Phemex Review 2025: Fees, Security, Pros & Cons

Phemex has established itself as a preferred platform for traders seeking advanced cryptocurrency tools with high-level security. Known for its fast execution speeds and competitive fees, Phemex offers leveraged trading, diverse order types, and a user-friendly interface, designed to support both experienced traders and those refining their strategies.

This Phemex Review by CoinReviews explores what makes Phemex stand out, from its robust market offerings to its focus on efficiency and security. By delivering a seamless experience with professional-grade tools, Phemex empowers users to optimize their trades and stay competitive in the fast-paced crypto market.

What is Phemex?

Phemex is a centralized exchange founded by Jack Tao, a former senior executive at Morgan Stanley, aimed at promoting professionalism and trust in the cryptocurrency ecosystem. Based in Singapore, it serves traders from over 200 countries, though not all jurisdictions have access.

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Traders are attracted to Phemex for its user-friendly interface, making it accessible for both newcomers and experienced users. The platform features highly liquid markets, enabling efficient order execution with minimal slippage. Phemex offers a range of ecosystem features, including competitive fees, advanced charting tools powered by TradingView, and various risk management options. These attributes enhance the trading experience and solidify Phemex’s reputation as a reliable platform in the competitive landscape of cryptocurrency exchanges.

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About company of Phemex

For history enthusiasts, it’s intriguing to note that Phemex is named after Pheme, the Greek Goddess of fame and fortune. Founded in late 2019, this exchange is a newcomer in the cryptocurrency space, yet it has made impressive strides in a short amount of time. While there are still areas for growth and improvement, which will be discussed in this Phemex Review, the platform has already attracted over 5 million users globally and boasts a robust 24-hour trading volume exceeding $92 million as of July 2023, an impressive feat, especially in the depths of a bear market.

Registered in Singapore and owned by Phemex Pte. Ltd., the platform operates with well-defined values and a noble mission. The company’s goals at Phemex are as follows:

Embrace Change: Adapt to unpredictability as the new normal to emerge stronger from challenges.
Act Swiftly: Execute with boldness and haste to provide the best user experience, driven by purpose.
Empower Individuals: Create a fair trading environment and offer superior asset management tools for effective risk management.
Stay Humble: Maintain humility and listen to diverse perspectives while continually re-evaluating and improving to achieve ultimate success.

Phemex user profile: who benefits and who doesn’t?

Who’s Phemex For?

Blending CeFi & DeFi: Phemex combines the benefits of centralized exchanges like fiat on-ramps and deep liquidity with DeFi principles to enhance trust. It’s a solid option for those who value the convenience of centralized platforms but want the trust assurances of DeFi.

Privacy-Conscious Users: Currently, Phemex requires KYC verification only for buying, selling, and depositing. Most of the platform can be used anonymously, making it a great option for users who prioritize privacy.

More Than Just an Exchange: With features like Learn & Earn, prediction markets, and a vibrant Discord community, Phemex offers an expansive ecosystem beyond standard trading.

Who’s It Not For?

Geo Restrictions: Phemex services are unavailable to residents of the U.S. and several other countries, including the UK, Canada, and various regions in Asia and the Middle East. If you live in these areas, you’ll need to find another exchange.

Extensive Derivative Traders: While Phemex offers perpetual contracts, it doesn’t provide options or non-perpetual futures trading. Traders relying on diverse derivatives may need to look elsewhere.

DeFi Maximalists: As a centralized exchange, Phemex may not satisfy those who prefer DeFi. Many token pairs may be unavailable, and trading fees could be higher than on DeFi automated market makers (AMMs). If you’re a purist in the DeFi space, Phemex might not align with your values.

Phemex Token

The Phemex Token (PT) is an ERC-20 utility token that serves as the cornerstone of the Phemex platform. Built on the Ethereum blockchain, PT is a transferable token that provides users with multiple advantages. By staking this token, users can acquire vePT, which opens up a range of benefits, including participation in decentralized governance, rewards for staking, enhanced trading rewards, reduced trading fees, and various exclusive perks within the Phemex ecosystem.

