Phemex Review

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Bottom line:

Phemex is a full-fledged financial asset management platform that has grown beyond the niche of a crypto perpetual contract platform. Exchange users can trade hundreds of assets with some of the lowest fees available. Furthermore, thanks to its strong security, fast order execution, and impressive 100x leverage, Phemex has grown popular among professional traders.

While the platform could be overwhelming for less experienced users, adding a demo account and a treasure trove of informational articles significantly improves the ease of use for beginners. As such, while unregulated and primarily recommended for experienced traders, Phemex is also an excellent crypto platform for beginners looking to enter the derivatives market.

How We Rated Phemex

Below, we've summarized our findings.

Review Criteria	Hedge With Crypto Rating
Features	4.6 / 5
Supported Fiat and Deposit Methods	4.2 / 5
Supported Crypto & Trading Pairs	4.4 / 5
Fees	4.6 / 5
Ease of Use	4.2 / 5
Customer support	4.1 / 5
Security Measures	3.5 / 5
Mobile App	4 / 5

Pros Explained

• No KYC Required. Not everyone wants to provide a copy of their ID to access an exchange. While fiat-centric options require verification, Phemex enables users to trade crypto without ID, something likely to appeal to privacy-focused investors looking for a no-KYC exchange for crypto.
• Reliable Platform. There's nothing worse than an exchange going down for maintenance during a crucial point in a trade. Phemex offers 24/7 uptime, providing additional peace of mind for anyone using the platform.
• Phemex Earn. Crypto investors commonly hold some of their funds in stablecoins, so they're prepared when an opportunity arises. Phemex Earn enables users to earn passive rewards on their crypto holdings with fixed and flexible terms.

Cons Explained

• Limited Staking Offering. While Phemex offers interest-earning products like the Phemex Earn, it does not support general cryptocurrency staking on popular crypto assets. Users can only stake the exchange's native token PT. Users looking to earn rewards through proof-of-stake validation may need to consider alternative platforms that offer staking services.
• Not Available in the US. Although Phemex is available in most countries, there are a few notable exceptions. Per the platform's terms, residents of the US and UK are prohibited from using Phemex.

Phemex At A Glance

Exchange Name	Phemex
Features	Derivatives Trading, Copy Trading, Sub Accounts, MemeX, Demo Account, Learn and Earn, Earn, Launchpool, P2P Marketplace, PT Staking, Launchpad.
Accepted Fiat Currencies	USD, GBP, CHF, EUR, JPY and AUD
Deposit Methods	Cryptocurrency, Wire Transfer, Credit/Debit Card (KYC-required).
Supported Cryptocurrencies	BTC, ETH, XRP, and 334+ others.
Number of Trading Pairs	140+ contract trading pairs, 230+ spot trading pairs.
Trading Fee	0.1% (spot), 0.06% / 0.01% (futures)
Customer Support	Ticket System, Live Chat, Email
Mobile App	Yes (IOS and Android)

Phemex Exchange Overview

Founded in 2019, Phemex is a cryptocurrency trading platform located in Singapore. Former Morgan Stanley executives lead the company behind Phemex, which is one of the most efficient cryptocurrency trading and investment platforms. According to CoinMarketCap, Phemex consistently ranks among the world’s top 20 crypto derivative exchanges and has amassed over 5 million users across 200 countries.

The exchange is best known for its lightning-fast trade execution speeds of 300,000 transactions per second and order response times of less than one millisecond. Phemex is also a leading margin exchange that allows individuals to trade perpetual contracts such as BTCUSD, ETHUSD, XRPUSD, LTCUSD, XTZUSD, and LINKUSD with up to 100x leverage.

Phemex Comparisons & Alternatives

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance	Binance Review
ByBit	331 (608 trading pairs)	0% (spot), 0.06% / 0.01% (futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	0% trading fees for 30 days (spot only)	Visit ByBit	ByBit Review
KuCoin	806	0.1%	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.6 / 5	Up to 500 USDT in bonuses	Visit KuCoin	KuCoin Review

Review of the Top Features on Phemex

Phemex Derivatives Trading

Phemex is primarily a derivatives trading exchange that offers a large selection of perpetual futures markets. Known as “contract trading,” Phemex provides access to hundreds of assets, with most contracts equalling $1. For lower-price coins, contracts may represent a more significant number of coins (such as 10,000 SHIB).

