Phemex Experience 2021: The Crypto Exchange Test
10 Stars
Phemex is a fast-growing cryptocurrency platform that launched in November 2019. Phemex was developed by former Morgan Stanley executives and has gained over 75,000 members within a few months. The crypto exchange aims to offer the highest security standards and trading tools. Numerous Phemex experiences on the internet praise the provider - and rightly so?
What makes Phemex so special is that you can not only buy cryptocurrencies, but also trade derivatives. The aim is to become the most trustworthy cryptocurrency derivatives trading platform in the world. In doing so, Phemex pays particular attention to user-friendliness and the ever-expanding range of products.
In addition, Phemex is fully regulated and licensed. Phemex not only aims to facilitate crypto trading, but also to close the gap that exists with traditional finance by offering products such as stock indices, interest rates, forex, energy and other commodities in the future.
We put the provider to the test and address the following questions: What is Phemex? What are the advantages and disadvantages? How extensive is the offer? What about the fees? You will find all this and more in our big Phemex test.
Recommendation: Phemex
- Reliable and secure platform for cryptos
- Zero-fee account model available
- Leverage up to 1:100 possible with CFDs
- No verification necessary
Phemex experience: Advantages and disadvantages
What is Phemex?
Phemex is a relatively new crypto exchange founded in 2019 by ex-members of Stanley Morgan Bank. The vision of the platform is to provide safe and fast trading in cryptocurrencies, derivatives and in the future also stocks, indices, options and futures. In addition, thanks to the intuitive and modern platform, the entry into the world of finance is to be made considerably easier for beginners.
Among other things, Phemex is known for its low-cost membership model, whereby no fees are paid for spot trading. Furthermore, Phemex offers high performance with up to 300,000 transactions per second. In addition, Phemex meets high security standards and offers very good customer support.
The history of the broker
Phemex was founded on 25 November 2019 in Singapore and is owned by Phemex Financial Pte. Ltd. Their stated goal is to become the world's most trusted cryptocurrency derivatives trading platform while maintaining a user-centric approach. The company is registered onshore and in the British Virgin Islands.
The team behind Phemex is made up of former Morgen Stanley executives. The young company currently has around 80 employees and is always looking to expand.
Account types
Compared to most of the crypto exchanges we tested, Phemex also offers a special membership model. You can register with the provider and then choose one of the 3 account types. This is especially interesting for all those who want to buy cryptocurrencies free of charge or trade with the coins.
With the three account types, a distinction is made between the standard user, the premium trial user and the premium user. While standard users pay fees for trading and using the platform and the app, as is the case with many other platforms, this does not apply to premium members. In addition, as a premium user at Phemex, you have the option to make hourly withdrawals without a withdrawal limit.
The cost of the premium membership depends on whether one wants to pay monthly, every 3 months or annually. A monthly membership costs $9.99, 90 days costs $19.99 and if you pay annually the cost is $69.99.
Features and Trading Tools
Phemex offers its customers trading in financial instruments via its own Phemex web platform. Various tools are available to the customer, including real-time charts, watch lists and various order types.
The different order types include:
Limit order
With a limit order, you use the limit price to determine the maximum amount you want to pay for a security (buy) or the minimum amount you want to achieve for a security (sell). The order is therefore only executed if execution is possible at the limit price or better.
Conditional Order
The conditional order is similar to the limit order. The only difference is that there is a so-called trigger price. This means that an order is not active or not executed if the price specified by the user is not reached. This method is mainly used by advanced traders.
Market order
A market order is executed at the next possible price. The market order is always suitable when, for example, in hectic market phases, a security is to be sold under all circumstances, regardless of the execution price. With the market order, one specifies the wish to sell and the number of pieces to be sold and the order is executed at the next price offered for this number of pieces. This order is therefore also referred to as being executed "at best". This type of order is only possible for sell orders.
Phemex experiences - The offer
Phemex is a derivatives platform, i.e. there is no exchange of cryptocurrencies between users. Instead, settlement is made in contracts based on the asset value and quoted in USD. Since Phemex is a relatively new crypto exchange, the offer is still somewhat sparse.
However, Phemex offers two different types of trading: spot trading and contract trading.