Key Facts:

Total Supply: The total supply of Phemex Tokens is capped at 1 billion PT, ensuring a controlled distribution within the market.
Acquisition Methods: Users can acquire PT tokens through various means. They can convert xPT into PT, purchase them on the open market, or earn PT as rewards for their trading activities on the platform.
Transferability: Phemex Tokens can be freely transferred on the Ethereum blockchain, allowing for easy trading and liquidity.
Staking: By staking PT, users can obtain vePT, which not only grants governance rights but also offers staking yields. This feature allows users to participate actively in the decision-making processes of the platform.
Usability: PT tokens have various functions within the Phemex ecosystem. They can be utilized to pay for trading, deposit, and withdrawal fees, as well as cover gas fees associated with transactions on the platform. Beyond their practical applications, PT tokens can also be traded on the open market or staked for additional benefits, enhancing their value for users.

In this Phemex Review, we see that the Phemex Token is a versatile utility token that enhances the overall trading experience on the platform, offering users numerous benefits while fostering a community-driven governance model.

Phemex Review: key features

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CoinReviews will explore the key features that set this cryptocurrency exchange apart in the fast-evolving market. Known for its user-friendly interface and robust trading options, Phemex caters to both beginners and experienced traders. From competitive fees to advanced trading tools, we’ll provide insights into how Phemex can enhance your trading experience.

Phemex Spot Trading

Trading on Phemex will feel familiar to anyone who has used a trading platform before. It features a standard modular design and utilizes the popular TradingView charting interface, making it accessible for traders of all skill levels, including those who rely heavily on technical analysis.

With TradingView integration, all essential trading tools are conveniently available on the Phemex trading screen, offering unlimited indicators and customizable layouts. While experienced traders will navigate the interface with ease, newcomers might find it slightly overwhelming. To help, Phemex supports demo trading and offers a robust learning academy, making it an excellent choice for beginners.

The platform’s trading engine, powered by CrossEngine and TradingEngine, matches client orders based on price and time priority, handling up to 300,000 transactions per second with an execution time of under one millisecond.

Phemex Derivatives Trading

Phemex has quickly become a favorite among derivatives traders, offering over 150 USD-M and Coin-M perpetual contracts, with USDC Perpetual contracts launching soon. Traders can leverage these contracts up to 100x, and the platform’s TradingView-powered charting interface enhances the experience.

The available order types are limit orders, market orders, and conditional orders.

Advanced settings provide added flexibility:

Reduce-Only: Limits orders to reducing positions.
Post-Only: Prevents immediate execution for Market Rebates.
Bracket Orders: Limits losses and locks in profits with two opposing orders.
Good ‘Til Cancelled (GTC): Active until filled or canceled. Options like Immediate Or Cancel (IOC) and Fill Or Kill (FOK) allow for specific execution strategies.

Additionally, Phemex includes a ping monitor in the bottom left corner to display your connection speed for data transfer.

Phemex Sub-Accounts

Sub-accounts are a distinctive feature that many crypto exchanges do not offer, but they are gaining traction among quantitative traders. Within a single account, you can set up sub-accounts, allowing you to hold both short and long positions. This feature enables traders to separate sub-accounts for purposes such as hedging, utilizing trading bots, or isolating and testing various trading strategies.

You can manage your main account and all sub-accounts from a single interface, with the ability to drill down into each sub-account to view detailed data and statistics regarding its trading history. Phemex allows the creation of up to 20 sub-accounts, providing ample flexibility for diverse trading approaches.

Phemex Earn

Phemex offers various avenues for users to earn interest on their crypto holdings, enhancing its attractiveness for investors. One of the standout options is Flexible Savings, which allows users to earn interest without lock-in periods. With rates ranging from 0.3% to 2%, this product supports 11 assets, including popular cryptocurrencies like BTC, ETH, and SOL, as well as stablecoins.

For those looking for higher returns, Fixed Savings Accounts present a viable option by allowing users to lock in their funds for 7 or 14 days. The annual percentage yields (APYs) for these accounts range from 0.5% to 8.80%, offering a competitive incentive for users willing to commit their assets for a short duration.

Additionally, the Phemex Launchpool feature enables users to earn passive income by participating in select token offerings. This option often provides higher APYs than traditional staking methods, further diversifying the ways users can earn on the platform. These attractive earning opportunities highlight Phemex’s appeal, as detailed in this Phemex Review.