Users can place orders and utilize up to 100x leverage on contract trades with both LONG and SHORT positions available. In addition, market, Limit, and Conditional orders are usable, and traders can customize orders as needed.

The trading platform feels similar to the spot platform, with built-in TradingView charting, live order books, and the ability to view active positions and order histories. While Phemex doesn’t offer anything out of the ordinary, it remains a solid platform for contract trading thanks to its swift order execution and suite of analytical tools.

Phemex Sub Accounts

Phemex offers up to 20 sub-accounts under a single main account, all sharing one central wallet. While sub-accounts share the main wallet's funds, each operates as a distinct trading unit with its own trading activities and position management capabilities.

This structure allows users to organize different trading strategies effectively – for example, separating spot trading, PT staking, Earn products, and derivatives trading across different sub-accounts.

The system provides clear tracking of performance and risk management for each strategy. The sub-account system offers enhanced control through customizable permissions.

Account owners can assign different access levels to each sub-account, such as view-only access for monitoring trades or limited trading privileges with specific restrictions.

All funds remain secure in the main wallet throughout these operations. This setup enables traders to organize their trading activities efficiently without splitting their funds across multiple wallets. Each sub-account maintains separate trading records while benefiting from the consolidated liquidity of the main wallet.

Prediction Markets

While Phemex's primary offering is its trading features, the platform also offers users the opportunity to speculate on real-world events through its prediction markets platform. Each competition on the Prediction Markets platform requires a user to pledge USDT to enter and has only two outcomes, with those correctly predicting the outcome of an event receiving a reward paid in USDT. While an intriguing concept akin to sports betting, competitions appear fairly infrequent.

Phemex Earn

To compete with trading platforms such as Binance and Crypto.com, Phemex has introduced an Earn Program that allows its customers to earn up to 10% APY through a fixed and flexible savings account.
There are 13 assets to choose from, including ETH, SOL, or USDT, with payouts ranging from 0.3% to 10% APY.

Phemex Earn is a great way to accrue interest in crypto while waiting for a trade setup. However, rival lending and borrowing sites such as Nexo and Hodlnaut, which offer more choices and better rates, need to add support for more coins. The Phemex Earn program offers decent short-term interest but quickly sells out and lacks a good selection, and the long-term fixed rates are very low.

Phemex MemeX

Phemex MemeX is a specialized on-chain trading platform for Solana meme tokens that operates through the user's standard spot accounts on Phemex. Its key innovation is enabling meme token trading without requiring external wallets or complex transfers across different platforms.

The platform features an intuitive interface with several key sections: Watchlist, Trending, Gainers, and Themes. The Themes section allows users to filter tokens by specific categories, such as dog-themed tokens, Elon Musk-related tokens, or tokens from Pump.fun.

While MemeX facilitates easy trading of high-risk tokens using spot account funds, it operates with specific restrictions. The tokens purchased on MemeX are stored in the exchange. External withdrawals of these tokens are not permitted.

Traders can, however, convert their tokens to USDT for withdrawal.

The platform streamlines the meme token trading process by eliminating common friction points.

Traders no longer need to transfer Solana (SOL) to external platforms like Jupiter or Raydium to purchase popular meme tokens such as Brocolli (BROCOLLI) when they launch on decentralized exchanges (DEXes). This effectively creates a decentralized exchange experience within a centralized environment.

Phemex Web3

Phemex is expanding into Web3 with four distinct protocols. Only the Lending Protocol is operational, while three additional features are under development.

The active Lending Protocol enables users to borrow multiple cryptocurrencies using their assets as collateral.

It offers competitive borrowing rates and flexible loan terms. Holders of vePT (Phemex's governance token) can receive up to a 30% discount on borrowing rates. Note that vePT is distinct from PT, which is Phemex's native token. The upcoming Market Maker Protocol will democratize market making, allowing users to provide liquidity and earn yields.

Similarly, the Automated Market Maker (AMM) Protocol will enable users to supply liquidity to the contract market, earning trading fees and token rewards while offering protection against impermanent loss.

The final component, Phemex DAO, will establish a governance system where vePT holders can participate in platform decisions, directly influencing Phemex's development.

These protocols represent Phemex's strategic expansion into Web3, offering users more opportunities beyond traditional trading services. While the timeline for launching the remaining three protocols remains unspecified, their implementation will significantly expand the platform's capabilities.

