Subscribe to Updates
Get the latest creative news from Bitcoinsensus.
**EARN 10% WELCOME BONUS** Unlock 10,055 USDT in welcome rewards
*Make sure to check BTCC's website for full Terms and Conditions.
Phemex Review: Trading Tools, Security Features, and User Benefits
Rating: 89%
Win Position Airdrop Bonus
Spot Fees:
Taker
0.1%-0.04%
Maker
0.1%-0%
Future Fees:
Taker
0.06%-0.03%
Maker
0.01%-0%
Deposit Methods:
Wire
Credit
Crypto
Is It Safe?
- Home
- /
- Phemex Review
Table of Contents
Phemex is a relatively young but rapidly growing platform with a wide range of features, attractive promo and competitive fees, and a good focus on safety and security.
Interestingly, while the functionality is quite extensive, it is not overwhelming and easy to use, so Phemex for beginners is no less attractive option than for professionals and even institutional investors.
Today, we will take a closer look at the plenty of Phemex trading tools, review Phemex trading fees, and explore Phemex security features so you can make an informed decision on how beneficial this crypto exchange is for you.
What Is Phemex?
Phemex is a crypto trading platform, with the long-term focus of creating an efficient, robust, and convenient institutional-grade space for crypto trading. It’s worth noting that their technical efforts in the form of extensive trading functionality, a high-performance CrossEngine & TradingEngine system, advanced security measures, and fund reserves – significantly contribute to it.
Phemex was launched by eight former Morgan Stanley executives, led by Jack Tao in Singapore in 2019. In doing so, Phemex additionally holds two licenses:
And yet, the company has several restricted countries, which at the moment includes the United States.
- Americas: United States of America, Ontario (Canada), Québec (Canada), Alberta (Canada), Saskatchewan (Canada), Cuba, Haiti, Nicaragua & Venezuela.
- Europe: United Kingdom, Belarus, Belgium, Crimea & Russia.
- Asia: Afghanistan, China, Iran, Iraq, Lebanon, Myanmar, North Korea, Palestine, Syria & Yemen.
- Africa: Angola, Burundi, Central African Republic, Democratic Republic of the Congo, Eritrea, Ethiopia, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Libya, Mali, Republic of Seychelles, Rwanda, Sierra Leone, Somalia, South Africa, South Sudan, Sudan & Zimbabwe.
Comparing Phemex vs Binance or Bybit – it’s not so popular yet, but it has been rapidly developing for six years. Now it offers a wide range of trading features such as buying crypto for fiat, spot trading, derivatives trading, copy and bot trading, crypto staking, multiple promos with competitive fees, and the entire Web3 ecosystem. Also, same as WEEX, the platform has its own Phemex Token, which, by the way, shows good and consistent growth dynamics.
Phemex is currently ranked 62nd on Coingecko among the top crypto platforms, with an average $150M 24H trading volume that sometimes rises to $400M – $450M and offers 430 coins and 442 trading pairs on Spot. As for Futures, Phemex has an average $1.5B 24H trading volume that sometimes rises to $2B and offers 397 trading pairs.
Phemex Registration
From the very beginning, Phemex shows that it is feature-rich and offers you noticeably more ways to sign up than most other, even top crypto exchanges. Besides email and mobile, Phemex additionally offers seamless registration via X, Telegram, as well as WalletConnect, and Metamask.
Otherwise, everything will seem standard if you’ve ever registered with other crypto exchanges. For example, you still need to enter your email or mobile number.
After that, you need to enter the code you will receive and you have your Phemex account ready.
Phemex KYC Procedures
Is Phemex KYC mandatory? Yes, unlike most crypto platforms where you can trade with small amounts without going through KYC – Phemex KYC is mandatory for all its features, from fiat and even crypto deposits to trading itself and withdrawals. This again aligns with Phemex’s commitment to provide the high security and safety required by professional traders and institutional investors.
To go through Phemex KYC you need to navigate over your account and you will immediately see a prompt to go through verification.
There you will see the options to provide a Government-issued Document and pass Face Recognition Verification, as well as a list of features that will be available to you afterward. Choose Verify Now and follow the standard instructions.
After the passing, you will receive a notification of successful verification and get access to deposits, withdrawals, trading, and numerous promos and bonuses.
Register on Phemex Now and Get Up to $2000 Futures Bonus!
Bitcoinsensus and Phemex offer an exclusive Futures Bonus of up to $2,000 to kickstart your trading journey till March 31, 2025, 23:00:00 (UTC)!
