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Phemex

Crypto exchange with no KYC requirement and 100x leverage
Do you want to trade anonymously? Do you want to trade with low fees? Do you want to trade with up to 100x leverage? If you answered yes to any of those questions, Phemex exchange might be a good fit for you.
(Page last updated: 23rd of September 2022)
Phemex offer
TRY ITKYC optionalSign-up bonus up to $180, 0.1% fees, 100x leverage

Phemex exchange details

ClarityCryptosPaymentsFeesAppFeaturesTrustOverall
Ratings
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ExchangePayments & feesAccount
Exchange namePhemexPayment optionsCrypto, P2PKYCKYC optional
Websitehttps://phemex.com/Fiat depositsnoAccepted countriesPhemex is available in most countries.
Established2019Min depositNo dataRestricted countriesUnited States of America, United Kingdom, Québec (Canada), Alberta (Canada), Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, South Korea, Sudan, China, Hong Kong, Republic of Seychelles, Bermuda.
Nr. of active accounts5 millionMin withdrawalVariesMobile appYes
LicenseNoneFees0.1% (same for Maker and Taker)FeaturesSpot trading, Contracts trading, copy trading

Phemex

Phemex exchange – grab your $180 bonus now!

Phemex offers new users up to $180 in bonuses. How to get Phemex bonus money?

  • $10 Deposit Voucher – make your first deposit BTC≥0.003 (currently ~$60) AND complete your identity verification.
  • $10 Social media Voucher – follow Phemex Twitter page (https://twitter.com/Phemex_official) and retweet their pinned tweet. Submit your twitter account and wait for Phemex to review it. This bonus assumes you have completed identity verification as well.
  • $130 Advanced Bonus – make deposit of BTC ≥ 0.05 OR USDT ≥ 2000 OR ETH ≥ 1.5 OR LINK ≥ 80 OR XTZ ≥ 700 OR LTC ≥ 15 AND accumulate BTCUSD-BTC Margin contracts trading volume of $50,000 or more.
  • $30 in Trading Vouchers – make a single spot order of 500 USDT or more and you get $10 cashback voucher. Make a single trade with BTCUSD-BTC Margin contracts valued at least $5000 and you get a $20 cashback voucher.

As you can see, there are several steps to get Phemex signup bonus, but none of them is actually too complicated. Then again, if you don’t want to verify your account (and in Phemex you do not have to), you can’t get the first two vouchers.

Voucher rewards can only be used to get cashback for spot trading fees. The fees will be refunded in USDT. Trading bonuses can be used to open positions, pay fees, and cover losses.

Phemex safety and regulation

Phemex is not a regulated exchange. So despite the fact that it’s actually fairly popular, you need to keep that in mind. Then again, most crypto exchanges are not regulated.

Is Phemex safe to use?

Based on my experience, Phemex is a safe exchange. Phemex servers are with Amazon Web Service and Phemex also uses firewalls to protect its network.

However, as with every cryptocurrency exchange, you need to take every possible precaution yourself as well – the first being not keep all of your assets in any exchange account but rather a crypto wallet. That becomes more important when the value of your assets grows.

Phemex Account security options

Make your Phemex account more secure by setting up 2FA using Google Authenticator.

In case you choose not to use 2FA by yourself, when logging in to Phemex you will still have to be verify yourself with the code they send to your email.

Additionally you can also set up Anti-Phishing code and if you want to, you can also choose to allow access to your account only by certain devices.

Countries where Phemex is banned or restricted

While Phemex can be used on most countries around the world, Phemex exchange currently can’t be used in the following locations: United States of America, United Kingdom, Québec (Canada), Alberta (Canada), Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, South Korea, Sudan, China, Hong Kong, Republic of Seychelles, Bermuda.

Phemex exchange details

Year established: 2019
Official website:phemex.com
CEO: Jack Tao
Number of Cryptos: 200+
Number of accounts: 5 million
Headquarters: Singapore

Deposits & withdrawals on Phemex platform

How do you make deposits on Phemex exchange? How do you withdraw money from Phemex?

Currently you can’t deposit fiat currencies, but you can use direct buy option. The latter allows you to use your credit card or P2P option to buy crypto for fiat.

Note that in this case fiat money never reaches your account, but rather the cryptocurrency you chose to buy with your card.

The other deposit option is of course just simple crypto deposit from any external crypto wallet or any other crypto exchange.

You can withdraw your assets from Phemex crypto exchange the same way.

Does Phemex exchange have a withdrawal limit?

You can withdraw up to 2 BTC a day with no need for identity verification. But if you want to withdraw more, you need to verify your identity.

Phemex minimum withdrawal limits depend on the exact cryptocurrency.

BTCETHUSDTBNBADASOLXRPDOTDOGESHIBXLMLTCTRX
Phemex0.0010.0220.0120.020.531001000000400.0022

How to deposit money into Phemex Exchange?

