Phemex Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- ₿0.00000001
- TradingView
- Loads of cryptocurrencies and tokens, low minimum deposit, low commissions, high leverage, profitable referral program, available for investing (staking), a lot of discounts and bonuses
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- ₿0.00000001
- TradingView
- Loads of cryptocurrencies and tokens, low minimum deposit, low commissions, high leverage, profitable referral program, available for investing (staking), a lot of discounts and bonuses
Our Evaluation of Phemex
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Phemex is a moderate-risk cryptocurrency exchange with the TU Overall Score of 5.08 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Phemex clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
The Phemex crypto exchange offers an easy-to-learn trading terminal and a wide range of opportunities for the comfortable trading of cryptocurrency. In addition to active trading, you can earn passively on investment decisions and through the referral program. Exchange commissions are lower than the market average even without a premium account. Available to trade on the spot through the bot, and there are no restrictions on trading strategies. The exchange has a significant welcome bonus (up to $100), the site regularly conducts promotions and contests for traders of all levels.
Brief Look at Phemex
The Phemex exchange is a platform for spot and contract trading of cryptocurrencies. Bitcoin (₿), Litecoin (Ł), Ethereum (Ξ), Tether (₮), Dash (Ð), Ripple, DOGE, DOT, ADA, and many other cryptocurrencies and tokens are available for trading on this platform. The exchange stands out for its low fees: 0.1% for spot, and 0.075/-0.025% for contracts (taker/maker, respectively). Premium account reduces spot fees to 0%, and there are no withdrawal limits. The only fiat currency available on the site is the US dollar. All basic deposit/withdrawal options are available, including direct transfers from bank cards. The exchange offers a demo account, educational guides with the possibility of earning cryptocurrency, and a welcome bonus for newcomers. There are investment solutions with payouts of up to 10% per annum. The platform is lightning fast and is stable. Also, there are mobile versions.
- spot and contracts, loads of cryptocurrencies, tokens, and the US dollar;
- the ability to reduce spot trading fees to 0%;
- leverage x100 is available for contract trading;
- minimum deposit only ₿0.00000001 (or the equivalent);
- demo accounts and free premium mode test;
- extensive knowledge base, and tutorial guides with crypto payouts;
- referral program with discounts on commissions;
- investment programs with flexible and fixed deposits;
- Star Composition program gives users new opportunities;
- cold storage of funds, high levels of data protection.
- communication with technical support is conducted via email only;
- without a premium account, trading conditions are less favorable.
TU Expert Advice
Financial expert and analyst at Traders Union
Phemex cryptocurrency exchange has been in development since 2017 by Wall Street natives, launching in 2019. It is headquartered in Singapore. The exchange operates officially under the aegis of international regulators. An audit found no evidence of fraud or default to customers.
On the global market, Phemex is known for its low commissions with the ability to reduce them down to 0%. However, the most favorable terms are available only if you have a premium account and for members of the "Star Ratio" program. The exchange offers several discounts and bonuses, including payments to beginners for passing training courses.
The exchange has demo accounts, and premium mode can be activated for free for seven days (30 for certain activities). There are no trading levels, the minimum deposit is only ₿0.00000001. Thus, the exchange is optimal for beginning traders.
Experienced players are more attracted by low commissions, a lot of assets, the ability to trade pairs with USD, leverage x100 for contracts, large trading volumes, and the high speed of the site. Bot trading is also available. There are investment programs (staking) with USDT and BTC, the rate can be up to 10% per annum. Constructive disadvantages of the site were not identified, and the exchange is optimal for traders and investors of all levels.
