Phemex has gained significant popularity in recent years due to its straightforward trading platform and products within the Web3 space. The platform offers various earning opportunities for users, including DeFi, Earn, Web3, and SocialFi. It is considered one of the best non-KYC crypto exchanges and offers rewards of up to $8,800 in bonuses upon signing up. So, here we have reviewed Phemex for you. In this review, you will learn about the platform’s history, features, pros & cons, legitimacy, security, and much more. We will also cover its fee structure and customer support, as well answer some essential questions. Let’s waste no more time and get into our detailed review!

 

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Phemex Overview

Phemex is a well-known cryptocurrency exchange and trading platform that allows users to trade on spot and futures. It also provides options for copy trading and social trading—a fairly new concept within the Web3 space. The platform is known for its affordable fee structure and extensive range of crypto products and services. With its own exchange token, the Phemex Token (PT), Phemex rewards users through its Phemex Pulse competition. The platform has garnered significant attention, with daily spot trading volume hovering around $100 million.

In addition to its trading capabilities, Phemex offers a unique social finance platform called Phemex Pulse. Here, you can join communities, engage with fellow traders, and learn more about your favorite coins. Stay updated with the latest news and market sentiments, enhancing your trading experience.

Furthermore, Phemex features its own launchpool, allowing you to gain early access to exciting projects by holding the Phemex Exchange token, PT. Whether you’re interested in spot trading, margin trading, or futures, the platform provides advanced tools to help you navigate the market effectively.

Stats	Phemex
🚀 Founded	November 2019
🌐 Headquarters	Singapore
🔎 Founder	Jack Tao
👤 Active Users	5M+
🪙 Spot Cryptos	360+
🪙 Futures Contracts	260+
🔁 Spot Fees (maker/taker)	0.10%/0.10%
🔁 Futures Fees (maker/taker)	0.01%/0.06%
📈 Max Leverage	100X
🕵️ KYC Verification	Not Required
📱 Mobile App	Yes
⭐ Rating	4.3/5
💰 Bonus	$8.800 (Claim Now)

 

Phemex Pros and Cons

👍 Phemex Pros	👎 Phemex Cons
✅ Low fees for cost-effective trading	❌ Limited Fiat Support
✅ No KYC requirements	❌ Few Educational Resources
✅ High speed transactions per second
✅ Spot, margin, and futures trading options
✅ Advanced tools for robust trading
✅ Phemex Pulse for community and market insights
✅ Early project access via Launchpool with PT token

 

Phemex Sign Up & KYC

Signing up on Phemex is a straightforward process that requires minimal steps, allowing you to create a new account in less than 5 minutes. Importantly, Phemex does not require any KYC verification, enabling you to start trading almost immediately after depositing funds. Follow the steps below for registration: Step 1: Open your web browser and navigate to Phemex. Step 2: Click on the “Register Now” button located at the top right corner of the page.

Step 3: Enter your email address and create a strong password. Ensure your password is at least 8 characters long and includes an uppercase letter, a number, and a special character.

Step 4: If you have an invitational code for additional sign-up bonuses, enter it; otherwise, click “Create Account”.

Step 5: Check your email for a six-digit verification code. Enter the code in the pop-up window and click “Submit”.

Step 6: Congratulations! You will be redirected to your newly created account, ready to start trading.

 

Phemex Trading

Phemex offers a range of trading tools that allow users to engage in spot, futures, and margin trading. Each trading option comes with its own characteristics, fees, and interface. Let’s explore them one by one.

 

Spot Trading

Phemex’s spot trading platform is user-friendly, with over $70 million in daily spot trading volume. Here, you can trade 360 cryptocurrencies with a competitive spot fee of 0.1% for both makers and takers. To make your trading experience better, Phemex integrates TradingView into its charts, giving you access to essential tools and various strategies such as Heikin Ashi trends and Bollinger Bands. Additionally, by holding PT tokens, the native token of Phemex, you can enjoy a 20% discount on trading fees.

 

Margins Trading

With Phemex’s margin trading, you can leverage up to 5x on over 112 trading pairs while utilizing the same tools available in the spot trading interface. This means you get the benefits of TradingView integration and a user-friendly platform, though it’s important to note that trading with leverage involves increased risks.

