Phemex | Business24-7

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Written by Stefan Grasic Edited by Giles Thomas Fact Checked by Tomislav Turcin

7 March 2023

2 March 2023

Page Summary

Phemex is a cryptocurrency exchange founded in 2019 that offers both spot and leveraged cryptocurrency trading and staking services. Users can buy cryptocurrencies at Phemex with a credit card or via their OTC desk. Phemex offers leveraged cryptocurrency trading up to 100x and it is the sixth-largest cryptocurrency exchange based on daily trading volume. Users have to undergo KYC procedures to be able to buy and trade crypto at Phemex.

About Phemex

Phemex is based in Singapore and is run by eight former executives of Morgan Stanley. It offers a user-friendly cryptocurrency trading platform for both beginner and experienced traders and accepts traders from across the globe. Users new to cryptocurrency can practice crypto trading via their available simulated trading accounts.

Phemex Features

Phemex offers spot trading without fees, leveraged trading up to 100x, spread betting, APIs, staking services, and cryptocurrency trading apps. Apart from these features, users can buy cryptocurrencies on their platform and contact support 24/7 by live chat and email.

At Phemex users can trade over 250 different cryptocurrencies or participate in staking. With staking users can earn up to 10% interest yearly on their cryptocurrency holdings. New users receive a $100 welcome bonus for signing up at Phemex.

Phemex Products and Services

Phemex offers its users spot trading, inverse contracts trading, staking services, and trading educational materials. They also have a referral program and the Phemex Universe, where users can win trading bonuses and NFTs. One of Phemex’s unique features is that users can connect their crypto hardware wallet with the exchange to trade directly from their own crypto wallet. On Phemex users trade spot markets without paying any fees.

Pros

High leverage of up to 100x
Over 250 different cryptocurrencies
Option to create sub-accounts
No KYC needed to start spot trading
Modular trading interface
Practice trading with a simulated trading account

Cons

No US traders accepted
Low liquidity compared to other cryptocurrency exchanges

How to Open a Phemex Account

You open a Phemex account by going to their website, clicking on ‘register now, filling in your details and email address, choosing a password, and then submitting the form. Phemex will send you a verification email with a link that you have to click to finish the registration process. Setting up two-factor authentication for your account is optional, but we recommend doing so.

Users can create sub-accounts under their main trading account. These sub-accounts have separate balances and users can transfer and manage funds from the sub-accounts via their main Phemex account.

Once you have opened your Phemex account, you will receive a $2 bonus. Whenever you deposit at least 0,2 BTC into your account, you will receive a welcome bonus of $60. Users can earn another $10 bonus by sharing the fact they created a Phemex account on social media.

Phemex Trading Platform

The Phemex trading platform features charts that show cryptocurrency and other asset prices in real-time, the order book, and current trade sentiments. The trading platform is well-suited for experienced traders as it offers technical indicators and chart drawing tools. Users can practice cryptocurrency trading with Phemex’s available Simulator Trading account.

Phemex Fees

Phemex charges fees based on a maker/taker model, a funding rate for leveraged positions, and withdrawal fees. They charge a 0,075% taker fee and -0,025% maker fee on every order. These rates are low compared to other cryptocurrency exchanges. Their withdrawal fees are based on the current miner fees at the moment of withdrawal. The payable funding rate on leveraged positions depends on the height of the leverage used.

For a monthly membership fee, Phemex offers commission-free spot and perpetual cryptocurrency contract trading with USDT. They also offer commission-free trading of S&P 500 equities, indices, ETFs, forex, commodities, and precious metals.

Phemex Deposits and Withdrawals

Users can deposit crypto on Phemex from an external wallet or buy it with MasterCard or Visa credit cards on their website. There are no minimum deposits, but Phemex has a minimum withdrawal limit of 0,0002 BTC. Users cannot withdraw fiat money from Phemex. It is possible to swap cryptocurrencies to USD and trade in USD only on Phemex.

Phemex Safety and Security

Phemex uses a hierarchical Deterministic Cold Wallet System making it one of the safest and most secure cryptocurrency exchanges. All deposits are collected and sent to the company’s multi-signature cold wallets. Withdrawal requests are processed manually three times a day. Phemex uses Amazon Web Service Cloud to host its trading platform which is protected by firewalls to protect it from hackers and other cybercriminals. The order book uses CrossEngine and TradingEngine technologies to ensure users always trade at the right price.

Phemex Customer Support

The Phemex customer support service is available 24/7 to help traders and investors with any question or problem. There is also an extensive network of FAQ pages on their website that answers the most common questions. Apart from the FAQ network, Phemex offers free trading educational material for people new to cryptocurrency trading.

UAE Investors

Phemex doesn’t allow people from the US, North Korea, Cuba, or Singapore to use their services, but they accept traders and investors from the United Arab Emirates. Note that you have to go through KYC procedures to be able to buy and trade cryptocurrencies on Phemex.

Phemex Review 2023 – Our Verdict

Phemex is a well-suited cryptocurrency exchange for both beginner and experienced traders that charges low fees, offers leveraged cryptocurrency trading and staking services and 24/7 customer support. They accept new users from the United Arab Emirates and welcome them with a $100 bonus. The trading platform is secure, customizable, and available on mobile devices. We recommend signing up at Phemex.

FAQ

Does Phemex charge fees?

Yes, although they advertise with their zero-fees model, they do charge maker/taker, position funding and withdrawal fees. You can only trade commission-less with Phemex if you subscribe to their monthly membership program.

Is Phemex regulated?

No, Phemex is an unregulated cryptocurrency exchange.

Is it safe to use Phemex?

Yes, Phemex has several security measurements in place and has never been hacked. We recommend only keeping the cryptocurrency that you actively trade on your Phemex account and storing the rest on a hardware wallet like the Ledger Nano X or Trezor Model T.

Disclaimer

Stefan Grasic

Stefan Grasic (Dipl.-Jur) is the owner of Business24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active stock, CFD, crypto and general investment researcher, advising blockchain companies such as Blockbird, GoCrypto, Hive Terminal at their start up level. Stefan began trading in 2010 as a college student. Money was tight,…