Phemex vs Crypto.Com | We Clearly Prefer One Exchange
Jack Moreau
Feb 2024
9 min read
Fact checked
Phemex vs Crypto.com: Are you trying to figure out who is better between Phemex vs Crypto.com? By the end of this comparison, you'll known which exchange has more products, supports more cryptocurrencies, offers lower trading fees, better user experience and much 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.
In this comparison, we will be taking a closer look at two popular cryptocurrency exchanges, Phemex and Crypto.com.
Both exchanges offer a range of trading options and have garnered a significant user base, but there are important differences to consider before deciding which exchange to use.
Founded in 2016 in Singapore, Crypto.com is a comprehensive trading exchange available in 180 countries. It offers spot trading, staking, and lending services, along with its own Visa card for seamless crypto spending.
Crypto.com exchange
The exchange has over 50 million users worldwide and its Android and iOS app has been downloaded over 10 million times, with a rating of 4.6 based on over 400,000 reviews.
Crypto.com supports over 250 cryptocurrencies, including Bitcoin and Ethereum, and offers attractive promotions for users.
Crypto.com app
In contrast, Phemex is a relatively new exchange that was founded in 2019 and is headquartered in Singapore.
It specialises in both spot trading for over 250 cryptocurrencies and derivatives trading, offering over 150 perpetual contracts for users to trade with up to 100X leverage. The platform has quickly gained popularity, attracting over 5 million users in over 200 countries around the world.
Phemex exchange
The Phemex Android app has been downloaded over 1 million times and has a rating of 4.5 based on over 10,000 reviews. The same features that can be found on the Phemex exchange in the browser can also be found in their mobile apps.
Phemex app
Phemex vs Crypto.com Signup & KYC
Phemex and Crypto.com are both popular cryptocurrency exchanges that have different takes on KYC requirements for their users.
Signing up for Phemex takes just 30 seconds and users can immediately begin depositing cryptocurrencies and trading without KYC.
However, for users who want access to more features, completing KYC verification is necessary. This involves uploading an ID and a photo of themselves, which can be done in just a few minutes.
Phemex KYC requirements
On the other hand, KYC is required on Crypto.com in order to use any of it's services. Signing up for Crypto.com takes less than five minutes including completing KYC verification. This involves providing their full legal name and a picture of a government-issued ID.
Crypto.com Signup
Once the verification process is complete, users can access all trading and other features available on the platform.
Overall, both exchanges have a quick and easy signup process but Phemex obviously has the advantage for users who do not want to go through KYC and begin trading immediately.
Phemex vs Crypto.com Products & Services
Let's take a closer look at what each exchange has to offer when it comes to products and services.
Phemex is a relatively new player in the crypto exchange scene, but it has made a big impact with its offering of spot trading, perpetual contracts, margin trading, copy trading, and a launchpad.
Trading on Phemex
The platform is designed with user experience in mind, and it is easy to use for both beginners and seasoned traders. Users on Phemex can also earn interest on their digital assets via lending and borrowing and staking.
Phemex Earn
One standout feature of Phemex is its high leverage options with up to 100X leverage on perpetual contracts and up to 5X leverage on margin trading.
Phemex crypto derivatives and 100X leverage
Crypto.com has emerged as a significant player in the cryptocurrency exchange market with its growth largely attributed to its intense marketing strategies and comprehensive range of products.
At its core, Crypto.com provides a platform for spot trading enabling users to buy and sell over 290 of the most well-known ones, including Bitcoin, Ethereum, and many others.
Crypto.com Crypto Markets
For those looking to amplify their trading, Crypto.com offers margin trading which lets users to take long or short positions on various cryptocurrencies, such as BTC and ETH, with leverage up to 5X.
Crypto.com Margin Trading
This opens up opportunities for traders to potentially increase their gains, though it also involves higher risks.
Understanding the needs of advanced traders, Crypto.com has expanded to include trading in derivatives with a selection of over 100 perpetuals and quarterly futures, and with leverage extending up to 20X.
In addition to these trading options, Crypto.com caters to those interested in automated trading by offering hree types of bots including grid, DCA, and TWAP, to allow for a more hands-off trading.
Crypto.com Trading Bots
Despite its extensive offerings, Crypto.com's trading volumes are relatively moderate and ranks within the top 30 worldwide with a 24-hour spot and derivatives volumes of around $1 billion.
