Phemex Crypto Exchange Review: No longer recommended.

Updated connected January 2nd, 2024

I nary longer advocator for this cryptocurrency speech because they precocious moved to nan KYC exemplary and don’t service USA customers.

Is Phemex Legit?

Over nan years I person tried retired rather a fewer cryptocurrency exchanges and apps. Phemex utilized to beryllium my favourite speech disposable almost everyplace including nan USA and UK and I will explicate why I for illustration it nan astir successful this article.

Convenience, No KYC

One of nan astir annoying things astir mounting up emblematic cryptocurrency speech is that you person to taxable a bunch of individual accusation to abide by Know-Your-Customer (KYC) laws. If you are paranoid for illustration me, you for illustration to minimize your vulnerability to hackings and information leaks and would alternatively not do it unless wholly basal (i.e. you don’t presently person different cryptocurrency exchange).

If you presently already person a fiat onramp location else, past you are each set. Phemex only requires an email reside to trade, truthful you tin deposit cryptocurrency into Phemex from your existing crypto brokerage and beryllium up and moving wrong a fewer minutes.

In fact, it is simply a bully measurement to effort retired this level without making a committedness to determine if you want to yet spell afloat KYC and dump your different exchange.

If you are wholly caller to cryptocurrency and don’t presently person a brokerage aliases speech elsewhere, beryllium warned that successful bid to bargain cryptocurrency, you request an on-ramp that verifies your identity. Also publication this cryptocurrency guide to get a grip connected things.

200 Coins Offered

Phemex is simply a one-stop-shop for astir of nan celebrated cryptocurrencies that you mightiness beryllium willing successful trading.

For nan longest time, places for illustration Coinbase only offered a fistful of cryptocurrencies to bargain and waste connected their platform. It was annoying arsenic you would person to unfastened up a caller speech if they didn’t connection 1 you wanted to buy. That business is little of a problem now, but their fees are still excessively high, which brings america to nan adjacent point.

Phemex Fees

Trading Fees

A crypto speech conscionable isn’t worthy it if you person to salary ridiculous fees connected each transaction.

Phemex is nan cheapest I person encountered. They employment a -0.025% shaper interest and a 0.075% taker fee.

They moreover person a premium rank action that takes your fees to 0%! The premium rank is offered for free for nan first 7 days of everyone’s rank and you tin stock connected societal media and get an further period free. If you waste and acquisition a batch aliases pinch ample volume, nan yearly $60 premium rank interest is decidedly worthy it. It’s a bully deal.

Withdrawal Fees

Usually nan cheaper exchanges will play nan crippled of “gotcha” erstwhile it comes clip to propulsion your money out. Those cryptocurrency exchanges whitethorn connection inexpensive spot trading fees but past ding you pinch a $50 withdrawal fee, for instance. This utilized to beryllium 1 of my biggest complaints astir nan “dumb money” services for illustration Coinbase wherever users didn’t cognize immoderate amended and paid fees connected everything from deposits, trading to withdrawals. They’ve gotten a small amended complete nan years, but still cater to those who garbage to do immoderate investigation and truthful tin bid a higher interest premium.

The withdrawal fees astatine Phemex are very competitive. Even withdrawing Ethereum is only $10 erstwhile it typically costs $30-45 connected different exchanges.

Trading View

Standard cryptocurrency apps for illustration Crypto.com and Coinbase don’t person a trader’s interface and sometimes you are forbidden from utilizing nan speech features owed to location compliance issues.

I erstwhile signed up to Crypto.com based connected their webpage trading showing an speech and only aft submitting each nan KYC individual accusation did I find retired that you could only usage nan app successful nan US, limiting you to marketplace orders and a 1.5% markup fee! You can’t moreover spot what nan marketplace is trading astatine unless you spell elsewhere aliases preview an bid wrong nan app. It’s inefficient and annoying.

