Are you trying to decide between Phemex vs Binance? We've done an in-depth analysis of both exchanges to compare their features, fees, and overall user experience. Whether you're a seasoned trader or a beginner, this comparison will help you pick the best platform!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Phemex is a relatively new exchange founded in 2019 by Jack Tao and headquartered in Singapore.
The platform offers both spot trading for over 250 digital assets and derivatives trading, with over 150 contract trading pairs that are margined in USDT and leverage of up to 100X.
Phemex exchange
The exchange is available in over 200 countries around the world, with a total user base of over 5 million users. The Phemex Android app has been downloaded over 1 million times and has a strong rating of 4.5 stars based on over 10,000 reviews.
Phemex app
In contrast, Binance is one of the largest and most popular trading platforms in the world. Founded in 2017 by Changpeng Zhao, the company is registered in the Cayman Islands as Binance Holdings Ltd.
Binance offers a comprehensive suite of services, including spot trading, futures trading, staking, and decentralized finance (DeFi) solutions.
The exchange supports over 350 cryptocurrencies and numerous trading pairs. The Binance Android app has been downloaded over 50 million times and has a strong rating of 4.4 stars based on over 1 million reviews.
Binance app
Phemex vs Binance Signup & KYC
When it comes to signing up for cryptocurrency exchanges, two names that come up frequently are Phemex and Binance.
Both exchanges offer a range of features and services but what sets them apart is their approach to KYC verification.
Binance requires all users to verify their identity through a Know Your Customer (KYC) process before they can start trading.
The signup process is quick and easy taking only a few seconds to complete. However, users must complete their verification before they can unlock full account privileges. This process can take up to 2-3 business days, but it typically only takes 15 minutes.
Binance verification levels
On the other hand, Phemex doesn't require KYC verification for all users. Users without KYC can enjoy unlimited crypto deposits and trading.
For those who want to access more features, they can of course complete the KYC verification. The signup process for Phemex is also quick taking only 30 seconds, and users can start trading immediately after by first depositing cryptocurrencies.
Phemex identity verification
Overall, both exchanges offer a swift signup process with the key difference being Binance's stricter KYC verification requirements. Phemex's approach to KYC is more flexible, giving users the option to complete verification only if they need to access more features.
Phemex vs Binance Products & Services
Phemex is a relatively new player in the cryptocurrency exchange market but has quickly established itself as one of the top contenders.
Offering a range of products such as spot trading, perpetual contracts using USDT, USD and crypto as collateral and margin trading with 5x collateral.
Phemex futures trading
The exchange also offers more beginner focused product such as copy trading, earn products, learn and earn and a launchpad where new tokens get listed.
Phemex Copy Trading
Phemex has great a high level user experience both in terms of the usability of the platform but also by offering a competitive set of product features.
Phemex Earn
KYC is not required for basic trading and the experience of using their product are smooth and seamless. The average daily spot volume on Phemex is over $100 million.
Phemex Crypto Markets
Binance stands as the world's largest cryptocurrency exchange with a vast user base of over 150 million. It offers a broad spectrum of products and services designed to cater to beginners, experienced traders, and institutional clients.
The exchange's user interface is tailored to facilitate easy navigation, making it accessible for those new to crypto trading through its website and mobile applications.
Central to Binance's offerings is its spot trading platform which supports the transaction of over 350 cryptocurrencies, including popular ones like BTC, ETH, SOL, ATOM, ARB, OSMO, USDT, and USDC.
Binance Spot Trading
For traders interested in margin trading, Binance provides leverage options ranging from 3-10X, varying by cryptocurrency.
Additionally, the platform offers thousands of active trading strategies through bots, encompassing approaches like spot trading, Dollar Cost Averaging (DCA), auto-invest, and rebalancing.
Binance Trading Bots
For more advanced trading needs, Binance offers futures trading products including perpetual contracts and options, with leverage up to 125X.
These products include hundreds of USD-Margined futures contracts, allowing trades to be settled in stablecoins like USDT or BUSD, which helps mitigate the volatility inherent in cryptocurrencies.
Binance Futures Trading
Additionally, Binance provides hundreds of coin-margined futures contracts in perpetual and delivery forms, settled directly in cryptocurrencies.
The Options Platform on Binance featuring built-in leverage is designed for portfolio hedging, offering options for five underlying assets including BTC, ETH, BNB, XRP, and DOGE with over 700 contracts.
