Phemex Exchange is a professional and trustworthy global cryptocurrency and derivatives trading platform. This Phemex review is an up-to-date, detailed analysis of the Phemex exchange, containing everything you need to know about Phemex and whether it’s the right exchange for you.
Let’s find out!
Phemex Exchange review
Phemex Exchange is a cryptocurrency derivatives trading platform. It was founded in 2019 in Singapore by former Morgan Stanley executives. Jack Tao, a former software engineer and VP at Morgan Stanley, is the CEO and founder of Phemex.
Phemex Exchange is quickly gaining popularity because of its low fees and deep liquidity, as well as its user-friendly charting and wallet interface, tight/fast execution spreads, and spot, contract, and margin trading.
The centralized cryptocurrency exchange (or CEX) caters to a wide range of clients, from cryptocurrency newcomers to professional investors. Phemex provides financial advice to help traders improve their trading experience, an educational portal with guides and charts, a simple registration process, a useful mobile app, referral programs, and ways to generate passive income.
The platform enables the purchase of digital assets in real time. The project’s website claims that it can handle 300,000 transactions per second, with an order response time of less than 1 millisecond.
Phemex review: What is Phemex?
Phemex Crypto Exchange is a Singapore-based cryptocurrency exchange that focuses on spot and derivatives trading. It is led by a group of eight former Morgan Stanley executives. Individuals from all over the world can use the exchange to buy, sell, and trade cryptocurrencies on a user-friendly and secure crypto platform.
Phemex has transparently released Merkle-Tree Proof-of-Reserves so that all users can verify that all funds on the platform are 100% backed. Phemex stands out as one of the best and most trustworthy crypto exchanges because it was the first to publish both proof-of-reserves and proof-of-solvency using a novel, self-proving approach.
The name of the exchange is derived from the combination of Pheme and MEX.
The Greek god of fame, Pheme, represented the public’s voice. MEX is an abbreviation for “mercantile exchange.” They represent our vision for a better financial future in which everyone’s voices are heard and old identities are discarded in favor of equal opportunities.
Phemex review: Phemex Pros and Cons
- Phemex earn: Phemex exchange offers users the opportunity to earn high returns on their crypto by staking. Phemex Earn is an integrated platform that combines savings accounts, launch pool, and more financial services. It has support for over 10 cryptocurrencies with good APY.
- Bug bounty: Phemex goes the extra mile to ensure the safety of the exchange and its users by integrating a bug bounty program that incentivizes cyber security researchers that finds ways in which the exchange can be exploited via a hack, breach, etc.
- Referral program: Phemex All-Star Affiliate Program allows users to permanently earn up to 50% in commissions on all trading fees collected from the referral network.
- Educational resources: Phemex offers an impressive library of educational resources in its blog and academy section. You’ll find articles on a wide variety of crypto topics, such as how crypto mining works, fiat currency vs cryptocurrency, etc.
- Phemex Copy Trading: Copy trading is another popular feature now supported on exchanges like Gate.io and Bitget. Copy trading is a great way for traders to earn passive income just by copying the trades of experienced/professional traders.
- Over 200 cryptos supported: The platform has an array of cryptocurrencies to select from. So if there’s a token you’re looking for, there’s a chance you’ll find it on Phemex.
- No lending or borrowing against your crypto: More and more crypto exchanges are offering lending services. Phemex does not offer a way to lend or borrow via the exchange.
Phemex review: How Phemex Works
Phemex offers several methods for depositing assets. Transfers of major cryptocurrencies from other digital wallets and trading exchanges are supported. It also supports a diverse range of cryptocurrencies, allowing you to buy, sell, and trade cryptocurrencies.
The desktop and mobile versions have similar features. Bitcoin and other cryptocurrencies can be purchased with a credit card, debit card, bank account, or Apple Pay. The Phemex app includes a deposit wallet that can be used for either spot or contract trading.
The Copy Trading feature also helps crypto traders new to trading to copy and replicate the movements of professional (Top Trader) traders. There are certain standards for becoming a Top Trader, and more details can be found here.
Phemex review: How to use Phemex
Phemex can be used with ease as the platform was designed for both beginners and professionals alike. Users can also find detailed guides, a help center, and FAQs. To begin, users must sign up and complete the necessary know-your-customer (KYC) process in order for the OTC account to accept fiat money deposits.
