Phemex is a popular cryptocurrency exchange that offers spot trading, derivatives trading, staking, lending, and other services to traders around the world. Our Phemex review will cover its robust trading platforms, competitive fees, and innovative features.
Overview of Phemex
Phemex is a centralized exchange based in Singapore that aims to bring professional-grade cryptocurrency trading to both institutions and individual traders. The exchange is led by a team of former Morgan Stanley executives and engineers who have decades of experience in building high-frequency trading systems.
Some key facts about Phemex:
- Supports over 250 cryptocurrencies, including BTC, ETH, XRP, LINK, ADA, DOT, and many more
- Offers spot trading as well as up to 100x leverage on derivatives contracts
- Has 24/7 live chat and email customer support
- Served over 5 million traders worldwide
- Processes over $3 billion in daily trading volume
- Has never been hacked since launching
Phemex Review of Pros and Cons
|Fast trade execution speeds
|Does not support fiat deposits
|Low trading fees
|Limited payment options
|Not available in the US
|Innovative trading features
|Secure cold storage
- According to CoinMarketCap, Phemex ranks as the #1 exchange by derivatives volume, averaging over $3 billion daily.
- Phemex offers over 150 contract trading pairs with up to 100x leverage.
- There are currently over 250 spot trading pairs available.
- Phemex serves traders from over 200 countries, though it does not operate in restricted jurisdictions like the US.
- It has consistently maintained 99.99% uptime since its launch.
- In 2022, Phemex launched a mobile app available on iOS and Android with over 100,000 downloads.
Phemex has competitive trading fees compared to other top exchanges. Fees are based on 30-day trading volumes.
For spot trading:
- Taker fee: 0.1%
- Maker fee: 0.1%
For contract trading:
- Taker fee: 0.075%
- Maker fee: 0.025%
Fees can be reduced down to zero for extremely high volume traders. There are no deposit fees but withdrawal fees apply. Overall, Phemex offers low-cost trading suitable for active crypto traders.
Phemex implements robust security measures to keep user funds safe. Some of the key security features include:
- Over 98% of assets held in cold storage
- Multi-signature wallet technology
- DDoS protection and SSL encryption
- Access controls and two-factor authentication
- Real-time risk monitoring system
- Fully reserves insured fund
While Phemex has not undergone a public financial audit yet, the exchange states it engages reputable third-party firms to regularly audit and test its systems. Overall, Phemex appears to meet industry security standards.
Phemex Verification Process
Phemex has a simple and straightforward KYC verification process. To fully use Phemex, traders must complete identity verification by providing:
- Government-issued ID
- Proof of address
- Selfie photo
The entire process can be done online in minutes. Verification is required for fiat currency transactions, increased withdrawal limits, and other account features.
Traders can still deposit, trade, and withdraw crypto up to a limit of 2 BTC daily without KYC. Overall, the verification process balances usability and regulatory requirements.
Phemex Customer Service
Phemex provides 24/7 customer support via email and live chat. Based on reviews, the customer service team is generally responsive, and knowledgeable, and provides satisfactory resolutions to issues. Popular user complaints relate to account verification delays.
In addition to direct support, Phemex offers an extensive help center, FAQ, and knowledge base to allow users to self-serve answers to common questions.
While customers have mixed reviews on certain aspects of support, Phemex’s customer service overall appears superior to many exchanges.
Phemex User Experience
The Phemex platform is designed to be intuitive for beginner traders but also provides advanced functionality for professionals.
The Phemex web trading interface features real-time order books, interactive charts, and a modular layout. It offers a full range of order types and advanced order settings. Traders can analyze the markets using various indicators and drawing tools as well.
The interface is customizable and easy to navigate. The site also loads quickly on most devices. Overall, the Phemex web platform provides a great user experience for traders of all levels.
Phemex offers full-featured iOS and Android apps. The mobile app effectively mirrors the desktop experience with real-time market data, order placement, and account management functions.
With a 4.7/5 rating on both app stores, users find the app reliable and responsive. The apps also include widgets for quick access to account data. The Phemex mobile app provides excellent convenience for on-the-go trading.
Available Tokens on Phemex
Phemex supports trading on over 250 cryptocurrencies. This includes majors like BTC, ETH, XRP, ADA, DOT, SOL, stablecoins like USDT, USDC along with DeFi tokens like UNI, LINK, PERP and many more.
New coin listings are added based on community requests and market demand. Phemex aims to provide trading access to the most relevant crypto assets for its users.
Regulatory Compliance and Legal Status
Phemex is registered as a money services business with FinCEN in the United States. The exchange is also incorporated in Singapore and complies with MAS regulations.
However, Phemex does not serve US-based customers due to the complex regulatory environment for exchanges. The platform conducts KYC verification to comply with AML policies. Phemex excludes users from certain high-risk jurisdictions as well.
Liquidity and Volume
Phemex utilizes an aggregated order book to provide deep liquidity across all trading pairs. As one of the top derivatives exchanges, Phemex rivals even the liquidity on spot markets at major platforms like Binance and Coinbase.
Phemex maintains 24-hour trading volumes over $3 billion per day, even during crypto bear markets. This level of liquidity reduces slippage and makes entering and exiting large trades seamless.
Staking and Lending Options
Phemex offers users options to earn a yield on their crypto balances through staking and lending products.
The Earn platform allows users to deposit assets like BTC, ETH, USDT and others to earn daily interest. Interest rates range from 0.5% to 8% APY based on the coin and lock-up period.
There are also fixed and flexible staking terms available. Overall, Phemex provides an easy way for traders to generate returns on holdings.
Phemex has quickly emerged as a top cryptocurrency exchange for derivatives trading, leveraging, and staking. With robust security, competitive fees, and a huge selection of markets, Phemex is a compelling platform for intermediate and advanced traders.
While it does not accept US customers, the exchange serves most other countries worldwide. The “semi-centralized” design brings the benefits of CeFi and DeFi together in one regulated platform.
Overall, Phemex is recommended for any traders seeking a reputable exchange to trade crypto derivatives and earn yield on holdings. The responsive customer support and intuitive interfaces make getting started simple.
Some top alternatives to Phemex include:
|Largest exchange, huge selection of assets, margin trading
|Limited customer support, security incidents
|Crypto derivatives only, high liquidity, up to 100x leverage
|Does not accept fiat deposits
|US-regulated, popular with institutions, great liquidity
|Limited payment methods, high fees
|Best customer support, regulated in the US, clean track record
|Limited selection of altcoins, no leverage trading
What countries does Phemex support?
Phemex supports over 200 countries worldwide, with the notable exception of the United States. Other restricted areas include Canada, China, and Korea.
How long does Phemex withdrawal take?
Phemex crypto withdrawals are processed 3 times per day and take around 1-3 hours typically. Fiat withdrawals take 1-5 business days through third-party payment partners.
Is Phemex considered a safe exchange?
Phemex implements leading security practices, including cold storage, encryption, and DDoS protection. It has maintained an excellent security track record since launching. While Phemex does not publish financial audits, it appears to meet high-security standards for an exchange.