phemex review

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Phemex review

Phemex is a quite new exchange in the crypto market. It saw massive growth in popularity in 2020. Currently, Phemex is one of the top 10 derivatives exchanges. This is a Phemex review and beginner’s guide. You’ll also find our Phemex experiences.

Phemex company overview

Phemex opened its doors on the 25th of November 2019. The launch was reported by Reuters and many other global news sites. The founder of Phemex is Singaporean Jack Tao. He has 11 years of experience from the global investment bank Morgan Stanley

Besides Tao, there are seven other former Morgan Stanley executives at Phemex. They have lots of experience in the enterprise application sector. Tao assembled a team of over 30 people when founding Phemex. The exchange was vigorously tested for months before the doors finally opened.

The name Phemex is a combination of Greek mythology (‘Pheme’) and ‘mex’, which means mercantile exchange.

Phemex started to attract lots of attention in 2020. Many social media influencers talked about this exchange. It’s no wonder it has become one of the top derivatives exchanges in the market. Its competitors include Binance, ByBit, and FTX.

Do you have Phemex experiences? Help to improve this article by sharing your thoughts in the comment fields below.

Phemex registration

Now we’ll guide you through the registration and key features. Click the button below to open a new account.

Phemex registration

You should land on the registration form. If this doesn’t happen, click the white Register button in the top corner of the Phemex front page. This will open the registration form.

phemex registration

You only need to input an e-mail address and a password. Fill in the required information and click Continue.

Next, you should receive a confirmation e-mail in your inbox. This should happen in a matter of seconds. If you don’t receive the confirmation, check your spam folder and/or try again.

That’s it! Now your Phemex account is opened.

Phemex is a cryptocurrency exchange, which doesn’t require a KYC process. This is a good feature for those who want privacy. It also means there are no bank wire deposits and withdrawals available.

Note. This review is done by using the desktop version of the site. If you are using a mobile app, some features and menu items might be placed differently.

Phemex deposit

After clicking the confirmation e-mail and finalizing the registration, you are redirected to the exchange. The following popup appears.

phemex deposit

If you want to proceed straight to deposit, click Deposit Now. Alternatively, you can close this popup and browse around the site. When you want to deposit, click Assets from the main menu and select Deposit.

This is the deposit page for Bitcoin.

phemex btc deposit

Phemex offers a deposit bonus for new customers. Click Learn more to view the current terms & conditions. At the time of writing this article, there is a $60 bonus available from a deposit worth 0.2 BTC, 2000 USDT, 10 ETH, 10.000 XRP, or 500 LINK.

Phemex supports these five cryptocurrencies for deposits. Choose the coin you like, click Continue, and make a deposit to the given address. The confirmation time depends on the cryptocurrency used.

How to buy cryptocurrency with fiat

Phemex doesn’t force a KYC process on its customers. This is nice, but the downside is that bank wire deposits & withdrawals are not available. It’s still possible to buy cryptocurrency with fiat (EUR, USD, etc.).

Choose Buy Crypto from the main menu to access the following page.

phemex buy crypto

You can’t make a direct fiat deposit to your Phemex account. You must purchase one of the five supported cryptocurrencies (BTC, USDT, ETH, XRP, LINK). For example, you could buy directly $100 worth of bitcoins to your account.

Bank wire purchases are available through third-party operators Moonpay & Coinify. These purchases should arrive at your account in 15 minutes. There are some limitations regarding minimum and maximum purchases. Fees and exchange rates are also quite high.

We don’t recommend purchasing crypto like this. Use an exchange, where you have already done KYC and make a bank wire deposit there. Buy bitcoins with fiat and send those coins to Phemex.

Phemex withdrawal and 2FA

If you want to withdraw your crypto, click Assets from the main menu and choose Withdraw. When withdrawing for the first time, you’ll see the following notification.

phemex withdraw

Phemex doesn’t allow withdrawals until 2FA has been enabled. This is an important security element, and it should be activated in every online service you use. Click Bind Now and follow the on-screen instructions.

In order to enable 2FA, you’ll need the Google Authenticator app on your mobile. Remember to write down the backup code given by Phemex. You can use that to access your account if the Authenticator app is not available (phone lost or not working).

You can now withdraw your funds.

phemex withdraw link

First, choose the currency you wish to withdraw. Type in the amount and your wallet address. Click the Withdrawal button to finalize the process.

Withdrawals are processed three times a day for standard users: 08:00, 16:00, and 24:00 UTC. Premium-level users are processed once every hour.

