Phemex Exchange Comprehensive Review 2022

With the advent of virtual currency as a significant business domain, several websites have begun to engage in a similar industry. Between these, this Phemex trading exchange stands out as among the most reliable and hassle-free platforms where consumers can transform their cryptocurrency fortune into income.

Phemex was founded when its proprietors saw a lack of professionalism, reliability, and client service in the crypto business.

This is among the industry’s younger digital currency exchanges. Although everything and everyone seems and feels inviting, Phemex still has some work to do.

This Phemex exchange review will clarify how the network operates, whether it is secure to use, and whether the firm running the platform is legitimate. Let’s get started! 

Pros And Cons Of Phemex

Phemex At A Glance

Phemex Exchange: Company Overview

Phemex is among the world’s most significant and potent cryptocurrency trading and investment venues. The platform has earned the confidence of the cryptocurrency industry by having almost two million users from all across the world.

Phemex offers its customers a limitless number of trading alternatives in addition to cryptos’ easy selling and acquiring. Furthermore, it employs a user-centered strategy to obtain a deeper understanding of what its customers truly desire. This is one of the primary reasons why the platform effectively meets consumer expectations and supplies them with valuable remedies.

The company has settled its base in Singapore and engages numerous people to give the finest products available to its customers and clients.

Cryptocurrencies Supported In Phemex

Phemex stands out as one of the leading crypto platforms to offer over 200+ supported digital assets. In addition, users signing up for the platform have access to all the major crypto projects currently available in the market. 

Here are a few major cryptocurrencies supported by the Phemex exchange:

Besides, the platform is also open to the idea of listing new and unique crypto projects in its exchange. This way, Phemex makes it an excellent option for traders and investors investing in new and potentially powerful crypto projects. 

Key Features Of Phemex

Phemex Sub-accounts

The sub-account feature is a unique option limited to users signing up for the Phemex platform. Here, the system provides a one-of-a-kind method for generating sub-accounts inside a pre existing profile, allowing you to hold either short or long holdings.

Every sub-account would have its balance and degree of authority, allowing you to isolate distinct trading techniques. They may also be used with trading algorithms to move money from one sub-account to another. The sub-account option is popular with sophisticated investing groups.

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Phemex user interface

Phemex, like other cryptocurrency trading websites, has a beautiful UI design. Professional traders with slow internet connections may enjoy the ping meter, which is on the bottom left side of the interface.

The Phemex trading system comprises two main parts: the CrossEngine and even the TradingEngine, which match customer requests depending on cost and time urgency.

In keeping with their user-centered philosophy, they chose a unique system for the graphs and trading systems. Users may select from 5 distinct languages, with plans to add additional international languages when its customer base expands.

Every one of the typical trade instruments is accessible, as is the amount of signals per graph. Users may customize the system to their tastes, and there is also a demo-trading facility for a quick inside look at all of the Phemex possibilities without committing any dollars. Nevertheless, some components, such as time periods on the trade views chart, are not entirely adjustable.

Phemex, likewise FTX, has created its unique Android and apple applications to improve the client interface and provide complete network capabilities on smartphone devices.

Phemex offers leveraged trading up to 100x:

Phemex allows margin trades up to 100x the sum you invest. Margin trade is a technique of trading in which money is acquired from the platform. The purpose of trading using leverage is to maximize profit possibilities. Margin trade enables anyone to operate and earn with far higher asset quantities than you could with your own money.

Another feature of Phemex is that you may practice leveraged trading with fictitious assets upon that Phemex test.net system. Bitcoin, Ethereum, Ripple, LINK, Cardano, and USDT are the cryptocurrency accessible for sample trades.

Earn interest with fixed and flexible accounts:

Phemex offers two methods to earn income on idle Bitcoin or Tether deposited on the marketplace. One is the Flexible Savings option. This enables customers to earn on virtual currencies without making significant long-term obligations. The most appealing feature is the capacity to fund and take cash at any moment while still earning a reasonable rate of return. 