Phemex Launchpool

Phemex has a cryptocurrency staking pool called LaunchPool. Traders on the platform can deposit tokens to earn on-chain staking rewards on several cryptocurrencies. However, the offering of supported staking assets is limited. Since June 2022, only five pools have opened, all now finished. While it is a useful feature to earn staking rewards on some lesser-known tokens such as NEAR, SWP, VOLT, and WWY, it doesn't compare to the best crypto exchanges for staking that have been reviewed by Hedge With Crypto.

Phemex Launchpad

The Phemex Crypto Launchpad enables users to invest in new cryptocurrencies during their Initial Coin Offering (ICO) phase. A project can apply to be featured on Phemex's Launchpad, and if accepted, a number of tokens will be allocated for investors to purchase at reduced rates.

Unfortunately, the featured projects are few and far between and are only available temporarily, meaning there are few opportunities for investors compared to better-known launchpad platforms like the Binance Launchpad. With that said the Phemex Launchpad is still likely to appeal to risk-tolerant investors looking to get in early on an upcoming project.

Phemex Copy Trade

Phemex offers crypto copy trading, a system that enables users to mirror the traders executed by another user automatically. The platform has dozens of professional traders, and people can view statistics on metrics like monthly earnings, total profit-and-loss, and the number of individuals copying them.

Followers pay a fee to mimic a trader's position, with the trader collecting a share of the profits earned by their followers. This is a great way to passively trade for users hesitant to try trading crypto. However, the community's size is much smaller than that of eToro, another crypto social platform, which, in our experience, is a superior option.

Demo Account Trading

Phemex offers a testnet that allows users to practice crypto trading using a demo account without making a deposit. The simulated trading environment provides the same standard trading tools as the live exchange. Crypto traders can access the Phemex testnet account under ‘Learn' along the top menu. Unfortunately, Phemex simulated trading is not 100% identical to the standard trading platform, but Phemex notes this at the top of the screen.

While the simulated trading platform sometimes experiences downtime, users can place orders, execute trades, and practice technical analysis with the tools offered by its TradingView integration. This is an excellent way for traders to learn how to trade without risking their funds.

Phemex P2P Marketplace

Phemex users who want to trade crypto directly with another user can do so on the peer-to-peer (P2P) marketplace. There is a minimal selection of supported assets, with only BTC, ETH, or USDT available. Phemex moderates these transactions, but the funds go directly to the seller, and the seller sends the crypto directly to the buyer. Although the user experience is subpar compared to other top crypto P2P platforms, it's a nice addition that improves accessibility.

Learn and Earn

Phemex has created a platform to engage its users in learning about cryptocurrency. It enables people to watch videos and complete short quizzes to earn rewards, similar to Coinbase Learn.

The Learn and Earn platform covers fairly basic topics and is primarily geared toward explaining its core features. Furthermore, the rewards are fairly small, between $0.60 and $0.80. Nevertheless, it's good to see Phemex incentivizing users to improve their understanding of the platform in a way that will likely appeal to those getting started in crypto.

Creating and Verifying a Phemex Account

The Phemex registration process is very straightforward and only takes a few minutes. Initially, the only requirements are entering an email address and password. However, without completing the Know Your Customer (KYC) process, users cannot access features like Launchpad and Launchpool.

Phemex users aren't required to complete KYC to begin trading. However, users who opt to complete verification are granted increased withdrawal limits and access to additional features. A photo ID (passport, driving license) and facial recognition are required to complete KYC.

Supported Fiat Currencies and Deposit Methods

Phemex has enabled users to buy crypto using a credit/debit card by partnering with leading payment gateways, including Simplex, Coinify, and MoonPay. Additionally, users can buy crypto via wire transfer through the Phemex OTC service, which Legend Trading runs. Currently, the interface supports purchasing Bitcoin, Ethereum, Tether, and 30+ other coins at live prices. One area in which Phemex shines is its range of fiat currency support. Users can buy crypto with USD, EUR, GBP, JPY, AUD, CAD, HKD, NOK, RUB, and 84 others.

Supported Cryptos and Trading Pairs

Phemex supports 330+ spot crypto assets for buying and selling on the exchange, including BTC, ETH, XRP, LTC, LINK, XTZ, LTC, ADA, DOGE, and USDT, with live and historical pricing for reference. Nearly 100 derivatives markets are also available. All trading pairs on the platform are denominated in USDT or USDC.

While the selection is decent compared to some exchanges, the list of accepted coins is quite limited compared to other crypto trading platforms such as Binance, Huobi, and Kucoin, which all have over 500 coins available.