 

Futures Trading

For those who thrive on taking risks, Phemex’s futures trading platform is a great fit. Offering leverage up to 100x, you can trade more than 260 contracts with very low fees of 0.01% for makers and 0.06% for takers. The trading interface is smooth and quick, and by holding PT tokens, you qualify for a 10% discount on trading fees.

Phemex’s futures trading platform offers a variety of order types to suit different trading strategies. In addition to basic limit and market orders, traders can use conditional orders that trigger at specific prices. Iceberg orders help manage large trades discreetly by hiding the full order size. The platform also supports post-only orders, Good Till Canceled (GTC) orders, Immediate or Cancel (IOC) orders, and Fill or Kill (FOK) orders. This range of options allows traders to optimize their strategies and manage risks effectively.

 

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Phemex Fees

Trading Fees

Phemex offers competitive trading fees across its platform, with a 0.1% maker and taker fee for spot trading and a 0.01% maker fee and 0.06% taker fee for futures trading. Users holding PT tokens benefit from additional discounts, enjoying a 10% reduction on futures fees and a 20% discount on spot fees.

Furthermore, Phemex implements a tiered fee structure, where higher VIP levels come with reduced fees. To reach these levels, users must meet specific trading volume requirements and complete verification, allowing frequent traders to enjoy even lower costs.

 

Deposits

Phemex offers various deposit methods, each with different fees. However, to utilize any deposit method, you must first complete KYC verification.

Method	Supported Fiat Currencies	Fee
Credit/Debit Card	30+ fiat currencies	Lowest 0.8% fees
Fiat Balance	USD/EUR/CHF/CAD/AUD/GBP/JPY	$50-$499: 2%
SEPA	EUR	BTC/ETH/USDT/USDC < $10k: 1.49%
PIX	BRL	BTC/ETH/USDT/USDC: 1.49% + FX Rate
SPEI	MXN	BTC/ETH/USDT/USDC: 1.49% + FX Rate

If you prefer to make deposits without KYC verification, Phemex allows you to deposit cryptocurrencies. For these transactions, Phemex charges no deposit fees; you only need to cover the network fees, which can vary based on the specific cryptocurrency network you choose and the current network congestion. This option provides a more flexible way to fund your account while maintaining your privacy.

 

Withdrawals

Withdrawal fees on Phemex vary depending on the cryptocurrency you are withdrawing, as each coin has its own fee structure. It’s important to note that there are daily withdrawal limits based on your verification level. If you are unverified, you can withdraw up to $50,000 worth of crypto per day. For KYC Level 1 verification, this limit increases to $1 million, and for KYC Level 2 verification, you can withdraw up to $2 million per day. Learn more about Phemex withdrawal limits, methods, and fees in our Phemex withdrawal guide.

 

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Phemex Products and Services

Phemex provides a diverse range of products and services designed to cater to the unique needs of every type of user. Whether you are a beginner, an experienced trader, or someone looking to explore advanced trading options, Phemex has something to offer. Let’s take a closer look at these offerings and how they can benefit you.

 

Copy Trading

Phemex’s Copy Trading platform enables users to replicate the strategies and trades of experienced traders, helping newcomers participate in profitable (or potentially loss-bearing) trades with ease. New traders can view the profiles of copy traders, assess their trading style and strategies, and decide if they want to mirror their trades. This feature allows users with little to no experience to leverage the expertise of seasoned traders, with top traders receiving a 12% profit share.

 

Trading Bots

Phemex offers four types of automated trading bots:

1. Futures Grid
2. Futures Martingale
3. Spot Grid
4. Signal Trading

The Phemex bot trading platform enables 24/7 automated trading with customizable parameters, making it ideal for hands-free trading. These bots are completely free for all users. Phemex also features a Bot Marketplace, where users can share or copy trading bots, including spot grid trading and contract grid trading strategies, with just one click, replicating the setups of top-performing traders.

