In this Phemex review, we will examine this flexible cryptocurrency platform that has gained popularity since its launch in 2019. Phemex offers a smooth trading experience catering to both beginners and seasoned traders.
What distinguishes this platform are its multiple options, competitive fees, and user-friendly interface. This article aims to provide you with insights into the Phemex exchange, covering its trading features, fee structure security measures, and other essential aspects to assist you in determining whether this exchange aligns with your trading requirements.
Phemex Review 2024
- No KYC and P2P trading available for enhanced privacy
- Trade crypto with 100x leverage
- Earn rewards with staking, lending and token launches
Our verdict on Phemex
Phemex provides an engaging and user-friendly experience for crypto traders, catering to both casual and professional users.
One of its key highlights is the option for 100x leverage trading, empowering traders to seize larger positions. This makes it a preferred platform for those opting for high-risk, high-reward approaches. Additionally, the platform’s copy trading functionality serves as a beneficial resource for newcomers, allowing them to replicate the tactics of seasoned traders effortlessly.
This exchange also caters to users who prioritize their privacy, as it enables them to access most of its features without going through the KYC verification process. Moreover, Phemex boasts spot trading fees starting at a mere 0.1%, making it a cost option compared to various other exchanges.
While Phemex has its drawbacks, such as a limited range of fiat currencies and staking options in its Earn program, these minor issues are overshadowed by the platform’s robust trading capabilities, a sign-up bonus, and swift trade execution. All of the above makes it stand out as a choice for traders looking for both flexibility and safety in their trading journey.
Pros and cons of Phemex
Pros
- 100x leverage Bitcoin and other major cryptocurrencies, ideal for experienced traders looking to amplify their positions.
- Phemex copy trading functionality allows beginners to follow the strategies of professional traders.
- Generous sign-up bonus of up to $4,100, offering extra trading capital for new users.
- No KYC is required for trading or withdrawals up to 2 BTC per day, offering a more private trading experience.
- More than 350+ cryptocurrencies are available for both spot and contract trading, giving users ample choice across different markets.
- Fast and secure trading engine that delivers low-latency transactions, perfect for high-frequency traders.
Cons:
- Limited fiat deposit options, primarily supporting deposits in BTC and USDT, which can restrict users looking for broader fiat on-ramps.
- No crypto-to-crypto trading pairs, which limits the flexibility for users looking to trade directly between different cryptocurrencies.
- There are no long-term staking options beyond a maximum of 14 days in the Earn program, which may deter users from seeking passive income over longer periods.
Methodology: How we scored Phemex
We scored Phemex exchange on the following criteria, which was measured across 46 individual data points. Our expert reviewers also applied their own experience with the platform when judging subjective qualities like ease of use and customer service.
About Phemex
Phemex was founded in 2019 by Jack Tao, a former employee of Morgan Stanley. Since its inception, the platform has made a name for itself in the crypto trading sector. Based in Singapore, it offers spot and derivatives trading services.
With a user base exceeding 5 million globally, Phemex has gained recognition for providing 100x leverage on prominent cryptocurrencies such as Bitcoin, making it a popular choice among leverage trading exchanges.
What sets this exchange apart is its no-KYC policy, which allows for trading and withdrawals below 2 BTC/day, appealing to individuals who prioritize privacy. Additionally, Phemex stands out in the expanding crypto landscape due to its interface, swift trade execution, and competitive fee structure.
In 2023, Phemex partnered with Tradingview, offering the exchange’s clients access to advanced charting systems, indicators, and trading tools.
Phemex fees
Phemex has a fee system for spot and futures trading, which appeals to frequent traders. Crypto deposits are not charged, but fees apply to other services, such as card deposits and withdrawals.
Here’s a comprehensive overview of Phemex’s deposits, withdrawals, and trading fees.
Deposit and withdrawal fees
| Deposit | Withdraw | |
| Cryptocurrency | Free | Network fees (vary by coin) |
| Debit card | 2.5%-4.5% | N/A |
| Credit card | 2.5%-4.5% | N/A |
Trading fees
| Buy (taker) | Sell (maker) | |
| Instant purchase | Up to 2.1% | N/A |
| Spot market | 0.1% | 0.1% |
| Futures | 0.01% | 0.06% |
Phemex supported cryptocurrencies
Phemex boasts a selection of over 350 cryptocurrencies catering to spot and contract traders alike. Well-known coins such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) can be found along with a variety of altcoins.
