Kucoin vs Phemex | What Exchange Is Better & Cheaper?

Let's take a look and compare the trading fees of Kucoin and Phemex. First up, we have Kucoin.

Kucoin charges a spot maker fee of 0.10% and a spot taker fee of 0.10% for Class A cryptocurrencies and 0.2% and 0.3% for Class B and C.

Class A are Large Cap cryptocurrencies like BTC, ETH, SOL, ATOM, DOT, ADA and others while Class B and C are small cap altcoins with lower liquidity.

For futures trading, the maker fee on Kucoin is 0.02% and the taker fee is 0.06%. These fees are competitive and inline with the likes of Binance.

The fees on Kucoin can be lowered for both spot and futures trading once monthly trade volumes exceed 50 Bitcoins or if the user holds at least 1000 KCS tokens.

Phemex charges an even more competitive spot maker fee of 0.1% and a spot taker fee of 0.1% for all of their trading pairs. For futures trading, the maker fee is 0.01% and the taker fee is 0.06% which is equal to Kucoin.

These fees are already quite low, but what's even better is that they can be lowered for spot and futures trading if monthly trade volumes exceed $1,000,000.

Kucoin's and Phemex trading fees are almost identical with the small difference being that Phemex offers even lower futures fees for makers.

When it comes to deposit methods, Kucoin and Phemex both offer a wide range of options to their users.

Kucoin supports the deposit of fiat currencies for 28 different fiat currencies, while Phemex supports a smaller range of 6 fiat currencies.

On Kucoin, the majority of fiat deposit options are with Visa and Mastercard although they do support other fiat deposit methods such as SEPA and Faster Payments deposits.

However, it's worth bearing in mind that their deposit fees can be quite steep with Visa and Mastercard deposits incurring a 3.8% fee. In terms of bank deposits, Kucoin does support cheap bank deposits for a few fiat currencies such as EUR and BRL.

Phemex allows fee-free deposits in six fiat denominations: EUR, GBP, CHF, JPY, CAD, and AUD, exclusively through Wire Transfer.

The time for these deposits to reflect varies, with GBP being the most expedient (from 10 minutes to a day) and JPY taking the longest at up to two days.

Users can also opt to buy cryptocurrencies using their Visa or Mastercard, facilitated by third-party entities like Simplex and Banxa. This method of purchasing, however, tends to be more expensive than the direct fiat deposit option.

Whether you want to use Kucoin or Phemex, our recommendation is that you deposit fiat currencies via bank transfers as that is cheaper than buying with credit cards.

In terms of withdrawal methods for their fiat currencies and digital assets Kucoin allows for fiat withdrawals via SEPA, however, this option is only available for users looking to withdraw Euros. Kucoin charges a €5 fee for withdrawals made through SEPA.

Users on Kucoin can of course also withdraw their cryptocurrencies with varying fees depending on the coin being withdrawn. Withdrawing Bitcoin, Ethereum, and SOL on Kucoin will cost you 0.001 BTC, 0.01 ETH, and 0.01 SOL, respectively. These are quite high withdrawal fees overall.

Phemex also supports withdrawals in a range of fiat currencies like EUR, GBP, JPY, CAD, AUD, and CHF. These transactions are exclusively carried out via Wire Transfer and take about 1-2 working days to process into your bank account.

Withdrawing Bitcoin on Phemex costs 0.0004 BTC whereas withdrawing Ethereum costs 0.001 ETH. Withdrawing SOL comes with a 0.01 SOL fee and withdrawing Tether USD (USDT) will cost 4 USDT.

In conclusion, Kucoin and Phemex are both popular cryptocurrency exchanges that offer unique services to their users.

Kucoin boasts an impressive selection of over 700 cryptocurrencies for purchase and sale. Phemex also offers a comprehensive selection with over 320 cryptocurrencies and over 150 perpetual contracts.

Kucoin's user-friendly interface and wide range of products has helped the platform gain a global user base of over 20 million people.

Phemex while slightly less known has also quickly grown to a user base of over 5 million with its great user experience and solid range of trading options.

Getting started with Phemex only takes minutes as KYC if not required to begin trading while KYC is obligatory for all on kucoin.

When it comes to trading fees, both exchanges offer competitive rates that can be lowered through higher trade volumes.

Both Kucoin and Phemex charges a spot maker fee of 0.10% and a spot taker fee of 0.10% and similar futures fees of 0.01% and 0.06% for makers and takers.

While Kucoin offers some options for fiat deposits and withdrawals, the cost for these are quite high. Kucoin supports fiat deposits for 28 different fiat currencies, while Phemex only supports crypto deposits or the ability to buy crypto via credit card or bank account.

In summary, both Kucoin and Phemex have their unique offerings and benefits, making them great choices for professional traders and beginners alike.