Then they must decide whether they want an individual or institutional account. The next step is to make a deposit of fiat currency or cryptocurrency. Phemex immediately executes the trade after the user selects the asset and price. Fiat settlements typically arrive within two hours, while crypto settlements arrive instantly.
Phemex Sign up
This Phemex review shows how you can complete Phemex registration in just a few steps.
Visit Phemex, at the top right corner of the landing page, and click on “Register Now.”
On the “create account” page, input your email address, create a password, and input a referral code if you have one; if you don’t, you can use this (FUN7C5), then click on “Create account.”
A link will be sent to your email address; copy and paste the 6-digit code in the required field, or click on “Confirm email.”
Note: Voila! You have verified your email, and your account has been successfully created. Now it’s time to verify your identity.
In this Phemex review transacting on Phemex without KYC puts your account on a limited basis. To prevent this and enhance your security and that of Phemex, you can carry out the KYC procedure in just a few steps.
Log into your account at the top right corner of the page and click on the person icon. Then, on the overview page, scroll down to the Identity Verification section and click “ID and Face Verification.”
On the pop-up select your verification type and click on “Confirm.”
Click “Start” to commence
Now choose your country and select an ID type to proceed.
You can select “Continue on mobile” to take clear pictures of your selected ID type.
Input your email address in the required field and click “Send.” A link will be sent to you. Make sure you follow the on-screen instructions carefully, as seen in the screenshot, to upload your documents.
Note: After completing KYC, you will have increased security as well as additional features and benefits. Verified users can, for example, purchase and use Phemex’s premium memberships, which allow spot trading with no fees for up to $1 million per day or $5 million per month.
How to enable 2FA Authentication on Phemex
Log into your account at the top right corner of the page and click on the person icon. On the overview page, head to the Security Verification section and click on “Bind Google 2FA.”
Install Google Authenticator. Open the app and use it to scan the QR code displayed on your screen. A 6-digit code will be displayed on your device. Input it in the verification code section and click on “Confirm.”
Then an email will be sent to you containing a 6-digit verification code. Copy it and paste it into the required field, and voila, you’re all set up.
Phemex review: How to Deposit on Phemex
This Phemex review shows a detailed guide on how to make a deposit on the Phemex exchange app.
Firstly, make sure that you are logged into your Phemex account. Next, on the homepage of the app, tap on the “Deposit” icon.
Select the coin that you want to deposit. Phemex is constantly listing the latest coins; please make sure you also select the same coin on the platform where you are withdrawing funds for this deposit.
After selecting your desired coin, select the network you would like to deposit it into. Please ensure that you have chosen the same network on the platform from which you will withdraw the funds for this deposit.
Now you’ll have to copy the withdrawal address, then paste the address field into the platform you intend to withdraw crypto from.
After confirming the withdrawal request, please be patient, as it takes time for the transaction to be confirmed. The confirmation time varies depending on the blockchain and its current network traffic.
Phemex review: How to Withdraw on Phemex
This Phemex review shows a detailed guide on how to withdraw using the Phemex exchange app.
Log into your Phemex account, then tap the corner right icon at the bottom, which is your wallet icon.
Next, obtain the deposit address to which you wish to make a deposit. The deposit address could belong to you but be for a different wallet, or it could belong to someone else entirely. Once you have decided on the deposit address, tap on “Withdraw” in the top blue section of the app.
Once you have tapped Withdraw, several options for obtaining coins will appear. Choose the cryptocurrency you want to withdraw from the coin list or by searching for it. Make sure that the asset you select has enough funds available in or transferred to your Phemex Spot Wallet, in order to be withdrawn.
Next, select a network. Please make sure the network you have selected is supported by the receiving platform and by Phemex.
If you don’t have any address in address management, you could just paste the address you copied, or alternatively, type it in. If you don’t want the address in address management, you could delete it and just paste the address you copied, then click on “Confirm.”
Note: When selecting some crypto coins, such as XRP, LUNC, EOS, etc., they might require tags/memos. Therefore, for coins that need tags/memos, please ensure that you have input the correct information for your withdrawal.
When you enter the withdrawal amount, you will be able to see the minimum amount, transaction fee, available balance, and limit remaining today. Click “Withdrawal” and then “Confirm” to proceed.
Get your Google Authenticator code to make a verification in order to ensure your assets’ safety.
You will receive an email confirmation regarding the withdrawal. Please respond within 30 minutes, as the email will expire after that time. If you do not finish confirming within 30 minutes, the withdrawal will be invalid.
