Last update: May 11, 2022

Phemex Review

Bitcoin entered the market in 2008 as a decentralized peer-to-peer electronic exchange. Despite initial skepticism, it is the most popular form of cryptocurrency to date. Since Bitcoin’s release, more than 10,000 different cryptocurrencies have flooded the global market.

Managing cryptocurrencies requires a secure crypto exchange. Since 2008, nearly 600 crypto exchanges have formed across the world. They are not all the same, and choosing the right one requires research.

Phemex is one of the newest crypto exchanges on the market, making waves for its crypto derivatives trading speeds. Phemex aims to provide institutional-level derivatives trading to traders as a whole. This article is our Phemex review.

  • Phemex


    1. Operating Since 2019
    2. Cryptocurrencies Supported 40+ cryptocurrencies
    3. Fees 0.1% for both maker and taker
    4. Deposit Methods Crypto, Credit/Debit Cards, Apple Pay
    5. Fiat Currencies Supports 90+ fiat currencies
    6. Verification Methods Email, 2FA
    7. Margin Trading Yes
    8. Futures Trading Yes

Phemex

The Phemex trading platform is one of the the newest crypto exchanges in the crypto space. The company was founded by eight former Morgan Stanley executives. It is a full-service exchange offering crypto trading and interest-earning accounts. All eyes are currently on it because the exchange provides 100x leverage trading the initial investments, which no other exchange had previously offered.

Despite such leverage trading numbers, Phemex has yet to wholly prove itself in the market due to its relative newness. Its sustainability is still hard to judge at such an early stage despite initial indications of customer satisfaction.

Phemex users can always be assured that regardless of how volatile the crypto market is, this cryptocurrency exchange will continue to provide an efficient, safe, secure, and stable contract trading environment.

Phemex Development

The Phemex trading exchange was started in late 2019 out of Singapore by founder Jack Tao, a prior Morgan Stanley electronic trading executive with years of personal and professional experience in the crypto market. The registered name is Phemex Financial PTE. LTD.

Despite some initial feedback suggesting that Phemex caters primarily to premium members, founder Jack Tao states that he created Phemex to improve issues found in other exchanges platforms and help everyone obtain financial independence.

Since its founding, Phemex has risen to become one of the top 10 derivative exchanges in the world. It has a daily trading volume of more than 700 million dollars, with more than 50,000 members using the platform. Phemex wants to bring millions more onboard by prioritizing user experience and transaction speeds.

Features and Interfaces

With a focus on user experience and transaction speeds, Phemex has developed a unique user-friendly, customizable user interface in multiple languages. The operating center of their interface formed on the advanced development of two main programs: the cross engine and the trading engine.

The cross engine is a feature developed to allow high-speed transaction processing and is reportedly capable of up to 300,000 transactions per second. This speed is highly desirable in high leverage trading transactions where users do not want to get bogged down by processing times.

The trade engine is a highly developed feature that manages easy computation and displays all data associated with leverage trading orders. As a result, users have all the information on costs, requirements, and liquidation prices available at their fingertips. This engine quickly propagates this data for all trading accounts held by a member.

In addition to high-speed transactions and upfront trading information, Phemex offers multiple preset order options that allow members to customize and simplify buying and selling at any time. These orders include:

  • Market orders – enable execution of specific trades at peak prices
  • Limit orders – allow users to specify selling or buying at specified price points
  • Conditional orders – are limit orders with additional trade execution parameters and are only available to Premium members

Finally, members have the option to create subaccounts. Sub-accounts make it possible for members to manage different types of trades simultaneously. The funds in sub-accounts are maintained separately from the main account, but users can set up auto transfers from one to another. Phemex users hold the ability to earn up to 10% of interest on a Phemex deposit of USD in a flexible or fixed savings account. Each account is highly customizable with individual trading strategies, order types, limits, etc.

Leverage Trading (Margin Trading)

Phemex is currently top ten in the derivatives market in no small part due to their leverage trading features, the largest of which is the ability to trade crypto at up to 100x the initial investment input. This high-value trade can seem highly appealing to many; however, as often as high trades can make quick profits, they can make even faster losses.

Leverage trading at values greater than the investment input involves borrowing on capital to make the trade, and this can be extremely dangerous. Having such an option increases profit potential for all involved, which is easier said than done.