Phemex spot trading
Spot trading was introduced on 15 May 2020. Currently, you can trade 11 cryptocurrencies for USDT on Phemex with spot trading. Spot trading is the direct buying or selling of cryptocurrencies - where Phemex offers completely fee-free trading. With a monthly fee of USD 5.80, you can trade the following cryptocurrencies at any time:
Bitcoin (BTC)
Ethereum (ETH)
Cardano (ADA)
Chainlink (LINK)
Litecoin (LTC)
Bitcoin Cash (BCH)
Ripple (XRP)
Eos (EOS)
Ontology (ONT)
Neo (NEO)
Tron (TRX)
Tezos (XTZ)
Dogecoin (DOGE)
Contract trading
Phemex also offers its customers trading with derivatives, i.e. CFD trading with cryptocurrencies. The special thing about this is that you can trade the available assets with a leverage of 1:100. With a deposit of EUR 1,000, you could, for example, trade bitcoin worth EUR 100,000.
In general, this means that you speculate on the price trend of the selected cryptocurrency and invest your capital accordingly. This works similarly to CFD trading, but with the difference that with Phemex you do not get the amount paid out in FIAT money.
As with CFD trading, there is a large risk of loss with Phemex contract trading. However, the profit can also be greater. As a rule, the higher the leverage, the higher the risk but also the profit. So before you start trading this way, you should be aware of the risks.
This type of trading is therefore also intended for advanced traders who already have experience with CFD trading and are also well acquainted with the current market.
Phemex offers the following cryptocurrencies for contract trading:
Bitcoin (BTC) | Chainlink (LINK) |
|---|
Another special feature is that you can trade gold in CFD trading on Phemex. Other commodities are also planned for the future.
In general, it can be said that Phemex's offer so far is convincing. The fact that you can trade new cryptocurrencies here is also very good. In the future, Phemex plans to not only expand the cryptocurrencies, but also to bring other assets onto the platform, including shares, indices, options, futures and much more.
Step by step guide: Registering with Phemex
Step 1: Registration
Registering with Phemex is quick and uncomplicated. A big advantage of the provider is the range of languages. The platform is available in German, English, Spanish, Russian and Chinese. All you need to register is your own e-mail address and a strong password.
After you have registered, you have to verify your e-mail address.
Step 2: Deposit
In the next step, you can start to make a deposit. You can either deposit money into your account or buy cryptocurrencies directly. This depends on your own trading strategy. If you want to acquire pure cryptocurrencies, you can have them transferred directly into an existing wallet.
However, Phemex also provides a wallet for cryptocurrencies, which can be used. The following options are available to customers for making a deposit:
Credit cards
Debit cards
Bank transfer
Apple Pay
Note: When you register on Phemex, you receive your own wallet. For example, if you already own Bitcoin and can deposit this into your Phemex Wallet, you can easily do this through the trading platform.
Step 3: Trading
When you are ready to trade, you can then choose between spot trading and contract trading. Depending on the membership, different fees apply here. However, you simply click on Markets and choose either the desired cryptocurrency or the desired currency pair. Then click on Buy.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
OKEx payment methods
providers | Phemex |
|---|---|
Deposit | for free |
Trading fees maker | 0.025% |
Trading fees taker | 0.075% |
Payout | for free |
In addition, there are so-called funding fees on Phemex. These are variable and depend on transactions, long and short positions. These fees are paid directly to the trader and are recalculated every 8 hours. Thus, every 8 hours one can either make a profit or record a loss.
It is particularly worth mentioning that there are neither deposit nor withdrawal fees at Phemex. However, depending on the desired currency, there is a minimum amount that must be deposited.
In terms of spot trading markets, Phemex offers premium membership to benefit from its zero-fee model. Plans start at $9.99 for 30 days, $19.99 for 90 days and $69.99 for 365 days. Becoming a premium member also gives access to conditional spot orders, unlimited hourly withdrawals and the ability to gift premium trials to friends.
The standard fee is 0.10% if you are not a member.
Phemex App
At Phemex, you have the option of trading either via your computer or the web application or via the in-house app. With the app, which is available for Android and iOS devices, you can have your Phemex account with you wherever you go.
The download of the app is of course free of charge and the app itself contains all the functions that the web application brings with it. You can access charts and watchlists while on the move and always have your portfolio with you. In addition, you can also conveniently trade cryptocurrencies while on the move.
According to our Phemex experience, the app has a very intuitive and modern design, so that even beginners find it very easy to get to grips with it. The app's rating is also impressive: the app has 4.6 stars in the Google Play Store and 4 stars in the AppStore. The shared Phemex experiences highlight the design, the good structure and the dark and light modes.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Phemex experience: Security
Phemex is based in Singapore, which allows users not to have to verify their identity. Many traders place a lot of importance on anonymity, which you definitely have with Phemex. According to our Phemex experience, the provider is a reputable and safe operator, even if there is currently no regulation for the EU area by a financial supervisory authority.