You can confirm the withdrawal details again via this confirmation email, then click Confirm to proceed, and you’re all done.
Note: After you have finished all the withdrawal steps, to view the withdrawal data, you can check your withdrawal history by selecting Wallet then Withdrawal, and finally click the icon in the upper right corner.
Phemex Supported Crypto
Phemex offers over 200 spot markets and over 100 for perpetual contract trading. Some of the cryptocurrencies available for either type of trading include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Dogecoin (DOGE)
- Cardano (ADA)
- Litecoin (LTC)
- ChainLink (LINK)
- Aave (AAVE)
- USD Coin (USDC)
- Tether (USDT)
Phemex review: Phemex Exchange Fees
Phemex has different fee structures which are outlined in the tables below.
Phemex Spot Trading Fees
Phemex is a full-service platform that stands out from the rest due to its fee model. The exchange charges a 0.1% spot fee (0.1% of the transaction value for market makers and takers with discounts available to high-volume traders). What are phemex fees, find out in the table below.
|Symbol||Minimum Price Increment||Minimum Order Value||Max Order Amount|
|BTC / USDT||0.01 USDT||1 USDT||10 BTC|
|ETH / USDT||0.01 USDT||1 USDT||150 ETH|
|ETH / USDC||0.01 USDC||1 USDC||150 ETH|
|XRP / USDT||0.00001 USDT||1 USDT||500,000 XRP|
|XRP / USDC||0.00001 USDC||1 USDC||500,000 XRP|
|LINK / USDT||0.0001 USDT||1 USDT||30,000 LINK|
|LINK / USDC||0.0001 USDC||1 USDC||30,000 LINK|
|XTZ / USDT||0.0001 USDT||1 USDT||150,000 XTZ|
|XTZ / USDC||0.0001 USDC||1 USDC||150,000 XTZ|
|LTC / USDT||0.01 USDT||1 USDT||4,000 LTC|
|LTC / USDC||0.001 USDC||1 USDC||4,000 LTC|
|ADA / USDT||0.00005 USDT||1 USDT||500,000 ADA|
|ADA / USDC||0.00001 USDC||1 USDC||500,000 ADA|
|TRX / USDT||0.00005 USDT||1 USDT||7,500,000 TRX|
|TRX / USDC||0.000001 USDC||1 USDC||7,500,000 TRX|
|ONT / USDT||0.00001 USDT||1 USDT||2,000,000 ONT|
|ONT / USDC||0.00001 USDC||1 USDC||900,000 ONT|
|BCH / USDT||0.01 USDT||1 USDT||1,500 BCH|
|NEO / USDT||0.001 USDT||1 USDT||20,000 NEO|
|EOS / USDT||0.0001 USDT||1 USDT||200,000 EOS|
|COMP / USDT||0.01 USDT||1 USDT||1,000 COMP|
|YFI / USDT||0.01 USDT||1 USDT||10 YFI|
|ALGO / USDT||0.00001 USDT||1 USDT||300,000 ALGO|
|DOT / USDT||0.001 USDT||1 USDT||10,000 DOT|
|DOT / USDC||0.0001 USDC||1 USDC||10,000 DOT|
|UNI / USDT||0.001 USDT||1 USDT||15,000 UNI|
|AAVE / USDT||0.01 USDT||1 USDT||1,000 AAVE|
|DOGE / USDT||0.000001 USDT||1 USDT||4,000,000 DOGE|
|DOGE / USDC||0.000001 USDC||1 USDC||4,000,000 DOGE|
|BAT / USDT||0.00001 USDT||1 USDT||300,000 BAT|
|BAT / USDC||0.00001 USDC||1 USDC||300,000 BAT|
|CHZ / USDT||0.00001 USDT||1 USDT||700,000 CHZ|
|MANA / USDT||0.00001 USDT||1 USDT||200,000 MANA|
|MANA / USDC||0.00001 USDC||1 USDC||200,000 MANA|
|ENJ / USDT||0.00001 USDT||1 USDT||200,000 ENJ|
|ENJ / USDC||0.00001 USDC||1 USDC||200,000 ENJ|
|SUSHI / USDT||0.0001 USDT||1 USDT||400,000 SUSHI|
|SUSHI / USDC||0.0001 USDC||1 USDC||40,000 SUSHI|
|SNX / USDT||0.001 USDT||1 USDT||30,000 SNX|
|GRT / USDT||0.00001 USDT||1 USDT||200,000 GRT|
|MKR / USDT||0.01 USDT||1 USDT||100 MKR|
