Looking for an honest Phemex review? You’ve just found it. Keep reading to see why this could be the crypto leverage trading site you’ve been looking for!
We found that Phemex offers you a fast and simple way to speculate on the price movements of all top cryptos like Bitcoin, Ethereum, Tether, and much more. But is Phemex legit? Discover the answer to this and many more questions by reading our Phemex review below!
Phemex: Pros & Cons
- $100 USDT bonus
- Many cryptos featured
- Buy cryptocurrencies here
- 24/7 live support
Loading up the Phemex website for the first time reveals a homepage that is light and airy and relatively simple to navigate around. It features a bright white and blue color scheme and this is something that is carried over to the iOS and Android mobile apps.
The main trading platform at Phemex looks and feels like you’d expect. You’ll get to see the relevant statistics and price movements for the pairing that you’re looking at such as BTC/USD. From here you’ll be able to execute your trades and apply things like stop-loss orders and so on. It might not have the full range of indicators that we’ve seen at other trading platforms, but there’s more than enough for most casual investors.
Our Phemex review loved all of the extra features dotted around the trading site. These included lots of cool announcements about newly listed tokens and we also saw some great competitions that served up some pretty impressive prizes. Plus we should note that Phemex also has a generous welcome bonus for new customers and there’s even a referral promo that you can get by introducing a friend to the trading site.
Above all, the main impression we get of Phemex is that it is a professional heavyweight online trading platform. This is something that can be seen in the fact that there are over 400 educational articles dotted around the site that’ll take you from being a crypto newbie into becoming an experienced trader.
How to trade cryptos at Phemex
So let’s take a closer look at how you can actually use the Phemex site. First of all, you will need to create a customer account. You will have to be at least 18 years old to open up a Phemex account and will be required to prove this as part of the robust sign-up procedure. So once you have provided your email and created a password, you’ll have to complete the KYC verification process.
Thankfully this doesn’t take too long and this means that you should swiftly be able to make your first deposit at Phemex. You can do this either with a regular credit card, a bank transfer or with one of the accepted cryptos. Just don’t forget to pick up one of those welcome bonuses when you put your money down as this deal offers a great way to sidestep some of the fees associated with the platform.
Once the money is in your account, you can simply head to the Markets section and see the price movements for all of the major pairings like BTC/USDT, ETH/USDT and so on. Then it’s just a matter of hitting the Trade icon and you’ll be taken through to the spot trading page. While this is good, we’d recommend going a step further into the Contract page where you’ll find crypto trades with a leverage of anywhere up to 100x. Definitely an interesting way to get more from your crypto trading!
If you want to buy cryptocurrencies at Phemex, you can do so direct from making a deposit via credit card or a bank transfer. What’s best is that there are over a dozen different banks and credit card providers who you can make a deposit with. You’ll also find a good amount of crypto deposit options that let you add money to your account with the likes of Bitcoin, Tether, Ethereum, Ripple, Link and so on.
The good news is that most withdrawals from Phemex are usually completed within one hour. However, there is always the chance of network congestion, so be sure to get in touch with the Phemex customer support team if there are any lengthy delays. Just remember that you will have to withdraw from a minimum of 0.001 BTC at a time if you are using Bitcoin and there are similar minimum withdrawal amounts for the other featured cryptos.
You’ll be impressed with the quality of customer support at Phemex. You can access this 24/7 and what’s best is that it offers multilingual support. You’ll always see the live chat icon in the bottom right of the website and hitting this offers you the fastest way of reaching one of the friendly and professional customer service team.
There are also a range of email addresses that are dedicated to different areas of customer support. The only downer here is the fact that there didn’t appear to be any kind of telephone hotline, but we were more than impressed with the sheer depth of the Phemex FAQ.
Plus when you consider the fact that you can even contact the Phemex CEO directly via Twitter or Telegram, it shows that this is a trading platform that wants to hear from its customers. Just so you know, Phemex is also active on Facebook and Instagram.
You’ll probably know that we spent a fair amount of time asking, ‘Is ByBit safe?’ and so we should really do the same for Phemex. So we looked around the Phemex site and found that it had all the hallmarks for a legit and respected operator. The fact that it enjoys a 24-hour trading volume of over $10 billion should give you some idea of what to expect. Plus with over two million users and more than 30 integrated liquidity providers, you’ll see that this is a major crypto trading platform.
Phemex is also committed to keeping your deposits safe. This can be seen in the fact that the brand uses cold wallet storage which basically requires two-person approval with offline signatures.
Plus we should note that Phemex has a clear page of terms and conditions that are all governed according to the laws of Singapore. This means that if there is any wrongdoing, Phemex will be held to account at the Singapore International Arbitration Centre. All of which means that you should feel secure in enjoying leveraged crypto trading at Phemex.
Reputation and customer feedback – Does Phemex have a good reputation?
Phemex has grown to become one of the most respected leveraged crypto trading platforms. After all, the Singapore-based brand was founded by a group of former executives from Morgan Stanley, so it offers plenty of expertise and experience.
Alongside the fact that this is a well-established company, it seems that Phemex enjoys a healthy online reputation. The most harmful accusations we saw were ones that suggested that the two-factor authentication procedure could be easier to implement, and there was also a fair amount of confusion over some of the special offers.
It’s not surprising to find a handful of negative opinions about Phemex on a few crypto forums. After all, this isn’t too strange as you only have to type a question like, ‘Is PrimeXBT safe?’ into the internet and get a barrage of conflicting opinions. All of which shows that Phemex is a trading site that can be trusted.
So is Phemex safe? Yes, our Phemex review found that this is a leveraged crypto trading site that you can trust. After all, it has a decent heritage and the sheer volume of trades executed here shows that Phemex is not a small-time operator.
The actual crypto trading platforms are impressive and you could pick up quite a bit of leverage with your trades here. Plus we were impressed with all of the other features that let you do things like buy cryptos, earn interest on your digital assets and much more.
It’s hard to think of too many criticisms of what Phemex had to offer, but we think that newcomers to crypto trading should be careful with how they invest here. However, as long as you play it careful, we think that you’ll have a great time at Phemex. So sign up to Phemex, get that bonus and start crypto trading!