Top Trader Competition

Gamification in trading is gaining traction across crypto exchanges. Phemex is making a notable entry into competitive trading by hosting various solo and team contests, allowing traders to engage and compete for crypto and exclusive prizes.

In a recent campaign, the top three traders with the highest PNL received a $500 bonus, an additional 20% commission from copy traders, and increased exposure on social media and the Phemex platform. This can lead to a lucrative trading career for those who demonstrate sustained profitability. Additionally, traders ranked 4th to 50th received a $100 bonus. Such contests are increasingly popular for serious traders looking to earn extra incentives.

Phemex Copy Trading

Copy trading has gained traction on exchanges like Gate.io and Bitget, offering numerous benefits for both new and experienced traders:

Learning Opportunity: Beginners can learn from seasoned traders while earning income.
Side Income for Pros: Experienced traders can share their strategies and earn additional revenue.
Diversification: Traders can focus on their strengths while copying specialists in other assets.
Hands-Off Income: Passive traders can replicate the strategies of successful traders.

Phemex features a user-friendly copy trading interface, allowing traders to evaluate profiles based on metrics like total P&L and monthly ROI.

Tip: Instead of just selecting the trader with the highest ROI, consider their long-term performance; sustainable returns are more valuable than short-term gains.

On Phemex, experienced traders can share their trades for others to copy or automate the process. Those offering their trades can earn incentives such as:

Additional commissions
Increased follower growth via Phemex’s traffic support
VIP services and exclusive rewards
Extra income from followers’ profits
Enhanced exposure through social media promotions

Phemex Launchpad

Launchpads are gaining popularity on exchanges like Binance, OKX, and Bitget, allowing average traders early access to projects typically reserved for VC firms. They offer lucrative opportunities to buy tokens at a fraction of their all-time highs, resulting in significant gains.

Phemex enables users to invest in promising projects before their official listings through its Launchpad portal. However, it currently has only two promoted projects and lacks information on upcoming launches, making its offering less active compared to competitors.

In this Phemex Review, it’s crucial to note that not all launchpads are equal. Phemex’s Launch feature carries risks, as many projects are unproven, and tokens from failed projects can lose all value. Always conduct your own research before investing.

Trading Gold/USD

On March 30, 2020, Phemex set itself apart from other cryptocurrency trading platforms by enabling users to diversify their portfolios into commodities. This feature allows traders to engage with the Gold/USD trading pair, utilizing Bitcoin for transactions. With a maximum leverage of up to 100x, Phemex provides significant opportunities for traders to amplify their potential returns.

The Gold/USD pair acts as a risk-off asset or safe haven during periods of extreme volatility in the cryptocurrency market. As cryptocurrencies can experience dramatic price swings, traders often seek stability in gold, which historically maintains its value.

By incorporating commodity trading, Phemex not only enhances its offerings but also empowers users to manage risk more effectively. This diversification strategy opens new profit avenues, making it easier for traders to navigate uncertain market conditions while optimizing their trading experience.

Leverage trading on Phemex

At the time of writing this Phemex Review, the platform provides users with seven distinct trading pairs, enhancing the flexibility of trading options available. With futures trades, Phemex allows an impressive leverage of up to 100x. This high leverage means that even a modest price swing of 10% could lead to a staggering 1,000% increase or decrease in the capital deployed by traders. Such a feature makes Phemex an attractive choice for those looking to maximize their trading potential.

The trading pairs available on Phemex include:

BTC/USD with leverage of 1:100
ETH/USD with leverage of 1:20
XRP/USD with leverage of 1:20
LINK/USD with leverage of 1:20
XTZ/USD with leverage of 1:20
LTC/USD with leverage of 1:20
GOLD/USD with leverage of 1:100

These pairs cater to a diverse range of trading strategies, allowing traders to tailor their approaches according to market conditions and personal risk tolerances.

Phemex focuses on perpetual contracts, similar to those offered by BitMEX and Bybit. Unlike traditional futures, Phemex’s perpetual contracts have no expiry date, allowing traders to hold positions indefinitely as long as margin requirements are met. This flexibility helps traders leverage long-term market movements while managing risk effectively, solidifying Phemex’s competitive stance in the cryptocurrency trading space.