Traders have the opportunity to participate in both spot and futures markets, while also exploring yield-earning options through staking and Earn programs. This extensive range of offerings positions Phemex as a contender for traders looking to access both established and up-and-coming digital assets.
Phemex key features
| Overview | |
| Staking | Phemex provides staking choices enabling individuals to generate returns on their crypto assets. Nonetheless, the duration for staking is relatively brief, usually lasting a maximum of 14 days. |
| Leverage | The platform offers a chance for people to enhance their investment significantly through trading, enabling them to amplify their trades by as much as times, particularly with popular cryptocurrencies such as Bitcoin. |
| Futures or derivatives | Traders have the option to select from USDT M and COIN M contracts, allowing them to delve into a diverse array of cryptocurrency assets. |
| Trading bots | Phemex offers the capability for trading through bots allowing users to implement pre-set strategies making it suitable for high-frequency trading or taking advantage of price differences in the market. |
| Sign up bonus | New users registering on the platform can enjoy a substantial welcome bonus of up to $4.100 to boost their trading activities. |
| No KYC trading | The Phemex platform offers users the chance to buy and withdraw a maximum of 2 BTC daily without the need for KYC checks. |
Phemex bonus
Phemex offers a sign-up bonus of up to $4.100 aimed at attracting new traders to their platform.
This bonus is tiered, meaning users can earn rewards by completing tasks like registering, making a deposit, or achieving trading milestones such as trading futures or meeting volume targets.
While the specifics may change, this bonus gives users extra funds to start trading on Phemex. For information, always refer to Phemex’s promotions page for the latest updates.
Phemex 100x Leverage
Traders on Phemex can boost their trading positions by an impressive 100 times when dealing with cryptocurrencies such as Bitcoin and Ethereum. For instance, with leverage, a $100 investment can be leveraged to trade contracts worth $10.000.
This capability enables traders to manage positions that exceed their margin, substantially increasing both potential profits and risks. Consequently, Phemex leverage stands out as a feature favored by seasoned traders with a strong grasp of leverage dynamics and risk mitigation strategies.
Copy Trading in Phemex
Phemex offers a feature that allows beginners or those who prefer a more hands-off approach to trading to copy the trades of experienced traders. Users can browse through trader profiles on the platform, check their track record, and opt to automatically replicate their trading activities.
In essence, this means you can mirror the actions of a trader, whether they are entering or exiting a position in your account using the funds you have allocated. It’s a convenient way to leverage a trader’s knowledge without conducting research. However, it’s important to note that there are associated risks, as past performance is not indicative of future results.
Phemex KYC
Phemex has an approach that best fits most of its trading functionalities. Users can trade and withdraw up to 2 BTC daily without undergoing the lengthy identity verification process typically associated with KYC procedures.
This policy appeals to users who prioritize privacy and prefer a quicker onboarding experience like other top no-KYC exchanges. However, if users wish to withdraw more than 2 BTC per day or utilize certain advanced features, they will need to complete the KYC verification process on Phemex.
It’s important to mention that choosing to undergo KYC verification could also grant access to features and higher withdrawal limits.
Phemex Promo Code
Promo codes offer perks, like bonuses, trading credits, or reduced fees. These benefits are especially valuable for users and are frequently tied to limited-time promotions.
To maximize your deposit or reduce trading fees, remember to apply a Phemex promo code during registration.
Phemex app review
The Phemex mobile app, designed for iOS and Android users, enables them to handle spot and contract trading to enjoy leverage and participate in copy trading directly from their mobile devices.
While crypto apps mirror the majority of functionalities found on the version, such as up charting and order book oversight, it stands out in providing navigation through its user interface catering to both beginners and seasoned traders.
Users have the ability to keep track of their investment portfolio, receive price notifications, and make trades while on the move. Yet certain advanced charting features and configurations are more user-friendly on the desktop version, making the mobile app better suited for quick transactions and monitoring positions than for in-depth market research.
In summary, the Phemex app is perfect for traders seeking versatility and desiring to oversee their accounts and trades while being away from their computers.
User ratings of Phemex
| Rating | Number of reviews | |
| Google Play | 4.6 | 14.7K |
| Apple Store | 4.6 | 2.2K |
| Trustpilot | 2.1 | 183 |
Phemex Customer satisfaction
User reviews of Phemex trading exchange across platforms like Trustpilot and the Google Play Store provide a mixed sentiment.
