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Personal Finance

Phemex Review 2022

By Eric Rosenberg • July 9, 2022

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Phemex Review 2022

Phemex is a cryptocurrency exchange notable for low fees. The exchange is based in Singapore and offers accounts to users worldwide, including in the United States.

As of this writing, it ranks in the top 25 cryptocurrency exchanges by daily trading volume, making it a somewhat sizeable crypto brokerage that is more likely to survive a volatile crypto winter.

Here’s a closer look at how Phemex works, what it costs to use Phemex, and incites to help you decide if Phemex is right for you.


phemex review

Quick Summary

  • Cryptocurrency exchange with low fees
  • Futures trading with up to 100x leverage
  • Strong security practices

Phemex Details

Product Name

Phemex

Product Type

Cryptocurrency Exchange

Supported Coins

25+

Interest Rates

8.80% On USDT and USDC

Promotions

Up To A $180 Welcome Bonus

Pros & Cons

Pros

  • Low trading costs of 0.1% or less
  • Futures trading with up to 100x leverage
  • Strong security practices

Cons

  • Lower liquidity than some competitors
  • Market prices can drop while trades are waiting to execute
  • Mixed customer reviews

Table of Contents
Pros & Cons
Who Is Phemex?
Phemex Features
Pricing And Fees
How Does Phemex Compare?

How Do I Open An Account?
Safety And Security
Customer Service
Is It Worth It?
Phemex Features

Who Is Phemex?

Phemex is a cryptocurrency exchange and brokerage based in Singapore. The company was founded in 2019 by a team of former Morgan Stanley executives. It serves around 2 million customers in over 200 countries. Users can buy and sell more than 200 spot-trading pairs or 39 currencies with up to 100x leverage.

The company follows industry-standard security measures, and accounts should be safe if you follow online best security practices. However, the company earns mixed reviews from customers with a litany of complaints on popular review sites.

As of this writing, CoinMarketCap ranks Phemex as the 25th largest online cryptocurrency exchange by volume. That’s a long way from the top five market leaders but is large enough to influence the overall crypto markets.

Phemex Review: Who Is Phemex

Phemex Features

Phemex caters to active cryptocurrency traders looking to take advantage of low trading fees for the most popular cryptocurrencies. These are the main financial products available to individual and institutional users:

Buy Cryptocurrency

You can use Phemex to buy crypto directly from the company where it acts as a broker. In this situation, you can pay using a payment card via a partnership with MoonPay, bank transfer, or Apple Pay. Added fees may apply depending on your payment method.

Spot Trading

The platform enables exchanges between 200+ currency pairs for extremely low rates. This acts as a direct peer-to-peer trading market where trades may be slightly slower. Lower liquidity can lead to price disparities compared to more active, centralized marketplaces.

Derivatives Trading

Phemex supports around 40 currencies on its contract trading platform with up to 100x leverage.

Staking And Earning

You can stake and deposit currency in your account to earn over 8% APY interest. There’s a learn and earn section similar to Coinbase, but it’s currently not paying out any crypto rewards.

Phemex Review: Stake and Earn

Pricing And Fees

Trading fees are the most important feature for many active traders. Phemex uses a maker/taker model starting at 0.1%. You can earn lower fees with higher trading volumes. Market makers at the highest levels can qualify for a negative rate, meaning they get paid for supplying liquidity to the Phemex markets. Spot trades generally require a $10 minimum trade value.

Derivatives contract fees trade with a 0.075% fee for takers and -0.025% for makers, with most currencies requiring a 5% initial margin fee and 1% ongoing margin maintenance rate. Withdrawal fees vary by currency.

How Does Phemex Compare?

Phemex is part of a crowded market, including many Phemex alternatives. The largest global cryptocurrency exchanges are Binance, FTX, Coinbase, Kraken, and KuCoin. Gate.io, Gemini, Huobi Global, and Bitfinex round out the top ten.

When choosing a cryptocurrency exchange, it’s important to look at the fees, available currencies, market liquidity, customer support, and other features. Here’s a side-by-side comparison of some top Phemex alternatives:

Header
phemex logo
Binance logo
Coinbase logo

Star Rating

Trade Fees

Starts at 0.10%

Starts at 0.10%

Starts at 0.50%

Debit Card Fee

Via Partner

4.50%

3.99%

Supported Currencies

45+

500+
(60 in the U.S.)

100+

Cell
Cell
GET STARTED
READ REVIEW

How Do I Open An Account?

The account opening process is similar to other large crypto exchanges and financial service providers. Be prepared to enter your personal information, contact details, and Social Security number or other taxpayer identification number as part of the KYC (know your customer) requirements.

Creating an account with your email and password takes about 30 seconds. The full process takes around five to 10 minutes for digital natives who grew up with computers.

Safety And Security

The Phemex exchange keeps user funds safe with a system of cold hardware wallets. The company uses Wall Street-style techniques to scan for fraudulent transactions and withdrawals to prevent major problems before they happen hopefully.

However, many past users have shared frustrations about lost access to deposits and funds sent through Phemex.

Customer Service

Customer service is primarily available through online chat support. After reaching an automated bot, you can request to work with a human customer service representative. In our testing, it took about a minute to reach a human. There’s no phone support. Email support is also supported for non-urgent matters.

On review site TrustPilot, nearly half of users have given Phemex the worst “bad” level rating, followed closely by “excellent.” There are few middle-of-the-road experiences. It’s either great or terrible.

Complaints focus on poor market pricing, slowly executed trades, loss of access to customer accounts, and a poor trading platform. Positive comments mention helpful customer service and a good rewards program.

Is It Worth It?

While Phemex earns mixed customer reviews, the overall pricing structure, security scheme, and trading offerings could make Phemex a good choice for your needs. With hundreds of cryptocurrencies and a Wall Street-inspired trading platform, you might find Phemex offers the right combination of features for your unique needs.

Phemex Features

Product Type

Cryptocurrency exchange

Min Purchase

Varies depending on trading pair

Supported Coins

45+

Free Wallet

Yes

Maintenance Fees

No

Deposit or Withdrawal Fees

Almost no deposit fees; withdrawal fees are low buy vary by coin

Trading Fees

Standard fees are a 0.10% maker fee and taker fee

Supported Payment Types

Debit Card
Credit Card
Bank Transfer
ACH Transfer
Cryptocurrency Conversions

Insurance

None

Deposit or Withdrawal Fees

No

Security

2-Factor Authentication is the main security feature. You can also add verified wallet addresses and authorized devices.

Mobile App Availability

Android and iOS

Web/Desktop Availability

Yes

Custom Support Options

Online Chat Support

Promotions

Up To $180 Welcome Bonus

Eric Rosenberg
Eric Rosenberg

Eric Rosenberg is a financial writer, speaker, and consultant based in Ventura, California. He holds an undergraduate finance degree from the University of Colorado and an MBA in finance from the University of Denver. After working as a bank manager and then nearly a decade in corporate finance and accounting, Eric left the corporate world for full-time online self-employment. His work has been featured in online publications including Business Insider, Nerdwallet, Investopedia, The Balance, HuffPo, Investor Junkie, and other fine financial blogs and publications. When away from the computer, he enjoys spending time with his wife and three children, traveling the world, and tinkering with technology. Connect with him and learn more at EricRosenberg.com.

Phemex Review 2022

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.

Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors’. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone’s responsibility to ensure all posts and/or questions are answered.

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