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Phemex description
Phemex is a popular cryptocurrency exchange platform that allows users to buy, sell, and trade various cryptocurrencies like Bitcoin and Ethereum. It boasts fast trading speeds, low fees, and a user-friendly interface designed for both beginners and experienced traders. Phemex offers features like derivatives trading with leverage, spot trading, and earning interest on cryptocurrency holdings. The company prioritizes security with features like cold storage wallets and two-factor authentication. Phemex is a global platform with millions of users and a large daily trading volume.
Who is Phemex best for
Phemex is a cryptocurrency exchange platform ideal for traders of all levels. It offers fast trading, low fees, and features like derivatives and spot trading. While praised for its user-friendly interface and educational resources, users have reported account restrictions and withdrawal issues. Consider alternatives like Binance or Coinbase if these concerns are critical.
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Best for medium-sized companies.
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Suitable for various industries.
Phemex features
| Supported Phemex offers margin trading with up to 5x leverage on the spot market. |
| Supported Phemex allows users to buy and sell cryptocurrencies. |
| Supported Phemex supports copy trading, allowing users to automatically replicate trades of experienced traders. |
| Supported Phemex allows users to buy crypto with fiat via P2P marketplace or direct deposit. |
| Supported Phemex supports futures trading, including perpetual contracts and advanced trading features. |
| Supported Phemex supports two-factor authentication for enhanced security using authenticator apps or passkeys. |
| Supported Phemex uses a hierarchical deterministic cold wallet system to store the majority of assets offline. |
We evaluate the sentiment that users express about non-functional aspects of the software
Value and Pricing Transparency
Customer Service
Ease of Use
Reliability and Performance
Phemex reviews
We've summarised 116 Phemex reviews (Phemex TrustPilot reviews and Phemex G2 reviews) and summarised the main points below.
- User-friendly interface and easy to navigate platform, especially for futures trading.
- Fast trading speeds and efficient order execution.
- High leverage options available for experienced traders.
- Educational resources and academy section providing valuable information for beginners.
- Variety of trading competitions and events with attractive rewards.
- Account restrictions and blocks are common, often without clear explanations or timely resolution.
- Withdrawal issues and delays, sometimes requiring extensive verification or KYC procedures.
- Manipulated pricing and discrepancies between Phemex charts and other market data sources.
- Hidden fees and misleading bonus offers, requiring high trading volumes or deposits.
- Poor customer support with slow response times and unhelpful agents.
Phemex pricing
The commentary is based on 31 reviews from Phemex TrustPilot reviews.
Users consistently report issues with Phemex, citing difficulties withdrawing funds, accounts being blocked, and accusations of scams and fraudulent activities. Many feel their money is held hostage, leading to significant financial losses. Some also mention poor customer service and manipulative pricing practices.
Users sentiment
See the Phemex pricing page.
Phemex alternatives
PayBitoProBetter rated by users. Offers copy trading, trading bots, and white-label exchange solutions. Has transparent pricing and is growing faster. Good Phemex competitor.Read more
WhiteBITWider range of supported cryptocurrencies and offers additional features like staking. Has significantly more momentum in terms of employee growth. Customer support is a common concern. A Phemex competitor and alternative.Read more
Dotbig platformOffers broader asset classes like stocks, ETFs, and CFDs. Caters to both individuals and institutions. Provides algorithmic and social trading. Higher rated by users.Read more
BinanceWider industry applicability. Has more momentum based on employee growth and website traffic. More user reviews and higher average ratings. A popular Phemex alternative and competitor.Read more
Coinbase ExchangeBetter suited for high-volume professional traders. Has a larger user base and is growing faster. More established and trusted.Read more
SHAPESHIFTPrioritizes privacy and is non-custodial. Has open-source transparency and decentralized trading. Is growing faster in terms of employee growth. A Phemex competitor and alternative for DeFi enthusiasts.Read more
Phemex FAQ
What is Phemex and what does Phemex do?
Phemex is a cryptocurrency exchange platform offering spot and derivatives trading with leverage, along with features like copy trading and earning interest. While it boasts a user-friendly interface and fast trading speeds, users have reported issues with account restrictions, withdrawals, and customer support.
How does Phemex integrate with other tools?
There is no information available regarding Phemex's integrations with other tools. However, it offers features like copy trading, fiat-to-crypto exchange, futures trading, and margin trading.
What the main competitors of Phemex?
Alternatives to Phemex include Binance, Coinbase Exchange, WhiteBIT, and PayBitoPro. These exchanges offer similar features such as spot and futures trading. If you prioritize wallet security, consider Zengo Wallet or the decentralized, privacy-focused platform, ShapeShift.
Is Phemex legit?
Phemex's legitimacy is questionable due to numerous user complaints. While it offers features like fast trading and low fees, users report account restrictions, withdrawal issues, and price manipulation. Consider exploring alternative platforms for a safer trading experience.
How much does Phemex cost?
There is no pricing information available for Phemex. Therefore, it's difficult to assess whether the product is worth the investment without knowing the associated costs.
Is Phemex customer service good?
Phemex customer service receives overwhelmingly negative feedback. Users report slow response times, unhelpful agents, and unresolved issues. Many complaints mention account restrictions and difficulty withdrawing funds. While some users have positive experiences, the prevailing sentiment points to significant customer service challenges.
Reviewed by
Michal has worked at startups for many years and writes about topics relating to software selection and IT management. As a former consultant for Bain, a business advisory company, he also knows how to understand needs of any business and find solutions to its problems.
Tymon is a seasoned CTO who loves finding the perfect tools for any task. He recently headed up the tech department at Batmaid, a well-known Swiss company, where he managed about 60 software purchases, including CX, HR, Payroll, Marketing automation and various developer tools.