Margin requirement

Phemex adheres to industry-standard margin requirements, providing traders with a structured framework for managing their positions effectively. For major pairs like BTC/USD and GOLD/USD, traders must meet an initial margin requirement of 1%, with a maintenance margin of 0.5%. This lower threshold facilitates easier market entry during volatile conditions, making it accessible for a broader range of traders.

In contrast, cryptocurrency pairs such as ETH/USD, XRP/USD, LINK/USD, XTZ/USD, and LTC/USD have higher initial margin requirements of 5%. The maintenance margin for these assets is set at 1%. This distinction reflects the increased volatility associated with these cryptocurrencies, encouraging traders to be more cautious when managing their positions.

By implementing these margin standards, Phemex promotes responsible trading practices while allowing users to leverage their positions for potential gains. This balance helps traders navigate the dynamic crypto market, ensuring they can manage risks effectively while seeking opportunities.

Risk Management and Negative Balance Protection of Phemex

Phemex enhances user security and risk management through a variety of advanced tools designed to facilitate effective trading strategies.

One key feature is Sub-Account Isolation, which allows users to create multiple sub-accounts, each with its own margin requirements and balances. This ensures that trades in one sub-account do not affect others, providing a safeguard for traders managing different strategies or separating funds.

Phemex also offers Stop-Loss and Take Profit Orders, enabling traders to set predetermined exit points to secure profits or limit losses without constant monitoring. Additionally, the Trailing Stops feature allows users to set a stop-loss order that follows the market price, automatically adjusting as the trade becomes more favorable. These tools empower traders to navigate the volatile crypto market with greater confidence and strategic control.

Phemex also includes negative balance protection, which prevents users from losing more than their initial deposit. This activates automatically when over-leveraged or facing significant drawdowns, closing trades starting with the highest losses to free up margin for remaining positions.

Understanding these features is essential for successful trading, as misuse can lead to substantial losses.

Desktop support

Phemex offers a robust desktop trading platform that enables users to trade cryptocurrency from anywhere globally. This Phemex Review highlights its user-friendly interface, which caters to both beginners and experienced traders, ensuring easy navigation for all skill levels.

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The platform comes equipped with a variety of inbuilt technical analysis tools and indicators, allowing traders to perform in-depth analysis effortlessly. Users can also create and import custom indicators, enhancing their trading strategies.

Managing open positions is simple, with an accessible panel for monitoring trades. Phemex provides key features like price alerts, conditional orders, and limit orders, facilitating informed decision-making. Additionally, users can export their trading history for detailed performance analysis. Overall, Phemex combines advanced features and ease of use, making it an essential tool for retail traders in the cryptocurrency market.

Phemex mobile app

The Phemex mobile application caters to traders who prefer managing their portfolios on the go. It replicates much of the functionality found on the desktop platform, providing a seamless trading experience. With an intuitive user interface, the app is accessible for both novice and experienced traders. Users can engage in spot and derivatives trading, access their earn accounts, and participate in trading contests directly from their smartphones.

Phemex-app

Recent updates have focused on enhancing security, improving the trading engine’s speed and responsiveness, and adding more technical analysis tools. The Phemex mobile app has received high ratings, boasting 4.7/5 stars on Android and 4.5/5 stars on iOS, based on over 15,000 reviews, making it a strong choice for traders needing to make quick decisions.

While the app offers a pleasant trading experience with great UI/UX, users should exercise caution when trading on smaller screens, as the on-the-go nature can sometimes lead to hasty decisions. Overall, the recent overhaul of the app has garnered positive feedback, reinforcing its reputation as a reliable crypto trading tool.

Phemex fees

Phemex offers competitive fees that align with those of other leading platforms like Bybit and BitMEX. This Phemex Review emphasizes their tiered fee structure, which is based on a trader’s 30-day trading volume, determining both maker and taker fees.

For spot trading, the maker fee is 0.075%, while the taker fee is -0.025%. It’s worth noting that Phemex displays these fees in separate columns for each contract, suggesting potential variations in the future. Importantly, Phemex does not charge overnight fees, but funding fees are applied every eight hours.

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Withdrawal fees for cryptocurrencies differ significantly depending on the asset and network, with details available on the fees page. Users have two options for purchasing crypto: signing up for an OTC account, which allows for USD wire transfers starting at $0, facilitated through a partnership with Legend Trading, or using traditional payment methods such as credit/debit cards, Apple Pay, or bank transfers.