The easiest way to deposit money to your Phemex account is to find the “Assets” menu item in the top-right corner. Hover your mouse over it, and click “Deposit”.

Now choose the cryptocurrency you want to deposit (default is BTC) or click the “Buy Crypto” button to buy crypto with credit card.

After choosing the cryptocurrency, just copy the crypto deposit address to where you’re making the deposit from.

How to withdraw from Phemex Exchange?

Withdrawals from Phemex work pretty much the same way. Find the “Assets” menu item in the top-right corner and choose “Withdraw”.

Choose the cryptocurrency you want to withdraw and follow the simple guidelines.

Phemex Fees

When using Phemex, you will mainly come across three types of fees:

  1. Deposit fees – fees that you might pay when making a deposits
  2. Withdrawal fees – fees that you pay when making withdrawals
  3. Trading fees – fees you pay for trading

Deposit Fees

When depositing cryptocurrencies, there are no fees on Phemex side. But you do pay fees on the crypto wallet or exchange you’re depositing from.

If you buy crypto with your credit card, Phemex is using third-party providers for that, and the fees vary.

Withdrawal Fees

Crypto withdrawal fees depend on the exact cryptocurrency. You can see the withrawal fees for some of the main cryptocurrencies below:

BTCETHUSDTBNBADASOLXRPDOTDOGESHIBXLMLTCTRX
Phemex0.000570.0036-0.000510.010.250.153000000.020.0011

Trading Fees

Whenever you make a trade – buy or sell a cryptocurrency, you need to pay a fee.

Phemex spot trading fee is 0.1% for Maker and same, 0.1% for Taker. That’s the base fee that can go lower based on your trading volume.

Phemex Contract trading fee is 0.06%/ 0.01%.

Trading on Phemex platform

You can do both spot trading and contracts trading with Phemex. You can also instantly convert 297 cryptos.

How high leverage does Phemex offer?

Phemex offers up to 100x leverage for at least 7 trading pairs:

  1. BTC / USD
  2. ETH / USD
  3. XRP / USD
  4. LINK / USD
  5. XTZ / USD
  6. LTC / USD
  7. GOLD / USD

Plus you can get lower leverage for a number of other pairs as well.

Phemex KYC

If you want to secure your account, or just take maximum advantage of Phemex Welcome offer, you need to go through Phemex identity verification process.

Do you have to verify your account on Phemex?

No. Phemex is one of those exchanges that does not require it. So by the end of the day, it is up to you whether you want to verify your identity.

So in this sense Phemex is a no-kyc exchange.

How to verify your Phemex account?

You can verify your phemes account by hovering over the your profile icon in the top menu and click on your username.

Now choose “ID & Face Verification”.

Now just follow the instructions. But keep in mind – you will need to show them your passport or ID Card.

Why and when should you verify your Phemex account?

In case if Phemex, it’s really up to you. But if you plan to do it anyway, you might as well become KYC verified right away.

Same applies if you intend to make withdrawals of 2 BTC or bigger daily.

Phemex app

If you want to keep track of your Phemex account, or even trade using your phone, then you can download Phemex app for that. The app is available both for iOS and Android phones.

Phemex Earn

Phemex offers you the following ways to earn extra money with them:

  • Fixed and Flexible Savings
  • Launchpool
  • Crypto Prediction Market

Phemex customer support

You can get in touch with Phemex customer support 24/7. They Can be contacted using live chat or through their main customer support email address – support@phemex.zendesk.com.

Pros and cons of using Phemex exchange

Pros
Cons
100x leverage
US users not accepted
No KYC requirement
Not regulated
Enough cryptos to choose from
Crypto selection could be bigger
Subaccounts

Low fees



Using Phemex platform - is Phemex simple to use?

Phemex is not an exchange with the most variety in terms of cryptocurrencies or different options. But they offer you 100x leverage when you want it, they offer low trading fees, and you can also create yourself subaccounts if you want to.

And it all comes with a fairly easy interface.

When you compare Phemex with other crypto exchanges, you can actually see that it fits well together with all the best exchanges out there.

Jay Gory image
Author: Jay Gory
I became interested in cryptocurrencies only a bit more than a year ago. Since then I have been in investing in cryptos using different crypto exchanges, playing around with crypto trading bots, and also launched Cryptolorium.com to share my crypto journey and my results with all crypto traders.



Quick answers to frequently asked questions

How high is Phemex trading fee?
Phemex trading fee is 0.1%
Does Phemex offer a sign-up bonus?
Yes. You can get up to $180 in trading bonuses and cashback vouchers.
Do you have to verify your identity with Phemex?
Phemex does not require identity verification. You can withdraw up to 2 BTC without KYC.