Phemex is one of the world’s largest and most advanced crypto trading and investing platforms. Phemex has earned the trust of the crypto community by having over two million active users from all over the world. Phemex offers their users an unlimited number of trading options in addition to the easy selling and purchasing of cryptocurrencies. The exchange’s stated goal is to “empower everyone to trade simply and manage risk efficiently.”
Phemex employs a user-centered approach to gain a better understanding of what their customers truly want. This is how they efficiently meet user demands and provide them with useful solutions. The platform is headquartered in Singapore and employs hundreds of people to provide the best services possible to its traders and investors.
What Is Phemex?
Phemex is a cryptocurrency trading platform that provides far more than just trading, as does any good cryptocurrency exchange these days. Phemex is attempting to become a haven for crypto traders by offering copy trading and trading contests, as well as a nice little earn platform, all built on a highly efficient professional-grade platform and trading engine.
Outside of simple crypto spot and derivatives trading, the Phemex exchange has a fairly extensive list of useful features and functions, which we will go over in detail throughout this review. For those of you who are history buffs, you might be interested to know that Phemex was named after the Greek Goddess of fame and fortune, Pheme.
This exchange is a relative newcomer to space. With everything it has accomplished in such a short period of time since its inception at the end of 2019, it is already looking quite impressive. Of course, some things still require development and improvement, which will be addressed.
At the time of writing, the platform had over 5 million users worldwide and a very healthy 24hr trading volume of over 5 billion. Not bad given that we are in the midst of a bear market.
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78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.
CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Phemex is a Singapore-based company that is owned by Phemex Pte. Ltd. Their project values are well thought out, and the team has a noble mission that deserves to be mentioned. The following is the company’s mission statement:
- Embrace Change: Unpredictability has replaced predictability as the new normal. Only by constantly adapting will the company be able to emerge stronger from any major shift.
- Act Swiftly: The mission gives the team meaning, and the vision motivates them to work tirelessly. They will move forward with boldness and haste in order to provide the best experience possible, because the user’s triumphs are their ultimate motivation.
- Empower Individuals: Phemex enables everyone to effectively manage their risk by creating a fair trading environment and providing superior asset management tools. Their success is mirrored in the success of each trader.
- Stay Humble: Phemex understands that past successes must be balanced by remaining humble and listening to all points of view. They will advance towards ultimate victory by constantly re-evaluating and improving themselves.
Signing Up To Phemex
The registration process for a Phemex crypto trading account is simple and quick. The next steps are outlined in detail below.
Registration
The registration process on Phemex is fairly simple. Here is a guide regarding registering yourself on Phemex is described below:
- The first step to registering on Phemex is to go to the official site of the trading platform.
- Once on the page, you must enter your email address as well as a password that is both strong and easy to remember.
- When you have finished providing this information, you must confirm that the email address you provided is correct. You will be able to do so by clicking a link provided by Phemex in your inbox. If you can’t find the link in your inbox, you should look in the spam folder.
- Make sure the email address you provide is active and secure, because all information related to your Phemex accounts, such as OTP codes, various relevant notifications, and security updates, as well as 2FA authentication, will be sent to your email address only.
Log-in Process
Phemex’s login process is straightforward and secure. The platform employs 2FA authentication, OTP (one-time-password), and other security measures to ensure that your account cannot be hacked.
Please follow the steps below to complete your first login on Phemex:
- Go to Phemex.com. (It is critical that you are on the Phemex page and not being redirected to a fake hacker’s page attempting to obtain your login information.)
- When you arrive at the Phemex.com homepage, click the “Login” button.
- Enter the email address and password you used to create your Phemex account.
- A box will appear prompting you to enter the OTP (one-time-password) sent to your email
- To complete your login, go to your email address, copy the OTP code, and paste it into the box.
Once logged in, it is critical that you update your account security by completing the following steps:
- Account security configurations and settings
- Enable the 2FA security features on your Phemex account.
Phemex Features
Leveraged Trading
Phemex offers leveraged trading up to 100 times your contribution. Leverage trading (also known as margin trading) is a method of trading in which funds are borrowed from the exchange. The purpose of trading with leverage is to increase profit potential. Leveraged trading allows you to trade and profit with much larger asset amounts than you could with your own money.
Another advantage of Phemex is that you can practice leveraged trading with fictitious funds on the Phemex testnet platform. BTC, ETH, XRP, LINK, Cardano (ADA), and USDT are the coins/tokens available for practice trading.
The Phemex All-Star Program, Phemex’s higher-level referral tier, requires a separate, brief application process. Once accepted, All-Star affiliates earn a 50% commission on all trading fees collected from network members. Members of the All-Star team can invite new All-Stars to join and build networks beneath them. This results in an additional 10% commission from their new All-Stars’ referral network being added to your commission pool.
Phemex provides a ‘All-Star commission system’ to assist All Stars in tracking their progress in great detail. Phemex provides high-quality media materials to assist All Stars in improving their results. Furthermore, Phemex assists All Stars in attracting new users by providing a new user bonus of up to $100.
