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KuCoin vs Phemex: A Complete Comparison of Features, Fees, and Security

Written by Michael Hayes

Written by:

Michael Hayes

Michael Hayes, a seasoned finance professional, enhanced his expertise by attending executive education programs in Finance at the prestigious Wharton School of the University of Pennsylvania. With a career spanning over 20 years, Michael has gained extensive experience in financial analysis, investment management, and strategic financial planning. His deep understanding of financial markets, coupled with his passion for continuous learning, has made him a trusted advisor in the field

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Expert Reviewed

This article has been reviewed by crypto market experts at SCM to ensure all the content, sources, and claims adhere to the highest standards of accuracy and reliability.

Last Updated on July 16, 2024

In the competitive crypto exchange landscape, KuCoin and Phemex stand out. KuCoin, with its extensive cryptocurrency offerings and diverse trading options, has been a key player since 2017.

Phemex, though newer, has made a mark with zero-fee spot trading and derivatives since 2019.

When choosing an exchange, traders often weigh features like fees, cryptocurrency variety, and trading tools.

This article compares KuCoin and Phemex, evaluating their services to see which might suit your trading needs.

KuCoin vs. Phemex: Comparative Table

When comparing KuCoin and Phemex, you might be interested in critical metrics like fees, supported cryptocurrencies, leverage options, trading volume, and deposit methods.

Feature KuCoin Phemex
Founded 2017 2019
Founder(s) Michael Gan, Eric Don Jack Tao
Trading Fees Varies with level (0.01-0.1%) Makers: -0.025%, Takers: 0.075%
Supported Coins Over 200 Over 30
Leverage Up to 10x for spot, 100x for futures Up to 100x
Trading Volume (30d) $1,258,565,828 $4,729,125,494
Markets 439 6
Deposit Methods Crypto, over 20 fiat currencies Crypto, limited fiat options

KuCoin is known for offering a vast selection of cryptocurrencies and supports a range of fiat currencies. The fees are tiered based on your trading volume and activity, which means they can decrease as you trade more.

Phemex, although newer, touts speed and competitive trading fees, which are especially attractive to market makers due to the rebate offered.

Their leverage is as high as KuCoin’s but with fewer cryptocurrency options. The platform’s focus seems to be on quality over quantity regarding the available markets.

Both exchanges offer distinctive features catering to different crypto-trading community preferences.

Your choice between the two may hinge on specific trading needs and preferences regarding fees, market variety, and available cryptocurrencies.

Our 2024's Recommendation

  • Upto 100x Leverage for BTC

  •  Supports over 700+ crypto trading pairs

  • Low trading fees

  • Robust security measures

KuCoin vs Phemex: Products and Services

When comparing KuCoin and Phemex, you’ll find distinct offerings on each platform.

KuCoin is renowned for its extensive range of cryptocurrencies. It boasts an impressive spot market with over 800 digital assets and 250 futures products, which is beneficial if you want variety and innovation.

KuCoin also features unique altcoins that are not commonly found on other exchanges. Additionally, it provides staking services, where you can earn rewards by holding specific cryptocurrencies, and has an active NFT marketplace.

Phemex, on the other hand, differentiates itself with a user-friendly interface, making it easier for newer traders to navigate.

It follows a competitive maker/taker fee structure for futures and leveraged trading, which can be more cost-effective if you trade frequently or in large volumes.

Phemex charges a 0.075% taker fee with a rebate of 0.025% for makers, encouraging liquidity on their platform.

  • Trading Variety:
    • KuCoin: Wide range of products
    • Phemex: More focused selection
  • Innovative Products:
    • KuCoin: Includes staking and NFTs
    • Phemex: Prioritizes traditional trading mechanisms
  • User Experience:
    • KuCoin: Offers more for experienced traders seeking diversity
    • Phemex: Easier for beginners with its intuitive interface

Both KuCoin and Phemex offer futures trading and leveraged tokens, catering to various levels of trader experience.

Your choice might depend on whether you value a wider assortment of services, including newer crypto sectors like NFTs, or if a streamlined, easy-to-use platform with competitive trading fees is more of a priority.

