Phemex is a platform with millions of users and billions in crypto trade volume every day. The exchange was founded in 2019, specializing in crypto derivatives trading. Today, you can spot trade hundreds of major cryptos, altcoins, and even token indexes. Perpetual contracts can all be traded with up to 100x.
Pros and Cons
Pros
- Up To 100X Leverage Trading
- Hundreds of Different Coins Supported
- Unique, High-Tech Features
- One-click Copy Trading
- Earn Stable Passive Income On The Side
Cons
- No U.S. Citizens Permitted
Recommended For
Phemex is suitable for traders of all experience levels, but we believe new traders will significantly benefit from this platform. Phemex offers copy trading so that newbies can easily mirror the trades of experts and professionals. Additionally, the exchange has a wealth of new, helpful educational resources, including:
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The Phemex Academy. Knowledge is a critical factor in successful trading. This helps readers understand the ins and outs of the crypto market through a library of hundreds of helpful articles.
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User Guides. These are FAQ pages that answer fundamental how-to questions.
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Get Paid to Learn. You can earn crypto while learning the basics of crypto trading. Learn, take a quiz, and earn free rewards.
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Demo Account. Participate in simulated trading so you can experience the market without incurring risk. Practicing is the best way to hone trading skills.
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Student Foundation. This foundation provides scholarships to students studying Web3, blockchain, and cryptocurrency. The research initiative promotes education in these emerging fields.
Regulated By
- Lithuanian Securities Commission (Lithuania)
- Investment Industry Regulatory Organization of Canada (Canada)
- Capital Markets Board of Turkey (Turkey)
Top Features
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Large Reach. It’s always nice to know that the exchange you’re trading on has a large client base and deep liquidity. Phemex has a total daily trading volume of nearly $12 billion and counting. It works with over thirty integrated liquidity providers and boasts over five million users across 200 countries and regions.
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Easy To Buy Crypto. Phemex makes it easy and user-friendly to buy and trade cryptocurrency. You can instantly purchase crypto (over fifty different kinds) with a credit card and buy and sell on the P2P marketplace. Phemex also facilitates OTC trading.
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High Leverage (Varies Per Assets). You can trade contracts with leverage of anywhere from 1-100x. You can also engage in copy-trading, where you mirror the trades of experienced, successful traders. This feature is especially attractive to new users who want more guidance.
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Spot Trading. You can instantly trade nearly 300 cryptos. Traders who want to get in on the latest currencies can use the Phemex Launchpad. According to the exchange, the Launchpad lets you “get in early” on all the “hot coins.”
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Ability to Earn. Besides reward programs, there is another way to earn money at Phemex. Phemex Earn features products like Savings Accounts that help you generate a safe and stable APY on your Assets.
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Phemex Launchpool. When you stake popular cryptos, you can earn an even greater return. Conveniently, you can un-stake at any time and enjoy hourly payouts. So far, the total rewards paid have reached over $120K (out of $3.7 million staked).
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Prediction Markets. This is a unique feature, one of several that sets Phemex apart from other exchanges. Essentially, Prediction Markets allow you to bet on real-world current events, and Phemex rewards you if you’re right. Each pool lets you predict the outcome of an event, and you can purchase shares towards the outcome you think will happen. If you’re right, you earn money.
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Promotions. Lastly, promotions are one of Phemex’s most outstanding benefits. They have the All-Star Program, Welcome Bonus, Deposit Bonus, and a constant stream of active giveaways. It’s always good when an exchange gives its traders the chance to earn a little cash through engaging events.