In terms of security against hackers and unauthorised persons, however, there is a two-factor authentication and the Phemex Cold Wallet. With the Cold Wallet, the coins one has bought are stored safely and offline. In addition, Phemex processes withdrawals 3 times a day, which are also verified by the Phemex team.
If a user performs sensitive operations such as logging in, making a deposit or changing a password, the system automatically triggers 2-step authentication. This forces the user to re-authenticate in order to maintain account security. Accordingly, with Phemex you do not need your own hardware wallet. However, you can buy one to be on the safe side.
Phemex Bonuses
Since Phemex is still a relatively young platform, there is a special incentive here. And that is the bonuses. Not many crypto exchanges offer a bonus programme, which accordingly speaks in favour of Phemex. Currently, there are various bonuses that you can get at Phemex.
There is a welcome bonus, deposit bonus, trading bonus and bonuses for referring friends.
As of today (February 2021), you will receive a welcome bonus of 80 USD when you register at Phemex. This bonus can be used to open trading positions or to pay trading fees. Winnings can also be cashed out afterwards.
With the deposit bonus, you can receive up to 60 USD if you deposit a certain amount of money with the specific cryptocurrencies. Currently, one receives the bonus when depositing for BTC over 0.2, USDT over 2000, ETH over 10, XRP over 10,000 and LINK over 500. However, for contract transactions, one needs to accumulate at least 50,000 USD before qualifying for the deposit bonus.
The trading bonus of 10 USD is received for spot trading when placing a single order of 500 USDT. For contact trading, you must make a single BTC/USD transaction of at least 5,000 USD to receive this bonus.
Phemex Customer Service
What also makes a good provider is the customer service. Many traders attach great importance to being well advised. In addition, the customer service should be available around the clock, if possible, in case of technical problems.
Phemex offers its customers 24/7 customer support - and in several languages. The Phemex team can be reached either via the live chat - which is available for both customers and visitors. Here, most questions can be answered and you will be connected to a member of the Phemex team.
According to our Phemex experience, the employees are very competent and were able to answer our questions about the platform in no time at all. Moreover, it did not take long until we were connected with a staff member.
If you want to get in touch with the CEO, you also have the option of doing so via the messenger service Telegram or via Twitter.
In addition, Phemex offers a detailed support page where most questions about the platform and trading are already answered. In this way, Phemex makes it easier for beginners in particular to get started in the world of finance.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Phemex experience: Our conclusion
Our large Phemex test has shown that this is a reputable and secure crypto exchange, which, however, still has to assert itself on the large market of crypto exchanges. In fact, however, it already looks very good, even though the platform was only launched in 2019. Behind it, however, is a team with many years of experience in the financial world. This is already noticeable in the modern platform, the trading tools and the very good account model.
Phemex is a provider that is intended for both beginners and advanced traders. You can buy 11 cryptocurrencies here, or also fall back on CFD trading with the cryptocurrencies - and that with a leverage of up to 1:100. It should be particularly emphasised that you can also trade with new cryptocurrencies - a big plus! Many crypto exchanges only offer the old-established coins, whereas Phemex also includes new coins in its programme. Since the exchange has not been on the market for so long, it is also working diligently on the offer.
In the future, Phemex plans not only to offer more cryptocurrencies, but also to include other assets such as shares, indices, futures and options in the programme. This would expand the offer to include many financial instruments, which would of course be a big plus for many traders.
Our experiences with Phemex have been positive throughout. The intuitive platform & app, the low fees and the excellent customer service convinced us in all respects. The transparency and support page are also very good. However, it would be desirable to offer more payment options. However, we are convinced that Phemex will continue to expand in the future and has a great chance of outdoing various competitors.
Recommendation: Phemex
Reliable and secure platform for cryptos
Zero-fee account model available
Leverage up to 1:100 possible with CFDs
No verification necessary
FAQ
The provider is a crypto exchange where cryptocurrencies can be bought and sold. You can either buy coins directly and store them in the cold wallet, or speculate on their price movements.
Our Phemex experiences have shown that it is definitely worth opening an account with the provider. When you open an account, you also receive a welcome bonus, which makes registration even more attractive. In addition, there are already numerous Phemex experiences on the internet that praise the provider highly.
The amount of your own investment should depend on your own liquidity, the chosen cryptocurrency and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.
Here, too, the platform is convincing. Payouts are processed very quickly and are in your account within a few minutes to 2 working days, depending on the selected payout method.
You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first familiarise yourself with the chosen coin in detail. If you have the necessary knowledge, as well as the occasional bit of luck, nothing will stand in the way of early profits.