Phemex recently announced promotional limitations on how All-Star participants can build their Phemex referral network. Violations of these new guidelines may result in expulsion from the program.
Phemex Sub-Accounts
Sub-accounts are a fairly unique feature that is not supported by many cryptocurrency exchanges but is growing in popularity among quantitative traders. Sub-accounts within an existing account allow traders to hold both short and long positions, and separate sub-accounts can be used for hedging positions, using bots, or isolating and testing different trading strategies.
On the same screen, the main account and all sub-accounts can be accessed and managed, and each sub-account can be drilled into to see data and statistics about the trading history that occurred within that sub-account. Phemex allows you to create up to 20 sub-accounts.
Spot Trading
Because it focuses on well-known assets that are simple to understand and trade, spot trading is unquestionably the most popular trading market. Phemex provides spot trading as well as all of the associated benefits. Phemex also offers leveraging up to 100 times your initial investment to enhance your experience and significantly increase your potential earnings. You can trade and earn far more money with leverage than you could with your own money. Just keep in mind that leverage trading is risky. Margin trading can make you a lot of money, but it can also make you a lot of money.
Phemex supports contractual trading in addition to spot trading. Users can currently trade approximately 40 contracts on Phemex.
Phemex Earn
Phemex offers two options for earning interest on unused Bitcoin and Tether stored on the exchange.
The Flexible Savings product is the first. This enables users to earn interest in cryptocurrency without making any long-term commitments. The best feature is the ability to deposit and withdraw funds at any time while still earning a good rate of return. The only thing a user needs to do is transfer money from their Phemex spot wallet to their Flexible Savings account. As soon as the funds arrive, the user will receive the daily interest calculated. The initial deposit as well as the interest earned can be withdrawn at any time.
The second method is Phemex’s Fixed Saving product, which allows users to earn higher rates of return on BTC and USDT investments for a set period of time. Before any earnings can be redeemed, users must subscribe to this option for a set period of time. Flexible Saving has a higher and more stable rate of return. Early withdrawals from the Fixed Savings account are currently not permitted.
Charts and TradingView
Phemex has implemented a modular design from the standpoint of the user. This enables traders to tailor the platform to their specific needs. The order book, a TradingView-powered chart, live positions, the order menu, contract details, recent trades, an order book depth chart, and a trading account display with crypto and USD balance details are all included in the vanilla version.
The trading view chart includes multiple time frames. The 1 minute, 5 minute, 15, minute, 30, minute, 1 hour, 4-hour, daily, weekly, monthly, 3-monthly, and yearly charts can be used to gauge the market. While this is a good start, traders on Phemex are unable to use custom time frames. The platform also includes essential trading view tools. Traders have access to all of the platform’s indicators. There are no restrictions on the number of indicators that can be displayed on a single chart.
The ping displayed in the top right corner of the screen, which indicates the lag time between a user and Phemex servers, is a cool feature that low-time-frame traders will undoubtedly appreciate. Aside from that, the trading experience appears to be largely comparable to that of other high-end derivatives exchanges.
Phemex Mobile Apps
The era of laptop or PC reliance is over. Mobile phones, thanks to technology, have made our lives easier and better, including in the crypto community. Phemex has created mobile applications that allow users to trade and purchase digital assets from any location.
Phemex has done an excellent job of designing their mobile apps, so there isn’t much of a difference between using the app and using Phemex’s website. You have access to nearly all of the features you need to trade effectively, and you can also buy digital assets directly from the app. Phemex mobile apps are immediately available for download on Android and iOS devices.
Derivatives Trading
Phemex has grown in popularity among derivatives traders, and it now supports 150+ USD-M and Coin-M perpetual contracts, with USDC perpetual contracts on the way.
When trading contracts, traders have access to up to 100x leverage, and the charting interface, like spot trading, is powered by TradingView.
Traders can choose from the following order types:
- Limit
- Market
- Conditional
With the following advanced settings available:
- Reduce-only: Only a reduced order will reduce the trader’s position, not increase it.
- Post-only: Post-only orders are used to ensure a Marker Rebate but do not execute immediately.
- Bracket Order: Bracket orders are designed to help limit a trader’s loss and lock in profit by “bracketing” an order with two opposite side orders.
- Good till Cancelled (GTC): These orders remain open until they are filled or manually cancelled by the user. Traders can choose IOC, which means that a portion of the order will be immediately filled at the target price, and the remainder will be cancelled, or FOK, which means that the entire order will be filled immediately at the target price, or it will be cancelled.
The platform also includes a handy little ping monitor in the bottom left-hand corner that displays the current speed at which your connection is sending and receiving data.
To summarize, the derivatives trading platform is a well-designed and professional-grade trading platform. The only disadvantage is that there aren’t as many tradable contracts as on other platforms like FTX, Binance, Bitget, or Gate.io, but they’re constantly adding new markets.
