Phemex vs Coinbase | Why You Should Consider Using Both
Jack Moreau
Feb 2024
9 min read
Fact checked
Picking between Phemex vs Coinbase can be a tough decision. But not to worry, in this comprehensive comparison, we'll dive into their respective features, trading fees, deposit methods, user experience and more!
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 and Coinbase are two well-known exchanges in the cryptocurrency market with Coinbase being much older and larger in terms of user base.
Phemex was founded in 2019 by Jack Tao and is registered in the British Virgin Islands. It is a relatively new trading platform that focuses on both spot and derivatives trading.
The exchange offers over 150 contract trading pairs that are margined in USDT, with leverage of up to 100X.
Phemex Exchange
In terms of cryptocurrency offerings, Phemex supports a wide range of over 250 cryptocurrencies and over 150 perpetual contracts for trading.
The platform has gained over 5 million users across over 200 countries and has an impressive 4.5-star rating on its Android app with over 10,000 reviews.
Phemex app
In contrast, Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsa and is a well-established US-based exchange and wallet provider. The platform is known for its user-friendly interface, security, and regulatory compliance.
Coinbase exchange
Coinbase offers a range of services, such as spot trading, recurring buys, staking, and Coinbase Learn & Earn, an educational program that rewards users for learning about cryptocurrencies. Coinbase offers a decent range of over 200 cryptocurrencies.
Coinbase app
The exchange caters to both retail and institutional investors and boasts over 100 million users across North America and Europe. Coinbase has over 10 million app downloads on Android and has a 4.1-star rating with over 750,000 reviews.
Phemex vs Coinbase Signup & KYC
When it comes to cryptocurrency exchanges and KYC, when key question is always if it's required for all users or not. This is one category where Phemex and Coinbase differ.
Signing up for Phemex is incredibly easy and straightforward. It only takes 30 seconds to create an account and users can immediately begin depositing cryptocurrencies and trading without KYC verification.
However, for those who want access to more features such as higher withdrawal limits, completing KYC verification is necessary. This involves uploading an ID and a photo of themselves which can be verified in just a few minutes if the documents are uploaded correctly.
Phemex ID verification
Creating a Coinbase account takes about a minute to complete. Users need to verify their email, phone, and personal information before they can begin trading.
The verification process itself can take a few minutes to a few hours, depending on how quickly the required documents are submitted.
Phemex vs Coinbase Products & Services
When it comes to choosing a cryptocurrency exchange, it's important to consider a variety of factors such as product offerings, user experience, and liquidity.
Phemex is a newer player in the market but has already made a name for itself with its impressive range of products and features.
Phemex Crypto Markets
The exchange offers spot trading for over 250 digital assets, perpetual contracts, margin trading, copy trading, and earn products. Phemex also has a user-friendly interface that makes trading easy for beginners and professionals alike.
Crypto derivatives on Phemex
Additionally, Phemex offers up to 100X leverage on perpetual contracts and up to 5X leverage on margin trading. With an average daily spot volume exceeding $100 million, Phemex is a top contender for any trader looking for a high-quality exchange.
Phemex futures trading
On the other hand, Coinbase stands out as one of the world's most prominent cryptocurrency exchanges. The exchanges services and products cater mainly to beginner-level enthusiasts and major institutional clients.
Coinbase USPs
Its approach reflects a careful balance shaped by the stringent regulatory environment in the United States.
This regulatory framework has prevented Coinbase from introducing highly leveraged products, common in several offshore exchanges.
While this limitation might deter some professional traders, it simplifies the experience for beginners making the platform more accessible and easier to navigate.
Coinbase Dashboard
The platform is setup with a dual user interface that consists of the standard Coinbase interface for beginners, and the Advanced version more suited for seasoned traders.
Coinbase Buy & Sell
Coinbase's trading portfolio supports over 240 different cryptocurrencies. Users have the flexibility to engage in trading through a simple buy-and-sell feature, ideal for beginners, or use the spot trading in the Advanced section.
Coinbase Spot Trading
Moreover, Coinbase facilitates a gradual investment approach with its recurring buy feature perfect for those that want to Dollar Cost Average.
Coinbase recently introduced futures trading for BTC and ETH, along with perpetual contracts for several cryptocurrencies, including BTC, ETH, LTC, SOL, XRP, and AVAX, capped at a leverage of 5X.
Coinbase Crypto Futures
Although Coinbase ranks among the top three exchanges globally in spot trading volumes, it maintains a more modest presence in the futures market.
Coinbase Trading Volumes
A notable offering for yield-seekers is Coinbase's attractive interest rate of 5% on any USDC amount that is stored in users accounts.
Coinbase Earn
Additionally, the platform has innovated with its learn-and-earn program, where users can educate themselves about various blockchain projects and earn token rewards in the process.
Coinbase Learn & Earn
Coinbase has of course also launched its NFT platform where users can mint, explore, and trade NFTs on Ethereum, Base, and Polygon.
Coinbase NFTs
Further blending the crypto and traditional financial worlds, Coinbase offers a Visa Card, allowing users to spend their cryptocurrency or USD and earn rewards on these expenditures.
