Phemex Exchange Review 2025 – Learn How to Trade Cryptocurrencies

All you need to do is head to the Phemex official website and click on the Sign-Up tab. Phemex allows you to sign up by using your email address and Google, Apple, Telegram, or X IDs. Just create a strong password, agree to the Privacy Policy, and start using the platform.

The next step is setting up two-factor authentication (2FA) for your account. Access your account security, enable the Google Two-Factor Authentication, download the 2FA app on your mobile phone, and connect it with your account. It is an important step as it improves the security of your account by minimizing unauthorized access.

Once done, you need to complete the Know Your Customer (KYC) procedure on Phemex. This process not only enhances the safety of your account but also allows you to access all features on the platform and increase your daily withdrawal limits.

Phemex offers two types of KYC levels, which are Basic and Advanced. You need to provide your personal details, the necessary documents, and complete the facial verification to complete the KYC procedure.

The following documents are accepted for the KYC procedure on the platform:

• Identity Card
• Driver’s License
• Passport

Once the KYC procedure is completed, you will be able to access all features on the Phemex Exchange.

How to Make a Deposit on Phemex?

To start trading cryptocurrencies on the Phemex Exchange, you need to make a deposit. After completing the account creation process on the platform, you can deposit funds into your account. The platform supports both cryptocurrency and fiat deposits for the maximum convenience of users.

Cryptocurrency Deposits

Phemex supports over 500 digital assets that you can deposit, including popular coins, such as Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and more.

All you need to do is head to the Deposit tab on the homepage and select the “Deposit Crypto” option. Next, select the cryptocurrency you want to deposit, choose the deposit network, and copy the deposit address. After this, paste the deposit address into the wallet from where you want to make the deposit and confirm it.

Fiat Deposits

Phemex enables cryptocurrency traders to fund their accounts with fiat currencies using third-party payment methods.

In three simple steps, users can complete a fiat deposit on the platform. Users can access the “Fiat Deposit” option either through the “Deposit” tab or the “Buy Crypto” tab on the homepage. Simply select the fiat currency you wish to deposit and enter the desired order amount. Select the third-party payment method and agree to the “Terms of Use and Privacy Policy.” Review the details and proceed with the deposit.

How to Buy Cryptocurrencies with Fiat on Phemex?

Users can buy cryptocurrencies on the Phemex Exchange using various payment methods, including credit/debit cards, bank transfers, SEPA, and more. The platform supports three different methods for buying digital assets: One-Click Buy/Sell, Credit/Debit Card, and P2P Trading.

One-Click Buy/Sell

One-Click Buy/Sell is an easy way to purchase and sell cryptocurrencies on Phemex. All you need to do is access the “One-Click Buy/Sell” feature on the platform and select the fiat currency you want to spend. Next, select the cryptocurrency you wish to purchase. Enter the order amount, and you will see the number of tokens you will receive. Review the information and proceed with the transaction to easily buy cryptocurrencies using fiat currencies.

Credit/Debit Card

Credit/Debit cards on the Phemex Exchange represent a secure method of purchasing cryptocurrencies, especially via Mastercard and Visa cards.

All you need to do is access the “Credit/Debit Card” feature under the Buy Crypto section on the homepage. Select the fiat currency you want to spend and enter the amount. Next, select the cryptocurrency you want to buy, and you will see the number of tokens to be received. Review the information and proceed with the transaction to complete the process.

P2P Trading

Peer-to-peer trading (P2P) on Phemex allows users to trade cryptocurrencies directly with one another, bypassing intermediaries. As a P2P trader, you will pay zero fees for all your transactions.

As a P2P trader, all you need to do is select the cryptocurrency you want to buy and the fiat currency you want to send. Select an ad from the list and proceed with the transaction. P2P offers 15 payment methods, including Apple Pay, PayPal, and multiple banking options.