A customer merely has to transfer monies from the Phemex spot wallet into the Flexible Savings bank. The customer will collect the daily return as long as the money appears. The original amount and earnings can be retrieved at any moment.

The second way is Phemex’s Fixed Saving service, which enables consumers to receive greater rates of return on Bitcoin and USDT investments for a particular duration. Before any profits may be claimed, customers must enroll on this plan for a set length of time. 

Flexible Saving has a greater and more steady rate of return. Therefore, early withdrawals from the Fixed Savings account are presently not permitted.

Additional Features Of The Platform

Those mentioned above were some of the critical features of the Phemex platform. However, that’s not all the platform has to offer. When signing up for the platform, you might also want to look at some of its additional features. 

To give you a better idea, we’ve listed some of them in the following section: 

• Zero transaction fees for premium members: Paid Premium subscribers are exempt from paying trading charges on authentic “spot” deals. To be clear, spot dealing is the act of purchasing or selling assets right now. 

Contractual trading often referred to as futures trading, is the agreement to acquire or resell an item at a specific rate shortly. Premium memberships are terminated after their terms. They cannot be canceled during their validity term.

• Reliable Privacy & Security: In terms of privacy, Phemex offers a multilayer deterministic cold storage technology that distributes separate cold storage deposit credentials to every user, making it the safest crypto marketplace. 

On a periodic schedule, every one of these assets is gathered and delivered to the firm’s multi-signature cold wallet via offline signatures. Payout requests are handled three times daily on the platform, which may also explain the extremely long payout wait times.

• Competition mode gamifies investing for fun and profit: The Phemex network has a mechanism that transforms investment into a time-limited team event. Teams can have as many as they like, but they must have at least ten players. 

If a group has fewer than ten members before the tournament begins, it will be dissolved, and individuals will be distributed randomly towards other groups that match the standards.

• The platform supports easy and quick crypto purchases: Phemex does not need lengthy procedures, validations, or wait periods to purchase cryptos. You will be the legal holder of the crypto in a matter of a few minutes. This is why the website gets a large number of online traders.
• Different levels of the trading platform: Phemex allows users to invest in various marketplaces. The most common is, obviously, market trading. However, the system also supports leverage trading, futures contracts, and everlasting assets, allowing you to trade exactly how you wish. The investing session is excellent since you have a fully functional, accurate, and customizable platform.
• Option to earn through staking: Individuals may stake their existing possessions and generate significant income. It’s an excellent opportunity for individuals who don’t wish for cash to sit idle inside their wallets. Besides, the platform is also expected to introduce new and better ways to improve earnings using cryptos. 
• Massive learning portal with guides: Do not stress when you’re just a newbie with a lot to discover regarding basic trade and investments you’ve set! The portal features among the most extensive learning sites on any marketplace, and anybody may use it. These books may help you learn anything from the fundamentals to expert and sophisticated trading strategies.

In addition, there is a trading aspect where you may learn ways of trading. Some instructions concentrate on the fundamentals. However, there are comprehensive manuals that cover practically every area of trading.

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Trading Experience

Phemex, like the majority of the cryptocurrency platforms we reviewed, has a unique subscription concept. Anyone can sign up with the supplier and then select one of three account kinds. 

This particularly appeals to individuals who wish to purchase cryptos for free or exchange them. The three account kinds are distinguished by the regular subscriber, the premium trial consumer, and the premium consumer. 

Although normal customers, like many other sites, pay charges to trade and use the website and application, this would not pertain to premium customers. Furthermore, as a Phemex VIP customer, users may conduct hourly payouts with no payout limit.

The automated subscription renewal feature can be turned off at any time. Phemex subscription packages are available for one month ($9.99), three months ($19.99), or even a year ($69.99). This no-transaction-fee offer doesn’t apply to whatever additional trade or payout costs.

Fees Structure

The program also provides several options for Phemex payout costs. The portal accepts no charges for deposits. Whenever it pertains to Instant Trading, Phemex uses a no-fee strategy. In addition, Phemex uses a Maker and Taker pricing model for everlasting agreements and margin trading.

