Phemex Review 2021

With the current emergence of cryptocurrency as a leading financial domain, many sites have started dealing in the same field. Among them, the Phemex trading platform appears as one of the most trusted and hassle-free sites where people can turn their crypto wealth into profits. Phemex came into being as its founders noticed a lack of professional etiquette, credibility, and customer support in the cryptocurrency trade.

Phemex Summary

Headquarters Singapore
Found in 2019
Native Token None
Listed Cryptocurrency BTC, ETH, BCH, LTC, USDT, and more
Trading Pairs 20+
Supported Fiat Currencies USD
Supported Countries Angola, Austria, Barbados, Finland, Greenland, Hungary, India, Malawi, Nauru & more
Minimum Deposit N/A
Deposit Fees Free
Transaction Fees Taker:0.075%
Maker:-0.025%
Withdrawal Fees Depends on Currency
Application Yes
Customer Support Mail, Live Chat, Help Center Support

What Is Phemex and Its Mission?

Phemex holds the mission of making everyone and not only experienced traders trade efficiently without taking any havoc risk. They march forward with the vision of making themselves the best cryptocurrency platform that is available in the market, along with offering sound investment advice.

In this Phemex review, we will focus on how it works, its main features, the pros and cons of the site, and a lot more. With its office based out of Singapore, Phemex is run by eight former executives of Morgan Stanley. Phemex exchange allows users to trade various trade perpetual contracts like ETHUSD, BTCUSD, LTCUSD, LINKUSD, XRPUSD, and  XTZUSD with a 100X leverage.

Phemex allows users from all over the globe to trade digital currencies through a medium that is safe and not too complicated to navigate through. The efficiency of Phemex is quite high as it is currently rated at #6 for the daily trading volume. One can safely trade here with different trading strategies.

Phemex Review - Platform InterfacePhemex Review – Platform Interface

How Does Phemex Work?

Phemex works in a pretty simple manner. Users have to create their account on the site, and after registration, they can log in to their account and start trading and earn interest.

Quick Summary

  • Phemex is a crypto trading platform founded by eight former Morgan Stanley executives.
  • Phemex aims at providing its customers a hassle-free and safe space to deal in the crypto domain.
  • Phemex allows spot exchange without any fees.
  • Users do not need to have their KYC done to start using Phemex.
  • Phemex has a 24/7 customer support team that helps its users to trade seamlessly at any point of the day.

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Features of Phemex

Phemex comes with many features and benefits. Some of them are mentioned in this Phemex review:-

  • One of the best things about Phemex is that it is extremely user-friendly, and even a non-specialist would not find it difficult to navigate through the site and start trading volume. The site also offers a wallet interface that only helps the users more.
  • Another helpful feature of Phemex is that one does not require a completed KYC to start using the platform.
  • Phemex also offers spot exchange without any fees. Users greatly enjoy this feature of the site. 
  • The site offers a Phemex demo account so that users can trade without any associated risk.
  • The site derivatives exchanges trading with up to 100x leverage and BTC or USDT settlement.
  • There is a mobile application of Phemex that allows you to use it anytime, anywhere.
  • Phemex has quite a generous welcoming program to offer to its new users. People opening an account on Phemex can expect to get a lot of bonuses and facilities to get started with on the platform.  
  • A user holds the ability to earn up to ten percent of interest on a Phemex deposit of USD in a fixed or flexible savings account.
  • Another benefit of Phemex is that its customer service team runs 24/7 and ensures user satisfaction every time.

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Product and Services Offered by Phemex

Phemex offers a number of services and products that are hugely beneficial to users. One of the many features of Phemex happens to be spot trading. Another noticeable service that Phemex offers is that it permits you to start trading by transferring Bitcoin from a crypto hardware wallet to a digital asset trading site. The USDT and Bitcoin deposits remain safe within the wallet.

Phemex also allows its users to trade with zero trading fees, and that happens to be another popular service offered by the crypto trading platform. 

Phemex Review: Pros and Cons

Pros Cons
100X leverage trading. Citizens of the US are not accepted to trade on Phemex.
Various cryptocurrencies are supported on the platform. The site offers a lower amount of liquidity in comparison to Bitmex and other similar sites. 
A user can create sub accounts and manage the sub account system.
The platform is community focused.
One does not need to have their KYC done to start spot trading on Phemex.
The Phemex user interface offered by the platform is modular. Phemex allows its users to trade with many advanced types of orders.

