Phemex vs Binance: Cryptos, Fees, KYC Exchanges Difference in 2022

Binance is a well-known exchange with many years of experience. Phemex is a young and promising exchange, catching up with Binance. In this article we will take a closer look at Phemex vs Binance pair and compare these exchanges by the main indicators.


Binance

Phemex

Type of exchange

Сentralized

Сentralized

Year founded

2017

 2019

Registration country

Cayman Islands

Singapore

Trust Score (Coingecko)

10

8

Cryptocurrencies / trading pairs

1458

236

Trading types

Spot, Futures, Margin trading, P2P

Spot, Futures, Margin trading, P2P

Fees

0.1%

(0.075%  option for BNB holder)

0.025% maker fee and 0.075% taker fee

2FA

Yes

Yes

Mobile application

IOS, Android

IOS, Android

Daily trading volume on Spot market

$13 265 105 972

$511 416 325 

Advantages and disadvantages of Phemex

Pros:

  • User-friendly
  • Quite high quality and responsive tech support
  • Has been working and developing since 2011
  • It safely handled hacker attacks in 2012 - 2014
  • The bulk of client funds are placed in "cold" cryptocurrencies

Cons:

  • The list of virtual currencies and fiat money accepted for listing is very rarely updated with new assets
  • No own token

Phemex Review Summary 

86% Overall

We have analyzed key features of Phemex based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
84%
Trustworthy
86%
Usability
88%
Fees

Advantages and disadvantages of Binance

Pros:

  • Good reputation and high reliability
  • Bot for grid trading
  • Higher leverage (up to 100x)
  • Own BNB token
  • Mining pool and cloud mining
  • Own blockchain ecosystem

Cons:

  • KYC is required

Binance Review Summary 

92% Overall

We have analyzed key features of Binance based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
92%
Trustworthy
95%
Usability
90%
Fees

About Phemex exchange

Phemex is a cryptocurrency exchange with spot and futures trading, instant asset conversion, and card purchases. The platform offers trading bonuses, including a welcome bonus for registration, and passive income tools. Users can buy a premium membership and get benefits when working with the platform; there are also ways to get a premium membership for free.

About Binance Exchange

Binance is a centralized cryptocurrency exchange founded in 2017. The exchange quickly gained popularity due to the right decisions of the management and does not let go of the leading positions.

Comparative analysis of Phemex and Binance exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

Phemex offers: 

  • Launchpool
  • Staking
  • VIP program

Binance offers:

  • Binance Labs
  • IEO Launchpad
  • NFT market
  • BNB Vault

Available countries

Phemex and Bianance exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries. 

Payment methods

You can fund your Phemex and Bianance account with a bank card, PayPal or cryptocurrency.

Card Support

All types of bank cards from supported countries are available on Phemex and Bianance.

Available Cryptos and Tokens

Phemex currently supports 236 trading pairs and 234 coins. 

While Binance supports 1000+ trading pairs.

Verification (KYC)

It is recommended that you verify your Phemex account in order to gain access to the full range of features: mainly the ability to purchase premium memberships and various bonuses for verified users.
Verification does not take much time, usually within a few minutes you will receive a notification of approval or rejection (in the second case, it will indicate which errors should be corrected).

All Binance users are required to have verification. It is possible to pass the KYC with a driver's license or passport.

Account deposit

Exchanges offer the following options for funding the account:

  • Crediting a fiat account with a card or payment system
  • Purchase from a card
  • Direct transfer of cryptocurrency to the exchange address

Comparison of Trading Fees

Phemex:

  • 1% for regular users
  • 0% for Premium users
    Taker 0.075% / Maker -0.025% for contract trading

Binance:

  • Spot: 0.1% / 0.1% (maker/staker)
  • By default, the following option is set (can be disabled): if the balance has the required number of BNB tokens, they are automatically withdrawn and reduce the commission on a transaction by 25%
  • Also, the level of commissions depends on the user's level, which in turn is determined by his trading volume over the past 30 days and the amount of BNB in his account
  • All VIP statuses obtained in a regular account are retained for futures trading and continue to provide benefits

Account security

Phamex follows all safety rules. The exchange offers its users 2FA, hardware key, email and phone confirmations, etc.

Binance offers users Two Factor Authentication (2FA), hardware key, email and phone confirmations, whitelisting for withdrawals, anti-phishing code, monitoring of devices used and account activity.

Passive earn on exchanges

In the "Passive Income" section on Phemex you can invest USDT or BTC and receive a daily profit. At the same time the exchange guarantees the receipt of the declared profit, because even in case of deterioration of the market situation it will cover the payments from its funds, until it develops a new strategy.

Presented at the moment investment plans: flexible Annual Return 6%, fixed USDT for the week, annual return of 8.5%, Flexible BTC. Annual return of 1%, fixed BTC for a week. Annual yield 1.8%.

Binance Earn is popular for its many investment plans and tools. It includes bicurrency investments, fixed and flexible deposits, stacking, and farming. It periodically offers new features as the crypto market evolves.

Which to choose - Phemex or Binance

Phemex Exchange is actively developing and adding new features. However, Binance does not stand still and does not give up its leadership in the market. In this comparison, the choice is obvious. Binance is better than Phemex in most indicators.

Disclaimer:

Crypto trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

How do I transfer money from Phemex?

To transfer money from Phemex, you will need to provide your bank account information. Here's how to do it:
1. Log in to your Phemex account and click on the "Account" tab.
2. Click on the "Deposit/Withdraw" link and then select "Wire Transfer."
3. Enter your bank account information and click on the "Submit" button.
4. The money will be transferred to your bank account within 2-3 business days.


Is Bybit better than Binance?

Bybit is not better or worse than Binance. They are both excellent platforms that offer a wide range of features.
The main difference between the two platforms is that Bybit offers margin trading, while Binance does not. Margin trading can be a great way to increase your profits, but it also carries a higher risk. So if you're new to cryptocurrency trading, it's probably best to start out with Binance and then move on to margin trading once you've gained some experience.

Who owns Phemex?

Phemex is a privately held company headquartered in the United States.

How does Phemex bonus work?

Phemex bonus is a great way to motivate traders and to give them an opportunity to increase their profits. The way it works is that the trader's account is credited with a percentage of the profits generated on each trade.
This means that the more you trade, the more bonuses you earn, which can really add up over time. It's a great way to boost your earnings, and it can help you to achieve even greater success in the Forex market.


Conclusion

There are a lot of important things to consider when choosing an exchange. Make sure it is reliable, the coins you want to trade on the platform, and that you can use it. Just one attribute may be deciding factor, but there will be plenty more. Although we cannot recommend which exchange is right for you, our reviews today have allowed you to make the right decision. Both of these companies have been around for a while and continue to develop steadily. That's an important quality in any company.

Disclaimer:

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

Other Exchanges comparison

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}
>