Best Phemex Features

No KYC Sign Up

One of the best features of Phemex, especially for those in Europe, is the ability to sign up without doing any identity verification. You can create an account, deposit crypto, and start trading on the platform as soon as your deposit is confirmed in your account. Users in North America may be able to sign up with no KYC as well, but cannot deposit or withdraw any fiat, or access Phemex Earn.

Trading Bots and Copy Trading

Phemex has both trading bots and copy trading available to users. The Phemex trading bots are completely free to use and have the same trading fees as if you were trading manually. There is a Bot Marketplace where users can share or copy others’ trading bots and their parameters.

Phemex Copy Trading is also free to access, but you pay a 12% profit-sharing fee to the trader who you are copying. This means that assuming you copy a trader and are in profit, you will owe 12% of those profits to the trader you copied. The fee is calculated and paid weekly.

Phemex Earn

Phemex Earn is an all-encompassing earning program available on Phemex Exchange. There are three different earning options available: Phemex Savings, Phemex Launchpool, and Prediction.

Phemex Savings

Phemex Savings is your typical, earning/staking program, where you can deposit one of the 10+ supported savings assets to earn APY. The amount you earn depends on whether you lock the assets for a set period of time or have flexible withdrawals. You earn more for locking the assets than you do for being able to withdraw them flexibly, but it’s worth noting the lock periods are generally one to two weeks.

Phemex Launchpool

Phemex Launchpool is another program where users can earn high returns. Depending on the launchpool, you can either stake the Launchpool asset itself (such as NEAR), USDT, or USDC in order to earn a high return.

Prediction

Phemex’s Prediction is like futures betting for sports or events. You can pick something like who will win the FIFA World Cup, and if you’re right, you and everyone else who picked that way will win an amount in proportion to what they bet.

Cryptocurrencies Supported

Phemex supports over 275 digital assets on their spot trading markets, including:

• Bitcoin (BTC)
• Ethereum (ETH)
• Solana (SOL)
• Cardano (ADA)
• Dogecoin (DOGE)

For a full list of supported markets on Phemex, check out their markets page.

Phemex Token

The Phemex Token (PT) is an ERC-20 (Ethereum) based token that is exclusive to Phemex Exchange. It gives users access to trading fee discounts, higher staking yields in the Phemex Earn program, VIP privileges, voting rights, and access to Phemex’s Launchpad program. It can also be bought and sold on Phemex.

Phemex Fees

Phemex has extremely reasonable fees for trading, with maker and taker fees starting at 0.01% and 0.06%, respectively, for contract trading, and 0.1% for both for spot trading. These fees can be reduced by meeting certain trading volume numbers, holding certain amounts of Phemex Token, or holding certain thresholds of money in your exchange account.

There are no deposit fees for crypto apart from network fees, while fiat purchases may incur higher fees depending on your bank. The withdrawal fees for crypto and fiat are in line with most of the sector and are reasonable. 

Potential Deal Breakers

The only real potential deal breaker found during this Phemex review is if you’re in a restricted jurisdiction. This includes the US, Canada, and the UK. 

You may be able to sign up for the site, but you won’t be able to deposit fiat or withdraw fiat, participate in the Phemex Earn, and access some other platform features. If you are in one of these jurisdictions, it may be best to use a platform that is regulated in your country instead of Phemex.

The only real potential deal breaker found during this Phemex review is if you’re in a restricted jurisdiction. This includes the US, Canada, and the UK. 

You may be able to sign up for the site, but you won’t be able to deposit fiat or withdraw fiat, participate in the Phemex Earn, and access some other platform features. If you are in one of these jurisdictions, it may be best to use a platform that is regulated in your country instead of Phemex.

Conclusion

Our Phemex review has found that the platform has a lot to offer users. This is thanks to the Phemex Earn program, no KYC sign-up, and the ability to access both trading bots and copy trading on the platform. Phemex also has extremely competitive fees which are in line with the biggest exchanges on the market. As long as Phemex is available in your jurisdiction, then it’s worth checking out.