Due to the complex nature of leverage trading, Phemex offers a testnet platform where users can practice making trades using fake funds. Despite the ability to practice leverage trading, the most likely outcome of these speedy high-value trades is still a loss.

Supported Currencies

Phemex supports a limited number of currencies and coins; however, it does support 13 of the most active currency types, including:

  • Bitcoin (BTC)
  • Tether (USDT)
  • Ripple (RPX)
  • Ethereum (ETH)
  • Chainlink (LINK)
  • Cardano(ADA)
  • Dogecoin(DOGE)
  • Litecoin(LTC)
  • TRON (TRX)

Even though not as vast as that of Binance Exchange, Phemex provides crypto traders the ability to invest and diversify in several crypto pairs.

Associated Fees

When it comes to associated fees, Phemex is competitive in some areas with other currency exchanges,  but some of their lower fee options are available to Premium members only.

There is no fee to start or maintain a standard wallet account with Phemex. There is a fee to become a premium member.

Transacting With Phemex

Phemex does not support standard fiat currency transactions. Transactions with Phemex have to come from already owned cryptocurrencies. Anyone wishing to start transacting with Phemex needs to purchase crypto through another exchange and then transfer that crypto to a Phemex wallet account.

Phemex opts to stay unregulated by state and federal policies. Therefore, withdrawal and deposit transactions have to occur in crypto.

Transaction Fees

Deposits to a Phemex account do not incur penalties, but fees are charged for all other transactions and vary depending on the currency type and amount. Negative Phemex reviews submitted by users often relate to their transaction fees.

Fees vary depending on the type of crypto in the transaction. There is a minimum amount required for withdrawing funds from Phemex, and of course, there are withdrawal fees. Phemex claims to offer lower fees for more significant withdrawal transactions.

Withdrawals are not instantaneous. A withdrawal request can be paid out three specified times during regular working hours for standard members. Premium members can make withdrawals hourly.

Private trades with other exchanges, otherwise known as over-the-counter trades, incur wiring fees and trading fees.

Spot trades can occur at any time. Standard account holders pay 1% of the trade value for spot trades. Premium and premium trial members are not charged a fee for these trades.

Contract trades are preset agreements between two parties to buy or sell crypto at a predetermined price and date. Parties in this type of trading are known as makers and takers:

  • Makers: create contract trades for buying or selling at future dates and prices, introducing funds into the market.
  • Takers: accept contract trades, which removes funds from the market.

Phemex charges standard maker-taker fees for contract trades. Makers that will add quotes to the Phemex order book will receive rebates for each execution. Meanwhile, takers that remove liquidity from its order book are charged for each transaction.

Take note that Phemex does not charge any overnight transaction fees. In this trade, Phemex pays makers for creating financial inventory orders, and the payment is a percentage of the gain made from the transaction. Phemex charges a fee to all takers at the time of the trade.

Traders that use an API transaction will incur a 0.1% transaction fees.

Zero-Fee Spot Trades

As briefly mentioned above, zero-fee trades are offered only to premium members or premium trial members.

Interest-Earning

Phemex has an Earn Program that allows members to earn interest on fixed or flexible savings accounts with Tethered crypto. Interest accrues daily, and long-term commitments are not required. Funds held in the savings accounts can be used for spot trades, continuing to earn interest while held in the account.

Additional Earnings

Phemex has created an All-Star Members program for large investors. Accepted all-star members are connected to a network of traders and earn a permanent 50% commission on all trade fees gained from these traders. For every All-Star recruitment, they earn an additional 10% commission.

Phemex recently incorporated a gaming format for investors to team up and earn funds. Members create teams of ten or more players that use investing strategies to compete against other groups. A percentage of the earned game funds go to the winning team. Members must have a minimum BTC balance.

Security Measures

The cryptocurrency trading platform has a hierarchical Deterministic Cold Wallet System that assigns various cold wallet deposit addresses to each user user in terms of security, which makes Phemex a very secure cryptocurrency exchange platform. All these deposits are collected and sent to the platform’s multi-signature cold storage through offline signature on a regular basis.

An early Phemex review indicates that Phemex incorporates substantial security protections.

