchange
- ZERO trading fees applied to executed orders on the spot market
- Advanced orders to manage risk (i.e. conditional order types) on the spot market
- Gift a 30-day full Premium trial to friends and family
Phemex Pricing
Phemex Premium account is a paid subscription that allows traders to buy and sell cryptocurrencies on the spot exchange with zero fees. The Phemex Premium membership price starts from:
- $9.99 USD for a 30-day period
- $19.99 USD for a 90-day period
- $69.99 USD for a 1-year period
Users that trade large volumes or make frequent trades using a spot crypto exchange will benefit from paying no trading fees on their transactions which can eat into your profits. A membership that starts from 0.19 USD per day is a fair price and can make a large difference to the overall profit and loss at the end of the year.
Related: 5 Best Zero-Fee Crypto Exchanges (Commission-Free Trading)
The Premium account will automatically expire at the end of its term and cannot be canceled within its period of validity. Automatic subscription renewal can be canceled at any time.
Frequently Asked Questions
Phemex does not require new users on the platform to complete a Know Your Customer (KYC) process to begin trading on the platform. The only information required is a valid email address.
Phemex has a mobile app to allow its users to buy, trade and sell cryptocurrencies and derivatives from a iOS or Android device. The app is simple and easy to use that will suit beginners and intermediate traders.
Phemex is a worldwide cryptocurrency trading exchange that is available to users globally including the United States (US). The the following countries are prohibited from using Phemex:
- Afghanistan
- Central African Republic Congo
- Côte d’Ivoire
- Cuba
- Eritrea
- Guinea-Bissau
- Iran
- Iraq
- North Korea
- Liberia
- Libya
- Panama
- Rwanda
- Somalia
- South Sudan
- Sudan
- Ukraine (Crimea)
- Yemen
- Zimbabwe
Phemex Alternatives
Bybit
ByBit is a derivatives cryptocurrency trading platform with an emphasis on leverage trading with up to 100x leverage on Bitcoin and Etherium trading pairs. Bybit has become one of the best crypto exchanges in the world.
Plus500
Plus500 is a CFD providers that offers its massive customer base to trade the world's most popular crypto assets with up to 30x leverage such as Bitcoin, Ethereum, Litecoin, Neo, Ripple XRP, EOS, Cardano, Tron and Monero.
Disclaimer: your capital is at risk
Binance
Binance is the largest cryptocurrency exchange by trade volume and one of the fastest trading services providers for blockchain ecosystem. The exchange has seen an astronomical growth and is a premium crypto trading platform.
Conclusion
To conclude our Phemex review, the crypto platform is packed with excellent features for traders looking to speculate on digital currencies with leverage. It includes a cutting-edge user-interface and advanced risk management tools and drawing tools that are available on desktop and mobile app versions.
While there is a small membership cost, serious crypto traders should consider an upgrade to the Premium account. This can potentially increase your profitability by NOT incurring trade fees and could pay for an annual subscription many times over.
Register for a Phemex Premium Account.
Note: While we aim to provide you with accurate and the latest information in this Phemex.com exchange review, we strongly suggest that you visit their site to keep updated with any changes that may occur afterward.
Risk management tools and platform features are very important for any prospective cryptocurrency investor. The following cryptocurrency trading exchanges - in addition to the above exchange - provide advanced trading features, technical indicators and a smooth, mobile-responsive charting interface that will be suited to beginners and professional crypto traders.
Phemex
Pros
- No KYC required
- BTC and USD settlement
- Zero fee spot trading
- Advanced order types
- Stable and reliable
Cons
- Limited number of crypto assets