Coinbase Visa Card
For users inclined towards a decentralized approach, the Coinbase Wallet is an ideal solution. This non-custodial wallet supports 10,000 cryptocurrencies on several blockchains like Bitcoin, Ethereum, and Solana.
Coinbase Wallet
Coinbase recently also unveiled the Coinbase One Membership, which, for a monthly fee of $29.99, offers users zero-fee trades, increased staking rewards, and priority customer support.
Coinbase One Membership
Operating as a publicly traded company in the United States, Coinbase adheres to strict regulatory and accountability standards.
This ensures a high level of security and trust, particularly important for large institutions such as BlackRock and Grayscale, which leverage Coinbase's custody and trading services.
Coinbase Institutions
Through Coinbase Prime, the platform caters to high-net-worth individuals and institutions, providing advanced trading capabilities, financing solutions, access to secure cold storage, staking services, and more.
Let's take a look at the trading fees offered by Phemex and Coinbase. First up, let's talk about Phemex.
This exchange offers a really competitive spot fee of just 0.1% for makers and takers, which is pretty impressive. When it comes to futures trading, Phemex charges a maker fee of 0.01% and a taker fee of 0.06%, which once again is very competitive.
Phemex Spot Trading Fees
Coinbase charges a pretty high 0.4% fee for makers and an even higher 0.6% fee for takers.
Coinbase fees vs Phemex fees
While they might offer a sleek and user-friendly interface, their fees aren't exactly wallet-friendly. So, when it comes to trading fees, Phemex definitely takes the cake with their low spot and futures fees.
When it comes to deposit methods, Coinbase offers support for three fiat currencies (USD, EUR, and GBP) and multiple deposit methods.
You can deposit funds via ACH, wire (USD), SEPA (EUR), and Swift (GBP). ACH deposits are free, wire deposits cost $10 USD, SEPA deposits cost 0.15 EUR, and Swift deposits are free.
Coinbase fiat deposit options
On the other hand, On Phemex users can deposit funds using six fiat options: EUR, GBP, CHF, JPY, CAD, and AUD. The sole method for these deposits is a fee-free Wire Transfer.
Phemex Fiat Deposits
While GBP deposits are processed between 10 minutes to a day, JPY deposits might take two days. Additionally, cryptocurrency purchases can be made using Visa or Mastercard, facilitated by partners such as Simplex and Coinify. This card-based purchase method is costlier than the standard fiat deposit.
Buy crypto with card on Phemex
Overall, Coinbase offers more traditional deposit options making it easy for users to deposit funds from their bank accounts. Phemex, on the other hand, is geared towards more experienced traders who don't mind fund their accounts with cryptocurrencies.
When it comes to withdrawing your hard-earned cash from cryptocurrency exchanges, there are a few things to consider. One of the most important is the withdrawal methods that the exchange offers.
Starting with Coinbase, users have a range of options for withdrawing their fiat currencies. You can withdraw USD, EUR, and GBP via ACH, Wire, SEPA, or Swift.
Coinbase Fiat Withdrawal Fees
Each of these methods comes with its own fee, so make sure to double-check before making your withdrawal. For example, ACH withdrawals are free, while wire withdrawals come with a $25 USD fee.
As for cryptocurrency withdrawals, Coinbase has varying fees depending on the coin you're withdrawing.
Bitcoin withdrawals come with a 0.0001 BTC fee, while Ethereum withdrawals have a 0.004 ETH fee. Solana withdrawals are free, but if you want to withdraw USDT, be prepared to pay a $3 fee.
Moving on to Phemex, fiat withdrawals are available for all the fiat currencies that they support including EUR, GBP, JPY, CAD, AUD and CHF.
Phemex Fiat Withdrawals
The only fiat withdrawal method that is available on Phemex is with Wire Transfer which normally takes 1-2 working days before the funds arrive in your bank account.
Withdrawing Bitcoin for example only costs 0.0004 BTC, while Ethereum withdrawals have a 0.001 ETH fee. Solana withdrawals come with a 0.01 SOL fee, and USDT withdrawals have a 4 USDT fee.
In conclusion, both Phemex and Coinbase offer a range of products and features that cater to different types of users.
Phemex is a great choice for experienced traders looking for advanced trading features and high leverage options.
With its user-friendly interface and low fees, Phemex is also suitable for privacy focused users who want to trade without the need for KYC verification.
Coinbase is a well-established exchange that offers a range of services, including spot trading, staking, and recurring buys.
With its beginner-friendly interface and regulatory compliance, Coinbase is a reliable choice for retail and institutional investors.
When it comes to deposit and withdrawal methods, Coinbase offers more options for users who want to deposit and withdraw fiat currencies such as USD, EUR and GBP.
Phemex focuses solely on cryptocurrency trading and offers a wider range of trading options and features. Both exchanges prioritize security and regulatory compliance to ensure the safety of their users funds.
With its impressive range of features and low 0.1% spot trading fees, Phemex is a solid choice for those looking for a high-quality exchange.
Meanwhile, Coinbase's established reputation and range of services make it a reliable choice for beginners who are just getting started.
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.