KuCoin vs. Phemex: Contract Types

When trading on KuCoin and Phemex, you’ll notice both platforms offer a range of contract types, each with unique specifications and applications.

KuCoin primarily provides:

  • Inverse Perpetual Contracts: These allow you to trade cryptocurrencies against each other rather than against a stablecoin or fiat currency.
  • Linear Perpetual Contracts: These contracts are settled in a stablecoin or fiat, reducing the complexity for those holding these currencies.
  • Futures Contracts (COIN-M): You can trade futures with the underlying crypto asset as collateral.
  • Options: Offers an agreement to buy or sell a cryptocurrency at a predefined price at a specific time.

Phemex is recognized for:

  • Inverse Perpetual Contracts: As with KuCoin, you engage in contracts based on cryptocurrency pairs.
  • Linear Perpetual Contracts: Your trades are settled in USDT, simplifying valuation at the time of settlement.
  • Inverse Futures Contracts: This is where futures are settled in the base cryptocurrency.

The choice between USD-M and COIN-M futures contracts often depends on your preferred collateral type.

USD-M contracts are collateralized and denominated in USD or a stablecoin, which can protect you from the underlying crypto’s volatility.

On the other hand, COIN-M futures, where the collateral is the cryptocurrency itself, may offer higher leverage but come with increased exposure to the crypto’s price swings.

Both platforms aim to cater to various trading preferences, but it’s essential to understand the risks associated with leverage and futures contracts.

Always ensure the contract type aligns with your trading strategy and risk tolerance.

KuCoin vs Phemex: Supported Cryptocurrencies

kucoin supported coins

When you compare KuCoin and Phemex, you’ll find that both platforms offer a diversified range of cryptocurrencies.

KuCoin, established in 2017, is known for its extensive list of supported digital assets. With over 800+ cryptocurrencies, the platform enables you to explore and trade various altcoins.

phemex supported coins

Phemex, while newer to the scene, has quickly adapted to market demands, offering a respectable selection of cryptocurrencies. They focus on significant coins and various altcoins to cater to different trading preferences.

Futures and Leverage Trading

Futures trading is available on both exchanges, allowing you to trade on margin. KuCoin and Phemex will enable you to engage in leverage trading, with both exchanges offering competitive leverage options.

Popular Futures Trading Pairs:

  • KuCoin:
    • BTC/USDT
    • ETH/USDT
  • Phemex:
    • BTC/USD
    • ETH/USD

Both platforms maintain a robust system for futures trading, each with its popular trading pairs, such as BTC/USDT for KuCoin and BTC/USD for Phemex.

Summary Table

Feature KuCoin Phemex
Launch Year 2017 2019
Cryptocurrencies Supported 800+ Select Major Coins and Altcoins
Futures Trading Yes Yes
Leverage Trading Up to specific limits Up to specific limits
Popular Futures Pairs BTC/USDT, ETH/USDT BTC/USD, ETH/USD

Using this table, you can easily discern the critical differences in cryptocurrency support between KuCoin and Phemex, aiding in your decision on which platform suits your trading needs better.

KuCoin vs Phemex: Leverage and Margin Trading

When exploring the leverage and margin trading options on KuCoin and Phemex, it’s essential to understand how these features can help you amplify your positions.

Phemex provides leveraged positions with the capacity for high leverage on over 40 crypto pairings, including popular markets like BTC/USD and ETH/USD.

Your maximum leverage can extend up to 100x, which means you can amplify a small investment to hold a more prominent position.

However, higher leverage carries higher risks, including the potential for swift liquidation if the market moves against your position.

Margin traders on Phemex can utilize between 3-10x margins for spot market trades, allowing you to borrow funds to increase your buying power.

Remember that margin trading requires you to manage the risks of potential margin calls and liquidation.

KuCoin, on the other hand, supports spot trading and provides a variety of crypto assets, with approximately 500 cryptocurrencies available for trading.

