Cryptocurrency trading has grown fast over the past few years. More people are now looking for safe and easy platforms to buy, sell, and trade digital assets. With so many exchanges available, choosing the right one can be difficult. Traders want low fees, strong security, simple design, and fast transactions. Every exchange offers something different, so it’s important to compare key features before signing up.
This Phemex review will cover its trading features, fees, security, and more, helping you decide if it’s the right crypto exchange for your needs.
Phemex Exchange Review: SummaryFounding Year2019HeadquartersSingapore (operating under Phemex Technology Pte. Ltd.)User Base5 million users across 150 countries globallySupported Cryptocurrencies470+ cryptocurrencies, including BTC, ETH, USDT, and SOLTrading Productsspot trading, futures with 100x leverage, copy trading, staking, and P2PTrading Fees0.1% maker/takerFiat Currency Support30+ fiat currencies like USD, EUR, BRLSecurity MeasuresCold storage, 2FA, passkeys, anti-phishing codes, proof of reservesRestricted CountriesUS, UK, Canada, China, and othersCustomer Support24/7 live chat, email, and Help Center; no phone supportWhat Is Phemex?
Phemex is a cryptocurrency exchange based in Singapore that launched in 2019. The platform allows you to buy, sell, and trade digital currencies like Bitcoin, Ethereum, and more than 470 others. It serves more than 5 million users across 150 countries.
The exchange is known for its fast and reliable trading system. Phemex processes up to 300,000 transactions per second with minimal delays. The platform supports spot trading and futures trading with up to 100x leverage. Phemex charges low fees: 0.1% for spot trading and 0.01% to 0.06% for futures, which is quite competitive compared to other exchanges.
Phemex is a user-friendly platform with a mobile app for trading and a demo account for practicing without real money. It also offers tools like copy trading and staking options to earn a passive income. The exchange supports deposits in 30+ fiat currencies, including USD and EUR, but it’s unavailable in some regions like the US and UK due to regulations. If you are a new user, you can use our Phemex referral code FR72P8 to get a $4,800 sign-up bonus.
Pros
- Handles up to 300,000 transactions per second for fast trading
- Charges low fees, starting at just 0.1% for spot trading
- Supports over 470 cryptocurrencies and offers diverse trading opportunities
- Prioritizes security with cold storage wallets and two-factor authentication
- Provides a user-friendly mobile app for convenient on-the-go trading
- Offers a demo account to practice trading without financial risk
Cons
- Unavailable in the US and UK due to strict regulatory restrictions
- Customer support may respond slowly during high-traffic periods
- Lacks licensing in some regions, creating potential regulatory risks
Phemex Exchange Key FeaturesPhemex Spot Trading
Spot trading on Phemex allows users to buy and sell cryptocurrencies instantly at current market prices. Traders own the actual digital assets, like Bitcoin or Ethereum, unlike futures trading, where contracts are exchanged.
The platform supports over 470 cryptocurrencies and offers trading pairs such as BTC/USDT, ETH/USDT, and smaller altcoins. You can trade with as little as $1, making it accessible for beginners and experienced traders alike. The interface is straightforward, with real-time price charts and order types like market, limit, and conditional orders for precise trading strategies.
Phemex Derivatives Trading
Phemex offers the best platform for derivatives trading. You can trade both USD-margined and coin-margined contracts. These contracts are also called futures contracts. You do not need to own the asset to trade it. Phemex supports popular perpetual contracts like BTC/USDT, ETH/USDT, and many others, and you can trade with up to 100x leverage.
There are two types of contracts on Phemex:
- USD-Margined Contracts (Linear Contracts): These are settled in USDT. You need to deposit USDT in your contract trading account. These are easier to use and understand.
- Coin-Margined Contracts (Inverse Contracts): These are settled in the base coin like BTC or ETH. You need to deposit the same coin to trade. These are better if you want to grow your crypto holdings.
You can use different order types like limit, market, conditional, and stop orders. This helps you manage risk. Phemex also offers tools like take-profit, stop-loss, and trailing stop features. These tools help you control your losses. The platform uses Isolated and Cross Margin modes. Isolated margin limits risk to one trade, and cross margin uses all your funds to prevent liquidation. As discussed above, Phemex also gives a demo account for practicing futures trading with leverage. You can test your strategies without using real money.