Regarding Phemex trade costs, the company levies a 0.075% taker charge and a -0.025% maker charge. These tariffs are set following business norms.

Phemex imposes a 0.1% charge for every order for Live Trading. Furthermore, there is no charge for Premier and Premier Free users.

How Secure Is Phemex?

The network’s staff has previously established itself within the corporate sector, with over 40 years of collective expertise in producing strong technologies. As they frequently highlight, they are overseen by eight ex-Morgan Stanley officials, which lends credibility to the company.

To protect the payments, the site employs an HD Cold Storage System. All monies are transmitted to a multi-signature cold wallet regularly through offline signing. Phemex does not have its Web Hosting provider and instead relies on AWS, the market pioneer in cloud-based protection and stability. A stack of gates separates commercial domains from the core system. The network is additionally protected by SSL encryption and PCI inspection. 

The network’s restoration mechanism provides customers with 99.99% dependability, which can be game-changing when the Phemex endures the passage of time. But, remember, the network is a newcomer to the industry, and substantial hurdles await, such as inevitable hacking attacks or large bull rallies that might topple any of the industry’s big hitters.

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Account Opening With Phemex

Making a profile is quite simple; all you need to do is follow the steps mentioned below: 

Step 1: Navigate to the Phemex.com sign-up page first.

Step 2: Insert the email account as well as the password.

Step 3: When you select Continue, users will have a confirmation mail and key.

Step 4: Within the following page that displays, enter the key.

Once done, that’d be all! It’s a relatively straightforward enrollment procedure, and, as with so many marketplaces, completing a KYC is optional.

Customer Satisfaction

Phemex has a Trustpilot rating of 2.7 stars out of 5. In addition, we can report that 43% and 46% of the 100+ reviews, respectively, are rated 5 stars and 1 star, with a very mixed review by the users of the platform

Many users have commented on how they were lured to phemex and were scammed by someone. A few customers even mentioned that they were stuck in the sign-up or the verification process.

Users have also found Phemex to be a good exchange with fantastic customer service. They mentioned that the customer service people seemed very knowledgeable and helped them out in a proper manner.

Phemex Vs. Competition

Considering the several trading options and digital assets that the platform has to provide, Phemex makes an exception to the list of crypto-offering platforms. Besides, the wide range of accessible services with the competitive fee structure make Phemex all the more suitable for both new and advanced users. 

However, the platform isn’t only about exceptional features and reliable functionalities! Users signing up for Phemex have also complained about the low amount of liquidity that it has to offer. Therefore, if Phemex doesn’t look like a legit option to you, let’s look at its performance compared to one of its primary competitors, Kraken. 

Phemex vs. Kraken

Regarding active users and exceptional features, both Phemex and Kraken are reliable options to start your crypto journey with. Besides, both the platforms have also earned their names around stringent security measures and the versatility of trading options. 

But some features set them apart, and here’s a detailed comparison of the two platforms.

Phemex Vs. Kraken:

• Several trading options: Phemex has a modest advantage, particularly in futures contracts and options trade. Users signing up for Kraken might find themselves limited to crypto trading only.
• Leverage: The highest leverage margin offered over Kraken is 5x, but Phemex offers its users up to 100 x margin (highest among many other platforms). 
• Transaction charges: Phemex also boasts a reduced transaction charge and a more effortless account registration procedure than Kraken, making it a preferable alternative for novice and experienced traders.

Looking at this short but insightful review, it’s evident that Phemex has dominated the likes of Kraken in all aspects. So whether you’re a user looking for a pocket-friendly trading platform or an explorer looking for new ways to invest in crypto tokens, the platform has you covered!  Read the full Kraken review.

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Final Verdict

Should You Consider Using Phemex?

• Instant purchasing of cryptocurrencies: Trades can now be completed quickly and effectively thanks to technological advances. This includes digital banking, such as the acquisition of cryptocurrency. However, when it concerns cryptocurrency exchanges, the transfers can only be as fast as their choices permit. Fortunately, Phemex has connected with many third-party transaction channels to enable users to purchase cryptocurrency promptly and without issue.