|MKR / USDC||0.01 USDC||1 USDC||100 MKR|
|ZEC / USDT||0.01 USDT||1 USDT||2,000 ZEC|
|FIL / USDT||0.0001 USDT||1 USDT||90,000 FIL|
|KSM / USDT||0.01 USDT||1 USDT||1,000 KSM|
|QTUM / USDT||0.001 USDT||1 USDT||30,000 QTUM|
|QTUM / USDC||0.0001 USDC||1 USDC||30,000 QTUM|
|XLM / USDT||0.00001 USDT||1 USDT||1,000,000 XLM|
|XLM / USDC||0.00001 USDC||1 USDC||1,000,000 XLM|
|ATOM / USDT||0.001 USDT||1 USDT||20,000 ATOM|
|ATOM / USDC||0.0001 USDC||1 USDC||20,000 ATOM|
|SOL / USDT||0.001 USDT||1 USDT||10,000 SOL|
|SOL / USDC||0.001 USDC||1 USDC||10,000 SOL|
|AXS / USDT||0.001 USDT||1 USDT||10,000 AXS|
|MATIC / USDT||0.00001 USDT||1 USDT||300,000 MATIC|
|MATIC / USDC||0.00001 USDC||1 USDC||300,000 MATIC|
|SHIB / USDT||0.00000001 USDT||1 USDT||5,000,000,000 SHIB|
|SHIB / USDC||0.00000001 USDC||1 USDC||5,000,000,000 SHIB|
|FTM / USDT||0.00001 USDT||1 USDT||200,000 FTM|
|DYDX / USDT||0.001 USDT||1 USDT||30,000 DYDX|
|SAND / USDT||0.00001 USDT||1 USDT||50,000 SAND|
|ALICE / USDT||0.001 USDT||1 USDT||30,000 ALICE|
|ALICE / USDC||0.0001 USDC||1 USDC||30,000 ALICE|
|ENS / USDT||0.001 USDT||1 USDT||10,000 ENS|
|ANKR / USDT||0.000001 USDT||1 USDT||4,000,000 ANKR|
|GTC / USDT||0.001 USDT||1 USDT||30,000 GTC|
|OCEAN / USDT||0.00001 USDT||1 USDT||500,000 OCEAN|
|MASK / USDT||0.001 USDT||1 USDT||40,000 MASK|
|USDC / USDT||0.00001 USDT||1 USDT||400,000 USDC|
|YGG / USDT||0.00001 USDT||1 USDT||50,000 YGG|
|AGLD / USDT||0.00001 USDT||1 USDT||150,000 AGLD|
|SLP / USDT||0.000001 USDT||1 USDT||7,000,000 SLP|
|T / USDT||0.000001 USDT||1 USDT||4,000,000 T|
|SPELL / USDT||0.0000001 USDT||1 USDT||500,000,000 SPELL|
|TEL / USDT||0.000001 USDT||1 USDT||100,000,000 TEL|
|RSR / USDT||0.000001 USDT||1 USDT||40,000,000 RSR|
|AMP / USDT||0.000001 USDT||1 USDT||20,000,000 AMP|
|ZRX / USDT||0.00001 USDT||1 USDT||1,000,000 ZRX|
|LRC / USDT||0.00001 USDT||1 USDT||700,000 LRC|
|TUSD / USDT||0.00001 USDT||1 USDT||400,000 TUSD|
|USDP / USDT||0.00001 USDT||1 USDT||400,000 USDP|
|DAI / USDT||0.00001 USDT||1 USDT||400,000 DAI|
|C98 / USDT||0.00001 USDT||1 USDT||400,000 C98|
|1INCH / USDT||0.00001 USDT||1 USDT||400,000 1INCH|
|KNC / USDT||0.00001 USDT||1 USDT||250,000 KNC|
|BNT / USDT||0.00001 USDT||1 USDT||200,000 BNT|
|CRV / USDT||0.00001 USDT||1 USDT||200,000 CRV|
|UMA / USDT||0.00001 USDT||1 USDT||100,000 UMA|
|PERP / USDT||0.00001 USDT||1 USDT||100,000 PERP|
|CAKE / USDT||0.00001 USDT||1 USDT||80,000 CAKE|
|CVX / USDT||0.001 USDT||1 USDT||25,000 CVX|
|FXS / USDT||0.001 USDT||1 USDT||25,000 FXS|
|BNB / USDT||0.01 USDT||1 USDT||1,500 BNB|
|BNB / USDC||0.01 USDC||1 USDC||1,500 BNB|
|PAXG / USDT||0.01 USDT||1 USDT||200 PAXG|
|WBTC / USDT||0.01 USDT||1 USDT||10 WBTC|
|DENT / USDT||0.0000001 USDT||1 USDT||600,000,000 DENT|
|HOT / USDT||0.000001 USDT||1 USDT||100,000,000 HOT|
|COTI / USDT||0.00001 USDT||1 USDT||2,500,000 COTI|
Phemex Contract Trading Fees
The contract trading fee is based on a Maker-Taker model, where Phemex charges 0.06% for Market Takers and 0.01% for Market Makers. The platform does not charge any fees for crypto deposits to trading accounts.