Making a Withdrawal on Phemex

Making a withdrawal on the Phemex Exchange is an easy process. You need to follow some simple steps to withdraw your funds. All you need to do is access the Withdraw option, select the cryptocurrency you want to withdraw, and proceed. Next, you should be careful while choosing the withdrawal network, as it should match the wallet where you are sending the funds. After this, provide the withdrawal address and enter the withdrawal amount to complete the procedure.

Supported Cryptocurrencies on Phemex

Phemex is among the leading cryptocurrency exchanges, offering a wide range of digital assets to its users. The platform provides more than 500 digital assets and over 510 trading pairs on its spot platform. Users can trade popular tokens, including Bitcoin (BTC), Ethereum (ETH), XRP, and Tether (USDT), in Spot trading.

In Futures trading, Phemex lists over 510 perpetual contract pairs, combining both USD-Margined and Coin-Margined contracts. The platform offers major stablecoins, such as USDT and USDC. It continuously lists new tokens to provide diverse investment opportunities to cryptocurrency traders.

Trading Cryptocurrency on Phemex

Phemex is an advanced cryptocurrency exchange that offers a variety of trading options, including Spot, Futures, and Margin trading. The platform supports a wide range of digital currencies, several order types, and multiple indicators that traders can use. The available order types on the platform include Limit, Market, Conditional, Basket Order, Limit Conditional, Market Conditional, Trailing Stop, Scaled Order, and One-Cancels-the-Other (OCO).

Spot Trading on Phemex

The Spot trading platform provides a straightforward way to buy and sell digital coins. As a core offering of the platform, it offers a wide range of cryptocurrencies, including over 500 coins and more than 510 trading pairs. It has been designed for both beginner and professional traders, offering a user-friendly interface with advanced trading tools, live order books, and various order types to manage trades. The platform emphasizes quick order execution and deep liquidity to minimize slippage. Additionally, it offers a competitive fee structure and a VIP program that provides fee discounts for high-volume traders.

Futures Trading on Phemex

Phemex offers a robust Futures trading platform that enables users to speculate on the prices of digital assets. The cryptocurrency exchange offers USD-Margin and Coin-Margin perpetual contracts with up to 100x leverage. The USD-Margin contracts are settled either in USDC or USDT, while the Coin-Margin contracts are settled using the underlying asset. The platform offers advanced trading tools, order types, and risk management features like Take-Profit/Stop-Loss (TP/SL).

Margin Trading on Phemex

Margin trading on Phemex allows crypto traders to increase their potential profits by using borrowed funds. This way, traders can open larger positions than their initial capital would permit. The platform offers up to 5x leverage for margin trading.

Phemex Trading Bots

Phemex is an advanced cryptocurrency exchange that offers AI-powered trading bots for the maximum convenience of its users. These trading bots are totally free, and all Phemex users can access them. However, standard trading fees apply when you use a bot for transactions, and they vary with your VIP tier.

The trading bots on Phemex assist users in buying and selling cryptocurrencies using automated trading strategies. A major advantage of using trading bots is the elimination of human emotion or manual errors when trading a digital currency. The platform offers different types of trading bots according to the market conditions and trading strategies.

The following trading bots are offered on Phemex:

Future Grid

It is an automated bot that strategically places a grid of buy and sell orders for future contracts. It predefines the price range to maximize the profits from market volatility. The bot systematically buys cryptocurrencies when the price falls and sells when it rises.

Futures DCA (Martingale)

This automated trading bot uses the dollar-cost averaging strategy to progressively increase the size of the Futures position as the market moves the other way. Its primary goal is to average down the entry price of a losing position to help traders recover from losses and secure profits.

Spot Grid

This automated trading bot follows a “buy low, sell high” strategy within a predefined price range in the Spot market. It creates a grid of limit orders, and once the price fluctuates, it automatically buys the asset at a lower price and sells it when the price is higher.

Signal Trading

A Signal Trading bot executes trades based on external signals, particularly from a third-party platform, like TradingView. It enables cryptocurrency traders to automate their trading strategies by converting technical alerts into real-time buy and sell orders.