While OTC deposits can incur lower fees for larger transfers, buying crypto through credit or debit cards is more common but comes with higher fees. These fees can reach up to 8% when using third-party payment providers like MoonPay, Advcash, Banxa, Simplex, and Mercuryo. It’s important to note that these charges are determined by the payment providers rather than Phemex or other exchanges.

Phemex security

Phemex adheres to industry best practices for fund security and has implemented robust protocols to protect user assets. Most funds are stored offline in cold storage, accessible only through multiple signatures. The platform employs a Deterministic Cold Wallet System, assigning unique cold wallet deposit addresses to each user, enhancing the security of customer funds.

A notable security feature is that Phemex processes withdrawals only three times a day, employing sophisticated risk control measures to detect malicious activities or suspicious transactions. Each withdrawal request is authorized using offline signatures, ensuring that assets remain securely stored in a cold environment. Additionally, the platform utilizes SSL technology and undergoes PCI scanning for further security.

Phemex also features an insurance fund for open trades and an Auto-Deleveraging System. The insurance fund addresses unfilled liquidation orders before they are processed by the auto-deleveraging system, ensuring that profitable traders receive their expected gains, even if the losing trader cannot cover the losses. This mechanism reduces the risk of socialized losses by automatically adjusting a trader’s leverage during sharp price movements, minimizing the likelihood of margin calls and mass liquidations.

From a user perspective, Phemex offers several security features, including two-factor authentication (2FA), password protection, device codes, and anti-phishing measures.

Phemex banned countries and support countries

Phemex is committed to complying with regulatory requirements across various jurisdictions, which means that certain countries are restricted from accessing its trading services. Users from the following countries are currently banned from creating accounts or trading on the Phemex platform:

United States
Canada
North Korea
Iran
Afghanistan
Syria
Other jurisdictions subject to sanctions or restrictions

Despite these restrictions, Phemex supports users from numerous countries around the world, providing a robust trading environment for a diverse global audience. Supported countries include:

United Kingdom
Australia
Germany
France
Japan
Singapore
Brazil
Many others across Europe, Asia, and beyond

For the most accurate and updated information, users should refer to the Phemex website or customer support to confirm their eligibility to trade on the platform.

Cryptocurrencies available on Phemex

Phemex offers a diverse range of cryptocurrencies for trading on its futures platform, making it an appealing choice for traders, as highlighted in this Phemex Review. Currently, users can trade five major pairs against USD:

Bitcoin (BTC): The leading cryptocurrency known for its volatility.
Ethereum (ETH): A key player in decentralized applications and smart contracts.
Ripple (XRP): A unique solution for cross-border payments.
Solana (SOL): Popular for its speed and scalability.
Litecoin (LTC): Recognized for lower transaction fees and faster block times.

For those trading against USDT (Tether), the selection expands significantly to include altcoins such as:

Filecoin (FIL): Decentralized storage network.
Polygon (MATIC): Layer-2 solution for Ethereum scalability.
Binance Coin (BNB): Widely used in the cryptocurrency ecosystem.
Aptos (APT): Focuses on security and scalability.
Cosmos (ATOM): Designed for blockchain interoperability.
Sei (SEI): Optimized for decentralized finance (DeFi).
Optimism (OP): Aims to enhance Ethereum transaction efficiency.

Phemex continually adds new pairs based on customer demand, which is an appealing aspect for traders looking to diversify their portfolios, as noted in this Phemex Review.

Phemex Exchange design and usability

Phemex features an intuitive navigation system, making it easy for users to find what they need. The platform offers a simple interface with dropdown menus, creating a beginner-friendly experience.

The integration with TradingView is a standout feature of Phemex, allowing users to chart and place orders seamlessly from one screen. This enhances the trading experience by simplifying market analysis and trade execution.

Additionally, the trading interface is highly customizable, enabling users to move and resize blocks to suit their preferences. This promotes an efficient workspace tailored to individual trading styles. Overall, Phemex combines user-friendliness with advanced functionality, catering to various trading preferences.

