Phemex review summary: Phemex started as a derivatives exchange, but offers now also spot trading (with zero-fee trading), staking service and a launchpool. Phemex is currently a non-KYC exchange, which makes is extremely popular. With over 2 million users and billions of trading volume, it’s becoming one of the biggest exchanges.
The first impression of Phemex
Phemex started barely two years ago and is a relatively new crypto exchange in the crypto world. However, in its short lifetime, the exchange has established a large clientele with an equally high ranking market capitalization.
In addition to being a crypto exchange, Phemex is also a Futures trading platform. Futures exchanges play a vital role in the financial crypto world by offering derivatives that imitate the real value of an actual digital asset.
This implies that users using derivatives can trade based on the price of a cryptocurrency without the actual need to buy or sell the asset.
These kinds of exchanges are more popular with experienced traders as they provide leverage trading with a lot of risks, but equally more potential profits.
Moreover, in addition to the crypto business (exchanges and derivatives), Phemex also offers a wide-ranging variety of financial products, like investing in gold and earning interest with crypto.
The ex-Morgan Stanley founders envisioned a platform that bridges the large gap between traditional and crypto financing, and Phemex is at the forefront of actualizing these goals.
Key features of Phemex
Spot exchange and derivatives exchange in one.- Supports multiplue languages: English, Russian, Spanish, Japanese, French, Chinese, German and Korean.
- Ability to leverage up to 100x.
- Zero-fee trading for trading on spot pairs with Phemex Premium, starting from $0.19 a day.
- No Know-Your-Customer (KYC) policy to start trading.
- Crypto staking, up to 10% APY.
- A demo account that lets novices trade practice with absolute zero risk.
Spot exchange and derivatives exchange in one.
Exclusive up to 100 USD bonus and Phemex Premium
Summary
| Offer | 140+ cryptos. |
| Fees | Contract: Maker: -0.025%; Taker: 0.075%. Spot: 0.10% |
| Payment methods | SEPA Bank transfer, Credit Card and more. |
| Leverage | 1x to 100x. |
| Built-in wallets | Yes, for all 140+ cryptos. |
| Insurance | No. |
| Bonuses | Yes, at least 100 USD bonus. |
| Registration | Required. |
| API | Yes, automatic trading is possible. |
| Support | 24/7. |
| Email address | support@phemex.zendesk.com. |
Phemex Pros and Cons
| Pros | Cons |
|---|---|
| Big offer with a lot of USD and USDT settled markets | Numbers of indicator on their charts are limited |
| Led by former Morgan Stanley Executives | No KYC makes Phemex unregulated |
| High APY’s on staking |
Phemex offer
Phemex offers a relatively a big list of supported cryptocurrencies. Assets in Bitcoin, Ethereum, Chainlink and 140 more cryptos, can be traded against USD or Tether in three types of orders, namely;
- Market Orders: These are orders filled and executed at best market price
- Limit Orders: With these orders, customers can only execute once the asset price has reached the estimated value.
- Conditional Orders: These are quite similar to limit orders. The only difference is that conditional orders have to have a trigger price set initially to it.
Phemex supports BTC, ETH, XRP, LINK, GOLD, LTC, and XTZ against the US for leveraged trading. Leverages can be adjusted to up to 1000 times; a setting can generate tremendous profits or losses just as easily.
Guide how to trade Futures with Phemex?
Futures trading on Phemex is riskier than spot trading, please make sure that you understand the risks. For a guide how to trade with leverage on Phemex, you can check out this YouTube video of Crypto Zombie.
Exclusive up to 100 USD bonus and Phemex Premium
Phemex offers spot, contract, and leveraging trading in its portfolio.
- Spot Trading: Phemex is the first exchange in the industry to offer a low-cost membership that allows you to spot trade at zero costs. Spot trading was introduced in May 2020 to digital trade currencies against the USD. This type of trading allows direct buying or selling of any cryptocurrencies listed without any prior conditions. Usually, most other exchanges in the market trade their coins for approximately 0.10-0.25%. On Phemex, trading is at a zero-fee model, and premium membership can cost as low as $5.8 monthly.
- Contract Trading: Works pretty much as spot trading except that prices of cryptocurrencies have to have been speculated earlier or bet prior to any trading.
- Leverage Trading: Leveraging allows a customer to borrow from the exchange in order to bet more
How to register an account?
You can only start trading on Phemex when you have an account. It is easy to register an account and there’s no KYC needed.
To sign up:
- Go to the registration page on the official website to create an account.
- Enter your email and a strong password.
- Read the terms and conditions and click Create Account.
Your account will be created immediately and can be funded by following the steps below.
How to deposit fiat or crypto?
You can deposit crypto or use the fiat getaway to fund your account.