- Complete a first on-chain deposit of $10
- Make your first trade of at least $1 on the spot or futures market.
- Receive a $100 position voucher, credited to your Rewards Hub within 5 days.
- Continue trading futures to earn up to $2,000 in additional trading bonuses, depending on your deposit and trading volume.
However, remember that you need to follow a few rules as well:
Position vouchers are limited and are issued on a first-come, first-served basis within 5 days of assignment.
Deposits must be made via blockchain transfer; internal transfers within Phemex do not count.
Users with an account balance below $1 are not eligible for rewards.
The bonus is non-withdrawable and can be used to trade and generate real profits.
Any fraudulent activity (e.g., multiple accounts, unauthorized trading strategies) may result in disqualification from the program.
Otherwise, this simple but generous Phemex offer doesn’t require much and can give you significant additional support for your trades. Don’t miss the opportunity and use our link to participate in exclusive Phemex Welcome Rewards!
Phemex Main Features
As we mentioned earlier, Phemex trading tools are quite extensive, and some of them are unique. We will start with the more familiar ones and move on to the more interesting ones.
Phemex One Click Buy/Sell
You can quickly buy or sell crypto at the current market price using over 30 fiat currencies. This menu combines two others like Fiat Deposit, which is a quick crypto purchase using SWIFT, ACH, SEPA & FPS with 0 fees, as well as Debit/Credit Card purchase with 0.8% fee.
Phemex P2P
Many are familiar with P2P crypto trading, which is also available in two options here.
You can use the simplified interface where the platform itself will suggest the most suitable buyer/seller.
Or you can go to the full-fledged P2P interface, where you can check all the offers, participants, and details and choose the most suitable option for you.
Markets
Here you can get detailed information on different markets and tokens, set filters, and track dynamics, as well as other data like Top Gainers or Upcoming Listings.
Spot
Here you can find the familiar Spot trading and the corresponding interface with coin selection at the top, a price chart in the center, order history at the bottom, and order parameters on the right.
In addition to the standard features, Phemex Spot Trading also offers 5X support as well as the Phemex Spot Grid Trading Bot for automated trading 24/7. As you may have noticed, these features have been placed as separate Spot category features, but you can also select them inside the Spot interface in the order details on the right.
However, remember that while leverage trading can bring impressive results, it comes with far greater risks. You need to be prepared to cover losses and remain highly careful to trade with leverage, which is not recommended for beginners and is more suitable for experienced traders.
Phemex Futures Trading
With Phemex Futures trading, you are welcomed by the corresponding interface with the selection of USDT-M Perpetual and Coin-M Perpetual contracts, price chart, order history, and parameters for a specific order.
Similarly, you can choose between USDT-M and Coin-M and other features initially or inside the future interface at the top, and leverage options and trading bots in the order window.
Regarding leverage, you have wider options than for Spot, including Cross and Isolated Leverage up to 100X.
Phemex Futures Trading Bots are also wider here and you can choose from Futures Grid, Futures Martingale, and Signal Trading.
And again, because in the case of futures – leverage, and corresponding risks are much higher than in Spot. You need to be prepared for this and remain highly careful to trade with leverage.
Phemex Copy Trading
You can also visit Phemex Copy Trading, which you should choose right away as it is a large separate section.
By going to it you can learn about the top traders in different categories, their strategies, and actual data of their trades. After careful reviewing, you can try to delegate some of your funds to their trading if their results seem impressive to you.
However, keep in mind that good performance is not a guarantee of future success, and traders can also make mistakes. They do not take responsibility for your money, but only offer an opportunity and you are always the only one responsible for your decisions.
Phemex Mock Trading
Speaking of Phemex for beginners, you may find this feature very useful. This is the typical Demo Trading, where you are offered a market trading simulation and hone your skills of analyzing and building a trading strategy, doing everything in a real interface, but without the risk of losing real funds.
Phemex Earn
Find several features if you are interested in profiting from crypto without direct trading.
Phemex Earn feature allows you to diversify your risk by investing in selected coins under certain conditions and receiving the corresponding dividends.
Phemex Savings offers you similar opportunities where you get rewarded for keeping your assets on the platform. However, here you have more options on what kind of dividends to receive. You can opt for more fixed and less risky conditions or more flexible ones.
Phemex Launchpool also offers you options to steak with new, recently launched tokens on various terms, including using your own PT platform token.