Phemex Summary
Your capital is at risk. Cryptocurrency trading can be extremely risky. Cryptocurrency trading can lead to large and immediate financial losses. The volatility and unpredictability of the price of cryptocurrency relative to fiat currency may result in significant loss over a short period of time. Transactions in cryptocurrency may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable. The nature of cryptocurrency may lead to an increased risk of fraud or cyber attack.
| 💻 Trading platform: | TradingView |
|---|---|
| 📊 Accounts: | Premium, Standard, demo |
| 💰 Account currency: | Cryptos, USD |
| 💵 Replenishment / Withdrawal: | Bank cards and accounts, electronic and cryptocurrency wallets |
| 🚀 Minimum deposit: | ₿0.00000001 |
| ⚖️ Leverage: | Up to х100 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Commission: | Market |
| 🔧 Instruments: | Cryptos, currencies, USD |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Not indicated |
| ⭐ Trading features: | Loads of cryptocurrencies and tokens, low minimum deposit, low commissions, high leverage, profitable referral program, available for investing (staking), a lot of discounts and bonuses |
| 🎁 Contests and bonuses: | Yes |
The Phemex crypto exchange has one of the lowest minimum deposits, which is ₿0.00000001 or the equivalent in other cryptocurrencies (or tokens). This is convenient for newcomers, especially when combined with a demo account and the opportunity to earn money by going through training programs. Leverage is not available for spot trading, only for contract trading, and is x100. Connection to technical support and representatives of the company is by email (it is specified in the Support Center section). The table below shows the main trading conditions of the exchange:
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Commissions and fees
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0.1% for a taker/maker on a spot;
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0.1% for bot;
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0.075% for a taker on contracts;
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-0.025% for makers on contracts.
For Premium account holders the difference is that the spot fees for taker/maker positions are 0%. All users have the opportunity to get a 10% discount on the taker commission for each invited referral (the discount is cumulative only up to 30%) for 30 days.
| Account type | Commission (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | Up to 0.1% per order | Yes |
Withdrawal fees are diverse for each asset. For example, for Bitcoin the fee is ₿0.00057, for Ethereum it is Ξ0.0036. There is a daily limit for all assets, you can use the withdrawal function once a day. There is an exception for Premium account holders who have no limits, and assets can be withdrawn every hour. For spot trading, the withdrawal fee is fixed at 0.1%. There is no withdrawal fee if you have a Premium account.
| Broker | Average commission | Level |
|---|---|---|
|
$1 | |
|
$20 | |
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$0.1 |
Investment Options
The Phemex cryptocurrency exchange employs staking. This involves lending user funds to developing blockchain projects. Projects act as official partners of the site and, as a consequence, undergo a multi-stage vetting process, which ensures minimal risk for investors.
Stacking is available in the "Crypto Earnings" section. All active programs are presented there. Current programs are divided into asset groups such as BTC and USDT. In addition to the asset that is lent to blockchain projects, the program description specifies the minimum and maximum deposit, the estimated profit per day, or program period, if it is a limit.
By deposit type, the current Phemex investment programs are divided into:
Flexible. The rate for these programs is 7% (USDT) and 1.5% (BTC). After making a deposit, the user can adjust it or withdraw it at any time. These programs have no minimum deposit and interest is accrued daily.
Fixed. They have a rate of 10% (USDT) and 3% (BTC). After making a deposit, the user cannot withdraw it until the expiration of the program period. Programs of this type have a minimum deposit, and interest is paid after the program ends.
Every verified user of the cryptocurrency exchange can invest in staking. No special conditions need to be met for this, only a target asset in the account in the right amount is needed.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Phemex’s affiliate program:
The Phemex cryptocurrency exchange has introduced a referral program, in which any user can participate. A verified account is required. Here are the terms of the affiliate program:
Each client of the exchanger has an individual affiliate link in the client’s personal cabinet. It can be placed at any site.
A new exchange client who follows the invitation link becomes an invited user.
The referral brings the trader an income of 10% of the commission on all the invited user’s trading operations.
As soon as the referral receives a welcome bonus, the inviting user gets 50% of the amount of the bonus.
The inviting user gets a 10% discount on the taker commission for 30 days for each invited referral.
The user who has registered under the referral link also gets a 10% discount on the ticker commission for 30 days.
An invited user can use all the features of a premium account for free for seven days.
The crypto exchange sets no limit on the number of referrals, and a user can invite as many of them as he wants. The 10% discount on the commission for referrals is summed up to three times. Thus, during the month the user is not able to get more than a 30% discount.
User Satisfaction