Overview
- Type of Broker Non-Advisory/Executionary Broker
- Regulation & Licensing Lithuanian Securities Commission (Lithuania), Investment Industry Regulatory Organization of Canada (Canada), Capital Markets Board of Turkey (Turkey)
- Clients Accepted from 200 Countries
- Assets Offered 394 Cryptocurrencies
- Platforms Available Mobile, Web
- Mobile Compatibility iOS, Android
- Payment Types Accepted Credit Card, Debit Card, Apple Pay, Bank Transfer
Account Types
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Phemex Account |
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Features |
Access To 8 Different VIP Levels |
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Account Currencies |
USDT |
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Available Leverage |
1-100X |
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Minimum Deposit |
Depends On Asset |
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Commission Per Trade |
https://phemex.com/fees-conditions |
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Decimal Pricing |
N/A |
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Trading Instruments |
394 Cryptocurrencies (Spot Trading) |
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Min. Lot Size Per Trade |
0.01 |
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Spreads |
N/A |
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Demo Account |
Yes |
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Swap/Rollover Free |
N/A |
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Copy Trading Support |
Yes |
Trading Platforms
- Phemex Web
- Phemex Mobile App (iOS, Android)
Trading and Investment Tools
- One Click Trading Yes
- Trade off Charts No
- Email Alerts Yes
- Mobile Alerts Yes
- Stop Order Yes
- Market Order Yes
- Trailing Stop Order Yes
- OCO Orders Yes
- Limit Order Yes
- 24hr Trading Yes
- Charting Package N/A
- Streaming News Feed No
Compliance & Regulation
Phemex is regulated by the Lithuanian Securities Commission (Lithuania), Investment Industry Regulatory Organization of Canada (Canada), and the Capital Markets Board of Turkey (Turkey).
Fees & Commissions
- Rollover Fee N/A
- Margin Interest N/A
Pricing
The exchange offers different “User Levels,” which translate to a lower or higher maker/taker fee. The levels run from VIP0 to VIP7 and are based on trading volume. With Phemex, the taker fee ranges from 0.04% to 0.1%, while maker fees range from 0% to 0.1%. The higher your VIP level, the lower these fees are. For more information on Phemex’s fees, go to: https://phemex.com/fees-conditions. You can even calculate your fees yourself (but you have to log in).
Service Details
- Supported Languages English, Spanish, Russian, Vietnamese, And More
- Customer Service By Phemex
- Customer Service Hours 24/7
- Email Response Time Within 24 Hours
- Telephone Orders No
- Personal Account Manager For VIP Level 4 and above
Reliability & Security
According to this broker, ensuring the “safety” of all Phemex accounts is its “top priority.” Phemex has designed a Hierarchical Deterministic Cold Wallet System. This HDCWS assigns separate cold wallet addresses to each user, and the users’ deposits are periodically collected in the Phemex cold wallet.
Phemex also uses the Amazon Web Service to secure its machines, as well as several different firewalls that separate time zones and systems. Phemex uses 2FA to protect user accounts, and it has plenty of risk checks on its trading engines, among other features. This is an exchange that takes security and reliability very seriously, something all traders will greatly appreciate.
User Experience
People seem to genuinely like Phemex, a company founded by former Wall Street executives. This exchange is one of the most popular and fastest-growing in the industry, and traders of all experience levels can enjoy Phemex’s educational tools, easy-to-use platform, and earning opportunities. Here are some star reviews we found online (and their sources):
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Cryptowisser: 4/5
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Fool: 3.5/5
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CoinBureau: 7.8/10
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Captainaltcoin: 8/10
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HedgeWithCrypto: 4.2/5
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Revain: 3.8/5
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TradersUnion: 6.2/10
Final Thoughts
Regardless of whether you’re experienced or not, Phemex is a great crypto exchange for you. This broker offers competitive fees, a wide range of cryptocurrencies, and many different features and add-ons that can boost your earning potential.
Contact Info
111 North Bridge Road, #29-06A, Peninsula Plaza, Singapore (179098)
FAQs
Q: How do I sign up?
A: To sign up for an account with Phemex, simply go to the Phemex registration page. All you need is an email address, but you also have the option to verify your identity to access more features.
Q: Is there a welcome bonus?
A: According to Phemex, there is “up to $180” in welcome bonuses for new traders.
Q: How do I enable 2FA?
A: Phemex has a helpful step-by-step guide to enabling two-factor authentication. This process is an extra layer of security for Phemex account-holders.
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