Leverage on KuCoin varies depending on the market, with some allowing up to 10x. You’re given the flexibility to choose settlements in various cryptocurrencies, enhancing your trading options.

Both exchanges use a system of funding rates to ensure the anchor to market value, where you might pay or receive funding based on your position in a leveraged trade.

Funding rates can fluctuate and play a crucial role in your trading costs when holding positions overnight.

Exchange Maximum Leverage Spot Market Margin Liquidation Risk
Phemex Up to 100x 3-10x High at max leverage
KuCoin Up to 10x Varies per market Moderate to high

Always be mindful of the liquidation price of your positions on both KuCoin and Phemex since this is the market price at which your position would be closed out automatically due to insufficient funds to maintain the margin requirement.

This mechanism protects you and the exchange from incurring a loss that exceeds your account balance.

KuCoin vs. Phemex: Trading Volume

When comparing KuCoin and Phemex, you’ll notice that trading volume is a critical metric that influences your trading experience. The volume of exchange affects liquidity, the ease of trade execution, and the level of slippage that you can expect.

KuCoin:
KuCoin is renowned for its high trading volume. As of 2024, KuCoin boasts a substantial daily trading volume, often exceeding $2.4 billion.

This high volume suggests a strong liquidity level, making executing trades promptly and at expected prices easier.

With a more extensive user base of over 12 million, KuCoin facilitates efficient trading across its vast selection of over 800 digital assets.

  • Daily Trading Volume: >$2.4 billion
  • User Base: >12 million
  • Supported Digital Assets: 800+

Phemex:
On the other hand, Phemex, while competitive, presents a different scale of trading volume. Details on Phemex’s exact trading volume aren’t specified, but it’s generally lower than KuCoin.

Lower volume can result in less liquidity, leading to higher slippage and less efficient trade execution. However, Phemex still maintains a strong presence in the market with a focus on futures and leverage trading, where they provide competitive fees.

  • Trading Volume: Lower than KuCoin
  • Distinguishing Feature: Competitive futures and leverage trading fees

Lastly, sourcing your volume data from reliable metrics and rankings is vital.

Both exchanges undergo regular assessments by various analytics platforms to ensure that the liquidity and volume data are current.

Always verify these rankings to understand the current status of each exchange’s trading capacity.

KuCoin vs Phemex: Futures Trading Fees and Rewards

When trading futures contracts on both KuCoin and Phemex, it’s crucial to understand the fee structures.

kucoin fees

KuCoin operates with a tiered maker-taker fee model for futures trading.

As your trading volume increases, you enjoy lower fees due to a tier-based system. The starting maker fee is 0.02%, while the taker fee begins at 0.06%.

Phemex, on the other hand, also uses a maker-taker model for futures and leverage trading. Here, you are charged 0.075% per order as a market taker, but you benefit from a rebate of 0.025% as a market maker.

For Example:

  • If you execute a taker trade worth $10,000 on Phemex, your fee would be $7.50.
  • As a maker for the same trade value on Phemex, you’d receive a $2.50 rebate.

Both platforms use funding fees, exchanging payments between long and short holders every eight hours. However, Phemex stands out by not charging overnight fees.

Rewards can come in different forms, like trading discounts for meeting certain volume thresholds or holding the exchanges’ native tokens.

Depending on your trading volume and account type, Phemex occasionally offers bonuses or zero-fee promotions.

Withdrawal and Deposit Fees:

  • KuCoin’s withdrawal fees vary by coin, but they aim to keep costs low.
  • Phemex includes specific withdrawal fees that are standard across the industry but occasionally offer zero-fee withdrawals for promotions.

It’s essential to consider these fees and rewards when choosing a platform for futures trading, as they can significantly impact your overall profitability.

Always stay updated on the latest fee schedules for both exchanges, as they may evolve.

KuCoin vs Phemex: Deposits & Withdrawal Options

When analyzing your different options for depositing and withdrawing funds on KuCoin and Phemex, your experience will vary regarding each method’s convenience, speed, and cost-effectiveness.

