Phemex exchange is primarily focused on derivatives trading. But its excellent user interface and tons of features make it a great small-sized alternative for both experienced traders and beginner investors.
New user experience is in fact top notch on Phemex, and everyone will quickly figure out how to use the exchange and execute trades. Altcoin selection is average, and trading volumes tend to be low. Nevertheless, only the most demanding traders will find issues with liquidity.
Fees are average to low depending on your volume or use of native token. Large welcome bonuses are available by using our referral code during signup, which can significantly offset your trading fee costs.
Phemex Features Overview:
- Deposits: Cryptocurrency Bank cardsBank transfers
- Beginner trading: Beginner-friendly interfaceSpot tradingDemo tradingMobile appCopytradingQuick convert
- Advanced trading: MarginFutures & leverageOptionsTraditional marketsTrading bots
- Financial services: Fiat withdrawalsDebit ATM cardsCrypto loansP2P tradingStaking & Earn
- Other features: Optional KYCSignup bonusesSubaccounts
Phemex Fees:
Phemex supports both direct fiat deposits (cheaper fees) and third-party payment providers.
Direct deposits:
| Payment Method | Deposit Fee | Withdrawal Fee | Processing Time |
|---|---|---|---|
 Credit/Debit Cards | 0.8% - 3.5% | 1.8% to 3.3% | Instant |
 ACH Transfers (US/USD) | 0.08% to 2% | 0.08% to 2% + $30 | 1-3 Business Days |
 SEPA Transfers (EU/EUR) | 0.08% to 2% | 0.08% to 2% + €2 | 1-2 Business Days |
 SWIFT Transfers (International) | 0.08% to 2% | 0.08% to 2% + $30 | 3-5 Business Days |
 Faster Payments (UK/GBP) | 0.08% to 2% | 0.08% to 2% + ￡2 | 1-3 Business Days |
 PIX (BR/BRL) | 1.49% | Not available | Instant |
Integrated fiat gateways:
| Payment Method | Deposit Fee | Withdrawal Fee |
|---|---|---|
| Visa/Mastercard | 5% (min. 10 USD) | 3.5% (min. 10 USD) |
| ACH Transfers (US/USD) | 3.5% (min. 10 USD) | Not available |
| SEPA Transfers (EU/EUR) | 3.5% (min. 10 EUR) | 3.5% (min. 10 USD) |
 Google Pay | 5% (min. 10 USD) | Not available |
 Apple Pay | 5% (min. 10 USD) | Not available |
| Payment Method | Deposit Fee | Withdrawal Fee |
|---|---|---|
| Visa/Mastercard | 4.5% | 4.5% |
| SEPA Transfers (EU/EUR) | 1% | 1% |
| Google Pay | 4.5% | 4.5% |
| Apple Pay | 4.5% | 4.5% |
 PayPal | 4.5% | 3.4% |
| Payment Method | Deposit Fee | Withdrawal Fee |
|---|---|---|
| Visa/Mastercard | 3.95% | 3.95% (min. €4) |
| SEPA Transfers (EU/EUR) | 3.95% | Not available |
 Other Bank Transfers | 3.95% | Not available |
| Google Pay | 3.95% | Not available |
| Apple Pay | 3.95% | Not available |
 Revolut Pay | 3.95% | Not available |
Mercuryo may charge an additional 1% currency spread. This price spread is typically included with fees in the table above.
Supported fiat currencies: Bank transfer: USD, EUR, CHF, AUD, GBP, JPY. Cards: EUR, USD, GBP, CAD, CHF, AUD, JPY, BRL, TWD, HKD, COP, CZK, DKK, DOP, EGP, IDR, ILS, JOD, KES, KWD, LKR, MAD, MXN, MYR, NGN, NOK, NZD, OMR, PEN, PKR, PLN, RON, SEK, THB, TRY, VND, ZAR.
Fiat tutorials on Phemex's help center:
- List of restricted countries for fiat deposits
- How to buy crypto with fiat balance
- How to buy crypto with credit/debit card
All cryptocurrency deposits to Phemex are free of deposit fees.
Phemex Available & Restricted Countries:
- Up to $8,800 in welcome rewards and bonuses.
- Has low-fee fiat deposits through direct bank transfers and debit and credit cards, and 3rd party fiat deposits with more than 50 payment options.
- Has fiat withdrawals through wire transfers.
- P2P marketplace where you can buy crypto with PayPal, Advcash, and many other payment methods.
- KYC identity verification is optional.
- Only about a dozen assets for staking, and with low yields.
- Dark color scheme only available on trading screen.
- Low spot volume (exchange mainly focuses on derivatives traders).