Users can make payments using payment cards. In addition, a money transfer alternative is accessible for approved nations, allowing customers to move cash straight to make cryptocurrency buys. Because Phemex accepts numerous fiat money, consumers may generally pay in their currency and avoid the high conversion fees.

• Spot and contractual trading markets: Since it concentrates on well-known products that are simple to comprehend and deal with, instant trading is the most commonly traded market. Phemex provides instant trading as well as all of the associated perks. Phemex also provides financing up to 100-fold the original investment to enhance the experience and significantly improve the probable returns. 

Anyone may invest and gain significantly more money with a margin than the original capital. Just keep in consideration that margin trade is risky. Margin trade may make you a lot of money, but it can also make you a lot.

• Professional yet user-friendly mobile apps: The age of computer or Desktop reliance is over. Smartphones, due to technological advances, our lives have become more likable, especially in the cryptocurrency industry. Phemex has created smartphone apps allowing people to trade and purchase digital products from anywhere.

Phemex has accomplished an excellent job of creating their smartphone applications, so there isn’t much of a distinction between using the application and using Phemex’s site. As a result, users have access to nearly all the tools you need to trade effectively and can even acquire digital products directly from the application. In addition, Phemex smartphone applications are now accessible for installation for Android and iOS smartphones.

• Full-fledged trading experience with advanced charts: Diversification of trading marketplaces and assets is meaningless if a network cannot provide a pleasant investing experience. A solid investing experience includes reliable and exact charts, in-depth insights, customization, versatility, and a UI design that is easy to use. 

Phemex has all of these elements, which is an unusual occurrence. Their comprehensive and realistic charts are obtained through TradingView, among the world’s largest and most reputable chart providers. The graphs are simply customizable to meet your specific requirements. To improve the trades, you may utilize signals, evaluate products, sketch arcs, choose alternative timeframes, and more.

• Staking to earn passive income: Staking is similar to a bank account in that users invest some cryptocurrency and receive profits after a set time. Phemex’s staking feature allows traders to stake numerous products and receive a significant income after the selected time. When you do any of those valuables in the Phemex accounts, you could stake them to make income for free on the network. 
• Quick signup process:  It takes a few minutes to join up with Phemex when you wish to begin commercial investing. Rather than filling up a long application with most of the private information, users must confirm the email and set a passcode.

The best part is that you may buy and trade with no additional authentication. Nevertheless, users may need to thoroughly authenticate their identity when they wish to eliminate some limits or retrieve the assets quickly. Users must first submit the ID and afterward perform a face confirmation.

• Great referral program: Anyone may receive 10% of the referral’s taker cost and 50% of the referral’s introductory incentive through the Phemex referral scheme. It might be an easy method to make some additional money. Anyone may refer to however many individuals they want, relatives, or coworkers—via the link, and users would be compensated for their cost once they begin trading.

Shortcomings Of Phemex

• OTC trading is restricted in many countries: OTC trading, although initially utilized for trading stocks, is increasing traction inside the virtual currency environment to serve more consumers from different economic strata. Regrettably, OTC dealing with Phemex is forbidden for many nations. 

Although it is accessible in so many large nations such as the United States, the United Kingdom, and China, this is not offered in so many Eurasian countries.

• No lending or borrowing against the owned assets: Lending facilities are increasingly being offered by cryptocurrency platforms. This is particularly true given the space’s fast development in decentralized financing (DeFi). Phemex doesn’t currently provide a mechanism for a loan or lend through the platform.

This brings us to the end of our comprehensive review of the Phemex trading platform. Upon reviewing the platform, it won’t be wrong to say that it comes with some exceptional features, providing a wealth of perks to users of all shapes and sizes. In addition, the platform is open to welcoming new users and has kept a simple, easy-to-use interface, allowing beginner investors and traders to trade among the numerous crypto projects listed on the exchange. 

Yet, the platform also lacks in some places! It is primarily because it is not available for residents in the US. Therefore, if you’re a US-based user and want to explore the other platform options, don’t forget to consider the following factors in our review. All the best! 

FAQs

Shrey Jain

Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.

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