For Phemex, your deposit options include:

  • Debit/Credit Cards: Accepted from well-reputed banks
  • Crypto Transfer: Direct crypto transfers from other wallets

However, Phemex limits your withdrawals to crypto assets only. This implies that there’s no direct withdrawal into fiat currency through them.

On the other hand, KuCoin offers a different spectrum of options:

  • Free Crypto Deposits: Providing a cost-effective way to deposit
  • Multiple Cryptocurrency Withdrawals: Supports over 400 coins across various networks
Feature KuCoin Phemex
Deposit Methods Free crypto deposits Debit/credit cards, Crypto transfers
Withdrawal Types Crypto (Over 400 coins) Crypto only
Fiat Currency Withdrawal Unspecified in the data provided Not supported

Your transfer times will largely depend on the blockchain network you use; however, broader support from KuCoin potentially offsets wait times in network congestion by offering more alternatives.

Minimum and maximum limits for transactions vary with each cryptocurrency; they are usually clearly stated on the respective exchange’s platforms.

It’s essential to stay updated as exchanges can change their policies. For this reason, always review the latest terms on the KuCoin and Phemex websites before initiating transactions.

KuCoin vs Phemex: Native Token Usage

KuCoin and Phemex offer native tokens that play a central role in the functionalities and advantages provided to users of each exchange. Understanding these tokens and their applications can significantly enhance your trading experience.

KuCoin Token (KCS)

KuCoin features the KuCoin Token (KCS) as its native cryptocurrency. Holding KCS can lead to various benefits:

  • Trading Fee Discounts: You receive discounted trading fees, incentivizing using KCS within the platform.
  • Participation in New Offerings: Ownership may grant early access or participation rights in Initial Exchange Offerings (IEOs).
  • Bonus Programs: A notable perk is the potential for bonus distributions for KCS holders.

Here is a brief overview of KCS benefits:

  • Discounts: Up to 20% off on trading fees.
  • Access: Participation in token sales.
  • Bonuses: Proportionate to KCS holding.

Phemex Token Benefits

On the other side, Phemex embraces its unique token, which also provides distinct advantages for its holders:

  • Zero-Fee Trading: Offers subscription-based zero-fee trading for premium members, which can be accessed through their token.
  • Trading Competitions: Holders might gain entry to exclusive trading competitions and giveaways.

Here’s what holding Phemex’s token offers you:

  • Trading: Access to zero-fee spot trading.
  • Competitions: Entry into exclusive events.

Both tokens offer unique advantages and add substantial value for active users of each platform. Understanding and leveraging these tokens can be vital to maximizing your benefits on the exchanges.

KuCoin vs Phemex: KYC Requirements & KYC Limits

When choosing between KuCoin and Phemex, you must consider their approaches to KYC (Know Your Customer) requirements and the resultant limits for unverified and verified accounts.

KuCoin:
KYC on KuCoin is structured in levels. Without verification, your daily withdrawal limit is capped. Here’s how it breaks down:

  • Level 0 (Unverified): You have a limited daily withdrawal of 2 BTC.
  • Level 1 KYC: Increases your limit to a $499 daily withdrawal cap.
  • Level 2 and 3 KYC: These levels unlock higher withdrawal limits of $1,999 and $999,999, respectively.

To move upward through these levels, you must provide personal details and documents, including government-issued ID and proof of address.

Phemex:
Phemex provides more privacy, allowing you to trade anonymously if you prefer no KYC procedures. Here are the specifics:

  • No KYC: Trade with a 2 BTC daily withdrawal limit without any KYC.
  • With KYC: If you choose to complete KYC services, Phemex revokes the 2 BTC limit, allowing higher withdrawal amounts.

To be KYC-certified on Phemex, you must register with your email and potentially provide additional verification details similar to KuCoin.

Exchange No KYC Withdrawal Limit KYC Levels KYC Daily Withdrawal Limits
KuCoin 2 BTC Level 1-3 $499 – $999,999
Phemex 2 BTC Optional Higher than 2 BTC

Remember, whether you prioritize privacy or higher limits, each exchange balances these factors differently. Your need to maintain anonymity versus the freedom to move substantial funds will inform your decision between KuCoin and Phemex.