Binance Options Trading
Binance's trading platform is rich in features, incorporating advanced charting tools for technical analysis, various order types for risk management, and high liquidity to facilitate large trades without significant market impact.
At the time of this writing, Binance leads in liquidity across both spot and futures trading with a 24-hour trading volume exceeding $60 billion.
Binance Crypto Markets & Volumes
In addition to trading, Binance offers a suite of financial products for earning interest on digital assets.
The Binance Earn platform serves as a comprehensive hub for savings and staking, where users can earn interest on assets like BTC, ETH, USDT, and USDC.
Binance Earn Products
The platform also includes the Binance launchpad for riskier investment opportunities, granting early access to new token projects.
Binance Launchpad
Binance extends its reach to the NFT market as well, catering to retail users interested in buying and selling NFTs on popular blockchains such as Bitcoin, Ethereum, and BNB.
Binance NFTs
It also provides OTC Trading for larger, private transactions for individuals and institutions who would rather not move the market.
Binance OTC
The exchange has expanded its ecosystem with the development of the Binance Smart Chain, a blockchain platform for DeFi applications.
Enhancing its wallet offerings, Binance has acquired and continuously improved Trust Wallet, catering to users without a Web 3 wallet.
Binance Web 3 Wallet
Binance also ensures the security of client assets via the Secure Asset Fund for Users (SAFU) which is an emergency insurance fund, in addition to having implemented proof of reserves, enabling clients to verify the accountability of all assets.
If you are looking for an exchange with low trading fees, both Phemex and Binance are worth considering. Let's take a closer look at their respective fee structures.
When it comes to futures trading, Phemex has a 0.01% maker fee and a 0.06% taker fee compared to Binance's 0.02% maker fee and 0.04% taker fee.
Phemex Futures Fees
Overall, both exchanges offer very low trading fees. They both offer the same spot trading fees with small differences in their futures fees depending if you are a maker or a taker.
Phemex supports deposits for six different fiat currencies including EUR, GBP, CHF, JPY, CAD, and AUD, all through a no-charge Wire Transfer. GBP deposits are the quickest, ranging from 10 minutes to a day, whereas JPY can take up to two days.
Phemex Fiat Deposits
For those looking to buy cryptocurrencies directly, Phemex offers this via third-party providers like Mercuryo and Banxa for Visa or Mastercard transactions. However, this method is generally more expensive than simply depositing fiat directly.
Phemex Buy Crypto With Credit Card
For Binance, the available deposit methods include bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP). Fiat deposits are also possible with Visa, Mastercard, PayID, and Advacash.
However, there are fees associated with each deposit method. For example, fiat currencies deposited with Visa and Mastercard incur a 1.8% fee, while bank transfers via SEPA come with a 1 EUR fee. Those who have an Advcash account can deposit with a 1.5% fee.
Phemex 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.
Phemex Fiat Withdrawals
Withdrawing Bitcoin comes with a 0.0004 BTC fee and 0.001 ETH withdrawal fee for Ethereum. Solana has a 0.01 SOL withdrawal fee and a 4 USDT withdrawal fee for Tether USD.
Crypto withdrawals on Phemex
Binance offers multiple methods for people to withdraw their fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP). Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard and a 1 EUR withdrawal fee with SEPA.
Binance fiat withdrawals
However, free bank withdrawals are available with many other fiat currencies. In terms of cryptocurrency withdrawals, Binance charges a 0.0002 BTC fee for withdrawing Bitcoin, 0.000768 ETH fee for Ethereum and a 0.008 SOL fee for withdrawing Solana.
In conclusion, both Phemex and Binance are excellent cryptocurrency exchanges that cater to different types of users.
Phemex is a newer exchange that offers a beginner friendly and modern user experience with competitive trading fees and a flexible approach to KYC verification.
This makes it ideal for users who want to trade crypto without the hassle of lengthy verification processes.
Binance is a more established exchange that offers a comprehensive suite of services, including spot trading, futures trading, staking, and DeFi solutions. It is ideal for users who want access to a wide range of trading products and features.
When it comes to choosing between Phemex and Binance, users need to consider their specific needs and preferences.
Those who prioritise privacy and a simpler user experience may prefer Phemex, while those who want a more comprehensive suite of services may prefer Binance.
In terms of trading fees, Phemex and Binance both offer equally compelling low trading fees for both spot and perps.
Additionally, users must also consider the deposit and withdrawal methods and fees for both exchanges.
Here Binance has an advantage by offering more fiat deposits and withdrawals than Phemex, even though Phemex does cover the biggest fiat currencies.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