That’s not nan lawsuit pinch Phemex arsenic you get a unrecorded marketplace position erstwhile you take nan brace you are willing successful trading. Everything you request is correct successful beforehand of you:

• The unrecorded bid book. How overmuch effect will your waste and acquisition have? (for ample traders aliases illiquid cryptos)
• How overmuch trading is presently happening?
• Advanced charting, wherever has nan crypto been and wherever does it look for illustration it is going?

Live Phemex Trading View

Limit Orders, Market Orders, Conditional Orders

This is much important than a batch of traders realize. In immoderate cryptocurrency markets and exchanges, nan dispersed betwixt nan bid (the value you tin waste at) and inquire (the value you tin bargain at) tin beryllium up to 7%. If you conscionable spot a marketplace order, you will overpay for that waste and acquisition connected mean by 3.5% and that is earlier moreover tacking connected nan trading fee.

Don’t beryllium that amateur – usage a limit bid aliases conditional bid if nan marketplace liquidity isn’t deep.

Crypto Earn

With nan advent of staking, cryptocurrency speculators person nan expertise to setup specialized web wallets which they past withdrawal their coins to and get yields from 3-15%, depending connected nan crypto. While this is nan safest measurement to shop crypto erstwhile mixed pinch a hardware wallet, location are a batch of other steps and you mostly request to support spreadsheets to find nan location that you placed it, wallet addresses, immoderate wallet passwords aliases seed phrases, costs ground and different metrics. It tin beryllium a full batch of broadside activity to manage.

Phemex has a crypto earning functionality built correct successful that provides nan opportunity to support your crypto connected their level and past indebtedness it aliases liking it correct from their website astatine immoderate beautiful awesome rates.

Look astatine those rates!

Now a connection of be aware here. What are they doing pinch nan money to get those rates? If you publication their FAQ, they opportunity that they are making markets and your superior doesn’t time off nan platform, but you really person nary power complete what they are really doing pinch your money. You should not put a batch of spot into keeping money connected exchanges, arsenic speech failures person shown clip and clip again. FTX was nan 3rd largest and had millions of dollars successful commercialized advertising, yet it grounded recently.

I truthful only put a mini magnitude of money into nan Phemex gain feature, and truthful should you, if immoderate astatine all.

When I americium fresh to make a trade, I nonstop my crypto in, make nan waste and acquisition and retreat nan crypto out. My vulnerability is little than an hour.

Security and Phemex Withdrawal Time

Phemex has never been hacked.

Of people location is nary guarantee that it can’t hap successful nan future, but nan measurement they person eliminated basking wallets from their systems contributes to nan information profile.

Part of nan logic why they person ne'er been hacked is because withdrawals are processed 3 times a time and require offline multi-sig approval. Therefore, nan withdrawal clip is overmuch slower than automated exchanges.

If hackers summation entree to their systems, nan chances of them stealing costs is astir intolerable since it would require a quality acold wallet usability to besides motion disconnected connected nan withdrawal. Any unusually ample withdrawals will instantly raise suspicion. Not being capable to get instant entree to your crypto is simply a flimsy disadvantage, but nan information makes it worthy it, particularly if you are utilizing nan crypto gain functionality.

Some Additional Features Worth Mentioning

Sub Accounts

Phemex allows you to segregate your costs into different buckets. Maybe you bought immoderate cryptocurrency for your mother and want to support it abstracted from your funds, aliases possibly you usage nan API to build trading bots and don’t want to comingle it pinch your different funds. Phemex makes it simple.

Cryptocurrency Derivatives and 100x Leverage

These aren’t allowed for USA customers but these types of instruments supply an avenue for leverage.

I don’t really urge leverage since nan losses tin stack up arsenic accelerated arsenic nan profits tin and you consequence blowing up your relationship but its ever bully to person options erstwhile you are looking to get successful and retired wrong a short clip erstwhile your floor plan shape emerges.

Learning Academy

Anyone caller to crypto will admit their extended room of cryptocurrency guides.

Phemex Review Summary

Overall this is nan lowest interest exchange, doesn’t require nan annoying KYC process and has exceptional information for your funds.

But again, ever support nan bulk of your costs disconnected exchanges pinch keys secured successful hardware wallets.