Phemex review 2023: How to use Phemex and More!

Phemex review
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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.

What is Phemex

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

Pros

  • 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.

Cons

  • 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.
  • Not available in the US: it’s clearly stated on Phemex terms of use that it currently does not offer services to the USA, China, and a few other countries due to legal restrictions. So if you’re located in those areas you can check out our other cryptocurrency exchange reviews.

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.

How to use Phemex

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.

Step 1

Visit Phemex, at the top right corner of the landing page, and click on “Register Now.”

Phemex Sign up

Step 2

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.”

Step 3

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.

Phemex KYC

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.

Step 1

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.”

Step 2

On the pop-up select your verification type and click on “Confirm.”

Phemex KYC

Step 3

Click “Start” to commence

Step 4

Now choose your country and select an ID type to proceed.

Step 5

You can select “Continue on mobile” to take clear pictures of your selected ID type.

Step 6

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

Step 1

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.”

Step 2

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.”

How to enable 2FA Authentication on Phemex

Step 3

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.

Step 1

Firstly, make sure that you are logged into your Phemex account. Next, on the homepage of the app, tap on the “Deposit” icon.

How to Deposit on Phemex

Step 2

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.

Step 3

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.

Step 4

Now you’ll have to copy the withdrawal address, then paste the address field into the platform you intend to withdraw crypto from.

Step 5

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.

Step 1

Log into your Phemex account, then tap the corner right icon at the bottom, which is your wallet icon.

How to Withdraw on Phemex

Step 2

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.

Step 3

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.

Step 4

Next, select a network. Please make sure the network you have selected is supported by the receiving platform and by Phemex.

Step 5

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.

Step 6

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.

Step 7

Get your Google Authenticator code to make a verification in order to ensure your assets’ safety.

Step 8

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.

Step 9

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 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.