About Phemex:
Over the past few years, Phemex emerged as a beacon of innovation and accessibility. Launched in 2019, this Singapore-based platform, spearheaded by former Morgan Stanley executives, has swiftly ascended to the forefront of the industry. With a global user base exceeding 5 million individuals across 200 countries, Phemex has become synonymous with efficiency, reliability, and cutting-edge technology.
Phemex stands as a premier cryptocurrency and derivatives trading platform, renowned for its comprehensive suite of services tailored to meet the diverse needs of traders worldwide. Boasting support for over 400 trading pairs and offering leverage of up to 100x, Phemex provides a dynamic environment for both novice enthusiasts and seasoned professionals to engage in the digital asset markets.
Noteworthy Features:
- Derivatives Trading: At its core, Phemex is a crypto derivatives trading exchange, offering a robust framework for users to engage in spot, contract, and margin trading with ease and precision.
- User-Friendly Interface: The platform prides itself on its intuitive charting and wallet interface, designed to streamline the trading experience for users of all proficiency levels.
- Low Fees and Deep Liquidity: Phemex sets itself apart with competitive fee structures and deep liquidity pools, ensuring optimal trading conditions for its diverse clientele.
- No-KYC Policy: Upholding the ethos of decentralization, Phemex operates with a strict no-KYC (Know Your Customer) policy, prioritizing user privacy and security.
- Educational Resources: Recognizing the importance of financial literacy, Phemex offers an extensive educational portal replete with guides, charts, and expert advice to empower traders on their journey to success.
Fiat Deposit and Withdrawal Fees
Bank Cards
Phemex has fiat deposits and withdrawals through credit and debit cards, starting at a 0.8% fee within EEA (European Economic Area). Outside EEA, fees are 2.8%. In UK and US, card deposit fees are 3.5%. With all fees included, in our test we received $957 when spending $1000 (4.3% fee). When withdrawing 1,000 USDT as USD to a card, we received $967 (3.3% fee).
Bank Transfers
A cheaper alternative is to deposit fiat through bank transfers. Phemex supports bank deposits via SWIFT, ACH, SEPA and FPS. Fees will depend on the amount you purchase as follows:
| Purchase amount | Buy fee | Fiat Withdraw Fee |
|---|---|---|
| $50 – $499 | 2% | 2% + $30 SWIFT / €2 SEPA /￡2 FPS |
| $500 – $9,999 | 1.5% | 1.5% + $30 SWIFT / €2 SEPA /￡2 FPS |
| $10,000 – $49,999 | 1% | 1% + $30 SWIFT / €2 SEPA /￡2 FPS |
| $50,000 – $99,999 | 0.5% | 0.5% |
| $100,000 – $499,999 | 0.1% | 0.1% |
| $500,000 – $100,000,000 | 0.08% | 0.08% |
Needless to say, fiat deposits and withdrawals will require KYC completion. You can deposit and trade crypto without identity verification, but fiat services will require submitting your ID card.
3rd Party Payments
In addition to direct deposits and withdrawals as mentioned above, Phemex also integrated multiple third-party payment providers for fiat services: Mercuryo, MoonPay, Paybit, Simplex, and Transak. Each of these services has different fees, supported currencies, countries, and payment options. Using 3rd party gateways lets you buy crypto with Skrill, Neteller, Astropay, and other digital wallets or payment methods.
Phemex History
Phemex embarked on its transformative journey in November 2019 under the stewardship of Phemex Financial Pte. Ltd., marking the dawn of a new era in cryptocurrency trading. Headquartered in Singapore and registered in the British Virgin Islands, Phemex embodies the spirit of global collaboration and technological advancement.
At the helm of Phemex is Jack Tao, a visionary leader with a wealth of experience in both traditional finance and algorithmic trading. As the CEO and founder, Tao’s expertise, honed over a decade in the industry, has been instrumental in shaping Phemex into a formidable force within the crypto space.
As Phemex continues to redefine the boundaries of possibility in the realm of cryptocurrency derivatives trading, its commitment to excellence remains unwavering. With a relentless focus on user experience, innovation, and inclusivity, Phemex stands poised to shape the future of finance for generations to come.
Is Phemex a Good Exchange?
Overall, Phemex is a solid medium-sized exchange catering to both beginner investors and experienced traders. Cheap and convenient fiat deposits with a simple but powerful trading interface makes this platform excellent for first time buyers. Experienced traders will find solid liquidity and volume on Futures market, plus a plethora of tools such as trading bots, margin trading and more.
When we compare all features and aspects, it’s obvious that Phemex is quickly growing and catching up to larger exchanges in the market compared. Phemex is a great choice for traders who need a privacy-focused exchange with optional KYC but powerful trading features.
Review Score Breakdowns:
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