Web3
As we mentioned earlier, Phemex has its PT token, which is ERC-20, and runs on Optimism. This is a real token that can be traded off-platform on the Ethereum network and has real tokenomics and market value.
However, this is only part of the picture and you can see for yourself if you go to one of the most prominent sections of the Phemex Web3, namely Phemexia. Here is the entire Web3 ecosystem that Phemex has built around the PT token.
You can participate in mining PT, and later stake it to get vePT (vote escrow Phemex Token) which allows you to participate in Phemex DAO governance. You can also trade PT directly, or hold it to get access to exclusive Airdrops, Events, Promos, and Staking features.
By going to the PT Staking Portfolio you can get detailed information on how much PT and vePT you hold, as well as select staking features and terms.
Further, if you already hold and use PT and are a member of DAO you can mint a Phemex Soul Pass soulbound token, which acts as a Phemea Citizen Passport and gives you access to other exclusive Web3 Campaigns.
Among the most recent exclusive features, the platform has launched the Phemex Lending Protocol, the details of which you can also find in the corresponding menu.
Phemex Learn
Another distinctive feature of Phemex is its thorough approach to user education, as it offers more than just a blog with articles on recent topics.
Here, you can find an Academy with articles covering key crypto and blockchain concepts, a Blog with current industry trends and events, and even Learn & Earn with rewards for testing your knowledge. You will also enjoy Simulated Trading, Student Foundation, and Help Center with guides on the platform.
Phemex Promos
The final section is where you can find many benefits and promotions.
Phemex VIP Program First of all, here you can familiarize yourself with the Phemex VIP program, which gives you additional opportunities and discounts for certain trading volumes. In total, there are 5 Phemex VIP levels and one Star Level.
In addition to discounts on Maker and Taker fees, upgrading to the VIP level gives you many additional exclusive bonuses.
Phemex Institutional As we mentioned earlier, Phemex aims to be an institutional-grade platform and makes a notable effort to do so, which you can read about in this section.
More specifically, the platform provides its Phemex API for efficient trading, 8+M liquidity, OTC deposits with 0.08% commission, and other beneficial features for institutional investors.
Phemex Broker Program Phemex also offers a separate Broker program with beneficial features such as 50% commission, support from other professional brokers, and more.
Phemex Referral Program Even if you are a regular trader, you too can earn additional income, and Phemex has provided a referral program for you. Invite your friends and get income and bonuses for their trading.
Rewards Hub You can also go to Rewards Hub, and find out more about events, and your rewards, track your progress, specify terms and conditions, etc.
Phemex App Review
Phemex offers mobile apps for iOS and Android, which you can download on the official website. Phemex mobile apps are not limited in functionality and offer everything the same as the web version right in your pocket.
Of course, the interface here is adapted for mobile devices, which may not be as convenient for some users but is invaluable for those who want to trade on the go. Here you also have Spot and Futures trading features, Copy and Bot trading, a Rewards Hub, and a Cold Wallet right on your device.
Phemex Deposit and Withdrawal
As we have already mentioned before, Phemex offers a wide range of deposit and withdrawal options, such as Fiat Deposits and Withdrawals via Bank Transfer and Debit/Credit Card.
Of course, classic crypto deposits and withdrawals are also available to you.
Phemex On-chain Deposit is the usual crypto deposit where you need to specify the token and network and receive a generated unique address to which you will send your cryptocurrency.
Remember that the token and network must match on the withdrawal platform, otherwise, you risk losing the funds you sent, which Phemex is also careful to remind you.
Phemex also offers Web3 Wallet Deposit, connecting your crypto wallet like Metamask, enabling you to seamlessly transfer funds, which is even faster and easier than the on-chain deposit.
Phemex Fees and Costs
Speaking of Phemex Fees, it is worth noting that they are very competitive even if we are talking about the standard level, namely:
Spot: Maker 0.1% Taker 0.1% (+ 20% discount for PT holders)
Futures: Maker 0.01% Taker 0.06% (+ 20% discount for PT holders).
However, that’s not all, and they can become more and more enjoyable depending on the VIP level. For example, VIP 5 on offers:
Spot: Maker 0.035% Taker 0.05%
Futures: Maker 0.001% Taker 0.035%
And Star VIP can offer even more luxurious conditions:
Spot: Maker 0% Taker 0.04%
Futures: Maker 0% Taker 0.03%
In addition to VIP levels, Phemex offers Pro levels for institutional investors and brokers, with a separate fee structure.