Beyond trading, Crypto.com also delves into financial products such as earn and staking programs where users can earn interest on over 20 digital assets like BTC, ETH, ADA, DOT, SOL, ATOM, and USDT.
Crypto.com Earn
For both their earn and staking products, users will often find better rates by staking their assets directly on other exchanges or on the respective blockchains, as the rates are not competitive.
Crypto.com Staking
For those interested in using their cryptocurrencies for everyday transactions instread of earning, Crypto.com offers a Visa Card that llows users to earn up to 10% cashback on real-world payments.
Crypto.com Visa Card
The platform also caters to enthusiasts of NFTs and digital collectibles by hosting hundreds of collections, including popular ones like Bored Apes and Pudgy Penguins, across various blockchains such as Ethereum, Polygon, Solana, and Cronos Chain.
Crypto.com NFTs
Crypto.com has also developed its own non-custodial wallet which is available as a desktop application, a browser extension, and lets users to store, trade, and earn on their cryptocurrencies in a non-custodial manner.
Crypto.com Wallet
And finally for high-net-worth individuals and institutional clients, Crypto.com offers a an OTC section where large-scale trades can be executed, with minimum orders set at $50,000 and maximum at $5,000,000.
When it comes to trading fees, Phemex and Crypto.com both offer competitive rates.
Phemex charges a 0.1% spot fee for makers and a 0.10% fee for takers. On the other hand, Crypto.com charges a 0.075% fee for both makers and takers.
Phemex Spot Fees
While Crypto.com's fees are lower when it comes to spot trading, Phemex has the edge on futures fees with 0.01% fee for makers and a 0.06% fee for takers.
Phemex Futures Fees
Crypto.com's futures fees are slightly higher at 0.017% for makers and 0.034% for takers.
Crypto.com spot trading fees
So while Phemex has slightly higher spot trading fees than Crypto.com, it has a big edge in terms of futures fees. Having said that, both exchanges offer competitive fees when compared to the market as a whole.
Phemex permits deposits in six fiat currencies: EUR, GBP, CHF, JPY, CAD, and AUD. All these currencies can be deposited via Wire Transfer without any fees.
Phemex Fiat Deposits
The deposit duration differs for each currency, with GBP being the quickest (10 minutes to one working day) and JPY taking up to 2 working days.
Additionally, users can purchase cryptocurrencies using Visa or Mastercard through third-party providers like Simplex, Coinify, Advcash, MoonPay, Mercuryo, and Banxa. However, buying crypto via these third parties might be pricier than the free fiat deposits.
Phemex Buy Crypto With Card
Instead users have to deposit cryptocurrencies or buy crypto with their credit card and third-party providers.
Crypto.com on the other hand offers the option to deposit USD and via wire transfer free of charge, and EUR via SEPA deposits.
When it comes to fiat deposits, clearly Crypto.com has the advantage by offering users the option to deposit USD.
This is one of the few cons of Phemex where it could significantly improved the user experience by providing some fiat deposit options.
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
In regards to crypto withdrawals, withdrawing Bitcoin comes with a 0.0001 BTC fee, Ethereum has a 0.001 ETH withdrawal fee and the fee for withdrawing Tether USD is 4 USDT.
Phemex Crypto Withdrawals
Crypto.com offers a bit more flexibility when it comes to withdrawing funds. Fiat withdrawals are only available for USD via bank transfer, and like deposits, they are free of charge.
When it comes to crypto withdrawals, the fees vary depending on which coin you wish to withdraw.
For instance, withdrawing Bitcoin has a 0.0001 BTC fee, Ethereum has a 0.04 ETH withdrawal fee and Solana withdrawals come with a 0.03 SOL fee.
In conclusion, both Phemex and Crypto.com are top-notch cryptocurrency exchanges that offer a range of trading services to their users.
Each exchange has its unique features and advantages that cater to different types of traders.
Phemex is a great option for users who want to trade immediately without KYC, and it offers advanced trading options with high leverage on perpetual contracts and margin trading.
On the other hand, Crypto.com is an established platform that provides a wider range of trading products and services, and it offers the option to deposit with USD via wire transfer.
Both exchanges have competitive trading fees with Crypto.com having a slight advantage in terms of spot fees and Phemex having a bit advantage in terms of futures fees.
When it comes to withdrawing funds, Phemex only allows for crypto withdrawals with affordable fees, while Crypto.com offers the added convenience of zero fees for USD withdrawals.
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.