Deposits and withdrawals at Phemex

Phemex offers several options for users looking to buy, deposit, or withdraw cryptocurrencies and fiat. Users can purchase crypto using various payment methods, including credit/debit cards, UnionPay, bank transfers, SEPA, Apple Pay, POLi, Bpay, PayId, IDEAL, and Sofort, making the process convenient.

For fiat deposits, users can open an OTC account, allowing wire transfers starting at $50. Phemex partners with Legendary Trading for these transactions, but note that there’s a $30 fee for transfers under $10,000, making this option less cost-effective for smaller trades.

Pro Tip: To minimize fees, consider using exchanges like Binance, SwissBorg, or Kraken for bank transfers with low or no costs. Once you’ve purchased crypto, you can transfer it to Phemex for trading.

Crypto deposits and withdrawals are straightforward, with support for assets like BTC, ETH, XRP, LINK, and USDT. However, withdrawals are processed three times a day at 8 am, 4 pm, and 12 am UTC with a 30-minute cut-off before each withdrawal period. Additionally, Phemex features a P2P marketplace where users can buy USDT, BTC, and ETH directly from other members.

Phemex Customer Support

Customer support is a crucial topic often treated as an afterthought by traders, which can lead to costly mistakes. Discovering inadequate support during an urgent issue with an active trade can be alarming. Quick access to help can mean the difference between a minor setback and losing an entire trading account.

Phemex offers customer support through a comprehensive Help Center filled with articles and guides. However, having more detailed step-by-step guides, images, and tutorials for beginners would be beneficial.

Support is available via email, live chat, and a helpful Telegram community. During testing, reaching out to chat support multiple times over three days at various hours resulted in connecting with a live agent in under a minute each time.

While some queries required escalation to the email team, responses consistently arrived in under half an hour, showcasing a strong understanding of the platform.

Phemex also excels with the Phemex Academy, offering numerous resources focused on crypto education. It’s commendable to see a platform dedicated to helping users learn and grow, providing high-quality, well-written content.

Register your account on Phemex

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Registering an account on Phemex is a straightforward process that ensures a seamless experience for users. This Phemex Review provides a detailed overview of the registration steps.

Step 1: Visit the Official Site: Go to the Phemex website.

Step 2: Sign Up: Click on the sign-up button.

Step 3: Provide Email and Password: Enter a valid email address and create a password (make sure the email is accessible for verification).

Step 4: Email Verification: Check your email for a verification link and click on it to confirm your account.

Step 5: Set Up Security Features: Once verified, set up your account by enabling recommended security features to enhance your account protection.

KYC Verification Steps

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If you wish to purchase crypto or open an OTC account, you will need to complete KYC verification. Here’s how:

Step 1: Open the Phemex App: Launch the app and log into your account.

Step 2: Access Account Settings: Tap the account icon in the top left corner of the screen.

Step 3: Select KYC Verification: Tap the KYC verification option to begin the process.

Step 4: Start Verification: Click “Verify” to proceed.

Step 5: Follow On-Screen Instructions: Tap “Start” to continue with the indicated steps.

Step 6: Select ID Issuing Country: Choose your ID’s issuing country from the drop-down menu and select the ID type.

Step 7: Capture Document Photo: Center and angle your document in the camera view to ensure all details are clear and legible, then confirm the photo.

Step 8: Face Verification: Start the face verification process and align your face within the designated area for the app to scan and upload your image.

Step 9: Wait for Processing: The application will process your submission; a “Verifying” tag will be displayed next to your ID & Face Verification option.

Step 10: Check Verification Status: If successful, the tag will change to “Verified,” indicating that your KYC process is complete.

How to deposit and withdraw on Phemex?

Once all the necessary steps for account registration and KYC verification are complete, you can proceed to fund your Phemex account. Insights from our Phemex Review, it’s important to note that Phemex offers users several convenient options for purchasing cryptocurrencies, including using a credit or debit card, as well as the ability to send Bitcoin directly to your account’s address.

To initiate the deposit process, hover over the “Assets” tab located in the navigation menu, then select “Deposit.” This action will direct you to the asset holdings page, which provides an overview of your current cryptocurrency assets.

Depositing Bitcoin

For this guide, we will focus on depositing Bitcoin into your Phemex account. After clicking on “Deposit,” instead of selecting “Buy Crypto,” you’ll be taken to a page specifically designed for deposits. Here, you will find a unique Bitcoin (BTC) address assigned to your account.

