Thursday, 1 April 2021

Phemex Review 2021 : Leverage Trading, Fees, Bonus and Testnet

 By Deya Hroob

Table of Contents


1.   What is Phemex?

2.   Trade Crypto with Zero Fees

3.   Phemex Bonuses

4.   Earn Crypto ( New Product )

5.   How to Buy Crypto with Credit Card at Phemex

6.   Phemex Crypto Simulation Trading

7.   Is Phemex Safe?

8.   Things to Be Improved By Phemex

9.   Conclusion


What is Phemex?

It's a cryptocurrency derivatives trading platform , in Singapore.  launched by eight former core developers from financial services company Morgan Stanley.

Phemex Provides both Spot and Contract trading services with BTC and USD settling

Phemex perpetual contracts can be traded with up to 100x leverage. They also offer a non-crypto GOLDUSD trading pair contract. With low fees, fast order execution, and advanced platform features .


Phemex has its own app for Android and iOS. The main competitor BitMEX does not have this.

At Phemex, the Bitcoin perpetual contract is normally referred to as BTC/USD. Each BTC/USD perpetual contracts is worth $1. So when you buy $1,000 worth of BTC/USD contracts, it is as if you are buying $1,000 worth of BTC.

Trade Crypto with Zero Fees (Premium Membership )

 With this membership you trade crypto with zero fees.

There are Free ways to get this membership and there are Paid Memberships.

Every single new user receives a Premium Trial membership for 7 days.

And you can also have a 30-day Full Premium Membership by doing simple social media tasks.

Phemex offers you a paid premium membership. Plans start at $9.99 for 30 days, $19.99 for 90 days, and $69.99 for 365 days. By becoming a premium member you also get access to conditional spot orders, hourly withdrawals with no limits, and the ability to gift premium trials to friends. The standard fee is 0.10% when you don’t have the membership.

Phemex Bonuses


Phemex has multiple bonuses to attract new customers.

Phemex has a special promotion for new and existing users. Based on your deposit you can receive an extra bonus of up to $ 60:

·         Deposit 0.2 BTC and receive 60 USD.  OR

·         Deposit 10 ETH and receive 60 USD.   OR

·         Deposit 500 LINK and receive 60 USD. OR

·         Deposit 2000 USDT and receive 60 USD.

You can also receive a bonus in trading too.

·         Receive $10 for a spot order greater than 500 USD

·         Receive $10 for a BTC/USD contract transaction trade of USD 5,000 or more

Earn Crypto ( New Product )


At Phemex you can earn up to 10% APY on your investments through two different investments options :


1.    Flexible Saving Option …… Estimated APY 7%


This product allows users to earn interest on their cryptos without any long-term commitments. Thus, you have the ability to deposit and withdraw at any time while still experiencing a good rate of return while the funds are held.


All what you have to do is transfer your funds from spot wallet to your  Flexible Savings account and you will immediately  receive the corresponding interest calculated per day. Your initial funds and the interest can be withdrawn at any time J


2.    Fixed Saving Option ………. Estimated APY 10%


Phemex's Fixed Saving product allows users to earn higher levels of interest on cryptos invested for a specified period of time. Users must subscribe to this option for a fixed period of time before any earnings can be redeemed. The rate of return is higher and more stable than Flexible Saving.


You can subscribe to the Fixed Saving option with funds available in your spot wallet. Once the subscription process has been completed, funds will be locked for the selected fixed period of time.

Buy Crypto with Credit Card Instantly at Phemex

  How to buy crypto with credit card at Phemex

Phemex work with well-trusted  fiat-to-crypto gateway solution partners, such as Banxa, Simplex, Moonpay, Coinify and Mercuryo


Step 1: Select the crypto you would like to purchase

Enter the amount or quantity and choose a payment method.

Step 2: Choose the best offer

Select an offer and complete the payment.

Step 3: Wait for your crypto to arrive

Your crypto will arrive in your account after the payment has been successfully completed.

Practice Your Skills with Phemex testnet: Crypto Simulation Trading


Phemex provides a simulated account



Crypto Simulation Trading is a tool that allows investors to practice their trading skills without investing real money. So, you can Learn How to Trade with Zero Risks


  • For beginning investors, Crypto Simulation Trading is a great way to develop investing skills.
  • Experienced investors use simulators to evaluate trading strategies before trying them in the real world.

Is Phemex safe?


The answer is that they take their security very seriously . All assets are 100% stored on cold wallets. Each withdrawal is monitored thoroughly by the team and needs to be approved by 2 human offline signatures. Based on the advanced experience of the founders in Wall Street risk management, they are able to quickly detect any malicious actions and take rapid action to protect their users’ assets and the platform.

Things to Be Improved by Phemex


Phemex has to offer more Crypto trading pairs. They should also offer more non-crypto trading pair contracts like traditional assets and commodities . Now they only  offer GOLDUSD pair


Referral Structure should also be improved:


There are two Referral Structures at Phemex:


First :

Invite Friends To Earn A Taker Fee Discount and Bonus


The Rules: If you Invite a friend to register and trade. You will get a 10% Taker Fee discount for one month. After an invitee gets their welcome bonus, you will receive 50% of their bonus amount.

I think for this to be better Phemex should offer a Permanently commissions on all trading fees collected in your network.



Become a Phemex All-Star

In this type you Permanently earn up to 50% commissions on all trading fees collected in your network. However, you need to be accepted in order to participate in this program., but it isn't an easy process. 


Phemex is without a doubt one of the best bitcoin derivatives exchange on the market right now with high liquidity which very important in the market. The platform has never been hacked. 

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