KuCoin vs. Phemex: User Experience

When you engage with KuCoin and Phemex, you encounter two user philosophies that inform their platform designs and functionalities.

KuCoin:

kucoin Ui
  • Web Interface: Known for its extensive asset support, KuCoin presents a comprehensive but busy interface. Its dashboard provides quick access to various markets and tools, which might be overwhelming for beginners but appreciated by advanced users.
  • Mobile App: The app mirrors the desktop experience with robust features. It maintains speed and efficiency, ensuring you can trade on the go without a steep learning curve.

Phemex:

phemex ui
  • Web Interface: Phemex focuses on a clean, minimalistic design emphasizing a straightforward trading experience. This streamlined approach helps you navigate the platform smoothly, making it appealing if you prefer a less cluttered environment.
  • Mobile App: The Phemex app aims for coherence with its web counterpart, focusing on user-friendly interactions and maintaining performance. It is particularly noted for swift operations, essential for leverage and futures trading.

In comparison:

Feature KuCoin Phemex
Design Complex, feature-rich Streamlined, user-centric
Ease of Use Steeper learning curve Intuitive for new users
Functionality Extensive tools and options Focused on core trading features

Whether you choose KuCoin or Phemex depends on your preference for an extensive toolkit or a simplified trading interface.

Both exchanges have worked to ensure that their platforms are responsive and that you receive a consistent trading experience, irrespective of your device choice.

KuCoin vs. Phemex: Order Types

When trading on KuCoin and Phemex, you are provided with multiple order types to manage your trades effectively. These order types allow you to execute your trading strategy and manage risks according to your needs.

KuCoin:

  • Market Order: Enables you to buy or sell immediately at the best available current price.
  • Limit Order: You can set a specific price you want to buy or sell.
  • Stop Order: A stop-loss order helps you limit losses by setting an order to buy or sell once the asset reaches a specific price.
  • Stop-Limit Order: Combines the features of a stop and limit orders.
  • Iceberg Order: Large order hidden except for a small visible portion to avoid impacting the market price.
  • Time Weighted Average Price (TWAP): Distributes your order into smaller chunks, sold at timed intervals to reduce the impact on the market.

Phemex:

  • Market Order: Similar to KuCoin, it is used for instant trade execution at the current market price.
  • Limit Order: Sets the maximum or minimum price you’re willing to buy or sell.
  • Conditional Order: Functions like a stop order but can include conditions other than price.
  • Post-Only Order: Ensures the order is added to the order book and doesn’t fill immediately.
  • Reduce-Only Order: Ensures the order will only reduce a position, not increase it.

Both platforms cater to simple buy/sell strategies and more complex approaches.

Limit and market orders allow for basic trade executions, while options like stop and conditional orders provide additional control over trade entry and exit, helping you manage risk.

KuCoin vs Phemex: Security Measures & Reliability

When evaluating KuCoin and Phemex on security and reliability, your primary concern is how well these platforms protect your funds and personal information.

In the realm of security measures, both exchanges have established systems to ensure user safety.

KuCoin’s security protocols include:

  • Multi-layer encryption: Protecting your sensitive data with advanced encryption technology.
  • Dynamic multi-factor authentication: To guard access to your account.
  • Internal risk control: Implementing various measures to monitor and mitigate risks.

Conversely, Phemex utilizes:

  • Hierarchical deterministic cold wallet system: Storing the majority of funds in an offline environment.
  • Multi-signature cold wallet: Requiring multiple keys to authorize transactions, thereby enhancing security.

Both platforms provide:

  • Two-factor authentication (2FA): An additional layer of security to verify it’s you.
Feature KuCoin Phemex
Cold Wallet Storage Yes Yes (multi-signature)
2FA Yes Yes
Encryption Multi-layer encryption
Multi-signature Yes

As for reliability, Phemex prides itself on having no history of security breaches, which showcases its robust defense mechanisms and incident response strategies.