SymbolMinimum Price IncrementMinimum Order ValueMax Order Amount
BTC / USDT0.01 USDT1 USDT10 BTC
ETH / USDT0.01 USDT1 USDT150 ETH
ETH / USDC0.01 USDC1 USDC150 ETH
XRP / USDT0.00001 USDT1 USDT500,000 XRP
XRP / USDC0.00001 USDC1 USDC500,000 XRP
LINK / USDT0.0001 USDT1 USDT30,000 LINK
LINK / USDC0.0001 USDC1 USDC30,000 LINK
XTZ / USDT0.0001 USDT1 USDT150,000 XTZ
XTZ / USDC0.0001 USDC1 USDC150,000 XTZ
LTC / USDT0.01 USDT1 USDT4,000 LTC
LTC / USDC0.001 USDC1 USDC4,000 LTC
ADA / USDT0.00005 USDT1 USDT500,000 ADA
ADA / USDC0.00001 USDC1 USDC500,000 ADA
TRX / USDT0.00005 USDT1 USDT7,500,000 TRX
TRX / USDC0.000001 USDC1 USDC7,500,000 TRX
ONT / USDT0.00001 USDT1 USDT2,000,000 ONT
ONT / USDC0.00001 USDC1 USDC900,000 ONT
BCH / USDT0.01 USDT1 USDT1,500 BCH
NEO / USDT0.001 USDT1 USDT20,000 NEO
EOS / USDT0.0001 USDT1 USDT200,000 EOS
COMP / USDT0.01 USDT1 USDT1,000 COMP
YFI / USDT0.01 USDT1 USDT10 YFI
ALGO / USDT0.00001 USDT1 USDT300,000 ALGO
DOT / USDT0.001 USDT1 USDT10,000 DOT
DOT / USDC0.0001 USDC1 USDC10,000 DOT
UNI / USDT0.001 USDT1 USDT15,000 UNI
AAVE / USDT0.01 USDT1 USDT1,000 AAVE
DOGE / USDT0.000001 USDT1 USDT4,000,000 DOGE
DOGE / USDC0.000001 USDC1 USDC4,000,000 DOGE
BAT / USDT0.00001 USDT1 USDT300,000 BAT
BAT / USDC0.00001 USDC1 USDC300,000 BAT
CHZ / USDT0.00001 USDT1 USDT700,000 CHZ
MANA / USDT0.00001 USDT1 USDT200,000 MANA
MANA / USDC0.00001 USDC1 USDC200,000 MANA
ENJ / USDT0.00001 USDT1 USDT200,000 ENJ
ENJ / USDC0.00001 USDC1 USDC200,000 ENJ
SUSHI / USDT0.0001 USDT1 USDT400,000 SUSHI
SUSHI / USDC0.0001 USDC1 USDC40,000 SUSHI
SNX / USDT0.001 USDT1 USDT30,000 SNX
GRT / USDT0.00001 USDT1 USDT200,000 GRT
MKR / USDT0.01 USDT1 USDT100 MKR
MKR / USDC0.01 USDC1 USDC100 MKR
ZEC / USDT0.01 USDT1 USDT2,000 ZEC
FIL / USDT0.0001 USDT1 USDT90,000 FIL
KSM / USDT0.01 USDT1 USDT1,000 KSM
QTUM / USDT0.001 USDT1 USDT30,000 QTUM
QTUM / USDC0.0001 USDC1 USDC30,000 QTUM
XLM / USDT0.00001 USDT1 USDT1,000,000 XLM
XLM / USDC0.00001 USDC1 USDC1,000,000 XLM
ATOM / USDT0.001 USDT1 USDT20,000 ATOM
ATOM / USDC0.0001 USDC1 USDC20,000 ATOM
SOL / USDT0.001 USDT1 USDT10,000 SOL
SOL / USDC0.001 USDC1 USDC10,000 SOL
AXS / USDT0.001 USDT1 USDT10,000 AXS
MATIC / USDT0.00001 USDT1 USDT300,000 MATIC
MATIC / USDC0.00001 USDC1 USDC300,000 MATIC
SHIB / USDT0.00000001 USDT1 USDT5,000,000,000 SHIB
SHIB / USDC0.00000001 USDC1 USDC5,000,000,000 SHIB
FTM / USDT0.00001 USDT1 USDT200,000 FTM
DYDX / USDT0.001 USDT1 USDT30,000 DYDX
SAND / USDT0.00001 USDT1 USDT50,000 SAND
ALICE / USDT0.001 USDT1 USDT30,000 ALICE
ALICE / USDC0.0001 USDC1 USDC30,000 ALICE
ENS / USDT0.001 USDT1 USDT10,000 ENS
ANKR / USDT0.000001 USDT1 USDT4,000,000 ANKR
GTC / USDT0.001 USDT1 USDT30,000 GTC
OCEAN / USDT0.00001 USDT1 USDT500,000 OCEAN
MASK / USDT0.001 USDT1 USDT40,000 MASK
USDC / USDT0.00001 USDT1 USDT400,000 USDC
YGG / USDT0.00001 USDT1 USDT50,000 YGG
AGLD / USDT0.00001 USDT1 USDT150,000 AGLD
SLP / USDT0.000001 USDT1 USDT7,000,000 SLP
T / USDT0.000001 USDT1 USDT4,000,000 T
SPELL / USDT0.0000001 USDT1 USDT500,000,000 SPELL
TEL / USDT0.000001 USDT1 USDT100,000,000 TEL
RSR / USDT0.000001 USDT1 USDT40,000,000 RSR
AMP / USDT0.000001 USDT1 USDT20,000,000 AMP
ZRX / USDT0.00001 USDT1 USDT1,000,000 ZRX
LRC / USDT0.00001 USDT1 USDT700,000 LRC
TUSD / USDT0.00001 USDT1 USDT400,000 TUSD
USDP / USDT0.00001 USDT1 USDT400,000 USDP
DAI / USDT0.00001 USDT1 USDT400,000 DAI
C98 / USDT0.00001 USDT1 USDT400,000 C98
1INCH / USDT0.00001 USDT1 USDT400,000 1INCH
KNC / USDT0.00001 USDT1 USDT250,000 KNC
BNT / USDT0.00001 USDT1 USDT200,000 BNT
CRV / USDT0.00001 USDT1 USDT200,000 CRV
UMA / USDT0.00001 USDT1 USDT100,000 UMA
PERP / USDT0.00001 USDT1 USDT100,000 PERP
CAKE / USDT0.00001 USDT1 USDT80,000 CAKE
CVX / USDT0.001 USDT1 USDT25,000 CVX
FXS / USDT0.001 USDT1 USDT25,000 FXS
BNB / USDT0.01 USDT1 USDT1,500 BNB
BNB / USDC0.01 USDC1 USDC1,500 BNB
PAXG / USDT0.01 USDT1 USDT200 PAXG
WBTC / USDT0.01 USDT1 USDT10 WBTC
DENT / USDT0.0000001 USDT1 USDT600,000,000 DENT
HOT / USDT0.000001 USDT1 USDT100,000,000 HOT
COTI / USDT0.00001 USDT1 USDT2,500,000 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 Exchange Fees
Source: Phemex