To deposit crypto:
Phemex does not charge its users a deposit fee. Here are steps to take when depositing crypto to Phemex
- Click on Assets to be directed on the cryptocurrencies page (on the top right)
- Click Deposits on the left side menu
- Select the asset you are depositing from the drop-down menu
- Click Deposit to display the asset deposit wallet address and QR code
- Copy-paste the address or scan the QR code with your personal asset wallet to begin the transaction
- Select the desired amount and send it to your Phemex wallet
- Your new account balance should be updated after a successful transfer
It depends on the chosen cryptocurrency how many network confirmations are needed.
To use Phemex Fiat Gateway to deposit fiat:
- Click on Buy Crypto from the menu and click on Buy crypto with credit card
- Here you can choose different channels to pay with credit card (VISA and Mastercard), bank transfer and even local payment methods
When you use one of these channels, you will use an external provider to deposit your funds. Most providers will need more information about you and will perform a KYC check. They will also charge an additional fee for their service.
After depositing, you can start trading right away.
How to open a long or position?
- Open an account on Phemex
- Deposit crypto in your exchange wallet
- When you are placing an order to buy or sell, enter the price position and set a stop loss to minimize the risks of spillage
Exclusive up to 100 USD bonus and Phemex Premium
Verifications and Limits
Phemex is not strict on the KYC policy before trading. Its registration process is very straightforward. A verification code is sent to the given email address, and once you copy the code to the site, you are successfully registered.
Depending on how regulations develop, the exchange might needs to implement the KYC policy in the future, just like ByBit. For now, though, you are free to trade without tiring personal information forms.
Phemex’s limits are relatively for every symbol BTC/USDT, ETH/USDT, etc. Regardless, the general minimum order value is 10 USDT, the maximum order value is 5000000 USDT, and the minimum order value increment is 0.01 USDT.
Phemex Fees and other costs
Phemex exchange launched the Phemex earn crypto in 2022.
Typically, all crypto traders are intimately familiar with the risks and volatility involved in the market. Phemex earn crypto protects them from these harsh market conditions by letting the idly sitting assets generate passive income for periods before they are traded.
This staking feature will allow users to hold onto their crypto assets for a timeframe that provides liquidity to their Phemex liquidity fund, thereby earn a percentage interest in their profits.
Once the exchange accurately implements this asset management solution, users can earn some income without necessarily trading or monitoring the market.
Phemex Earn Crypto
Phemex exchange launched the ‘Phemex earn crypto’ on 18th January 2021.
Typically, all crypto traders are intimately familiar with the risks and volatility involved in the market. ‘Phemex earn crypto’ protects them from these harsh market conditions by letting the idly sitting assets generate passive income for periods before they are traded.
This new staking feature will allow users to hold onto their crypto assets for a timeframe that provides liquidity to their Phemex liquidity fund, thereby earn a percentage interest in their profits.
Once the exchange accurately implements this asset management solution.
Phemex Premium
You can upgrade to either a premium trial user or a full premium user on the portfolio. Each category has its unique advantages, with the full premium user reaping more benefits, including unlimited hourly withdrawals with support for conditional orders.
Exclusive up to 100 USD bonus and Phemex Premium
Is Phemex safe?
Phemex is safe to use and there are no red flags at the moment. It adds to its reputation that eight of Morgan Stanley’s former employees founded the exchange with solid experience.
The platform stores its funds in HD cold wallet systems and periodically sends all funds to a multi-signature cold wallet.
Although they do not have their own hosting service, Phemex uses the AWS cloud- one of the safest and most secure web services in the industry.
The fact that they haven’t implement a mandatory KYC process shows that they don’t take regulation seriously (yet). On the other hand, a lot of people want to use a non-KYC exchange. So, it can be a part of their strategy.
Exclusive up to 100 USD bonus and Phemex Premium
Phemex currently ranks within the top 10 crypto derivatives exchanges. They rank on position 7, higher than KuCoin and Crypto.com.
What are the Phemex Fees?
Phemex offers a spot and derivatives environment. The spot trading fee is 0.10% per transaction, but they offer a zero-fee membership starting from $0.19. Derivatives trading fee (contract) is 0.075% for market takers and -0.025% for market makers.
For withdrawals you pay the standard network fee.
What payment methods are supported by Phemex?
You can deposit a supported cryptocurrency or you can buy crypto with fiat. Phemex allows you to buy crypto using various third party services. They offer almost every payment method, including credit card, Apple Pay, SEPA, PayID, iDEAL, Bank transfer and more.
How can I contact Phemex?
You can contact the Phemex team for various reasons.
For support- support@phemex.com
Product feedback- product@phemex.com
Complaints – complaints@phemex.com
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