Contributor, Benzinga
October 25, 2022
Overall Rating:
securely through Phemex's website

Phemex is a one-stop shop for all the crypto needs of retail investors, catering to those who are relatively new to the crypto sector. Among the menu of services provided, savings accounts for consistent return on stablecoins and advanced-level trading bots stand out. There’s a launchpad where you can view projects early on and an academy that will teach you more about the cryptocurrency industry. Quality customer service and airtight compliance make the platform extremely secure and help to create a comfortable environment in which every investor can trade.

Best For
  • Novice investors who want to get into crypto
  • Passive investors
  • Secure and compliant trading services
  • Exemplary client care
  • Fewer micro-caps
  • Relatively new

Phemex Ratings at a Glance

Pricing and Fees
Product Offerings
User Experience
Mobile App

Phemex Pricing and Fees

Phemex offers some of the industry’s lowest trading fees, starting at 0.1% for makers and takers on the spot trading platform. Contract trading fees also fall below the industry average. Recently, the platform decreased its contract trading fees to 0.06% for market takers and 0.01% for makers. 

Phemex does not charge withdrawal fees, but it does charge a minimum 0.0005 BTC Bitcoin network fee that is based solely on current blockchain loads.

Phemex also hosts a VIP program that lowers trading fees for high-volume traders. High-volume accounts are charged as little as 0.0325% for contract taker fees and zero maker fees. VIP spot traders enjoy zero maker fees and only pay a 0.0400% taker fee.

Phemex places importance on maintaining positive relationships with its clients, which is why the company's spot and contract VIP programs have been combined into a single, streamlined offering of substantial savings. It also offers a welcome promotion where day traders from other exchanges can easily submit proof of their trading history to instantly qualify for a corresponding VIP level+1 on Phemex for 30 days.

Phemex Product Offerings

Among the varied offerings by Phemex, some notable ones are:

Market predictions: Phemex Market Predictions is a unique feature where users make a prediction by purchasing shares in any market and guessing how that investment will turn out. Predictions can range from whether an event will occur at all to the future price of an asset by a given date and much more. Keep in mind, these predictions are not always crypto-related, with Phemex planning to introduce various market options, including news, politics, sports and price targets. Join now to predict various investment outcomes and earn substantial rewards.

Crypto education: Phemex offers various educational products such as Phemex Academy and Blogs. The educational content is updated daily with timely news, unveiling the latest trends and events, while a vast collection of user guides trains users on every function or service of the exchange. The Phemex Academy portal helps users to better understand how blockchains work and optimize their cryptocurrency trading strategies. With over 600 researched articles on some of the most complex topics in the sector, users can learn all kinds of useful skills, including risk management and portfolio diversification, and test out their strategies in Phemex’s trading simulator.

For those in need of greater structure, Phemex offers a Learn and Earn program where you can learn about cryptocurrency and receive rewards for completing new courses. These courses generally involve watching videos, answering questions and parsing several volumes of optional reading material.

Trading: Phemex offers both spot and contract trading. Spot trading includes buying and selling cryptocurrencies at market prices. Plus, Phemex allows traders to place advanced order types, including limits, stops and trailing stops, among others. Spot trading is available on nearly 300 crypto pairs, including tokens like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Phemex also offers several fiat-to-crypto pairs, such as USD/BTC and EUR/BTC. There’s also space for traders to exchange derivative contracts, offering up to 100x leverage and supporting 145+ contract trading pairs, such as BTC/USD and ETH/USD.

Launch: Phemex added a Launchpad that allows exclusive access to brand-new projects at a set price listed for public trading. Phemex’s new Launchpool service offers limited-time high-APY staking pools for select tokens. Coming up, Phemex will introduce many more products and services, all aiming to empower users with best-in-class financial tools.   

Savings: Phemex’s Savings program allows you to deposit crypto into a savings account that earns high interest rates while holding funds. Phemex Earn Crypto allows users to earn a high annual percentage yield (APY) on stablecoin deposits through its Fixed and Flexible Saving options. Flexible accounts allow for instant withdrawals and deposits at any time, offering an estimated APY of 3.00% for a flexible period and 4.50% APY for a fixed 14-day period on USDT deposits. You can also receive 1.00% on BTC deposits using a flexible account and around 1.20% through fixed accounts. Check back often to participate in various promotions offering even higher APYs on different cryptocurrencies. 

Phemex Security

Phemex is now approved for operations in Turkey, Lithuania and 48 states in the U.S. The platform also became a member of the Travel Rule Universal Solution Technology (TRUST) and is working to fully comply with the U.S. Travel Rule so that users from over 200 countries undergo the KYC process for the sake of everyone’s safety. 

Phemex uses state-of-the-art digital asset custodial systems to store customer funds.

Phemex User Experience

Customers can use several order types, including market, limit and stop orders to name a few. You can set price alerts so that you never miss a good trading window. Plus, you can view your trading history, order history and open orders on the dashboard. You can even customize the platform so that you see the exact information you need.

Over the past few years, Phemex has built a fanbase and community that conducts trading competitions, giveaways and other events that increase engagement and make the platform feel more active and engaging. 

The user interface is easy to navigate, making it simpler than ever for users to get around, learn, trade and manage their portfolios at their own pace.

Phemex Mobile App

Phemex users are an on-the-go demographic, so the company has provided an attractive, speedy app that lets you trade crypto and participate in the Phemex Market Predictions option anytime, anywhere. The app is free and available on iOS and Android. You can trade Bitcoin, Ethereum and other coins on the go and use the app for spot trading. Its simple and intuitive trading interface coupled with step-by-step trading tutorials means you are off and running in a heartbeat. You can access real-time market data, accurate K-lines, dynamic indicators and customizable displays right in the app.

Phemex Overall

Overall, Phemex is easy to navigate, but some of the advanced options provided are for more-experienced traders. The mobile app makes it easy to trade on the move, and the team behind the platform has built a robust community that supports all its users.

You can get in contact with Phemex via Twitter, Telegram, LinkedIn, Instagram and Facebook.

Frequently Asked Questions


What is the Phemex OTC service?


Over-The-Counter (OTC) describes a secure method of purchasing or selling crypto via wire transfer. Phemex has partnered with Legend Trading, a fast, secure and fully licensed Money Services Business (MSB). As a legally compliant vendor, Legend Trading enables Phemex users to safely purchase crypto through USD bank transfers.


What is the Phemex Prediction Market?


The Phemex Prediction Market lets you trade the outcome of events that take place in the world. The market prices can indicate what the crowd thinks the probability of the event is. Based on your prediction, you could split a prize pool with fellow predictors in the case of you winning.


Submit Your One Minute Opinion

How do you like Phemex?

The Crypto Rocketship: Weekly Newsletter
  • Exclusive Crypto Airdrops
  • Altcoin of the Week
  • Insider Interviews
  • News & Show Highlights
  • Completely FREE