Although new, Phemex has enlisted a security team to provide bank-like security features to protect all member funds. Like other exchange systems, Phemex member funds are held in cold storage wallets to protect them from theft, and each user is assigned a separate cold storage wallet.

Phemex runs its security system on the Amazon Web Service (AWS) Cloud. Running under the Amazon Cloud offers multiple levels of security and network management.

In addition to the overall security of cold storage funds, Phemex uses a standard two-factor authentication system to protect individual accounts.

The only drawback is that compared to other crypto exchanges like Coinbase, there seems to be no method to white-list Bitcoin addresses. This downside can be interpreted as a security flaw.

Customer Support Team

Phemex offers multiple ways to access customer service assistance. Customer support service is available via email, live chat during business hours, or Phemex’s Telegram community. Phemex also offers a diverse Help Center and FAQ page to help anyone interested in learning more about their services.

Mobile App Support

Phemex mobile app comes with a number of inbuilt tools, features, and functionalities. The app offers the ability to open new trades, close old trades, as well as monitor and edit an opened position while on the go.

Phemex’s custom-built mobile trading app is top-notch in terms of stability, speed, and security. Phemex mobile app is available for both iOS and Android phone users for free on the iPhone App Store as well as Google Play Store.

Pros and Cons

Although still new to the industry, Phemex has established a few stand-out features.

Pros

  • Leverage trading at 100x the investment over seven trading pairs
  • Spot trading
  • Advanced order trading
  • Unregulated/no KYC
  • Sub accounts
  • Interest earning accounts
  • User-friendly interface
  • Users can earn through staking
  • New users can earn up to $100 in Welcome Bonus!
  • Fee rebate for liquidity providers that use limit orders

Cons

  • Limited supported currencies
  • Withdrawal limits
  • Withdrawals are not automatic
  • Intricate fee schedule
  • Multiple “premium member-only” features
  • No lending or borrowing options
  • Lower amount of liquidity in comparison to Bitmex and ByBit and other similar sites

Charts and TradingView

Phemex has implemented a modular design, which enables traders to customize the platform based on their own taste. The vanilla version comes with an order book depth chart, recent trades, contract details, order menu, live positions, a TradingView-powered chart, order book, and trading account display showing USD and crypto balance details.

Depositing Funds To Phemex

Phemex enables their users to transfer cryptocurrencies from a crypto cold wallet directly to the crypto asset trading platform to start trading.

USDT and Bitcoin deposits are secured within the wallet. How fast a deposit can reach the wallet will depend on the blockchain network load, number of confirmations needed, and the crypto asset.

In order to make a deposit into Phemex, here are the steps:

  1. Check out Phemex.com and sign-in to your account
  2. Go to the Assets link in the top right corner
  3. Tap on Deposit and choose the stablecoin or crypto to deposit
  4. Copy the unique wallet address for the chosen coin
  5. Scan the QR code or manually copy and paste the address
  6. Place the desired amount and send to Phemex wallet address

You can get an additional $10 as a bonus amount by having a Phemex trading account, and liking and giving them a shout-out on their social media accounts.

Deposit and Withdrawal Methods

The platform enables their new users deposit and withdrawal with Bitcoin and credit cards. But there’s a certain minimum withdrawal limit of 0.002 BTC.

Phemex has partnered with a payment gateway company called Banxa that accepts debit card and credit card purchases of cryptocurrencies.

Since then, the crypto company has also partnered with Mercuryo, MoonPay, Coinify, and Koinal. You have a variety of payment methods from bank transfer to Apple Pay, as well as rates to fit your needs.

Phemex Review Australia

Phemex is a an outstanding spot and perpetual swap platform for BTC and other digital currencies. Phimex features the ability to earn interest through savings options, convert to swap crypto-to-crypto, a spot exchange for premium members, and a fiat gateway to purchase crypto directly. The two most popular features of Phimex exchange are the rapid trade execution speeds on the spot market and the zero-fee trading fees for premium members.

Phemex is a crypto derivatives trading exchange platform headquartered in Singapore. It was established in 2019 by eight former Morgan Stanley Executives who aim to provide the best leverage trading crypto platform for crypto assets. Phemex enables their users to trade perpetual contracts including LINK / USD, XTZ / USD, LTC / USD, XRP / USD, ETH / USD, and BTC / USD with up to 100x leverage. Phemex’s advantage over its competitors is its 0% trading fees on its spot exchange. But take note that the exchange has a limited number of trading pairs.

