Phemex Review 2023
Phemex is a multifunctional cryptocurrency exchange with headquarters in Singapore. The platform launched in 2019 and provides a wide range of tools for trading and investing, as well as additional earning services.
Features and benefits of the Phemex exchange, available trading tools and other opportunities to earn money have been researched by TGDRatings experts.
Sign Up and Verification
To start working with Phemex, you will need to register a user account. To do this:
- Go to official site of the exchange;
- Click on the Register Now button in the upper right corner of the homepage;
- Enter your email, password and specify the promo code (optional) in the next window → Create Account;
- A code for mail verification will be sent to the email specified during registration. Enter it in the next window;
- After entering the code, a welcome window will appear;
- Registration ended.
Phemex does not require KYC to start working with the exchange. However, passing the verification procedure opens access to the full functionality of the platform. In total, the site provides 3 levels of verification:
- On registration – “zero level”. Provides unlimited trading and replenishing of your account. Assigned upon registration;
- Basic – basic. Increases the cryptocurrency withdrawal limit per day in addition to the zero-level features. To receive it, you need to provide personal data;
- Advanced – advanced. It further increases the cryptocurrency withdrawal limit, allows the use of a P2P-service, and gives access to additional earning opportunities. To receive it, you need to provide passport data and make a selfie.
After registering the account, you need to configure its protection. Phemex offers a standard set of account security settings:
- Password – setting a password for logging in to your account;
- Google Authenticator – set up 2FA authentication;
- Email Verification – email verification. Take place when registering an account;
- Anti-Phishing Code – setting the anti-phishing code that accompanies each message from the exchange;
- Delete Account – deleting an account. After removal, the account can be restored within 30 days;
- Device Management – defines the list of devices that have access to the account.
The Account is Created. What’s Next?
After registering the account and setting account security, you need to replenish your account to start working on the exchange. Phemex supports account replenishment by purchasing cryptocurrencies with a bank card, direct transfer of cryptocurrencies from a crypto-currency wallet, or through the purchase of coins on its own P2P-service.
Deposit and Withdrawal Methods
For example, let’s fund a Phemex account with USDT cryptocurrency. For this:
- Click Assets On exchange main page → Deposit;
- Select the deposit currency in the next window, in our example USDT → click on the Deposit button;
- Select a network and copy the address to transfer funds (be sure to check that the network on the exchange and in the wallet from which the funds are being transferred match);
- Go to your wallet and paste the copied address in the field to transfer funds. Wait for until USDT will be transfered to your exchange wallet.
To withdraw from your Phemex account:
- Click Assets → Withdraw on the main page of the exchange;
- Set up the Google Authenticator on the next page and then enter the verification password;
- Select a cryptocurrency and a network (the type of network on the exchange and in the wallet must match), and then specify the address to withdraw funds;
- Check the data and click Withdraw.
Phemex Trading Conditions and Tools
Let’s take a closer look at the trading conditions and tools provided by Phemex.
Phemex allows you to buy cryptocurrency with a bank card through specialized services. To take advantage of this opportunity:
- Select Buy Crypto → Third-Party Payment in the main menu of the exchange;
- In the I want to spend field, specify the amount of fiat currency, which will be spent on buying crypto;
- In the You will receive field, select a type of cryptocurrency to buy;
- In the Choose a channel list, select the intermediary service through which the purchase will be made;
- Read the terms of the purchase in the section Payment Details → Buy;
- Follow the instructions of chosen service to complete your purchase.
Phemex supports spot trading of 300+ cryptocurrency pairs. To start trading, go to trading terminal: select Spot → Spot Trading in the main menu of the exchange.
Phemex also supports trading with USD and Crypto futures non-deliverable contracts (BTCUSD and ETHUSD only). Depending on the cryptocurrency pair of the contract, the exchange allows leverage up to x100. It is also planned to add USD(S) type futures contracts in the future denominated and settled in stablecoins (for example, in USDT ).
To start trading derivatives, you need to go to the trading terminal: select Contract → Contract Trading in the main menu of the exchange.
Phemex has copy trading service. Exchange users can become traders themselves or subscribe to existing traders and copy their trades. To get started, a new user will need to read the conditions offered by the trader (each trader has their own) and replenish the exchange account for copy trading.
P2P trading service Phemex supports 17 fiat currencies and allows you to buy and sell BTC, USDT and ETH. To go to the p2p trading page click Buy Crypto → P2P Trading in the main menu of the exchange, and then select the Express or P2P Trading service.
Fees and Limits
Exchange trading commissions depend on the type of the traded market, monthly trading volume, trading balance for the last day (for the spot market) and are divided into several levels. The higher level of a user has, the lower his trading fees.
