Phemex Logo
Exchange Review


Exchange Fees

BTC Withdrawal Fee 0.00057 Taker Fee 0.06% Maker Fee 0.01%

Deposit Methods

Yes Wire Transfer Yes Credit Card


  • Over 200 cryptos supported
  • Welcome bonuses
  • Spot, contract, and leveraged trading


  • Not available in the US

Phemex is a popular and trustworthy crypto exchange. Based out of Singapore since its founding in 2019, this exchange is a good choice for novice and expert bettors.

Phemex Review

Phemex offers a number of programs and bonuses to earn cryptos outside of their traditional investment opportunities.

Phemex offers several welcome bonuses, which can be worth a total of $100. For example, if you make a deposit of at least BTC 0.0003 and complete identity verification, you will earn an extra ten bucks.

For following and retweeting Phemex’s Twitter account, you can also earn ten more bucks.

The biggest welcome bonus is when you make your first large deposit. You can earn sixty bucks if you deposit at least any of the following amounts:

  • BTC 0.05
  • USDT 2000
  • ETH 1.5
  • LINK 80
  • XTZ 700
  • LTC 15

Phemex Review

For every friend who you invite to Phemex, who then signs up, verifies their identity, and makes a trade, you will receive $40. If you invite 20 friends, you will get an extra $200, or a total of $1000. Invite 50, and you will earn $3k. 

Every day you can guess the result of a coin toss and win some extra money on a trade. You must trade the coin or pair you submitted your guess for. You can play this game once a day. 

Something that makes Phemex different from other exchanges is that they are membership-based. Their fees are low and are generally only what the blockchains themselves charge. In other words, Phemex maintains itself economically mainly via membership dues. 

This model makes everything easy and clear. You will pay no spot trading fees as a premium member. And all users pay minimal withdrawal fees. It is nice to pay the flat membership fee and then have free reign to trade as you wish. If you see an opportunity, you can trade currencies without a second thought. 

They offer a free seven-day trial membership, or it can be purchased for $9.99/month. You must complete the identity verification process

Other benefits include hourly withdrawals and no withdrawal limits. 

Phemex Membership

The fee structure at Phemex is very clear, making us trust them even more. Not only that, but we like what we see! The fees are low and some cryptos are even free to withdraw! Few exchanges have the option of free withdrawals, making this a big plus for the Phemex Exchange.

To our understanding, Phemex 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 is 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.

That means that these fees are as low as they can be! Some currencies are even free to withdraw. 

Some examples of withdrawal fees at Phemex:

  • Bitcoin: 0.00057 BTC
  • Solana: 0.01 SOL
  • Ethereum: 0.0036 ETH
  • Litecoin: 0.001 LTC

Here are some of the cryptocurrencies that have free withdrawals from the Phemex Exchange:

  • NEO
  • USDT - TRC20
  • USDT - BSC(BEP20)

Phemex continues to impress us with its simple fee structure and low fees. The transaction fees are extremely clear. For both makers and takers, Phemex charges a 0.10% spot fee. For contract trading, the exchange charges 0.06% for takers and 0.010% for makers with effect from 19 August 2022 (before that, the fees were 0.075% for takers and -0.025% for makers).

However, you can get those fees eliminated altogether with a membership. Premium users will have zero spot trading fees on the web and app. Spot trading is buying and selling assets at the moment. Contract trading will still have a fee attached.

Phemex Fees

For its crypto derivatives products, Phemex allows you to trade with leverage. This means that you can receive a higher exposure towards a certain crypto’s price increase or decrease, without actually holding the necessary amount of assets. You do this by “leveraging” your trade. In simple terms, this means that you borrow from the exchange to bet more. You can get as much as 100x leverage on this platform.

Leveraged trades are risky though. For instance, let’s say that you have 100 USD in your trading account and you bet this amount on BTC going long (i.e., going up in value). If BTC then increases in value by 10%, you would have earned 10 USD. If you had used 100x leverage, your initial 100 USD position becomes a 10,000 USD position so you instead earn an extra 1,000 USD (990 USD more than if you had not leveraged your deal). However, the more leverage you use, the smaller the distance to your liquidation price becomes. This means that if the price of BTC moves in the opposite direction (goes down for this example), then it only needs to go down a very small percentage for you to lose the entire 100 USD you started with. Again, the more leverage you use, the smaller the opposite price movement needs to be for you to lose your investment. So, as you might imagine, the balance between risk and reward in leveraged deals is quite fine-tuned (there are no risk-free profits).

On 15 May 2020, Phemex released its Spot Trading services. Unlike contract trading, where you speculate and bet on the price of any specific crypto or asset without having to hold the asset itself, spot trading is the direct buying and selling of the cryptocurrencies listed above.

Something notable about Phemex’s spot trading services is that they offer a zero-fee model. On most exchanges, when you buy or sell a cryptocurrency, you must pay a fee that normally ranges between 0.10 – 0.25%. On Phemex, you can purchase a Premium Membership that can cost as low as USD 5.80 per month. The Premium Membership does, according to Phemex, offer significant savings to high-volume traders

Phemex supports more cryptocurrencies than most other exchanges out there. With 223 on offer at the time of this writing (May 2022), you will likely be able to find the one you are looking for. Plus, they are likely to get the hot new currencies as they come out. 

Phemex Trading

Phemex does have some geographical limitations. Not everyone in the world can sign up here. They are largely available in Europe, Latin America, and Africa.

Here is a list of restricted territories, from which they do not accept users:

  • United States of America 
  • United Kingdom
  • Québec (Canada)
  • Cuba
  • Crimea
  • Sevastopol
  • Iran
  • Syria
  • North Korea
  • South Korea
  • Sudan
  • China
  • Hong Kong 
  • Republic of Seychelles
  • Bermuda 

Phemex is one of the rare exceptions here where you do not need to complete any KYC (know your customer) verification process in order to create an account, deposit, trade, and even withdraw. 

However, if you want to become a premium member and get rid of spot trading fees altogether, then you will need to complete the KYC protocols. They will ask you to upload a photo of your ID, and then take a picture of your face using your webcam. 

Phemex sticks out for not needing to verify your identity in order to use the basic functions of the site. You can buy, sell, trade, and even withdrawal without completing KYC protocols. 

If you want to become a member of the site and enjoy free trades, or if you want to claim any of the bonuses, you would then need to verify your identity.

Phemex is a trustworthy exchange with lots of happy users since its founding in 2019. They have some unfortunate reviews on sites like TrustPilot, but we were not able to confirm this anywhere else. On the contrary, they seem to have glowing reviews across the crypto space. 

This platform is not only available for desktops, but also for 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 smartphones 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 (unlike e.g. BitMEX).

Phemex Review

Phemex is a well-rounded crypto exchange. It has fun games and an easy interface that would work well for novices. Yet they offer different types of betting and over 200 cryptos, meaning they also have the tools to deliver what experts are looking for as well. Anyone outside of the US and other restricted territories would be happy here.