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.

CoinMinimum depositMinimum withdrawal limitWithdrawal Fee
BTC - Bitcoin0.00000001 BTC0.001 BTC0.0004 BTC
USDT - TRC200.000001 USDT2 USDT0 USDT
USDT - ERC200.000001 USDT2 USDT4 USDT
USDT - BSC(BEP20)0.000001 USDT2 USDT0.5 USDT
USDT - Fantom0.000001 USDT2 USDT0.03 USDT
USDT - Polygon0.000001 USDT2 USDT0.15 USDT
ETH0.00000001 ETH0.0003 ETH0.001 ETH
XRP0.00000001 XRP21 XRP0.25 XRP
LINK0.00000001 LINK0.5 LINK0.5 LINK
XTZ0.00000001 XTZ1 XTZ0.5 XTZ
LTC0.00000001 LTC0.002 LTC0.001 LTC
ADA0.00000001 ADA2 ADA1 ADA
TRX0.000001 TRX2 TRX1 TRX
ONT0.00000001 ONT2 ONT1 ONT
BCH0.00000001 BCH0.002 BCH0.001 BCH
NEO0.00000001 NEO1 NEO0 NEO
EOS0.00000001 EOS0.2 EOS0.1 EOS
DOGE0.00000001 DOGE100 DOGE5 DOGE
BAT0.00000001 BAT32 BAT24 BAT
CHZ0.00000001 CHZ92 CHZ71 CHZ
MANA0.00000001 MANA44 MANA23 MANA
ENJ0.00000001 ENJ16 ENJ12 ENJ
SUSHI0.00000001 SUSHI2.8 SUSHI1.58 SUSHI
SNX0.00000001 SNX3.36 SNX2.95 SNX
GRT0.00000001 GRT22 GRT25 GRT
UNI0.00000001 UNI1.4 UNI0.72 UNI
AAVE0.00000001 AAVE0.26 AAVE0.099 AAVE
YFI0.00000001 YFI0.001 YFI0.00044 YFI
COMP0.00000001 COMP0.09 COMP0.046 COMP
MKR0.00000001 MKR0.002 MKR0.0055 MKR
ATOM0.000001 ATOM0.01 ATOM0.005 ATOM
LUNC0.001 LUNC5 LUNCwithdraw amount*0.4% LUNC
LUNA0.000001 LUNA5 LUNA0.1 LUNA
FIL0.00000001 FIL0.01 FIL0.001 FIL
ZEC0.00000001 ZEC0.01 ZEC0.001 ZEC
QTUM0.00000001 QTUM0.02 QTUM0.01 QTUM
DOT1 DOT3 DOT0.1 DOT
KSM0.1 KSM0.1 KSM0.01 KSM
XLM0.00000001 XLM40 XLM0.02 XLM
ALGO0.00000001 ALGO10 ALGO0.01 ALGO
AXS0.00000001 AXS0.98 AXS0.49 AXS
MATIC - ERC200.00000001 MATIC36 MATIC10 MATIC
MATIC - Polygon0.00000001 MATIC36 MATIC0.48 MATIC
SOL0.00000001 SOL0.02 SOL0.01 SOL
SHIB0.01 SHIB1000000 SHIB395953 SHIB
FTM - ERC200.00000001 FTM22 FTM10 FTM
FTM - Fantom0.00000001 FTM10 FTM0.02 FTM
DYDX0.00000001 DYDX16 DYDX7 DYDX
VPAD0.0001 VPAD50 VPAD25 VPAD
SAND0.00000001 SAND10 SAND5 SAND
ALICE0.00000001 ALICE4.5 ALICE2.25 ALICE
ENS0.00000001 ENS1.5 ENS0.75 ENS
ANKR0.0001 ANKR560 ANKR280 ANKR
GTC0.00000001 GTC8 GTC4 GTC
OCEAN0.00000001 OCEAN66 OCEAN33 OCEAN
MASK0.00000001 MASK5 MASK2.5 MASK
USDC - ERC200.00000001 USDC50 USDC10 USDC
YGG0.00000001 YGG11 YGG5.5 YGG
AGLD0.00000001 AGLD32 AGLD16 AGLD
SLP1 SLP2000 SLP1000 SLP
T0.0001 T400 T200 T
BNB0.00000001 BNB0.0100 BNB0.0005 BNB
SPELL0.0001 SPELL12800 SPELL6400 SPELL
