Phemex Review

What is Phemex?

Phemex is a cryptocurrency exchange based in Singapore that was established in 2019 by Jack Tao and a team of former Morgan Stanley executives. It has rapidly grown into a platform trusted by over 2 million users worldwide. Its simple design, robust security measures and a wide range of trading options, including spot and derivatives with up to 50x leverage. It offers trading in a variety of digital assets including Bitcoin, Ethereum, Solana, Avalanche, Shiba Inu and 260 others.

The platform is designed for both professional and retail traders and provides a user-friendly interface, low fees, tight spreads and fast execution speeds. As a globally accessible exchange, it can be used in over 200 countries and offers customer support in 9 languages. Besides trading, it has staking, lending and borrowing services, allowing users to earn yields on their assets.

Is Phemex Regulated?

Yes, Phemex is a regulated cryptocurrency exchange. It is registered with both the US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). This means that Phemex is subject to strict financial regulations and must adhere to best practices in terms of anti-money laundering (AML) and countering-the-financing-of-terrorism (CFT). The platform is also backed by some of the leading investors in the space including Galaxy Digital and BitMEX.

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Fees Schedule

Phemex is the cheapest exchange in the world because they offer a 0.025% rebate on market maker orders. This means, if you set a limit order on Phemex, they will pay you a 0.025% rebate if the order gets matched on the other side. For standard market orders, the taker fees on Phemex are 0.075% per trade. As for spot trading, the costs begin from 0.1%, you can review the fees schedule to see more.

Does Phemex Require KYC Verification?

As of the time of writing, KYC verification is not required to trade on the Phemex platform. This means that you can sign up and trade cryptocurrencies without having to submit identity verification information. This is one of the only derivatives exchanges that still offer this.

However, if you are a large trader looking to deposit and withdraw over $100,000USD, you will be required to complete the Phemex Premium membership verification to be able to transfer large amounts to and from your bank account.

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Mobile Application

Phemex's mobile app is designed for both iOS and Android users and offers a comprehensive trading experience, mirroring the platform's commitment to providing a robust service. On the Apple App Store, the app boasts a commendable 4.6 star rating from over 2,100 reviews, indicating a positive reception from its user base. This feedback highlights the app's efficiency, security, and the wide range of features it provides.

Available Cryptocurrencies

Phemex offers a diverse and extensive range of 260 digital currencies. This broad selection not only provides traders with ample opportunities to diversify their portfolios but also ensures they can engage with both established and new projects within the crypto ecosystem, making Phemex a versatile platform for digital asset trading.

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Final Thoughts

In conclusion, Phemex is a rapidly growing cryptocurrency exchange offering over 260 assets for spot and futures trading without requiring KYC verification. With low fees, deep liquidity, and a platform designed for both professional and retail traders, Phemex is an appealing option for crypto enthusiasts worldwide. Safety is ensured through registration with the CFTC and SEC, while users can also benefit from Phemex Earn, which offers passive income opportunities through staking.