Phemex review 2024

Phemex used extensive testing from Wall Street traders to help set up the platform, so it comes with lots of advanced features to help you make trades. Keep reading this review to learn more about what they are and to help you decide whether to sign up for an account.

What can I do with Phemex?

With Phemex you can trade the leading cryptocurrency coins as well as futures contracts to speculate on their future price. It offers lots of ways to do this, including zero-fee spot trading and up to 100x leverage.

Thanks to the work done by its Wall Street traders, there is a simulated trading feature that lets new traders learn the ropes, and one-click ‘take profit’ and ‘stop-loss’ orders once you get to the real thing. 

Phemex cryptocurrencies and trading options

What cryptocurrencies can you trade on Phemex?

Phemex offers a limited range of leading cryptocurrencies. There are slightly more available for spot contracts, but in general it sticks to the top coins, like Bitcoin, Ethereum, and Litecoin. 

Major cryptos traded on Phemex

• Bitcoin
• Ethereum
• Link
• XRP
• Bitcoin Cash
• Cardano
• Litecoin
• Tron
• Eos
• Neo
• Tezos
• Ontology

Phemex core currency pairs

• BTC/USDT
• ETH/USDT
• LINK/USDT
• XRP/USDT
• BCH/USDT
• ADA/USDT
• LTC/USDT
• TRX/USDT
• EOS/USDT
• NEO/USDT
• XTZ/USDT
• ONT/USDT
• DOT/USD
• UNI/USD
• ALGO/USD
• COMP/USD
• YFI/USD
• GOLD/USD

All Phemex trading options

Phemax provides cryptocurrency trading and some coin pairs. Futures contracts on Phemex also allow you to trade gold.

Can I trade with leverage on Phemex?

Yes, Phemex allows maximum leverage of up to 100x on perpetual contracts. Be aware that trading with leverage is extremely risky and can lead to extensive losses. It should only be considered by professional brokers or experienced traders.

What are the spreads?

Instead of spreads, the trading fees on Phemex are set at 0.025% for makers and 0.075% for takers and there is no additional transaction fee for the exchange, which means you can even trade small volumes without dealing with large fees.

Taker fees are higher as the crypto exchange encourages its users to fill the order books and deliver higher liquidity for the exchange.

Fees, limits, and payment options on Phemex

What are the deposit and withdrawal fees, limits, and speeds?

Phemex allows users to deposit or withdraw funds via credit/debit cards and Bitcoin only. Deposits and withdraws have 0% fees to encourage people to use the platform. 

How much are Phemex’s fees and commissions?

For spot trading, all transactions are subject to 0.10% fees except for Premium and Premium Trial users. The latter benefit from 0% fees. For contract trading, Phemex charges a fee rate for takers of 0.075% and for makers 0.025%.

Phemex trade sizes and limits

Phemex offers low minimum trade sizes with high maximums to encourage clients to open accounts on the platform and start trading.

Phemex trading platform

What devices can I use Phemex on?

The Phemex trading platform is available both online and on mobile devices via a crypto trading app.

• PC
• Tablet
• iOS Mobile Devices
• Android Mobile Devices

Can I use Phemex in my country?

Phemex is available worldwide, except in the United States, Cuba, Quebec, Singapore, North Korea, Sevastopol, Sudan, Iran, Syria, China.. Select your country from the list below to see if it is available where you are.

Is Phemex available in my language?

Currently, Phemex provides support in 8 languages including English, Spanish, Chinese, and German. Select your language from the list below.

How easy is it to use Phemex?

Phemex is a modern platform with an easy-to-use interface. All fees are transparent, transactions are executed instantly, and exchange limits are high, which suits professional traders. 

The platform is intuitive and displays everything in such a way that makes it navigate, even for beginners that may not be all that familiar with the layout of a trading platform. The same applies to the mobile app which comes with a series of quick functions for smoother navigation and trading.

Key features

Although only recently launched, Phemex already competes with other more established exchanges in terms of features.

High performance

Phemex handles approximately 300,000 transactions per second, with order response times of less than 1 millisecond, which means it is the right platform for large trading volumes.

Advanced API

The platform provides a FIX API for developers and institutional traders to build custom applications catered to their own needs and strategies.

24/7 support 

Phemex is one of the most user-oriented exchanges and provides high-quality customer support according to online reviews. The customer support team is available 24/7 in various languages.

Security and regulation

Is Phemex safe?

Yes, Phemex stores 100% of its assets in offline, cold wallets. Additionally, it deploys its security system and secures its machines on the Amazon Web Service (AWS) cloud. The exchange also uses several firewalls to separate different zones and machines for different trading purposes. 

Am I and my cryptocurrency protected?

Most exchanges secure up to 98% of their assets in cold wallets to prevent hack attacks but Phemex takes things one step further and ensures protection for 100% of its customers’ assets. 

Each withdrawal is monitored thoroughly by a team and requires approval by at least two humans and their offline signatures. In other words, Phemex ensures maximum protection for your private data and funds.

Is Phemex regulated?

As of July 2020, Phemex is a fully registered Money Service Business (MSB) with the Financial Crimes Enforcement Network Department of the United States Treasury Dept.

Do I have to verify my account with Phemex?

Yes, Phemex operates a Know Your Customer (KYC) policy and requires verified information to allow trades. You must provide at least two pieces of valid ID, including one photo ID and a secondary piece with your current address, such as a utility or other bill in your name.

Extra information

Educational resources 

On the Phemex website, on the main page, under the “Support” section, you can find the sub-section called “Academy”. It provides a series of well-written and easy-to-follow tutorials and articles on how to trade and even detailed explanations of basic crypto industry terms and acronyms.

There is also a FAQ section to answer clients’ most frequent questions and provide additional technical advice on how to use Phemex’s various features. 

Tools and charting

Phemex offers a host of features, from allowing users to easily create sub-accounts, each with its own account balances and permissions which helps isolate various trading strategies from each other to zero-fee trading with a Premium subscription.

Most of the advanced charting and other features are only available to Premium subscription holders, but even a basic account provides fast execution, a cold storage wallet, and everything you need to get started trading crypto.

Customer support

Phemex offers 24/7 live chat support on its website in various languages. You can also contact support team members on social media if you have any questions and the CEO is even accessible via Telegram and Twitter.

Our verdict

Even though it was only launched in 2019, Phemex has quickly gained a reputation as one of the most trustworthy exchanges on the market. It caters to the needs of both beginner and professional traders alike and it promotes an innovative zero-trading fee policy, if you subscribe to a Premium membership which offers several different account options starting from $9.99 per month.

If it wasn’t already different enough, Phemex keeps 100% of its assets in cold wallets, and, combined with thorough data encryption, firewalls, and human security, it comes as close to ensuring maximum protection for your assets as we have seen.

The trading platform benefits from an intuitive and user-friendly interface and offers a series of features and tools, as well as a FIX API for additional customisation. Overall, we would say Phemex is worth a try if you are looking for a modern platform with low fees, good functionality and advanced security.