TEL0.01 TEL8000 TEL4000 TEL
RSR0.0001 RSR8000 RSR4000 RSR
AMP0.0001 AMP1800 AMP900 AMP
POLY0.00000001 POLY140 POLY70 POLY
ZRX0.00000001 ZRX98 ZRX49 ZRX
TRIBE0.00000001 TRIBE80 TRIBE40 TRIBE
LRC0.00000001 LRC80 LRC40 LRC
FEI0.00000001 FEI40 FEI20 FEI
TUSD0.00000001 TUSD30 TUSD15 TUSD
USDP0.00000001 USDP50 USDP25 USDP
DAI0.00000001 DAI40 DAI20 DAI
C980.00000001 C9838 C9819 C98
1INCH0.00000001 1INCH36 1INCH18 1INCH
KNC0.00000001 KNC28 KNC14 KNC
DAO0.00000001 DAO20 DAO10 DAO
BNT0.00000001 BNT22 BNT11 BNT
CRV0.00000001 CRV22 CRV11 CRV
UMA0.00000001 UMA10 UMA5 UMA
PERP0.00000001 PERP12 PERP6 PERP
CAKE0.00000001 CAKE0.06 CAKE0.03 CAKE
CVX0.00000001 CVX3.00 CVX1.50 CVX
FXS0.00000001 FXS2.60 FXS1.30 FXS
PAXG0.00000001 PAXG0.030 PAXG0.015 PAXG
WBTC0.00000001 WBTC0.0014 WBTC0.0007 WBTC
DENT0.0001 DENT21500 DENT10750 DENT
HOT0.0001 HOT13000 HOT6500 HOT
XYO0.0001 XYO3000 XYO1500 XYO
MXC0.0001 MXC500 MXC250 MXC
COTI0.00000001 COTI260 COTI130 COTI
FET0.00000001 FET150 FET75 FET
REN0.00000001 REN126 REN63 REN
CTSI0.00000001 CTSI170 CTSI85 CTSI
CHR0.00000001 CHR140 CHR70 CHR
STORJ0.00000001 STORJ54 STORJ27 STORJ
BICO0.00000001 BICO42 BICO21 BICO
IMX0.00000001 IMX32 IMX16 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. 

Phemex 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 APP reviews

Phemex Banned Countries

Phemex Exchange has over 5 million active users in over 200 countries. Please note that if you reside in a banned country or any restricted area you won’t be able to access the Phemex exchange services. The full list of Phemex restricted countries according to its terms of use include:

  • United States of America
  • United Kingdom
  • Ontario (Canada)
  • Québec (Canada)
  • Alberta (Canada)
  • Cuba, Crimea
  • Sevastopol
  • Iran
  • Syria
  • North Korea
  • South Korea
  • Sudan
  • China
  • 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 Learn and Earn

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 support@phemex.zendesk.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.

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.

Is Phemex legit

Cold Wallet

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.

Two-Factor Authentication

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.

[WPSM_AC id=2328]


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