Phemex Vs Binance differ in more ways than one, making it tricky to compare them. So, how exactly does Binance differ from Phemex, and which is the better option? Binance is a better option for those looking for a feature-dense platform, whereas Phemex is more straight to the point with a simpler, faster design.
Here are the primary differences between the two exchanges to continue discussing the topic.
What is Binance?
The largest cryptocurrency exchange platform in the world is called Binance. With a user base that is over 50,000,000 and is rapidly growing, as well as daily trading volumes that exceed $2,000,000,000, it is a behemoth of an exchange with a long list of features to offer— an all-in-one platform.
What is Phemex?
Phemex, a relatively newer and smaller company founded in 2019, has seen explosive growth, trading on average over $1,000,000,000 a day in volume. Focused on security and trustworthiness, it has attracted many traders worldwide and sees over 450,000 weekly visits through its website.
Pros and Cons
Phemex Vs Binance: Which is Better?
- User rewards: Binance frequently gives away prizes and challenges to increase user participation on its platform. Users can claim these prizes in the Binance rewards center. Binance also hosts crypto airdrops for currencies soon to be listed on their platform.
- Binance Academy: Binance offers a free education platform called Binance Academy. From beginner crypto lessons to advanced tutorials on trading, Binance Academy is a one-stop-shop for all things crypto.
- Huge variety of trade options: Binance offers a wide variety of trade types, making it one of the most versatile exchanges.
- Advanced charting: Binance users can create custom charting views with hundreds of overlays and indicators using the embedded TradingView charts.
- API keys: Binance allows third-party apps to integrate with them by giving the public access to their API keys.
Phemex is a cryptocurrency derivatives exchange and trading platform that offers a wide range of features, including:
- A simple and intuitive interface: Phemex offers a user interface that is straightforward and intuitive for both novice and seasoned traders. Chinese and English are both supported for the platform’s user interface.
- A wide range of markets: Phemex offers a variety of BTC, ETH, LTC, BCH, XRP, and EOS markets.
- A variety of order types: Phemex provides numerous types of orders, such as limit orders, market orders, and stop-limit orders.
- 24/7 customer support: Phemex offers around-the-clock customer support via email and live chat.
- A demo account: Users can test out the features and functionality of the platform by signing up for a sample account provided by Phemex.
Binance allows you to buy crypto using various fiat currencies, including USD, EUR, CNY, AUD, INR, RUB, and more. You can also use a variety of accepted stablecoins, such as Binance USD (BUSD), Coinbase USD Coin (USDC), and Tether (USDT), to purchase crypto.
While there are too many supported currencies to list here, some major ones include Bitcoin, Ethereum, Uniswap, Chainlink, and Compound.
Your new crypto will be deposited directly into your Binance wallet upon purchase – a safe and simple way to manage your digital assets. You can then trade your purchased crypto on the many products and services available on the Binance Platform.
Phemex is a crypto exchange that supports over 200 spot cryptocurrency assets. These assets can be bought and sold on the exchange, including BTC, ETH, XRP, LTC, LINK, XTZ, LTC, ADA, DOGE and USDT. The list of accepted coins is quite limited compared to other trading platforms such as Binance, Huobi and Kucoin, which have over 300 coins to trade.
However, the exchange does provide a trading contract for GOLD/USD, and more assets such as S&P 500 stocks, stock indexes, interest rates, FOREX, commodities, energy and metals will be released on the platform shortly, according to the Phemex website.
Staking, Credit Cards, Other Options
With Binance Earn, users can make passive income with one of the best crypto-staking platforms. Binance Earn is a tool that lets users stake various crypto assets in return for interest.
For example, accessing flexible staking on Bitcoin can reward users with an APY (Annual Percentage Yield) of 0.5% – 5%. This feature is popular for investors looking to make additional income on their crypto holdings, regardless of the token price.
In terms of Binance VIP Program Benefits, current users in the program also enjoy these benefits:
- Dedicated support: VIP customer service channels and your account manager are waiting to serve you.
- API connectivity: Binance API Page provides users with easier access to the Binance API, allowing for more seamless integration.
- Sub-account features: There are three sub-accounts to choose from, each with different access and control parameters to help keep your fund safe and your trading strategies private.
- Margin: Get up to $10M in funding and enjoy lower interest rates with Margin. You could also receive up to $1M in 0% interest vouchers, based on your Margin borrowing volume.
- Liquid Swap & Dual Investment: Join Liquid Swap and Dual Investment to earn up to $10,000 in cash vouchers per month, based on your trading volume and ranking.
- Savings & Stakings: Sign up to get personalized deposit limits, interest rates and lock-up periods.
Phemex users can stake their holdings in the exchange to earn rewards of up to 8% annually. The staking program is designed to help stabilize the trading platform and is available for select cryptocurrencies.
Phemex’s credit card is excellent for Forex trading. The platform is more advanced than most, offering flexible lot sizes and Micro and XM Zero accounts to accommodate every level of trader. Plus500’s WebTrader platform is also excellent, feeling almost like using a native app.
Phemex offers three different types of accounts – Standard, VIP, and Institutional.
Standard accounts are suitable for new traders and offer limited leverage and trading volume. This account type is free of charge.
VIP accounts offer higher leverage and trading volume and provide access to exclusive features. VIP accounts can be accessed for a monthly subscription fee.
Institutional accounts are designed for professional traders and offer various features and capabilities. Institutional accounts can be accessed for a subscription fee.
On Binance, you’ll find all the security features you need, such as 2-factor authentication, universal 2nd-factor authentication, device authorization, address management… etc. Binance also collects transaction data from individuals and institutions to monitor suspicious trading activities for user fraud protection, legal case resolution and other cases.