Many users appreciate Phemex for its user-friendly interface and earning opportunities, with one Trustpilot reviewer stating, “Phemex is the best exchange that I have found so far. It is easy to use and has many great opportunities to earn extra bonuses. They keep listing a lot of cryptocurrencies on offer, too.”
On the other hand, certain users have expressed dissatisfaction with the mobile application’s security features. A reviewer on Google Play specifically highlighted concerns about the app’s safeguarding mechanisms, saying, “Biometric security is completely useless. You can simply press the back button to skip fingerprint login!”
Phemex customer support
Phemex offers customer support around the clock through channels like chat, email, and a well-organized help center. While users generally perceive the platform as responsive, there can be variations in support experiences.
The chat feature responds to inquiries, although it may sometimes rely on assistance for basic issues. For more detailed or complex questions, users can email support.
Additionally, Phemex’s trading exchange includes a FAQ section that covers user concerns, making it convenient to find answers. However, some users have noted delays in resolving problems that are more complex in nature.
Ways to contact Phemex:
- Live web chat
- FAQ section
- Telegram
Is Phemex safe?
Phemex has put in place security measures to protect its platform and user’s funds. Nonetheless, it’s important to recognize a few limitations as well.
Now, let’s examine the key safety features associated with Phemex.
Security: Phemex takes security seriously to safeguard users’ funds and information. The platform stores most assets in cold wallets employs multi-signature withdrawal procedures and utilizes two-factor authentication (2FA) for added account protection. Routine security assessments are conducted to uphold the platform’s integrity and defend against potential threats.
Insurance: The exchange stands apart from certain exchanges by not offering insurance protection for user funds. Nevertheless, it keeps an insurance reserve to safeguard traders against possible losses stemming from market fluctuations, providing a level of security during turbulent market situations.
Proof-of-Reserves: Phemex has rolled out a new feature known as Proof of Reserves (PoR) aimed at boosting transparency. With this, users can verify that the platform holds sufficient assets to fulfill its commitments to its users.
Past Hacks: Since its launch, the platform has been free from significant security breaches or hacks, showcasing its commitment to upholding a trading atmosphere.
Legal Issues: Phemex functions as an exchange that is not subject to regulation, especially for users in areas such as the U.S.,, where it lacks authorization. However, the platform adheres to laws in the regions where it operates, although its lack of a KYC feature sparks concerns regarding regulatory oversight.
Reputation: The platform has received acclaim in the cryptocurrency community, particularly among traders. Users frequently commend its robust security protocols and swift transaction processing. However, it is crucial for individuals to recognize that it operates independently without supervision in specific aspects.
How to sign up on Phemex
Signing up for Phemex is a quick and user-friendly process. Here’s a step-by-step guide to help you create your account:
- Visit the Phemex Website: To begin using Phemex, visit their website and look for the Sign-Up button in the corner. Alternatively, you can also download the Phemex app on your device and start the registration process from there.
- Enter Your Information: During the registration process, you must input your email address and create a strong password. Alternatively, you can choose to register using your phone number. Also, in this step, there’s an opportunity to enter a code to access certain rewards.
- Confirm Your Registration: Phemex will email your registered address for verification. To confirm your account, simply click the link provided in the email. If you signed up using a number, you can enter the code sent via SMS.
- KYC Verification (Optional): If you want to raise your withdrawal limits or unlock certain features, you must go through the KYC process. This involves providing a form of ID like a passport or driver’s license and a selfie. It’s a requirement for users looking to withdraw over 2 BTC each day or access advanced account functionalities.
After your account is verified via KYC you can move on to adding funds and getting started with trading!
Exchanges like Phemex
| Exchange | Payment methods | Cryptocurrencies | Trading fees | No KYC account limits |
| Margex | Crypto, MoonPay (to purchase tokens) | 50+ | 0.019% (maker fees) and 0.06% (taker fees) | up to 0.003 BTC withdrawal limit |
| Lbank | Crypto, Card, Bank Transfer, SEPA, Union Pay | 50+ | Variable | Email = 0.5 BTC per dayMobile = 1.5 BTC per dayGoogle Authenticator = 15 BTC per day |
| HTX | Crypto, Card, Bank transfer/ABA, SWIFT, SEN fiat deposits | 500+ | Variable | Deposit limits range from 6.000 GBP to 150.000 GBP per year. |
| ProBit | Crypto and Bank Transfer | 800+ | 0.2% | $5.000 withdrawal limit and no access to IEOs |