You can reduce your trading fees even better by joining the Phemex All-Stars program (referral program) and permanently earn up to 50% commissions on all trading fees collected from members in their network.
Phemex Withdrawal Fees
According to the Phemex website, standard and premium trial users can only withdraw up to 2 BTC per day. Withdrawal processing times are at 8:00 a.m., 4:00 p.m., and 11:00 p.m. UTC every day. Premium users have no withdrawal limits and enjoy hourly withdrawal reviews.
For security purposes, each account must have at least one valid deposit and must have Google two-factor authentication enabled prior to a withdrawal. Potential Phemex users are encouraged to review the table below. The exchange requires withdrawal fees for all cryptos, except a few, find out now in the table below.
|Coin||Minimum deposit||Minimum withdrawal limit||Withdrawal Fee|
|BTC - Bitcoin||0.00000001 BTC||0.001 BTC||0.0004 BTC|
|USDT - TRC20||0.000001 USDT||2 USDT||0 USDT|
|USDT - ERC20||0.000001 USDT||2 USDT||4 USDT|
|USDT - BSC(BEP20)||0.000001 USDT||2 USDT||0.5 USDT|
|USDT - Fantom||0.000001 USDT||2 USDT||0.03 USDT|
|USDT - Polygon||0.000001 USDT||2 USDT||0.15 USDT|
|ETH||0.00000001 ETH||0.0003 ETH||0.001 ETH|
|XRP||0.00000001 XRP||21 XRP||0.25 XRP|
|LINK||0.00000001 LINK||0.5 LINK||0.5 LINK|
|XTZ||0.00000001 XTZ||1 XTZ||0.5 XTZ|
|LTC||0.00000001 LTC||0.002 LTC||0.001 LTC|
|ADA||0.00000001 ADA||2 ADA||1 ADA|
|TRX||0.000001 TRX||2 TRX||1 TRX|
|ONT||0.00000001 ONT||2 ONT||1 ONT|
|BCH||0.00000001 BCH||0.002 BCH||0.001 BCH|
|NEO||0.00000001 NEO||1 NEO||0 NEO|
|EOS||0.00000001 EOS||0.2 EOS||0.1 EOS|
|DOGE||0.00000001 DOGE||100 DOGE||5 DOGE|
|BAT||0.00000001 BAT||32 BAT||24 BAT|
|CHZ||0.00000001 CHZ||92 CHZ||71 CHZ|
|MANA||0.00000001 MANA||44 MANA||23 MANA|
|ENJ||0.00000001 ENJ||16 ENJ||12 ENJ|
|SUSHI||0.00000001 SUSHI||2.8 SUSHI||1.58 SUSHI|
|SNX||0.00000001 SNX||3.36 SNX||2.95 SNX|
|GRT||0.00000001 GRT||22 GRT||25 GRT|
|UNI||0.00000001 UNI||1.4 UNI||0.72 UNI|
|AAVE||0.00000001 AAVE||0.26 AAVE||0.099 AAVE|
|YFI||0.00000001 YFI||0.001 YFI||0.00044 YFI|
|COMP||0.00000001 COMP||0.09 COMP||0.046 COMP|
|MKR||0.00000001 MKR||0.002 MKR||0.0055 MKR|
|ATOM||0.000001 ATOM||0.01 ATOM||0.005 ATOM|
|LUNC||0.001 LUNC||5 LUNC||withdraw amount*0.4% LUNC|
|LUNA||0.000001 LUNA||5 LUNA||0.1 LUNA|
|FIL||0.00000001 FIL||0.01 FIL||0.001 FIL|
|ZEC||0.00000001 ZEC||0.01 ZEC||0.001 ZEC|
|QTUM||0.00000001 QTUM||0.02 QTUM||0.01 QTUM|
|DOT||1 DOT||3 DOT||0.1 DOT|
|KSM||0.1 KSM||0.1 KSM||0.01 KSM|
|XLM||0.00000001 XLM||40 XLM||0.02 XLM|
|ALGO||0.00000001 ALGO||10 ALGO||0.01 ALGO|
|AXS||0.00000001 AXS||0.98 AXS||0.49 AXS|
|MATIC - ERC20||0.00000001 MATIC||36 MATIC||10 MATIC|
