Phemex Review

Phemex is a cryptocurrency exchange founded in 2019 in Singapore with Jack Tao as CEO. The exchange is one of the smoothest on the market with a highly responsive user interface and unprecedented stability. Trading spot or derivatives, you can do both on Phemex and some more. 

Phemex is founded by 8 former Morgan Stanley Executives with the lead being Jack Tao. Their reason for building Phemex was that there is a big problem in the crypto industry – a lack of professional and trustworthy exchanges. This trading platform aims to be a simple, efficient, stable, and trusted crypto exchange.

Phemex Features Review

Phemex Trading Instruments

Phemex offers everything that an experienced trader would want to see from an exchange – spot and contract trading with up to 100x. For the newcomers, there is simulated trading available in order to learn how the order types and the exchange works. 

Phemex provides buying cryptocurrencies with debit and credit cards through a number of third partners like Simplex, MoonPay, Coinify, Koinal, Banxa, and Mercuryo.

For Spot trading, Phemex provides the following cryptocurrencies against USDT:

• BTC
• ETH
• ADA
• LINK
• EOS
• BCH
• LTC
• ONT
• TRX
• NEO
• XTZ
• XRP

For Futures trading the following cryptocurrencies against USD are available:

• BTC
• ETH
• UNI
• ADA
• DOT
• LINK
• ALGO
• COMP
• LTC
• XTZ
• YFI
• BCH
• GOLD
• XRP

Deposits and Withdrawals

Phemex offers a limited amount of cryptocurrencies on its platform for deposits if you compare it to Binance but in any case, it offers enough for those who don’t want to venture into the smaller market cap altcoins which are deemed much riskier. 

Note that withdrawals are processed three times a day at 0:00, 08:00, and 16:00 UTC. There is also a 2 Bitcoin daily limit for withdrawals, keep that in mind if you are planning to deposit big amounts of bitcoins on Phemex.

The following cryptocurrencies can be deposited and withdrawn on Phemex:

• BTC
• USDT
• ETH
• XRP
• LINK
• XTZ
• LTC
• ADA
• TRX
• ONT
• BCH
• NEO
• EOS

Security

For security purposes, Phemex has implemented a Hierarchical Deterministic Cold Wallet System that provides a separated cold wallet deposit address for every user. Phemex has the mandatory 2FA Google Authentication available and email verification.

For stability of the trading engine, Phemex built its platform from two main components – CrossEngine and TradingEngine. The CrossEngine is responsible to match client orders on price and time priority base while the TradingEngine is responsible for keeping a security check for the user accounts in real-time including PNL, cost, fees, and more…

User Interface

The user interface on Phemex keeps a familiar layout to other cryptocurrency trading platforms like Bitmex while adding something of its own. The layout is aiming to provide a clear view by default where the trader can see all of the information in the blink of an eye. The user interface is completely customizable and this is a big plus as you can create a trading environment to your taste. 

The user interface for futures trading is a little bit different in order to provide the needed environment for more advanced trading sessions that involve much higher risk than Spot trading. The order tab contains a more detailed outlook with a leverage slider where you can adjust the used leverage on the fly.

Order Types

Phemex comes with a full suitcase of instruments for the order types – Limit, Market, and Conditional. The suborder types are also available here such as Post-Only, Reduce-Only, Bracket Order, and Good till cancel.

Fees

As with most exchanges Phemex tries to provide a favorable trading environment with low and competitive fees. The fee for Spot trading is 0.1% and for futures trading, you have a Maker fee of -0.025% and a Taker fee of 0.075%. This puts Phemex on the forefront alongside big exchanges like Binance, FTX, or Margex that have low fees in order to provide the best conditions for its users. 

Phemex also offers a subscription that removes the fees and provides users that buy the full premium subscription the following benefits:

Full Premium User

Spot

• Trade
• 0.1% Taker and maker fee for API
• Zero Trading Fees for Web and App
• Support conditional Orders

Contract

• Trade
• Taker 0.075% Fee
• Maker -0.025% Fee

Others

• Hourly withdrawals
• No withdrawal limits
• Gift a Premium Trial

Daily Trading Volume

Thanks to the bullish market and the influx of new users to the crypto industry a lot of exchanges are seeing an increase in trading activity and therefore a big increase in their daily trading volumes. As of the beginning of 2021 Phemex boosts 1.2 Billion in dollars of daily trading volume. This is on the highest spectrum of the game for exchanges. 90% of the daily trading volume falls on BTC/USD trading pair with Ethereum, Cardano, and Tron following with only 20 million USD. 

Affiliate Program

There is an All-star program that Phemex offers to its users through which they can build a significant passive income. The platform shares 50% of the commissions on the trading fees from the traders that register through your referral link. This referral program is one of the more generous that you can find in the cryptocurrency space putting Phemex in the top spot.

Conclusion

In retrospect, Phemex is an exchange that comes with a good user interface, a trading engine capable of handling up to 300 000 trx/s, and connected to 30+ liquidity providers assuring the best price rates. Phemex is establishing itself as a very serious competitor to other big trading platforms particularly Binance. If you are looking for an exchange with a lot of room for growth and potential consider Phemex. 

Phemex is a cryptocurrency exchange that offers spot and futures trading in a very user-friendly environment while not requiring KYC

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