Cryptocurrencies Available On Phemex
Phemex provides a diverse range of cryptocurrencies, more than enough for most traders and investors. Almost all popular cryptocurrencies are easily accessible; here are a few examples of cryptocurrencies that you can buy and trade on Phemex:
- BTC
- ETH
- USDT
- DOGE
- XRP
- LINK
- ADA
- ALGO
- ATOM
Phemex currently offers around 230 crypto assets, but their selection is constantly expanding, so you will be able to trade and buy more cryptocurrencies in the future.
Fees
Phemex has some of the lowest trading fees in the industry, with makers and takers on the spot trading platform starting at 0.1%. Contract trading fees are also lower than the industry average. The platform recently reduced contract trading fees to 0.06% for market takers and 0.01% for makers.
Phemex does not charge withdrawal fees, but it does levy a 0.0005 BTC Bitcoin network fee based solely on current blockchain loads.
Phemex also has a VIP program for high-volume traders that reduces trading fees. Contract taker fees for high-volume accounts start at 0.0325% and there are no maker fees. VIP spot traders pay no maker fees and only a taker fee of 0.0400%.
Phemex values positive client relationships, which is why the company’s spot and contract VIP programs have been combined into a single, streamlined offering of significant savings. It also provides a welcome promotion in which day traders from other exchanges can easily submit proof of their trading history to qualify for a corresponding VIP level+1 on Phemex for 30 days.
Pros and Cons
| Pros | Cons |
| Advanced trading with leverage | Citizens of the United States are not permitted to trade on Phemex. |
| 230 well-known cryptocurrencies | Lack of variety of crypto assets |
| The platform is community focused | |
| To begin spot trading on Phemex, one does not need to complete their KYC. |
Phemex Offers
Among the varied offerings by Phemex, some notable ones are:
Market predictions: Phemex Market Predictions is a one-of-a-kind feature that allows users to make predictions by purchasing shares in any market and guessing how the investment will perform. Predictions can range from whether or not an event will occur at all to the future price of an asset by a specific date, among other things. Keep in mind that these forecasts are not always crypto-related, as Phemex intends to introduce a variety of market options, such as news, politics, sports, and price targets. Join now to predict various investment outcomes and earn large payouts.
Crypto education: Phemex provides a variety of educational products, including Phemex Academy and Blogs. The educational content is updated daily with current news, revealing the latest trends and events, and a large collection of user guides educates users on every function or service of the exchange. The Phemex Academy portal assists users in better understanding the operation of blockchains and optimizing their cryptocurrency trading strategies. Users can learn all kinds of useful skills, such as risk management and portfolio diversification, and test out their strategies in Phemex’s trading simulator, which contains over 600 researched articles on some of the most complex topics in the industry.
Phemex offers a Learn and Earn program where you can learn about cryptocurrency and earn rewards for completing new courses for those who require more structure. These classes typically consist of watching videos, answering questions, and sifting through several volumes of optional reading material.
Trading: Phemex provides spot and contract trading. Buying and selling cryptocurrencies at market prices is what spot trading entails. Furthermore, Phemex enables traders to place advanced order types such as limits, stops, and trailing stops, among others. Nearly 300 crypto pairs, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple, are available for spot trading (XRP). Phemex also provides a number of fiat-to-crypto pairs, including USD/BTC and EUR/BTC. There is also room for traders to exchange derivative contracts, with up to 100x leverage and support for 145+ contract trading pairs like BTC/USD and ETH/USD.
Launch: Phemex has added a Launchpad, which provides exclusive access to brand-new projects at a fixed price that is listed for public trading. Phemex’s new Launchpool service provides high-APY staking pools for select tokens for a limited time. Phemex will soon launch a slew of new products and services aimed at providing users with best-in-class financial tools.
Savings: Phemex’s Savings program lets you deposit cryptocurrency into a savings account that earns high interest rates while holding funds. Phemex Earn Crypto’s Fixed and Flexible Saving options offer users a high annual percentage yield (APY) on stablecoin deposits. Flexible accounts allow for instant withdrawals and deposits at any time, with an estimated APY of 3.00% for a flexible period and 4.50% APY on USDT deposits for a fixed 14-day period. You can also earn 1.00% on Bitcoin deposits with a flexible account and around 1.20% with a fixed account. Check back frequently to take advantage of various promotions that offer even higher APYs on various cryptocurrencies.
Affiliate Programme
Unlike most other cryptocurrency companies, the Phemex affiliate program is completely free and open to all Phemex users.
This program allows users to earn up to 50% commission on all fees generated and paid by their referrals. You can also earn 10% commission on all referrals from sub-affiliates.
The Phemex affiliate program’s unique payment structure results in the best and highest commission rate ever offered by any crypto company in the industry.
Phemex Security
Phemex is now authorized to operate in Turkey, Lithuania, and 48 states in the United States. The platform also joined the Travel Rule Universal Solution Technology (TRUST) and is working to fully comply with the US Travel Rule, requiring users from over 200 countries to go through the KYC process for everyone’s safety.
Conclusion
In this Phemex review, we conclude that it offers a plethora of benefits and opportunities for cryptocurrency traders, with few drawbacks. However, the website is simple to use and ideal for both novice and seasoned crypto investors. Investors who are unfamiliar with trading strategies will also find the platform user-friendly.