Phemex enables traders all over the world to access digital assets through an efficient, safe, and user-friendly crypto trading exchange platform. The platform is made for both beginners and advanced crypto traders out there with an all-in-one crypto platform to buy, sell, trade, and hold crypto assets.

Australia has quite a few exchanges for local traders, check out our list of the top cryptocurrency exchanges in Australia.

Phemex Review Canada

Do you want to trade Bitcoin in Canada? Phemex is a cryptocurrency derivatives trading exchange platform based in Singapore. It was established in 2019 by eight former Morgan Stanley Executives who aim to provide the best leverage trading crypto platform for crypto assets.

Phemex is a perpetual and spot swap platform for Bitcoin and other cryptocurrencies. Phimex offers the ability to earn interest through savings options, a spot exchange for premium users, convert to swap crypto-to-crypto, and a fiat gateway to buy crypto directly. Phimex’s two most popular features are their zero-fee trading fees for premium users and the fast trade execution speeds on the spot market. But take note that the exchange has a limited number of trading pairs.

The platform allows their customers to trade perpetual contracts including LINK / USD, XTZ / USD, LTC / USD, XRP / USD, ETH / USD, and BTC / USD with up to 100x leverage. Phemex’s advantage over its competitors is its 0% trading fees on its spot exchange.

To sum it up, Phemex allows crypto traders all around the world to gain access to digital assets through a secure, efficient, and user-friendly crypto trading platform. Phemex is made for both beginners and seasoned crypto traders out there with an all-in-one crypto platform to buy, sell, trade, and even store crypto assets. So, what are you waiting for? Visit Phemex website now!

For a list of Canadian-based crypto exchanges, take a look at our comparison of the Best Crypto Exchanges in Canada.

Phemex Review UK

Phemex is one of the fastest Crypto exchanges and Crypto Futures trading platforms based in Singapore. The company was formed in 2019 by eight former Morgan Stanley Executives who have over 40 years of experience in providing high-frequency technology. The company aims to give the best leverage trading cryptocurrency platform for cryptocurrencies. Phemex march forward with the vision of making their platform the best crypto exchange that is available in the crypto space, along with providing sound investment advice.

The exchange boasts a spot exchange for premium account users, the ability to earn interest through savings options, convert to swap cryptocurrency-to-cryptocurrency, as well as a fiat gateway to purchase digital assets directly. The platform is well known for their 0 fee trading fees for premium account users and their fast trade execution speeds on the spot market.

All in all, Phemex enables cryptocurrency traders around the world to access crypto assets through an efficient, secure, and user-friendly crypto trading platform. Phemex is suitable for both novice and experienced crypto traders out there.

For a list of UK-based crypto exchanges, have a look at our comparison of the Best Crypto Exchanges in the UK 2022.

Phemex Overview

This Phemex review finds that the trading platform has many features that are appealing on the surface. It is uncertain whether or not they can continue to support the features they offer because they are still very much new to the market.

The fact that they are customer-focused is positive at this early stage. Phemex supports the most active currencies and offers top-rated trade features. Interfacing is made easy, and they continue to boast developing platform changes, additions, and services every day. There is a lot yet to come from Phemex.

Also, take note that Phemex exchange enables their users to trade various trade perpetual contracts such as XTZ / USD, XRP / USD, LINK / USD, BTC / USD , and ETH / USD with a 100x leverage.

The Phemex platform is ideal for experienced traders and investors interested in competitive trading who can risk high-value trades. beginners or intermediate investors interested in using this trading platform should consider this Phemex review thoroughly, do further research, and identify their long-term and short-term investing goals.

Frequently Asked Questions

Is Phemex regulated and subject to KYC processing?

No. Phemex is not regulated. As a result, all transactions must occur through supported crypto exchanges. The trade-off is that there is no KYC processing for unregulated platforms.

Is Phemex global?

No. Partly due to not being regulated, support for Phemex is not available in several countries, including the United States.

Can I access Phemex on my phone?

Yes. Customers praise Phemex for its highly user-friendly app. Features are bright and straightforward to use and customize. The app is available in five different languages.

author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.