About Phemex.com
The StoryBack in 2017, as experienced professional Wall Street traders and investors, Jack Tao and other founding members of Phemex.com identified a lack of professionalism, trustworthiness, and customer support within the crypto industry. In the following two years, the number of users engaging in cryptocurrency trading increased significantly. Nevertheless, existing exchanges showed little to no improvement.
Realizing the seriousness of the problem, the team left Wall Street and founded Phemex in the summer of 2019. They then dedicated themselves to building a simple, efficient, but most importantly, a trusted cryptocurrency trading platform. Then, on November 25th, 2019, the Phemex platform officially went live.
Phemex.com Exchange Basic Points
Exchange Name | Phemex.com |
Withdraw Fees | 0.0005 BTC |
Language | English |
Fiat Deposit | Yes |
Deposit Fees | Free. Small deposit fees apply. |
Easy To Use | Yes |
Security | High |
Make Fee | 0.025% |
Taker Fee | 0.075% |
Support | 24/7 |
Customer Support | Available At Ticket & Live Chat |
Official Site | Homepage |
How To Start ?
How To Sign Up At Phemex.comExchange?
How To Deposit Fund At Phemex Exchange ?
How To Trade At Exchange ?
How To Withdraw At Phemex Exchange ?
Phemex Trading fees
As they mentioned above, in terms of Spot Trading, Phemex has adopted a zero trading fee model. Instead they just charge for monthly Premium Memberships (prices are $9.99 for 30 Days, $19.99 for 90 Days and $69.99 USDT for 365 Days). Becoming a premium member will also allow you to set conditional spot orders, you will enjoy hourly withdrawals with no limits, and will be able to gift trial premium memberships to friends.
With respect to contract trading, Phemex Exchange separates between “takers” and “makers”. Let’s describe these terms real quick. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. They call makers for “makers” as their orders make the liquidity in a market. Takers are the ones who “take” this liquidity by matching makers’ orders with their own.
At Phemex, takers are charged 0.075% per order. This is a fair fee. Sure, there are exchanges offering even lower taker fees for contract trading, but there are also many exchange charging much higher fees.
When it comes to the makers, their fee is -0.025%. This essentially means that each maker gets paid to trade. To clarify, let’s say that you are the maker in an order where you purchase a derivatives contract for USD 1,000. This means that instead of paying USD 1,000, you will only have to pay USD 997.50. This is very competitive indeed.
Phemex Withdrawal fees
To our understanding, Phemex.com does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure. There is however a minimum fee of 0.0005 BTC when you withdraw BTC from the platform.
Deposit Methods
Phemex Exchange previously didn’t accept any other deposit method than cryptos, so new investors were restricted from trading here. Starting 18 June 2020, however, they partnered with a company called Banxa which is a payment gateway that accepts credit and debit card purchases of crypto.
Since then, Phemex has also partnered with Koinal, Coinify, MoonPay, and Mercuryo. You have a variety of payment options (ranging from bank transfers to Apple Pay) and rates to fit your needs.
Mobile Support
This platform is not only available for desktop, but also Android and Apple mobile phones. Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well. If you’re one of those people, then this platform can still be for you, seeing as it has a native mobile application
Why Choose Us?
High Performance
300,000 transactions per second, with order response times of less than 1 millisecond.
Advanced Functionalities
FIX API for institutional traders and Sub-Accounts for quantitative traders.
Strongest Wallet Security
Cold wallet storage. Transfers require 2-level human scrutiny offline signatures.
Access and Support
Phemex Exchange 24 x 7 live multilingual support and CEO is available on Telegram and Twitter.