Phemex spot trading

Phemex has two trading platforms: spot trading and contract trading. Spot trading is a traditional exchange, where you can buy and sell cryptos just like anywhere else. Contract trading means derivatives a.k.a margin trading. You can use up to 100x leverage for longs & shorts.

There is also a simulated trading option. This is like a TestNet version of the exchange, where you can simulate trading strategies without risk.

Click Products from the main menu and choose Spot Trading. The image below is from the Spot side.

spot trading

This is a quite typical spot trading view. There are also price graphs, the latest trades, and your trading history. Standard users will use the Limit and Market options. There are more features available for Premium users.

You can tell Phemex is mostly a derivatives exchange because spot trading is quite limited. There are only USD and USDT trading pairs available. This means you can’t swap BTC to LINK or LTC to ETH. Volumes are also quite small on the spot side. The focus is strongly on margin trading.

Phemex contract trading

Let’s look at the derivatives exchange. Click Products from the main menu and choose Contract Trading. It’s a quite typical margin trading page you can find at Binance, BitMEX, or other popular exchanges.

phemex margin

There’s tons of information cropped out of the picture, such as contract details, price graphs, order book depth, etc.

There are quite a few features available for standard users too. Phemex enables leverage up to 100x. This is like the industry standard (or minimum) these days. Some exchanges have even 150x leverage available.

Learn more from the Phemex margin trading from the following video.

Phemex has a different wallet for both trading platforms: there is a spot wallet and a contract account. Before you can start margin trading, you need to move funds to the contract account. Click Assets -> Contract Account for that.

Note. Trading derivatives is highly risky and recommended for professionals only. doesn’t recommend leverage and margin trading for inexperienced users. There is a high risk of losing funds. You should also be aware that derivatives are taxed differently than spot trading in some countries.

Do you have Phemex experiences from spot trading or contract trading? Write a comment below!

Phemex fees and the Premium account

Phemex is attracting new customers by offering trading with zero fees. How is this possible? This is done with a separate Premium account. By becoming a Premium user, you can trade in the Spot market without fees.

Click Products from the main menu and choose Premium Membership.

There are three user tiers at Phemex: Standard, Premium, and Full Premium. In margin trading, fees are the same for all: 0.075% taker and -0.025% maker fee.

phemex premium

Standard users are paying 0.1% fees in the spot market, but Premium users trade without fees. This applies to both mobile and desktop versions. Trades done via API have a 0.1% fee. There are also additional features available for Premium users, such as conditional orders.

You’ll get a free 7-day Premium trial after opening an account. You can extend this trial to 30 days as follows.

Become a Premium user by purchasing an upgrade. Prices are $9.99 for 30 days, $19.99 for 90 days, or $69.99 for a year. Premium account is purchased using cryptocurrencies (USDT, BTC, ETH, LINK, XRP). The membership is renewed automatically.

The idea is to replace the traditional fee model with a fixed monthly fee. This is an attractive option for active traders. Remember, that zero fees only apply to spot trading. Margin trading is not free even at the Premium level.

Click Company from the main menu and choose Fees & Conditions to find the up-to-date conditions and prices.

Phemex experiences and overview

Phemex is a new operator in the market. This is when comparing to giants like Binance, Coinbase, and Kraken. Phemex is challenging the market leaders with the statement “We are building the world’s most trustworthy cryptocurrency derivatives trading platform”.

As you have noticed, Phemex is best suited for active and professional traders who like derivatives markets. It’s not the optimal choice for a small investor, who only does spot trading. The lack of wire transfers and limited trading pairs is a handicap.

On the other hand, if you are mostly trading Bitcoin and Ethereum, it’s an attractive option to have fixed monthly fees. We recommend trying this service yourself! See how it fits your trading needs.

The volume at Phemex is mostly coming from the derivatives exchange. There are only about 10 exchanges in the world with higher volumes.

When looking at Phemex from a pro trader’s point of view, there aren’t really negative things to mention. Social media is also full of people with positive Phemex experiences. Many of them like the fact there is no compulsory KYC.

If you need a high-quality derivatives exchange, try Phemex today!

Open a Phemex account

Follow Phemex on social media to stay up-to-date on the latest promos and news. The official Twitter handle is @Phemex_official. There is also an official Telegram channel and a Youtube channel full of useful information.

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Articles written by Bitcoinsentralen are produced by our team. There are several crypto specialists working at Bitcoinsentralen. The head analyst of Bitcoinsentralen is Antti Hyppänen.