Phemex Cryptocurrency Exchange Review : Pros & Cons

About Phemex

The CEO and founder of Phemex is Jack Tao, former Software Engineer and VP of Morgan Stanley. Tao graduated from Fudan University, Shanghai, gained experience in traditional finance, and specialized in the development of algorithmic trading platforms for over 10 years. Phemex is a crypto derivatives trading exchange. Based in Singapore, it was launched in 2019 by former executives from Morgan Stanley. The project is rapidly gaining popularity due to low fees and deep liquidity, offering user-friendly charting and wallet interface, no-KYC, tight/fast execution spreads, as well as spot, contract, and margin trading.

The centralized cryptocurrency exchange (or CEX) serves all types of clients, ranging from crypto newbies to professional investors. Phemex Cryptocurrency offers financial advice to improve the trading experience, an educational portal with guides and charts, a quick registration process, a convenient mobile app, referral programs, and ways to generate passive income. The platform provides an instant purchase of digital assets. According to the project’s website, it can handle 300,000 transactions per second, while the order response time is less than 1 millisecond.

Information Table

How To Register At Phemex Exchange ?

To register on Phemex, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your Phemex Cryptocurrency Account ?

There is no mandatory verification at Phemex, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 0.001 BTC. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Phemex, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Phemex Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Phemex Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Phemex Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

Fee Rate

See your fee rates Login

These rates do not apply to a few select currencies during special promotion periods. Refer to fees on actual transaction records as final

1.Main and Sub-accounts

Share trading volume, averages balances, and fee rates. However, newly created sub-accounts can only enjoy new rates after data is updated on the following day

2.Trading Volume

Sum of daily spot trading volume for past 30 days, current day’s trading price = (Price at 12:00 UTC + Price at 24:00 UTC)/2. TRY pair trading volume not accounted.

Contract trading volume: Sum of daily contract trading volume for past 30 days.

3.Hourly average balance

Sum of each hour’s account balance during previous day / 24. Balance includes spot account, contract account (excluding trading bonuses and unsettled PnL), and investment account (excluding trial funds)

4.Update time

User levels are calculated based on metrics everyday at 0:00 UTC, but actual update time may be several hours later, after our system finishes calculation

Spot Trading

Deposit/Withdrawal

Features Of Phemex Crypto Exchange

Available At Android & IOS Store

Phemex Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading .

Trade Crypto Anytime, Anywhere

Download the Phemex mobile App to trade crypto and trade derivatives on the go. Enjoy 24/7 access to dynamic market data, accurate K-line patterns, and user-friendly indicator customization. Stay plugged into the crypto markets no matter where you are.

Phemex wallet

Your innovative distributed private key mechanism integrates with a secure, hierarchical deterministic cold wallet system to ensure that your funds are kept safe at all times.

Security system

All systems have been vigorously audited and stress-tested through bug bounties to minimize vulnerabilities. No need to worry about malicious attacks against your account or assets.

Certified Legitimacy

Your entire ecosystem is compliant with Chainalysis certified AML monitoring, so you can rest assured that you’re always interacting with clean funds and trustworthy merchants.

High Performance

Custom-built trading engines process 300,000 transactions per second with order response times of less than 1 millisecond. Smoothly handles over $10 billion in trading volume each day. You can always stay one step ahead.

365 x 24 System

Your patent-protected transaction engine and cross engine are built on the raft protocol, providing 365 x 24 availability through real-time, multi-location backup. This cutting edge technology allows you to make large trades with peace of mind.

Easy Registration

Fast and simple registration. Take just 30 seconds to create your Phemex account and conveniently conduct your first crypto purchase.

Simple Trading

Eliminate complexity and enjoy simplicity. Your clear and intuitive user interface brings everyone up to speed immediately. Buy cryptos like Bitcoin, Ethereum, and more with credit card or OTC trading.

Effortless Earning

Earn high APY with low risk. Enjoy safe, steady interest income on Bitcoin, Ethereum, Solana, USDT and other cryptos.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

Phemex Conclusion

Phemex is a cryptocurrency trading platform that offers a range of features for trading cryptocurrencies. It is a reputable platform with a focus on security and user experience. Some of its key features include a user-friendly interface, 24/7 customer support, and advanced security measures such as two-factor authentication and SSL encryption. Additionally, Phemex has a fast and efficient trading engine that processes transactions quickly and accurately. The platform also offers a variety of trading options, including spot trading, derivatives trading, and more. It is important to note that the specific offerings and features of Phemex may vary and change over time.