Funding Rate Arbitrage

This trading bot simultaneously opens long and short positions on the same digital asset to find differences in funding rates. It helps users earn passive income from positive crypto funding rates with minimal price fluctuations.

Copy Trading on Phemex

Copy trading on Phemex is a feature that enables cryptocurrency users to automatically replicate the trades of seasoned traders. It helps beginners and those crypto users with limited time to participate in the crypto market by leveraging the expertise of professional traders. As a follower, you can browse a leaderboard of successful traders, viewing their historical performance, trading strategies, and risk levels. Once you select a trader to copy, you allocate a specific amount of capital. All trades are executed in the followers’ account in proportion to the allocated funds. You can also withdraw your investment from the trade or adjust your capital allocation at any time.

Phemex Earn

Earn is a passive income feature on Phemex that enables cryptocurrency traders to earn interest on their crypto holdings. The platform offers various products, including flexible and fixed-term savings. In addition, users can participate in several launch pool events to stake their digital assets and generate passive income.

Savings

Savings is an advanced product offered on the Phemex Exchange that allows you to stake digital assets in flexible and fixed terms. With flexible savings, you can stake your crypto assets to earn interest with the flexibility to redeem them at any time. On the other hand, with fixed savings, you can stake your digital coins and earn higher interest rates for a specified time.

LounchPool

Launchpool on Phemex enables cryptocurrency traders to stake digital assets to earn new tokens for free. By participating, you can support new tokens and earn a higher interest rate. The process involves locking up a certain number of cryptocurrencies for a specific period. The rewards are then distributed based on the duration of staking.

Important Features on Phemex

Phemex is an advanced cryptocurrency exchange that offers several features for the maximum convenience of cryptocurrency traders.

Some of the remarkable features of the platform include:

PT Zone

The PT Zone is a dedicated hub for everything related to the Phemex Token (PT). This zone highlights the benefits and use cases of the Phemex Token (PT), which are designed to enhance the users’ experience and foster community participation. As a PT holder, you can enjoy several benefits, including trading fee discounts on both Spot and Perpetual contracts, staking opportunities, and access to exclusive airdrops. The PT Zone acts as a central point for everyone to manage their PT holdings, participate in staking, and earn rewards.

Phemex Lending Protocol

Phemex Lending Protocol enables cryptocurrency traders to engage in decentralized lending and borrowing of digital assets on the platform. Unlike traditional lending, the protocol utilizes blockchain technology using smart contracts and eliminates the need for intermediaries, like banks. You can lend your crypto assets to earn interest and borrow digital tokens by providing a higher value of crypto as collateral for risk management.

Learn and Earn

The Learn and Earn program on the Phemex Exchange offers incentives to cryptocurrency enthusiasts to expand their crypto and Web3 knowledge and earn rewards. By engaging with a series of educational articles and videos on various topics of blockchain and advanced trading strategies, you can earn free crypto rewards. The process is simple: you start by reading an article or watching a video, then take a simple quiz to test your understanding, and upon successful completion of the quiz, you earn rewards in the form of cryptocurrency or a trading bonus that is credited to your account.

VIP Program

The VIP Program on Phemex is a tiered system that has been designed to reward high-volume traders with exclusive benefits and reduced trading fees on both Spot and Perpetual contracts. A VIP user on the platform needs to meet specific criteria, including 30-day trading volume and average asset balance. As you ascend through the VIP levels, you unlock several perks, such as dedicated account managers, special rewards, a significant reduction in trading fees, and priority withdrawal services. The platform also offers a “VIP+1” incentive that allows traders from other exchanges to apply for a one-level VIP on Phemex by providing proof of their trading volume.

Referral Program

The referral program on Phemex has been designed to offer rewards to both existing and new users. You can invite your friends to the platform by sharing a unique referral code or link. The more your referrals trade, the higher the potential earnings for you. New users who register on the platform using the referral code also get exciting rewards, such as welcome bonuses and trading fee discounts.