Phemex Fees

Spot Trading Fees

Phemex fees on the spot exchange utilize a Maker-Taker fee schedule, with discounts available to high-volume traders. Fees start at 0.1%, one of the lowest in the industry. Moreover, high-volume traders can take advantage of zero fees on maker orders. However, with a minimum volume of $150 million, this benefit will be inaccessible for most.

Contracts (Futures) Trading

For contract trading, Phemex follows a maker-and-taker structure. Traders that provide liquidity to the order book (e.g., limit orders) will pay a 0.01% fee. Traders that remove liquidity from the order book (e.g., market orders) are charged a 0.06% fee on execution. These fees are some of the lowest in the industry and are a big part of why Phemex is such a popular derivatives exchange.

Deposit & Withdrawal Fees

Phemex does not charge additional fees for crypto deposits to a user's trading account. Furthermore, a withdrawal from the Phemex wallet incurs the standard blockchain fee, which varies based on the crypto asset and the network load. For example, the network fee for Bitcoin withdrawals is 0.0004 BTC, which aligns with the industry standard.

While there are six options for buying crypto with a debit/credit card, the fees charged are set by the service providers rather than Phemex and are subject to change at any time.

Phemex Fees Compared

Below, we've created a table comparing Phemex to some other exchanges.

Exchange Name	Trading Fee (Spot)
Crypto.com	0.075%
Phemex	0.1%
Binance	0% – 0.1%
eToro	1%

Phemex Ease of Use

To ensure that our Phemex review is as comprehensive as possible, we thought it necessary to discuss one of the most important aspects of any platform, ease of use. In our experience, Phemex was relatively straightforward to use where vital site sections were accessible without hassle. The Phemex trading interface was also impressive. TradingView integration was present on both Phemex trading platforms, making it possible to utilize different trading strategies without moving to another platform.

Phemex users have access to market and limit orders and conditional variants of both. The Phemex platform also makes viewing trading history simple. Additionally, altering leverage and seeing any margin requirements on the derivatives trading platform was easy.

The Phemex trading platform is cut above most other cryptocurrency trading platforms in ease of use. The trading interface is intuitive and excellent for both spot and leverage trading. While some of the features present are designed for the more experienced trader, a plethora of informational articles make it equally suitable for a beginner.

Phemex Mobile App Review

Phemex has a mobile app allows users to buy, trade, and sell cryptocurrencies and derivatives from an iOS or Android device. The mobile trading app has over 1 million downloads on the Google Play Store and a 4.7 / 5 rating with over 18,000 reviews.

After logging into the Phemex mobile crypto trading platform, the user has a well-designed homepage that provides easy access to core functionality, including deposit/withdrawals, the prediction market, and Phemex Earn. In addition, just below the quick links, cryptocurrency exchange users can view a series of trending assets.

Spot and contract trading are both available on the Phemex app and will be intuitive for anyone with previous experience using another exchange. They utilize the familiar order book interface, enabling users to see current orders, a price chart, and a few different order types.

Unfortunately, crypto analysis tools on the mobile app are limited compared to the desktop platform. While there is a good variety of timeframes, leverage options, and a few basic crypto indicators for trading, the app lacks most lesser-known indicators. Furthermore, it offers no actual charting capabilities, making it unsuitable for technical traders.

To round off our mobile Phemex review, the app is surprisingly fully featured and enables users to access every feature from the desktop platform. However, despite its responsiveness, the limited quantity of technical indicators and charting tools means that any analysis must be performed using a third-party platform like TradingView.

Customer Support

Phemex Exchange offers users 24/7 live chat customer support and around-the-clock email support. Phemex also offers a comprehensive help center with guides, tutorials, and FAQs to help answer simple queries quickly. However, no phone support is available on Phemex, which could deter some users from the exchange.

The live chat support was very responsive and helpful when we asked them a question, and the help center was well-organized. Overall, 24/7 support is a great feature that most crypto exchanges do not offer and makes Phemex a valuable trading platform for beginners that are likely to require a helping hand.

Phemex Security Measures

Phemex implements security measures to assist in the safety of its customer's funds and personal information. Phemex has opted to store 100% of client funds in storage, keeping every cent of customer funds matched 1:1 in their reserve. Furthermore, a multi-signature withdrawal process and Two Factor Authentication (2FA) options are available for all user accounts.

Since Phemex launched in 2019, the exchange has not been hacked or compromised. This is an excellent sign and shows how seriously the team takes the security of its users.