Binance has made great strides in terms of transparency and customer safety. For example, they display all the costs and fees involved in every action with a cost attached to it, and to prevent any misunderstandings. They make first-time users take a short test.
Phemex’s platform is protected by several firewalls for different zones and machines. Each user’s deposit address is different in its Hierarchical Deterministic Cold Wallets. Operators and founders review each withdrawal for harmful activity.
Two-factor authentication protects user accounts and ensures all actions are authorized. Phemex was formed because of a lack of professionalism and trust in the crypto sector. Its goal is to be the most trustworthy financial services supplier.
Binance currently only accepts users from the following countries: Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Greece, Hungary, Ireland, Isle of Man, Israel Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands,…
Phemex is available in the following countries: the US, Canada, Australia, and New Zealand.
Phemex and Binance are popular cryptocurrency exchanges with a lot to offer users. Phemex has a more comprehensive range of products and services but is not yet as popular as Binance.
- Phemex is the only exchange that doesn’t charge any deposit fees. However, you will need to pay a small withdrawal fee based on the blockchain load. When it comes to trading, Phemex follows the maker-taker model. Makers pay a 0.025 percent fee, while takers pay a 0.075 percent fee.
- Binance has some of the lowest fees among American crypto exchanges. On spot trading, you’ll pay a flat rate of 0.1 percent. However, remember that other platforms, such as eToro and Coinbase might have hidden fees that could cost you more.
Ease of Use
Binance’s US uses the same platform technology as its parent company. You can choose from three trading platforms: basic, advanced, and OTC, for peer-to-peer trading.
Binance recommends starting with the basic version even if you’re a cryptocurrency pro. It’s got all the features and info you need for spot trading, trading volume, and 24-hour price performance. Plus, you can always upgrade to a more advanced platform later.
However, Cove Markets understand that crypto newbies might feel overwhelmed by even the basic platform. If you’re interested in buying Bitcoin with no frills, we suggest bypassing the exchange altogether. Instead, go directly to the site.
How does Phemex exchange compare when it comes to ease of use? Its user interface is straightforward and streamlined. However, Phemex’s home page has a bright white background that can be hard on the eyes.
Apart from this initial flaw, the design of the Phemex website is intuitive and clear-cut. How do trading tools and charts measure up? The company went with a user-oriented modular design.
The platform functions in five different languages and will continue to add more languages as its user base expands worldwide. The platform provides users with an easy way to view the options available via the platform, as well as the ability to adjust the platform based on their desired preferences.
Phemex may not be the most customizable platform, but it makes up for it in other areas. For example, the time frames you’ll see on the trading view chart are top-notch. And the ping monitor located in the bottom left corner of the UI is a lifesaver if you’re dealing with questionable internet speeds.
The interest rate offered by Phemex is extremely competitive, with a 0.02% daily interest rate and 10x leverage, which means that traders can earn up to 2% annually on their cryptocurrencies.
This is a desirable rate for traders who are looking to earn interest on their cryptocurrencies without having to put them at risk of loss.
On the other hand, Binance does not offer any interest in cryptocurrencies, which may be a turnoff for some traders. However, Binance does offer much higher leverage of up to 125x with 0.02%/24h, which means that traders can potentially earn much more profit on their trades.
At a Glance
|AML & KYC||Yes||Yes|
|Taker Fees (Futures Market)||0.04%||0.075%|
|Maker Fees (Futures Market)||0.02%||0.025%|
|Withdrawal Fees||Yes, each blockchain has its variation.||Yes, each blockchain has its variation.|
|Futures & Margin Trading||Yes||Yes|
|Joining Bonus||N/A||up to $100|
How Do Binance and Phemex Work?
Binance and Phemex are two of the most popular cryptocurrency exchanges. They both offer a variety of features and services that make them attractive to users looking to buy, sell, or trade cryptocurrencies.
Binance is a centralized exchange that offers a variety of features, including a mobile app, margin trading, and various order types. Phemex is a decentralized exchange that offers spot and derivatives trading.
Both exchanges allow users to buy, sell, or trade various cryptocurrencies. Binance offers a wider variety of coins than Phemex, but Phemex offers more trading options.
Is It Safe to Hold Cryptocurrency in the Binance or Phemex Exchanges?
The Binance and Phemex exchanges have implemented industry-leading security measures to protect users’ assets. Furthermore, both exchanges have insurance policies that cover user funds in a hack or other security breach. Overall, both exchanges are considered to be safe places to hold cryptocurrency.
Who Should Use Binance or Phemex?
Phemex is a crypto trading platform that caters to professional and retail traders. It has features designed to cater to the different needs of both groups of traders.
Binance, on the other hand, is primarily a cryptocurrency exchange. However, it also offers a margin trading platform for those who want to trade with leverage.
Regarding who should use which platform, it depends on what you’re looking for. If you’re a professional trader who wants to trade with leverage, then Binance is the better choice. However, if you’re a retail trader who wants to trade without leverage, then Phemex is the better choice.
Which One Should You Choose?
The choice between Binance and Phemex is a matter of preference. Both exchanges offer excellent features and benefits, so it comes down to what you are looking for in an exchange.
If you are looking for an exchange with a large selection of coins and tokens, then Binance is the better choice. If you are looking for an exchange with low fees and a simple interface, then Phemex is the better choice.
Binance and Phemex are two of the most similar exchanges in terms of infrastructure and platform. Both offer secure trading and high-quality customer support. Their daily trading volume sets them apart, with Binance having a slightly higher volume.
Although there are some differences, both exchanges have a lot to offer. For example, Binance has more trading options and better leverage, while Phemex has a simpler trading fee structure. In the end, it all comes down to personal preferences.