Phemex Registration & Login Process

Registration Process

The registration process on Phemex is quite easy. The step-by-step guide regarding registering yourself on Phemex is described below:-

  • The initial step of the registering process on Phemex is to go to the official site of the trading platform.
  • Once on the page, you need to provide your email id along with a password strong enough that you could remember as well.
  • Once you are done with providing this information, you will need to confirm that the email id you have provided is a valid one. You will be able to do so by clicking a particular link provided in your mailbox by Phemex. In case you cannot find the link in your mail inbox, you might as well check the spam folder. 
  • Make sure that the email you provide is active and secure because all the information related to your Phemex accounts, like OTP codes, various relevant notifications, and security updates, along with 2FA authentication, will be sent to your email only.

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Login Process

Now that you have registered yourself on Phemex, you will need to log in to your account to start your crypto trading journey. The logging-in process is easy and secure, and the site uses a 2FA authentication along with OTP and other relevant measures to make it absolutely sure that your account is not hacked.

The login process on the site is described below:-

  • As the first step, you need to visit the website of Phemex. Make sure that you have visited the official website of the trading platform and have not been redirected to some fake hacker’s page fishing for your login credentials.
  • After you are on the homepage of the site, you need to click on the ‘login’ button.
  • Upon clicking on login, you will be prompted to enter your email id and password that you had used while registering yourself on the site.
  • You will then be asked to enter an OTP that has been sent in your mail inbox.
  • You will have to go to your inbox, copy the OTP and paste it into the relevant box on the site to complete the login process.

Once you have successfully logged in, you need to ensure that you have updated your account security by completing your account’s configurations and security settings and have also activated the 2FA security feature that the site provides.

Phemex Sub-Accounts

Since Phemex allows its users to have sub-accounts or accounts, the site ensures that users can switch between their various secondary accounts seamlessly. This Phemex review includes the steps that one needs to follow to manage, use and switch between their sub-accounts in a hassle-free manner.

  • As the first step, you have to go to Phemex.com/sub-accounts.
  • Once you are on the mentioned web address, you will be able to create or delete or switch between the various sub-accounts that you have. If you have only one sub-account, you will be able to manage it following the same process.

Another way that you can follow to reach your sub-accounts page is:-

  • Firstly, log in to your Phemex account.
  • Once you have logged in, you have to click on your profile name situated on the upper right side corner of the page and click on ‘Sub-Accounts.’

Upon clicking, you will be taken to the relevant page, where you will be able to manage your sub-accounts smoothly.

How to Trade on Phemex with Zero Fees?

Phemex being one of the best among the spot trading platforms, allows its users to trade with zero Phemex fees. Below mentioned are the steps that one needs to follow in order to Trade with Phemex with zero fees:-

  • As the first step, you will have to log in to your Phemex account.
  • Once you have logged in, you will have to navigate to the menu on the top and hover over the heading that says ‘products.’
  • You will then have to make use of the drop-down menu and click on ‘spot trading.’
  • In the next step, you will have to choose the crypto asset you want to trade. You can choose assets like Ethereum or Bitcoin. 
  • Next, you will have to enter the amount that you would like to buy or sell back to USDT.
  • For safety, you might consider reviewing the order once to ensure all the details you have provided are correct.
  • As the final step, you will have to click on the red ‘sell’ or green ‘buy’ button to finalize the purchase.

According to the Phemex website, the exchange also offers a perpetual contracts trading for GOLD/USD, as well as other assets such as S&P 500 equities, stock indexes, interest rates, FOREX, commodities, energy, and metals, which will be available on the platform soon.

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Phemex Bonuses Details

Phemex provides its users a number of bonuses upon performing three different tasks so check them below:-

Opening an Account

As the first step of using Phemex, a user can open their account on the site. Users get a $2 opening-an account bonus. The bonus amount automatically is added to your account, and you can use it to start trading on the platform. And, also new users can earn up to $100 in Welcome Bonus!

Depositing For the First Time

If you are a Phemex user, you will be getting an additional bonus on your first deposit. The maximum amount of bonus one can get from this facility is $60, and depositing at least 0.2 BTC is required to unlock this benefit.

Shout Out on Social Media

Once you have your trading account on Phemex, liking them and giving them a shout-out on social media will get you an additional $10 as a bonus amount.

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In total, you can expect to get as much as $80 as your bonus amount from Phemex. However, you should keep in mind that these bonus amounts might change at any given point in time.

Besides these, Phemex premium account holders enjoy a number of additional benefits.

Phemex Fees

The platform offers ample facilities regarding Phemex withdrawal fees as well. The deposits on the platform are free.

However, in matters of trading fees, Phemex charges a 0.075% taker fee and -0.025% maker fee. These rates are charged according to industry standards.