|MATIC - Polygon||0.00000001 MATIC||36 MATIC||0.48 MATIC|
|SOL||0.00000001 SOL||0.02 SOL||0.01 SOL|
|SHIB||0.01 SHIB||1000000 SHIB||395953 SHIB|
|FTM - ERC20||0.00000001 FTM||22 FTM||10 FTM|
|FTM - Fantom||0.00000001 FTM||10 FTM||0.02 FTM|
|DYDX||0.00000001 DYDX||16 DYDX||7 DYDX|
|VPAD||0.0001 VPAD||50 VPAD||25 VPAD|
|SAND||0.00000001 SAND||10 SAND||5 SAND|
|ALICE||0.00000001 ALICE||4.5 ALICE||2.25 ALICE|
|ENS||0.00000001 ENS||1.5 ENS||0.75 ENS|
|ANKR||0.0001 ANKR||560 ANKR||280 ANKR|
|GTC||0.00000001 GTC||8 GTC||4 GTC|
|OCEAN||0.00000001 OCEAN||66 OCEAN||33 OCEAN|
|MASK||0.00000001 MASK||5 MASK||2.5 MASK|
|USDC - ERC20||0.00000001 USDC||50 USDC||10 USDC|
|YGG||0.00000001 YGG||11 YGG||5.5 YGG|
|AGLD||0.00000001 AGLD||32 AGLD||16 AGLD|
|SLP||1 SLP||2000 SLP||1000 SLP|
|T||0.0001 T||400 T||200 T|
|BNB||0.00000001 BNB||0.0100 BNB||0.0005 BNB|
|SPELL||0.0001 SPELL||12800 SPELL||6400 SPELL|
|TEL||0.01 TEL||8000 TEL||4000 TEL|
|RSR||0.0001 RSR||8000 RSR||4000 RSR|
|AMP||0.0001 AMP||1800 AMP||900 AMP|
|POLY||0.00000001 POLY||140 POLY||70 POLY|
|ZRX||0.00000001 ZRX||98 ZRX||49 ZRX|
|TRIBE||0.00000001 TRIBE||80 TRIBE||40 TRIBE|
|LRC||0.00000001 LRC||80 LRC||40 LRC|
|FEI||0.00000001 FEI||40 FEI||20 FEI|
|TUSD||0.00000001 TUSD||30 TUSD||15 TUSD|
|USDP||0.00000001 USDP||50 USDP||25 USDP|
|DAI||0.00000001 DAI||40 DAI||20 DAI|
|C98||0.00000001 C98||38 C98||19 C98|
|1INCH||0.00000001 1INCH||36 1INCH||18 1INCH|
|KNC||0.00000001 KNC||28 KNC||14 KNC|
|DAO||0.00000001 DAO||20 DAO||10 DAO|
|BNT||0.00000001 BNT||22 BNT||11 BNT|
|CRV||0.00000001 CRV||22 CRV||11 CRV|
|UMA||0.00000001 UMA||10 UMA||5 UMA|
|PERP||0.00000001 PERP||12 PERP||6 PERP|
|CAKE||0.00000001 CAKE||0.06 CAKE||0.03 CAKE|
|CVX||0.00000001 CVX||3.00 CVX||1.50 CVX|
|FXS||0.00000001 FXS||2.60 FXS||1.30 FXS|
|PAXG||0.00000001 PAXG||0.030 PAXG||0.015 PAXG|
|WBTC||0.00000001 WBTC||0.0014 WBTC||0.0007 WBTC|
|DENT||0.0001 DENT||21500 DENT||10750 DENT|
|HOT||0.0001 HOT||13000 HOT||6500 HOT|
|XYO||0.0001 XYO||3000 XYO||1500 XYO|
|MXC||0.0001 MXC||500 MXC||250 MXC|
|COTI||0.00000001 COTI||260 COTI||130 COTI|
|FET||0.00000001 FET||150 FET||75 FET|
|REN||0.00000001 REN||126 REN||63 REN|
|CTSI||0.00000001 CTSI||170 CTSI||85 CTSI|
|CHR||0.00000001 CHR||140 CHR||70 CHR|
|STORJ||0.00000001 STORJ||54 STORJ||27 STORJ|
|BICO||0.00000001 BICO||42 BICO||21 BICO|
|IMX||0.00000001 IMX||32 IMX||16 IMX|
Phemex review: Phemex APP
Phemex offers a mobile app that lets users buy and sell digital assets from any location. Features from the website are available in the Phemex app. You can access almost all the features you need to trade effectively and quickly purchase assets by using the app.
