Phemex is a cryptocurrency exchange that has garnered attention for its user-friendly interface, advanced features, and competitive trading fees. However, as with any cryptocurrency exchange, potential users often question its legitimacy, fees, and other benefits. So in this review, we’ll be going over all of these topics and also answer some of the most commonly asked questions regarding Phemex exchange.
Phemex Overview:
Phemex, the newest Bitcoin derivatives exchange, aims to bring institutional-level trading to a wider audience. With an ex-Wall Street team, they seek to expand the options for crypto derivative brokers, benefiting both traders and investors. Is Phemex worth trading on? Find out in this review.
What Is Phemex?
Phemex, a centralized exchange founded by Jack Tao, a former senior executive at Morgan Stanley, aims to bring professionalism and trust to the crypto ecosystem. Headquartered in Singapore and catering to over 200 countries, Phemex is known for its user-friendly interface, highly liquid markets, and extensive ecosystem features. It should be noted, however, that the platform may not be available in every jurisdiction. Traders flock to Phemex for its seamless experience, robust market liquidity, and comprehensive range of features.
| Phemex Overview | Summary |
|---|---|
| Headquarter | Singapore |
| Year Established | 2019 |
| Regulatory Body | Phemex is regulated and registered with FinCEN |
| No. of Spot Cryptocurrencies Listed on Exchange | Over 250 assets, 137+ contract trading pairs, and 238+ spot trading pairs. |
| Native Token | Phemex Token |
| Marker / Taker Fees | Phemex employs a 0.01% maker fee and a 0.06% taker fee for contracts. Our spot trading fees are 0.1% for both maker and taker. |
| Security | 2-FA for User-accounts and other security mechanisms for Wallet, Trading engine and system security. |
| User-Interface | Beginner Friendly |
| KYC/AML Verification | Not required for crypto deposit/withdrawal and for trading. KYC will be needed to increase withdrawal limits and to purchase crypto and withdraw fiat. |
| Fiat Currency Support | SWIFT, SEPA, ACH, FPS are all supported for USD, EUR, GBP, CHF, CAD, AUD & JPY. |
| Deposit/Withdraw Methods | Deposit: Crypto, wire transfers through third-party vendors, USD wire transfers Withdrawal: Crypto, USD wire transfers |
| Types Of Markets | Spot Contracts Buy & Sell |
| Restricted Countries | China, Hong Kong SAR, Republic of Seychelles, Bermuda, North Korea, Iran, Iraq, Yemen Syria |
| Deposit Methods | ACH, Credit Card, Debit Card, Crypto Transfer |
| Leverage | Up to 100x on contract markets Up to 5x on spot markets |
What is PT?
Phemex Token (PT) is an on-chain, transferable ERC-20 platform utility token for the Phemex exchange. It can be staked to obtain vePT, which grants decentralized governance power, staking rewards, trading rewards, fee discounts, and other benefits.
Phemex Key Features
When it comes to centralized crypto exchanges Phemex finds itself in fierce competition with industry giants like Binance, Coinbase, Kraken, and many others. However, Phemex distinguishes itself with a wide range of innovative features that are unmatched in the market.
Here’s a compilation of distinguishing features that set it apart from the competition:
Innovative Platform Features: On Phemex you can do a lot more than trade crypto. Copy the profitable strategies of other traders, set up trading bots, and even swap your assets peer-to-peer. There are also prediction markets, high-APY staking pools, a Launchpad for early supporters of new projects, and even a “Learn & Earn” program where you get paid to learn about crypto.
Contests & Prizes: Phemex contests and prizes are a great way to earn extra rewards while sharpening your trading skills. Phemex offers various types of contests, including simulated trading competitions and prediction challenges. Winners can receive prizes such as cash, crypto, or exclusive Phemex merchandise.
Phemexia ‘Web3’ Ecosystem: The “Phemexia” ecosystem includes partnerships with top DeFi projects, support for NFTs, and its own token PMEX. This token can be used for discounted trading fees, staking rewards, and voting on platform decisions.
According to the official white paper, It will arise together with the Phemex DAO, which implements a decentralized governance structure to empower a growing group of builders, partners, and stakeholders to make key decisions on platform activity.
Phemex Fees:
There are no fees on deposits, simply put you can fund your account at no cost. As for the trading fees, Phemex charges 0.1% maker and taker fees (spot trading) respectively for a standard account. However, if you join the Phemex VIP program not only do you get additional perks but also receive a special discount on fees depending on your trading volume. Below is a detailed table that includes the charges for different tiers as well as trade categories.
Main and Sub-accounts Fees
Trading Volume
Contract trading volume: Sum of daily contract trading volume for the past 30 days.
Hourly average balance
Update Time
| User Level | My Last 30-day Volume (USD) | Maker Fees | Taker Fees |
| Standard | (0.0000, 8.00M) | 0.0100% | 0.0600% |
| VIP 1 | [8.00M, 16.00M) | 0.0100% | 0.0550% |
| VIP 2 | [16.00M, 35.00M) | 0.0055% | 0.0500% |
| VIP 3 | [35.00M, 70.00M) | 0.0045% | 0.0450% |
| VIP 4 | [70.00M, 180.00M) | 0.0020% | 0.0400% |
| VIP 5 | [180.00M, 350.00M) & API≤20% | 0.0010% | 0.0375% |
| Star VIP | 350.00M+ & API≤10% | 0.0000% | 0.0300% |
| Pro 1 | [350.00M, 1.50B) & 70%Maker | 0.0000% | 0.0350% |
| Pro 2 | [1.50B, ~ unlimited) & 70%Maker | 0.0000% | 0.0325% |
| User Level | My Last 30-day Volume (USD) | Maker Fees | Taker Fees |
| Standard | (0.0000, 10.00K) | 0.1000% | 0.1000% |
| VIP 1 | [10.00K, 500.00K) | 0.0900% | 0.1000% |
| VIP 2 | [500.00K, 2.00M) | 0.0500% | 0.0700% |
| VIP 3 | [2.00M, 4.00M) | 0.0450% | 0.0650% |
| VIP 4 | [4.00M, 6.00M) | 0.0400% | 0.0600% |
| VIP 5 | [6.00M, 10.00M) | 0.0350% | 0.0550% |
| Star VIP | [10.00M, unlimited) & API<= 20% | 0.0000% | 0.0400% |
| Pro 1 | [10.00M, 50.00M) | 0.0300% | 0.0500% |
| Pro 2 | [50.00M, ∞) | 0.0000% | 0.0450% |
You can find the complete list of fees on this page.
Phemex Withdrawal fees
Phemex Withdrawal fees are generally quite competitive when compared to other major cryptocurrency exchanges. For instance, the minimum BTC withdrawal fee is 0.00005 BTC which is set dynamically based on blockchain load. This is relatively low compared to other exchanges, where fees can range from 0.0008 BTC to 0.0015 BTC. As for other coins and tokens the withdrawal fee is relatively low as well but different for each coin depending on the network.
This is the process for creating a Standard Account. If you want to increase your account limits then you should complete the KYC form on their website and submit it for verification.
Phemex KYC and Account Verification
KYC “Know Your Customer” is an identity verification process that helps financial institutions confirm the identity of their customers and make sure that their platform is not being used for illegal activities such as money laundering or terrorist financing. KYC is currently not mandatory for using Phemex but customers who do not complete KYC will face certain service restrictions, such as not being eligible for certain bonuses or campaigns.