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To deposit Bitcoin, simply copy the provided BTC address and use it to send Bitcoin from your external wallet. Make sure to double-check the address before completing the transaction to ensure your funds are directed to the correct location. Once the transaction is confirmed on the blockchain, the Bitcoin will be credited to your Phemex account, allowing you to begin trading.

Withdrawing funds

When it comes to withdrawing funds, the process is equally straightforward. Click on the “Withdraw” button in the left-hand menu of your account dashboard. This action will lead you to the withdrawal page, where you will see instructions on how to proceed.

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To withdraw Bitcoin or any other cryptocurrency, you’ll need to enter the recipient’s wallet address and specify the amount you wish to withdraw. Be sure to verify that the wallet address is correct, as transactions are irreversible. After confirming the details, submit your withdrawal request.

Once the request is processed, your funds will be sent to the specified address. With funds successfully deposited into your Phemex account, you are now ready to dive into trading Bitcoin futures and exploring other trading options available on the platform. This comprehensive guide to funding your account highlights the ease of transactions on Phemex, underscoring the platform’s strengths discussed in this Phemex Review.

How to trade Bitcoin Futures on Phemex?

To trade Bitcoin futures on Phemex, start by transferring funds to your Contracts Account, where perpetual contracts are managed. Select your Contracts Account, click “Transfer,” and specify the amount you want to use for trading.

Phemex offers three types of perpetual contracts:

USD(S)-M Perpetual: Uses USDT as the margin.
COIN-M Perpetual: Uses cryptocurrency as collateral.
USD-M Perpetual: Uses USD as the margin.

For this guide, we will focus on USD(S)-M Perpetual, the most commonly used option.

After transferring your funds, hover over the “Contract” button and select USD(S)-M Perpetual. The interface is user-friendly, with “BTCUSD Perp” displayed at the top left. On the right, you’ll find order tabs and an order book, while the center features a TradingView chart for price analysis.

Phemex supports several order types:

Market Order: Executes immediately at the best market price. Enter the number of contracts and select your leverage to trade quickly.
Limit Order: Allows you to set a specific entry price. For example, if Bitcoin is at $64,000 and you want to buy at $60,000, enter that price, position size, and leverage.
Conditional Orders: Activate when a trigger price is reached, useful for Take Profit or Stop Loss strategies.

With this knowledge, you can effectively open and close positions on Phemex, taking advantage of market opportunities.

Phemex Reward

Phemex offers new users attractive bonuses for completing specific tasks on the platform, making it an appealing choice for traders. Here’s a concise overview of the bonuses in this Phemex Review:

Account Opening: Users receive a $2 bonus for simply opening their first account. This bonus is automatically credited and can be used for immediate trading.

First Deposit: When making a first deposit of at least 0.2 BTC, users can earn a bonus of up to $60. This bonus enhances trading opportunities right from the start.

Social Media Shout-out: Users can earn a $10 bonus by following Phemex on social media and giving them a shout-out. This initiative encourages community growth while rewarding users for promoting the platform.

These bonuses provide valuable incentives for new users to start trading on Phemex with additional resources. This Phemex Review presents how these rewards enhance the overall trading experience.

Phemex alternatives

When exploring cryptocurrency exchanges, traders have numerous options. In this Phemex Review, we’ll examine how Phemex stacks up against industry leaders like Binance, Coinbase, OKX, and Bybit.

Comparing Phemex to Binance, the largest global exchange, reveals that Binance boats billions in daily trading volume and a wide array of services, including spot and derivatives markets. Phemex competes closely with competitive fees and features, charging between 0.01% and 0.06%, compared to Binance’s 0.01% to 0.04%. While Binance offers leverage up to 125x, Phemex provides up to 100x. Additionally, Binance features services like Binance Pay and its own blockchain, whereas Phemex supports 215 crypto assets and emphasizes proof-of-reserves.

Turning to Coinbase, which leads in U.S. trading, Phemex shines in international markets and offers perpetual contracts. Coinbase’s fees range from 0% to 0.60%, while Phemex maintains a tighter range of 0.01% to 0.06%. Coinbase does not offer leverage, but Phemex allows up to 100x. Although Coinbase is highly regulated and offers over 500 crypto pairs, Phemex stands out with its semi-centralized model.