The Phemex mobile app is available to download right away on Android and iOS devices. The app also has a ⭐ rating of 4.5 in over 17k reviews and over 1 million downloads on playstore. It has also amassed great positive feedback from users, as seen in the screenshot below.
Phemex Banned Countries
- United States of America
- United Kingdom
- Ontario (Canada)
- Québec (Canada)
- Alberta (Canada)
- Cuba, Crimea
- North Korea
- South Korea
- Hong Kong
- Republic of Seychelles
- Bermuda, or any other jurisdiction where the Services offered by Phemex are restricted.
Phemex Learn and Earn
Phemex has integrated a new way to earn in DeFi. Phemex Learn and Earn is a new and improved way to earn incentives for those of you who are enthusiastic about the cryptocurrency industry. You can read, watch videos, take quizzes, and earn Cashback Vouchers for each lesson you complete. Additionally, these vouchers will reimburse you for a portion of your fees each time you make a trade.
Phemex review: Phemex Customer Service
Most exchanges claim to offer a great support experience for their users 24 hours a day, 7 days a week. However, the majority of them fall short and have been a contributing factor in why users abandon an exchange in search of another with a better customer support service or system.
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.
Phemex provides support via their Help Center, which is well populated with articles and guides and is pretty helpful. The support team is available via email and can be contacted at email@example.com, there is also a live chat option, and the Telegram community can also be quite helpful.
Phemex Exchange has amassed a pool of positive reviews from users who appreciate its impressive customer service. The exchange also has a ⭐ rating of 2.9 in over 142 reviews on Trustpilot. The image below displays a Phemex review consumer report.
Is Phemex legit?
Phemex Exchange takes its security seriously, as the exchange has never been compromised before. That said, this Phemex review covers a pool of features Phemex uses to keep users’ funds in its exchange safe.
Phemex uses a cold wallet system that assigns each user a unique cold wallet deposit address. By using an offline signature, all deposits are collected in the company’s multisignature cold wallet. Phemex always keeps 100% of our users’ funds in reserve. The platform also released a Merkle-tree Proof-of-Reserves, which allows every user to check and verify where their funds are stored within the Phemex system.
Amazon Web Service (AWS) Integration
Phemex deploys and secures its systems on the Amazon Web Service (AWS) Cloud. Several firewalls are used to separate different zones and machines for different trading purposes. Phemex employs system-level restrictions in addition to network firewall management. In other words, Phemex only allows whitelisted instances to access the system in many restricted zones, while the system itself must also be whitelisted.
Phemex protects all user accounts with a two-factor authentication mechanism. When a user performs a critical operation, such as logging in, funding, or changing their password, the system automatically initiates two-factor authentication. To protect account integrity and security, the user is forced to perform secondary authentication.
Trading Engine Safety
The TradingEngine is in charge of managing a comprehensive set of risk checks on behalf of the client’s trading account. These include real-time costs, fees, PNL, computing, and more.
Phemex review: Bottom line
This Phemex review concludes that it provides a wealth of perks and prospects for cryptocurrency traders, like the ability to copy trade, stake cryptocurrencies, perpetual contracts with 100x leverage, access a wide array of spot markets, and more.
According to this Phemex review, it is an ideal option for both novice and seasoned investors who are into crypto investing. Investors without much idea of trading strategies will also find the platform easy to use for investments.