Phemex: User-Friendly Platform for Derivatives Traders
Phemex is a user-friendly crypto exchange that offers comprehensive spot and derivatives trading features. If anyone want to trade spot and derivatives assets and also want to obtain leverage for their investment, Phemex would be the top choice for them. Users can trade some assets with up to 100x leverage while taking benefit of user-friendly interface. Unlike other specialized derivatives trading platforms like Deribit, this platform also provides DeFi earning products such as staking products.
Launched in 2019, Phemex is one of the fastest growing crypto exchange that developed a comprehensive ecosystem of financial services. Its ecosystem includes not only spot and derivatives trading but also unique features such as trading bots and DeFi products, making it a versatile choice for both trading and DeFi investments.
Pros and Cons
| Pros | Cons |
| Around 340 spot trading and 376 contract trading pairs | Limited regulatory oversight |
| Up to 100x leverage on certain assets | Restricted in some countries |
| Several trading bots available | |
| Flexible and locked staking products | |
| Simulated trading feature for derivatives products | |
Trading Fees
Phemex charges decent fees for spot and derivatives trading. Users can become VIP members to get further fee discounts. With the taker/maker fee structure, takers pay slightly higher fees. Here’s the fee structure for spot trading:
| User Level | Last 30d Spot Trading Volume (USD) | Maker Fee | Taker Fee |
| Standard | [0.0000, 800.00K) | 0.1000% | 0.1000% |
| VIP1 | [800.00K, 1.80M) & API ≤ 20% | 0.0900% | 0.1000% |
| VIP2 | [1.80M, 2.50M) & API ≤ 20% | 0.0500% | 0.0700% |
| VIP3 | [2.50M, 4.50M) & API ≤ 20% | 0.0450% | 0.0650% |
| VIP4 | [4.50M, 8.00M) & API ≤ 20% | 0.0400% | 0.0600% |
| VIP5 | [8.00M, 15.00M) & API ≤ 20% | 0.0350% | 0.0550% |
| Star VIP | [15.00M, ~∞) & API ≤ 20% | 0.0000% | 0.0400% |
| Pro1 | [800.00K, 15.00M) & API > 20% | 0.0600% | 0.0800% |
| Pro2 | [15.00M, 30.00M) & API > 20% | 0.0400% | 0.0600% |
| Pro3 | [30.00M, 100.00M) & API > 20% & 70% Maker | 0.0300% | 0.0500% |
| Pro4 | [100.00M, ~∞) & API > 20% & 70% Maker | 0.0000% | 0.0450% |
Here’s the fee structure for derivatives trading:
| User Level | Last 30-day Volume (USD) | Maker Fee | Taker Fee |
| Standard | [0.0000, 8.00M) | 0.0100% | 0.0600% |
| VIP1 | [8.00M, 18.00M) & API ≤ 20% | 0.0080% | 0.0550% |
| VIP2 | [18.00M, 45.00M) & API ≤ 20% | 0.0060% | 0.0500% |
| VIP3 | [45.00M, 85.00M) & API ≤ 20% | 0.0040% | 0.0450% |
| VIP4 | [85.00M, 180.00M) & API ≤ 20% | 0.0020% | 0.0375% |
| VIP5 | [180.00M, 380.00M) & API ≤ 20% | 0.0010% | 0.0350% |
| Star VIP | [380.00M, ~∞) & API ≤ 20% | 0.0000% | 0.0300% |
| Pro1 | [8.00M, 100.00M) & API > 20% | 0.0000% | 0.0475% |
| Pro2 | [100.00M, 380.00M) & API > 20% | 0.0000% | 0.0450% |
| Pro3 | [380.00M, 1.50B) & API > 20% & 70% Maker | 0.0000% | 0.0350% |
| Pro4 | [1.50B, ~∞) & API > 20% & 70% Maker | 0.0000% | 0.0325% |
Trading Experience
The trading interface is intuitive and well-organized, providing access to spot and leveraged trading positions. There are fewer order types including limit, market and conditional orders. But the conditional type comes with limit or market options, allowing more customization of trading strategy compared to only limit or market types. Trading bots are accessible through separate platform which currently provides four bots including spot grid, futures grid, futures martingale and signal bot. These bots can help traders execute custom strategies, allowing them to capitalize on crypto market. Interestingly, trading bots offer both manual and AI recommended configurations for setting the trading strategy.
Derivatives trading platform offers the same order types with an additional type known as a Order. Traders can access normal or leveraged trading position and also select trading bot option within this platform.
Other Features
One of the prominent features is Phemex lending protocol which allows users to borrow or lend cryptocurrencies. Lenders can deposit assets, which are used to fund the borrowers and in return, lenders earn interest. Users can also lend stablecoins like USDT and USDC.
Another interesting feature is the PT token, which is the native coin of the Phemex platform. It offers several benefits, including trading fee discounts, staking rewards, DAO governance, VIP privileges, and more.
Customer Service & Satisfaction
Phemex provides customer support through several channels including email, live chat and help centre. Users can contact the customer service representatives to solve any issues they face. The FAQ section provides extensive educational resources, aiming to provide necessary information about topics related to trading and platform usage.
Phemex did not get good reviews on Trust Pilot. With around 183 reviews, Phemex received an overall rating of 2.1 out of 5. Customers with bad experiences complain about frozen funds, withdrawal issues, and unresponsive customer support. On the other hand, customers with good experiences admire user-friendly interfaces, low fees, advanced trading tools, and security measures.
Company Overview
Jack Tao founded Phemex in 2019 to offer financial services based on blockchain technology. While the company values simplicity of use, it also offers advanced trading tools such as trading bots and other features. Phemex provides both spot and derivatives trading services and allows leveraged investments, enabling traders to grow their crypto portfolios. Initially positioned as a professional derivatives exchange, Phemex later introduced spot trading services. The platform has successfully grown a large user base through its offerings, which include trading services and other blockchain-based products such as DeFi. Phemex also emphasizes security and has implemented measures like cold storage and regular security audits to ensure the protection of users’ funds.