Phemex Exchange Pros & Cons: It Easily Beats Coinbase

Look for a new exchange? Give Phemex a try. Unlike some of its awful competitors — including Delta Exchange and Coinbase — it isn’t bad.

Table of Contents

Phemex Pros

They don’t require KYC. That means you won’t have to send multiple forms of identification, and you won’t have to haggle with a compliance team for weeks sending video after video of yourself to prove your identity.
For derivatives traders, they offer dozens of pairs for perps trading. That includes bitcoin and Ethereum (ETH), but also Ripple (XRP), Cardano (ADA), Polkadot (DOT), Tezos (XTZ), Algorand (ALGO), Mana, and others. The selection
Phemex offers 234 pairs for spot trading, more than Coinbase. You can view the full range of options here.
They offer up to $100 in first-time sign-up bonuses. That’s more than the $5 offered by Coinbase, the $10 offered by KuCoin, or the percentage-based bonus offered by Delta Exchange.
The exchange offers up to 11 percent APY on USDT, 7.5 percent on USDC, and 3.6 percent on BTC. The rates are better than the maximum of 8.6 percent offered by BlockFi.
The exchange was founded by Jack Tao, a former VP of electronic trading at Morgan Stanley. Unlike Delta Exchange founder Pankaj Balani or KuCoin founder Johnny Lyu, he has a background in Western business and familiarity with Western financial regulations.
Customer service is responsive. They speak English. Phemex does not appear to use automated bots masquerading as humans, unlike Coinbase.

Phemex Cons

Phemex does not offer options trading. But for that, most Westerners have few options. (FTX is one of the few, and signing up is extremely difficult.)
Most platforms that do allow options trading only offer BTC and ETH. Delta Exchange is the only platform to offer a handful of additional pairs, but Delta’s lack of liquidity makes it unprofitable — and almost fraudulent.
Another problem with Phemex: traders can only withdraw funds up to three times daily. Premium users are allowed to make hourly withdrawals.

Where is Phemex Based? Who’s the CEO, Jack Tao?

Phemex launched in Singapore on Nov. 25, 2019. It falls under the regulatory purview of Singapore’s Monetary Authority. Tao said in interviews at the time that his company employed 40 people.

Tao disclosed a little about himself in a 2021 interview, saying his “initial foray into crypto resulted in devastating losses.” He also took aim at the unnamed exchange he started on, saying it “had many technical problems that led to constant downtimes and hacks.”

Phemex Exchange CEO Jack Tao — *Phemex CEO Jack Tao*

Going forward, he said he was especially interested in the metaverse and GameFi. “The metaverse and NFTs have certainly piqued my interest,” Tao said. “We’re redefining what ownership means and are just barely discovering new applications for on-chain assets.

Tao added that he believed “GameFi, play-to-earn, and wealth distribution mechanisms” could “revolutionize our activities in the digital realm.”

Sign-Up Bonuses

Here’s how Phemex’s bonus payouts work. (Note that these bonuses require users to complete KYC and to use a referral code like the one below.)

The exchange pays new enrollees $10 for depositing at least .003 BTC, or .04 Ethereum.
They pay $10 to new users who follow them on Twitter.
Traders who make a single spot trade worth $500 receive another $10.
Users receive $10 if they make a perps trade valued at $5,000. (For instance, a $500 trade on 10x leverage.)
The largest payout — $60 — is made to those who deposit at least .05 BTC or 2,000 USDT. Alternatives include 1.5 ETH, 80 Chainlink (LINK), or 15 Litecoin (LTC).

Referral Code

Looking for a referral code? You can use EDQC75 manually, or you can click on this link: https://phemex.com/register?group=2574&referralCode=EDQC75

Is Phemex a Good Exchange?

Our conclusion: Yes. Customer service is responsive. And the platform runs smoothly, without the constant technical problems — intentional or otherwise — common among its competitors. And it managed to survive the cascade of crises in 2022, meaning its liquidity isn’t bad either.

Disclosure: GoblinCrypto will receive a commission for new enrollees who use the above referral code to trade on Phemex.