In comparison with OKX, known for its extensive cryptocurrency selection and robust trading tools, Phemex maintains similar fees of 0.01% to 0.06% against OKX’s 0.10% to 0.15%. Both platforms offer leverage of up to 100x, but while OKX provides extensive staking options, Phemex focuses on its proof-of-reserves feature.

Lastly, when looking at Bybit, which is popular for its user-friendly interface and high liquidity in derivatives, Phemex’s fees are also competitive at 0.01% to 0.06%, compared to Bybit’s 0.01% to 0.05%. Both platforms offer leverage of up to 100x, but Bybit specializes in derivatives, while Phemex combines a semi-centralized model with a diverse asset range.

Phemex Review- Frequently asked questions

Is Phemex free to use?

Phemex does not charge any additional fees for cryptocurrency deposits into a user trading account. However, withdrawals from the Phemex wallet are subject to a standard blockchain fee, which varies based on the specific crypto asset and network congestion.

Is Phemex legal in the UK?

Yes, Phemex is legal to use in the UK. However, it’s important to note that while the platform operates within legal boundaries, users should always ensure they comply with local regulations regarding cryptocurrency trading. Additionally, the UK’s Financial Conduct Authority (FCA) has implemented various regulations regarding cryptocurrency firms, so it’s advisable to stay informed about any updates or changes that might affect trading activities.

Why can’t I withdraw from Phemex?

On Phemex, each crypto withdrawal is subjected to a comprehensive security check. If your withdrawal status shows “Security Check Failed” or remains in “Security Checking” for over 20 minutes, please contact support at support@phemex.zendesk.com using your registered account email.

How much does Phemex charge to withdraw?

Phemex does not charge a withdrawal fee for Bitcoin. However, a minimum Bitcoin network fee of 0.00005 BTC is applicable. This fee is dynamically adjusted based on blockchain congestion.

Does Phemex have a wallet?

The Phemex platform features a crypto wallet based on the Hierarchical Deterministic Cold Wallet System, enabling each user to have a unique cold wallet deposit address. A significant advantage is that all deposits are regularly consolidated into the company’s multi-signature cold wallet using offline signatures for enhanced security.

Is Phemex a good choice for 2025?

Phemex could be a solid choice for 2025, especially for traders looking for a platform that offers a variety of features and competitive options. This Phemex Review showcases several compelling reasons to consider using Phemex.

First, the exchange provides diverse trading options, featuring a wide range of cryptocurrencies and trading pairs that cater to both spot and derivatives traders, allowing flexibility in trading strategies. The user-friendly interface is another key advantage; Phemex’s intuitive design and advanced charting tools, powered by TradingView, make it accessible for both novice and experienced traders.

The platform also boasts competitive fees, maintaining low trading costs that are attractive for users aiming to minimize expenses. With leverage options up to 100x on certain contracts, Phemex appeals to those interested in maximizing potential returns. Moreover, strong security measures, including a Hierarchical Deterministic Cold Wallet System and multi-signature cold wallets, enhance the safety of user funds.

For traders who prefer a hands-off approach, Phemex offers copy trading features, enabling users to follow and replicate the strategies of successful traders. Additionally, the platform is known for continuous improvement, regularly updating its features and expanding its offerings to keep pace with the evolving cryptocurrency landscape.

Given these factors, Phemex is worth considering as a trading platform in 2025. However, it’s always essential to conduct thorough research and assess individual trading needs before making a decision.

Conclusion

The Phemex Review indicates that the platform offers significant benefits for crypto traders, featuring a user-friendly interface suitable for both beginners and experienced users. Key features like sub-accounts and a user-focused approach could provide an edge over competitors like BitMEX and Bybit, although growing competition in the derivatives market may present challenges.

While Phemex has not faced major security issues, this raises questions about how the platform would handle potential incidents in the future. Overall, Phemex appears to be an attractive exchange that meets many traders’ needs, but conducting thorough research before using the platform is recommended. For more detailed insights and comparisons, visit CoinReviews, where additional articles explore various crypto exchanges and their offerings.

Phemex Review 2025: Advanced Tools And Services For Savvy Traders