Rewards Hub

Phemex is a centralized cryptocurrency exchange that enables its users to discover and claim various bonuses and rewards. Users can claim different welcome bonuses and perform several tasks to earn rewards. Upon signing up for the platform, you can visit the Reward Hub to check the list of tasks that you can complete. These tasks include making a first deposit, completing your first trade, and reaching a certain trading volume.

Phemex Fees

As a cryptocurrency trader, understanding the fee structure of the Phemex Exchange is crucial. The platform charges fees in Spot and Derivatives trading, and you can get additional discounts on fees by trading its native PT token. In addition, the fees on the platform for VIP traders vary according to their tier.

Spot trading: 0.1% maker and taker fee, and 20% discount on fees when trading the PT token. Futures trading: 0.01% maker fee, 0.06% taker fee, and 10% discount on fees when trading the PT token.

The VIP traders on the platform are charged different fees. The following shows the Futures trading fees for VIP traders:

The Spot trading fees for VIP traders are shown in the following table:

The cryptocurrency deposits on the platform are completely free. However, the withdrawal fees are adjusted according to the selected network. Additionally, when you buy cryptocurrency on Phemex using fiat currencies, third-party payment platforms like Banxa or MoonPay may charge fees ranging from 5% to 8% depending on the payment method, current exchange rate markup, and the region. Remember, these are third-party service charges that Phemex does not set.

Phemex Security

Security has been the backbone of Phemex’s platform, combining transparent protection mechanisms with enterprise-grade infrastructure to protect users’ assets. The platform utilizes a Hierarchical Deterministic (HD) cold wallet system to assign each user a unique deposit address while storing the majority of funds in offline wallets. The assets on the platform are fully backed with a 1:1 reserve ratio, thanks to its Merkel Tree Proof-of-Reserves.

Phemex bases its operations on AWS for enhanced risk management and funds safety. Other safety features, like two-factor authentication (2FA) and anti-phishing codes, further improve the safety of the platform. The cryptocurrency exchange can also suspend accounts flagged for policy violations.

Phemex Regulations

Phemex is a leading cryptocurrency exchange and is officially registered as Phemex Ltd in the British Virgin Islands. The platform operates as a Money Services Business (MSB) with FinCEN in the U.S. It has aligned itself with global regulatory frameworks like the EU’s Market in Crypto-Assets Regulations (MiCA) license and Singapore’s DTSP licensing. The platform has introduced the concept of PhemexDAO to give more say to the users in its operations.

Phemex Mobile App

The Phemex Mobile App offers the full functionality of the desktop platform at your fingertips. The app allows you to trade and manage your crypto assets anytime, anywhere. Available on both iOS and Google Play Store, the app has been designed to be user-friendly for beginners while offering advanced trading tools for professional traders. You can access core features of the platform, like Spot and Futures trading, on the app. Other features like Earn and Launchpool are also easily accessible. The app offers real-time market data, customizable charts, and advanced order types to help you make smart trading decisions. In addition, you can use features like 2FA and cold wallet storage on the app to ensure a safe trading environment.

Key Takeaways

Phemex is a cryptocurrency exchange that has made concrete efforts to create a user-friendly and robust ecosystem. From its intuitive mobile app to a streamlined desktop version, the platform offers a dynamic trading experience to crypto enthusiasts. The platform’s offering extends beyond basic Spot trading, featuring options such as futures trading with up to 100x leverage, automated trading bots, and copy trading, catering to the diverse needs of all cryptocurrency traders.

For those new to the crypto space, the combination of welcome bonuses, educational resources, and an easy-to-navigate interface provides a solid foundation for starting their crypto trading journey. The platform offers advanced order types and trading indicators to help traders make informed trading decisions. Its commitment to security is evident in its use of cold storage wallets, proof-of-reserves, two-factor authentication (2FA), and other security measures. Ultimately, Phemex offers a mix of functionality and incentives that are worth exploring.

Frequently Asked Questions (FAQs)