Review on Phemex by Věra Filipová



I have started with the Phemex exchange when it was mainly the contract platform and it has just started. It has started with quite a massive marketing from the beginning and it was quite easy to run into their advertisements around the each corner of internet. There were a great welcome package as a promotion to join them. I have gone through the onbording process which was smooth and easy (KYC was needed as it is centralised exchange) and get some free money to trade in contracts. As I prefer the spot more in my investment strategy I have stopped using Phemex after a while. Few months ago I have noticed that they are pushing their spot exchange and they have started a lot of new promotions, advertisements and giveaways.

I have been using their spot exchange from that time. Moreover thy have my favorite earn crypto feature where you can have yield on your idle assets (but only with limited options). As they are modern exchange they have phone app which is more convenient (easy to navigate, friendly interface with all the features). They also have: Learn and Earn (similar feature have some other major exchanges) with with you get free crypto for completing quiz about cryptocurrencies; trading competitions, social media giveaways and huge trial funds for new users.

They have enough users, good liquidity and reasonable fees. There are enough trading pairs but there could be even more altcoins. I have a problem with withdrawals. Withdrawal fee for BTC is quite high (on of the highest I have seen on the market) and they only support for ordinary users 3 withdrawals per day (that means they do not support real time withdrawals).

On the other hand there are free withdrawals for USD TRC-20 which is the type of withdrawal I am always looking for.

There is one unique feature that differs Phemex from other exchanges and that is they have paid membership system. This system is good if you are a trader as for a fixed regular payment you can lower your trading fees or you can have zero trading fees with full premium membership (there are some conditions and limits). The price for premium membership is $ 19.99 for 90 days or $ 69.99 for the year (there is more advantages such as hourly withdrawals).



My experience with Phemex si mainly positive but if you are looking for hidden games there are better options. It is more oriented for the beginners not experienced users. This idea is supported by their simulated (demo) trading before you jump in the real trading.