For example, for the spot market, the initial commissions are 0.1% for the maker and taker, and for the maximum level users – 0% for the maker, and 0.04% for the taker. For futures: initial – 0.01% (maker) and 0.06% (taker), minimum – 0% (maker) and 0.0325% (taker).
Phemex also has limits and commissions for withdrawing funds from the exchange account. Their sizes depend on the particular cryptocurrency. For example, for USDT on the Tron blockchain, the exchange does not take commissions, but it is possible to withdraw minimum 2 USDT. For Bitcoin, the conditions will be different: the minimum allowable deposit for withdrawal is 0.001 BTC, and the commission will be 0.00057 BTC.
How to Trade on the Phemex Cryptocurrency Exchange
For example, lets consider the sequence of making a trading order in the spot market to buy BTC with USDT. For this:
- Open the trading terminal by clicking Spot → Spot Trading in the main menu of the exchange;
- Make sure BTC/USDT is selected as the trading pair in the upper left corner;
- Activate the green Buy field on the right side of the terminal;
- In the same place, switch the order type to Market order (to buy BTC at the current market price);
- In the Amount field, enter the amount of USDT you want to spend on the purchase;
- Click the Buy BTC button.
Other Phemex Services
Phemex offers about a dozen additional services. Conventionally, they can be divided into educational and for additional earnings. Let’s consider them in more detail.
Launchpad provides an opportunity to invest in new crypto projects selected by Phemex experts. The service page presents current projects, their description, as well as conditions for investing.
Earn service is a platform integrated into the Phemex exchange that allows you to receive additional income in cryptocurrency without active trading in the market. The Earn page is a common page for three main passive income services: deposit service, staking launch pool and prediction service.
Phemex Savings service allows you to deposit crypto on various durations and earn interest on invested coins. Depending on the conditions of the deposit, the site offers a reward of up to 25% on invested funds.
Launchpool service provides an opportunity to earn on staking promising cryptocurrencies. Staking rewards are earned every hour, and you can withdraw funds from the staking pool at any time.
Crypto Prediction Markets
Prediction Market – is a platform for betting. It allows you to bet on the outcome of events in the world of cryptocurrencies, politics, economics and sports.
Academy provides tutorials and review materials on a wide range of topics related to cryptocurrencies: reviews of new projects, information about NFT and DeFi, technical analysis, metaverses, etc. It is also provides periodic contests for the readers of the Academy in which you can get cryptocurrency.
Learn & Earn
The service Learn and Earn allows newcomers to the world of crypto to earn their first money, studying fundamental materials on the topic and successfully passing thematic tests.
The Student Foundation page is dedicated to the Phemex Student Foundation, which supports outstanding young professionals in the fields of Web3, cryptocurrencies and blockchain.
Phemex Testnet is an exchange trading simulator that allows you to test trading strategies on real quotes of cryptocurrency pairs for free and without a risk for real deposit. To participate yot have to come through a separate registration by e-mail address.
Besides the additional services, Phemex offers various bonuses and programs for new and existing users of the exchange. All promotions are listed in the Promotions section on the main page of the site. Let’s consider them in more detail.
The Welcome Bonus section contains tasks and conditions for which you can receive vouchers or bonuses for deposit.
The page VIP Program contains the conditions for applying for special terms service, and also describes the bonuses that vip-service gives: discounts on trading commissions, personal support, account maintenance priority, etc.
The Referral Friends page contains information about the conditions of the referral program, remuneration for inviting referrals, as well as a summary table of referral income payouts.
For each invited referral, the exchange:
- Paying the user and the referral 5 USDT each;
- Provides the user with the opportunity to earn up to 500 USDT if the referral complies with the deposit conditions and trading volumes;
- Pay the user up to 350 USDT cashback if the referral keeps trading. In this case, the referral can receive up to 155 USDT as a cashback.
The page All-Star Program contains a description and conditions of work for users wishing to become Phemex influencers. The program offers extended rewards to active promoters of the platform: increased payouts for attracting users, the formation of a multi-stage referral network, increased income from commissions for new traders.
In addition to the desktop version of the platform, Phemex has applications for smartphones running on Android and iOS. App download links can be found either by scrolling the exchange home page to the footer or by clicking the APP button at the top of the home page.
Review and recommendation service Trustpilot rated Phemex at 2.9 points out of 5. Users speak well of the support service, user-friendly application and intuitive interface of trading terminals. The negative reviews are mainly related to high commissions for BTC and ETH withdrawals, groundless account blocking, problems with the support service, etc.
It is worth noting that Phemex actively works with negative reviews and does not leave them unanswered.