For example, Pro1 offers:
Spot: Maker 0.6% Taker 0.08%
Futures: Maker 0% Taker 0.03%
And the top tier Pro4:
Spot: Maker 0% Taker 0.0475%
Futures: Maker 0% Taker 0.0325%
You can read more about all levels and fees on each, as well as trading volumes and other necessary and relevant information here.
Phemex Deposit and Withdrawal Fees
On a separate note, there are fees for various deposits and withdrawals too. To be more precise, Phemex has 0% fees for fiat deposits if it’s a bank transfer, but 0.8% for deposits with Debit/Credit cards, as we mentioned before.
In the case of crypto deposits, the situation is a bit opposite. Phemex has a 0% fee for crypto deposits, but different withdrawal fees depending on the different cryptocurrencies, also add to this the common fees for certain blockchain networks. Additionally, Phemex has minimal deposit and withdrawal limits, which also depend on specific cryptocurrencies.
Phemex Security and Safety
First of all, regarding Phemex’s legal safety, it is worth remembering that its founders are former Morgan Stanley executives with Wall Street risk control experience. Additionally, this includes their licenses and mandatory KYC for all users and any transactions, proof of reserves and according to their statements user assets backed 1:1 on the platform.
Talking more about technical security, Phemex offers users two-factor authentication and a bank-level double-entry bookkeeping system to ensure account security.
Regarding the system itself, Phemex runs on AWS and uses an AWS Firewall and other cloud security mechanisms, as well as whitelisted instances to access the system.
Special attention is worth their CrossEngine & TradingEngine, written in C++ with minimized 3rd party lib dependencies to ensure maximum speed and stability of the system and 99.99% high availability. In addition, they claim that each engine runs with multiple hot and warm backups at the same time. In most cases, users will not even notice system maintenance periods or upgrades.
Phemex Customer Support
Phemex offers a pretty straightforward way of support – you always have live chat with the operator who responds to you as soon as they are available, which is usually within a minute or less. Phemex also has a presence on many social media platforms such as X, Discord, and Telegram, where your question can be answered by officials or community members.
Of course, Phemex also offers mail in its Help Center for comprehensive application. You can send a detailed description of your problem, attach documents and so on.
Separately, Phemex also offers mail for feedback regarding their products and services, if you have ideas on how to improve them in general – you are welcome.
And additionally, Phemex provides mail for security researchers who proactively look for vulnerabilities and report them. If you have found one and want to help the platform, you are also welcome.
Conclusion
Phemex is probably not the most popular crypto exchange, but it has all chances to level up with them. It is backed by experienced bankers who initially focused on providing the best functionality not only to beginners or professional traders but also to brokers and institutional investors.
Also, Phemex builds and educates a community with quality content, unites it around its Web3 ecosystem and its associated PT, and offers a lot of really impressive bonuses and exclusives for participation.
All this with extensive functionality like Spot, Futures, Copy Trading, Bot Trading, etc., as well as a focus on the security, efficiency, and sustainability of their systems.
Of course, as with anything, there is room for improvement, and for example, Phemex is losing a lot of potential users who choose established crypto platforms in the US, UK, and Canada.
Also, mandatory KYC may work well for preservation for AML, but limit newcomers to crypto who do not yet know which platforms can be trusted and how it works.
Frequently Asked Question
Yes, Phemex is legit, it has multiple licenses and maintains a robust security system.
Yes, Phemex KYC is mandatory for all the platform operations.
Currently, Phemex does not operate in the US, Canada, and UK.
Yes, Phemex supports fiat deposits and withdrawals via bank transfers, debit and credit cards.
Phemex PT is a Phemex native platform token, that you can stake to get an evPT token to vote in Phemex DAO and Phemex Soul Pass token to participate in exclusive Web3 Campaigns.
4.4
- Very broad functionality
- Rich ecosystem and own PT token
- Features for brokers and institutional investors
- Competitive fees and good VIP levels
- Strong security and availability systems
- Mandatory KYC for everything
- Currently, not available in the US, UK, Canada
To keep our site running & free of charge, we may sometimes receive a small commission if a reader decides to purchase services via some links on site, at no extra cost.
Follow Us
All content on Bitcoinsensus.com is provided for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any product, service or investment. The opinions expressed on Bitcoinsensus does not constitute investment advice and independent financial advice should be sought where appropriate. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. Bitcoinsensus will not be held liable for any of your personal trading or investing decisions. Bitcoinsensus will not be held liable for any losses that you may incur by speculating in the market.