 

Phemex Pulse – SocialFi

Phemex Pulse, Phemex’s SocialFi platform, introduces a decentralized social network where users can monetize their interactions, content creation, and online presence. Leveraging blockchain technology, Phemex Pulse prioritizes data privacy and user control, providing a secure environment that reduces reliance on central authorities. With built-in community governance, users can influence platform development and policies, fostering a transparent and engaged community.

Phemex Mobile App

Phemex also has separate mobile applications for both iOS and Android users. So, you can access your account and continue trading on the go from anywhere, anytime. Although their website is well-developed and offers a better trading experience, the mobile application will increase the usability, accessibility, and versatility of the platform.

The application has around 4.5 ratings on Apple App Store and requires an iOS version 12.0 or newer. You can also download the application on your Mac, where the required macOS version is 11.0 and with M1 Chip. The app’s file size is also under 100 MB.

On Google Play Store, it has a rating of 4.6 stars, with over 1 million downloads. However, the app size is much smaller at only 34 MBs compared to its iOS counterpart. Anyways, you will need Android Lollipop (5.0) or higher for downloading.

 

P2P Trading

Phemex offers P2P trading within its platform, allowing you to buy or sell crypto directly to or from others. This feature is particularly useful in countries where direct purchases using bank transfers or third-party payment methods are not available. With P2P trading, you have access to local payment methods, and with more than 20 options available, it makes entering the crypto markets a versatile and flexible experience for everyone.

 

Mock and Simulated Trading

For new traders looking to get started in futures or spot trading, Phemex offers mock and simulated trading to help users learn the basics risk-free. Mock trading enables users to test futures trading strategies without any financial risk, while simulated trading is a testnet environment for spot trading. This allows users to explore charts, trends, and trading techniques without involving real capital.

Learn more about mock trading on Phemex in our YouTube tutorial.

 

Phemex Launchpad and Launchpool

Phemex provides investment opportunities through its Launchpad and Launchpool platforms, ideal for those aiming to make early investments in promising projects. While both platforms offer early investment chances, they differ in the tokens used: the Launchpad accepts USDT, while the Launchpool is exclusively for users holding Phemex’s native PT token.

 

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Phemexia and Phemex Soul Pass

Phemexia is a Web3.0 decentralized platform, designed as a virtual community for crypto enthusiasts who value transparency, trust, and collaboration. With the Phemex Soul Pass, you can participate directly in the platform’s governance through voting and earn PT rewards as a member of this decentralized network.

 

Phemex Lending Protocol

The Phemex Lending Protocol allows you to borrow cryptocurrency quickly and easily, using your existing crypto assets as collateral. With this protocol, you can secure a loan instantly with just one click, benefiting from low rates and no hidden fees. You have the flexibility to repay at any time and retain your crypto holdings, as there’s no need to sell your assets. Additionally, the protocol offers a high Loan-to-Value (LTV) ratio, giving you access to more funds based on the value of your collateral.

Phemex Academy

With Phemex Academy, you can explore crypto and blockchain concepts through a straightforward, free resource. Get insights into daily trends, learn more learn about the metaverse and DeFi, and improve your technical analysis skills—all designed to help you understand the essentials of blockchain and the latest in the crypto world.

 

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Phemex Security

To protect your account, data, and information, the platform has many security layers and is regulated by an authoritative firm. Phemex uses the Deterministic Cold Wallet System for users’ assets, which stores a single user’s data in different cold wallet deposit addresses. Moreover, you can withdraw only thrice a day to minimize unnecessary withdrawals. Also, each withdrawal requires an advanced risk control process to limit malicious attempts. But that’s not all. The platform asks for offline signatures whenever you request a withdrawal, making the exchange extremely safe. All the personal information of verified users is secured in industry-standard encryption.

Additionally, the payment mechanism is backed by top-grade SSL certification to avoid digital penetration. On the user’s end, you will experience numerous layers to secure your data. You can enable two-factor authentication and set passwords or application codes on your mobile devices.

Recently, FinCEN has also started regulating Phemex after their official MSB registration. Furthermore, Legend Trading, a leading crypto trading regulation firm, provides the platform’s multiple state licenses. Briefly, the exchange is absolutely safe, secure, and well-regulated to trade on. Lastly, if you want to get rid of your Phemex account, you can fully delete it. That also means you have no longer access to their services.