Besides, the site also happens to have a funding rate as per the leveraged position. In other words, a position that is highly leveraged will have quite an impact on matters of equity. For more details click here.

Phemex Deposit and Withdrawal Methods

Phemex wallet allows its users withdrawal and deposit with credit cards and Bitcoin. There is a certain minimum withdrawal limit as well, set at 0.002BTC.

You must purchase Bitcoin before utilizing Phemex. Users may either deposit BTC into their BTC wallet and work their way into the market from there or on Phemex once they’ve joined. Users must then fill their Bitcoin trading accounts with pre-deposited money from a wallet in order to trade Bitcoin-settled contracts. Users may also swap BTC from their wallet to their USD trading account at a real-time rate to trade USD-settled contracts.

Withdrawals, on the other hand, are a breeze for customers. All a user needs to do is input their wallet address, the amount of Bitcoin they want to withdraw, and then complete the transaction using normal 2FA capabilities. Unfortunately, unlike other exchanges such as Coinbase, there appears to be no way to white-list Bitcoin addresses. This might be construed as a security flaw.

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Phemex Trading Platforms

The Phemex platform was created to ensure that both beginners and experienced crypto traders can trade on Phemex with equal ease.

The broker firm of Phemex uses the best technology in terms of security and web development and therefore is able to offer one among the best cryptocurrency trading platforms. Users can always be assured that no matter what type of volatility is going on in the crypto market, this particular site will continue to provide a secure, safe, efficient, and stable contract trading environment.

Another interesting fact about this platform is that it has not recorded any incidence of the site hanging or freezing, something which Bitmex, a big name in the crypto industry, had to go through.

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Phemex Security

Phemex has a hierarchical Deterministic Cold Wallet System that assigns different cold wallet deposit addresses to each user in terms of security and that makes it the most secure cryptocurrency exchange. All these deposits are collected and sent to the company’s multi-signature cold wallet through offline signature on a regular basis. Withdrawal requests are processed thrice per day on the site, which might be the reason behind the unusually high withdrawal wait periods.

The platform holds up its servers with Amazon Web Service (AWS) Cloud, and that is a recognized industry standard that meets or exceeds safety and security requirements. In addition, Phemex uses firewalls to divide trading zones inside its internal network.

Technically, this contract trading platform happens to be made up of two main elements: the CrossEngine and the TradingEngine, which match customer orders based on the priority of time and its price.

The developers have also said that there would be almost little downtime for traders. In fact, Phemex says that consumers won’t notice any unexpected system downtime. This is owing to its recovery technology, which ensures consumers have 99.99 percent uptime. If this holds up over time, it will be critical for exchanges that are open 24 hours a day, seven days a week.

However, because Phemex is a new derivatives trading exchange platform, only time will tell how it will respond to hostile assaults when they inevitably occur.

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Supported Currencies and Countries

Phemex offers the 21 cryptocurrencies, and some of them are:-

  • Bitcoin(BTC)
  • Ethereum(ETH)
  • Chainlink(LINK)
  • Dogecoin(DOGE)
  • Cardano(ADA)
  • Litecoin(LTC)
  • Bitcoin Cash(BCH)

Phemex allows a number of countries to trade on their site. Some of them are mentioned below:-

  • Angola
  • Austria
  • Barbados
  • Finland
  • Greenland
  • Hungary
  • India
  • Malawi
  • Nauru

However, some countries like the US, North Korea, Quebec, Cuba, Singapore are not allowed on their platform.

Phemex Customer Support

Phemex offers an efficient customer support service that is available 24X7 to help the traders with any crypto-related query. The customer support team ensures that the investors have a seamless experience of transactions on the site.

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Conclusion

Phemex provides a wealth of perks and prospects for cryptocurrency traders, with few downsides. The website is simple to navigate and ideal for both novice and seasoned investors who are into crypto investing. Investors without much idea of trading strategies will also find the platform easy for investments.

FAQs

Is Phemex a Good Exchange?

Phemex, a relatively new crypto exchange site, is quite a good site with the necessary features and benefits. 

Can US Citizens use Phemex?

Unfortunately, Phemex does not allow US citizens to use the platform.

Does Phemex Have Fees?

Phemex offers the facility to trade on the site without any trading fees. However, a minimal network fee is charged.

Is Phemex Safe to Use?

After a thorough Phemex review, it can be safely said that Phemex is a safe platform to use for crypto-related trading. However, users should review Phemex once themselves before getting started.

Is Phemex Exchange Regulated?

Despite being a popular exchange, Phemex has not yet been regulated.

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