 

Phemex Customer Support

Phemex has quick and impressive customer support, where you can get in touch with an agent shortly. The platform doesn’t have a ticket system. Instead, you can click on the chat bubble at the bottom right corner to activate a chatbot. It will ask you some general questions and then transfer you to an agent to answer your queries.

For normal and most common complaints, Phemex has a properly dedicated help center with all the guides and articles about navigating and using the exchange (besides the Phemex Academy). Other contact and support means include email and social media channels like Twitter, LinkedIn, Telegram, etc.

 

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Phemex Alternatives

Phemex is a solid choice, especially for futures trading, but if you’re exploring other options, take a look at these:

1. Bybit: Bybit offers a similar range of features with deep liquidity and a large user base. It’s known for its advanced trading tools and high leverage.
2. MEXC: If low fees are your priority, MEXC is hard to beat. They have a massive selection of altcoins and some of the lowest trading fees in the industry.
3. Bitunix: Bitunix is a good option if you’re looking for a no-KYC exchange with high leverage and a user-friendly platform.

Feature	Phemex	Bybit	MEXC	Bitunix
Established	2019	2018	2018	2022
24h Volume (Spot/Futures)	$78.45M / $0.86B	$3.64B / $15.25B	$1.40B / $6.07B	$537.63M / $6.4B
Supported Cryptos	355+	660+	2437+	317+
Spot Fees (Maker/Taker)	0.10% / 0.10%	0.10% / 0.10%	0.00% / 0.02%	0.10% / 0.10%
Futures Fees (Maker/Taker)	0.010% / 0.060%	0.020% / 0.055%	0.000% / 0.020%	0.020% / 0.060%
Max Leverage	100x	100x	200x	125x
KYC Required	No	Yes	No	No
Trading Bonus	$8,800	$30,000	$20,000	$5,500
Key Features	• No KYC required • Grid/martingale/signal bots • Low futures maker fees • Copy trading	• Most advanced features • Highest trading bonus • Deep liquidity • Multiple trading bots	• Most cryptocurrencies (2437+) • Lowest fees by far • No KYC required • 200x leverage	• No KYC required • User-friendly • Multiple fiat options • 125x leverage
Sign Up	Sign Up	Sign Up	Sign Up	Sign Up

 

Bottomline

Phemex is a fantastic crypto exchange and trading platform for beginners and experts. You can enjoy spot, contract, and copy trading at a low cost while also experiencing secured and rapid transactions every time you make a trade, all without KYC verification. Beginners have a huge Academy, demo account, and instant help to learn and grow. Overall, Phemex is an excellent platform for anyone who wants to start crypto trading and staking. It has high security, great user experience, and fabulous customer support. It only lacks fiat and options trading, while OTC trading is restricted in some countries. Otherwise, you can give it a go.

 

Phemex FAQs

Is Phemex Safe?

Yes, Phemex is safe to buy, sell, trade, exchange, and stake crypto coins. FinCEN regulates the platform, and it is also legal in various major countries. Plus, it practices effective security measures to protect its customers’ assets and data. That is why it has never suffered any hack or security breach till today.

Can I Withdraw Fiat on Phemex Without KYC?

No, you will require to complete KYC verification if you want to withdraw fiat from Phemex. If you have level 1 KYC verification, you can withdraw fiat in 7 currencies, including USD, GBP, EUR, CAD, AUD, CHF, and JPY. The fiat withdrawal is possible via wire transfer only, where the minimum limit is 30 of that particular currency.

Does Phemex Operate in the US?

Unfortunately, you cannot use Phemex in the USA. The platform is currently unavailable in all American states but will be available soon.

Does Phemex have a Digital Wallet?

Yes, Phemex has a native, built-in digital wallet to store your crypto coins and other digital assets. The wallet requires multiple offline signatures to access, making it impossible for irrelevant people to enter your assets. Moreover, you can protect your wallet on your mobile devices via passwords and app codes.