Although KuCoin experienced a security incident in the past, where funds were affected, they quickly addressed the issue by compensating the affected users and reinforcing their security framework.

As you continue to use these exchanges, rest assured that both are constantly evolving to fortify their security measures and enhance their reliability to meet the demands of a rapidly growing cryptocurrency market.

KuCoin vs Phemex: Insurance Fund

When choosing between KuCoin and Phemex, you must consider the safety measures they employ to protect your funds. Both exchanges have taken significant steps to secure assets and provide an insurance fund as a safety net against unforeseen losses.

KuCoin: Following a security incident where funds were compromised, KuCoin enhanced its security measures. They now keep over 90% of customer assets in cold storage, which are offline wallets isolated from online threats.

Furthermore, KuCoin’s insurance fund is a buffer for its users and is designed to cover financial losses in a security breach. The insurance fund is critical to KuCoin’s commitment to user fund safety.

Phemex: On the other side, Phemex hasn’t been explicit in your search results about an insurance fund to cover losses due to hacks or other security breaches.

However, their platform provides other forms of financial security, including robust systems to ensure the integrity of your transactions.

Here’s a summary of their respective insurance and security measures in place:

Feature KuCoin Phemex
Insurance Fund Yes, post-incident improvements and compensation capacity. No explicit insurance fund was highlighted.
Cold Storage Yes, around 90% of assets are secured in cold storage wallets. Cold storage security is presumed.
Security Incident Yes, funds were compromised, but mostly recovered. No publicized security incidents.
User Fund Protection Enhanced measures and insurance provide a safety net. Emphasis on secure transaction systems.

When assessing KuCoin and Phemex for your trading needs, pay close attention to how each platform handles your asset security.

An insurance fund like kucoin’s provides an added layer of confidence, while Phemex’s approach to security also deserves consideration.

KuCoin vs. Phemex: Customer Support

When evaluating customer support, Phemex prides itself on offering 24/7 direct-line support. In the event you encounter issues, you can create a support ticket.

Additionally, Phemex maintains a presence on several social media platforms, such as Twitter, Facebook, Telegram, and Reddit, providing multiple channels for you to seek assistance.

In contrast, the provided search results do not include information regarding kucoin’s customer support specifics. However, KuCoin is known for having a comprehensive support system, which likely includes support tickets and social media engagement, similar to other exchanges.

Comparing Both Services:

Feature Phemex KuCoin
Availability 24/7 direct-line support Not specified
Support Ticket Yes Likely available
Social Media Twitter, Facebook, Telegram, Reddit Not specified

 

KuCoin vs Phemex: Regulatory Compliance

When evaluating KuCoin and Phemex for their regulatory compliance, it’s crucial to consider the legal and ethical standards they adhere to.

Both platforms operate under specific regulations of the jurisdictions in which they are available.

KuCoin is known for its broader global reach and engages in regulatory practices aligned with numerous international standards. While specifics may vary by region, KuCoin has taken steps to instill user confidence through:

  • Security measures: Enhanced fund storage and authentication procedures.
  • User verification: Optional KYC (Know Your Customer) for improved security and anti-money laundering (AML) measures.

Phemex, on the other hand, focuses on technical measures and regulatory compliance to safeguard its platform. Their approach includes:

  • Compliance checks: Mandatory identity verification process to comply with AML policies.
  • Data protection: Rigorous technical safeguards to ensure user privacy and data security.

KuCoin and Phemex have faced challenges, such as adapting to evolving global regulations and maintaining robust security measures to deter threats.

They aim to balance accessibility with compliance, often updating their protocols to suit new regulatory requirements.

As users, you should always stay informed about any new licenses, audits, or certifications these platforms acquire, as these are indicators of their commitment to regulatory compliance.

Additionally, stay aware of the changing landscape of cryptocurrency regulations, which may affect the services these exchanges provide.

Conclusion

When choosing between Phemex and KuCoin, it is essential to consider your experience level and what you seek from an exchange.

Phemex:

  • It is ideal for beginners due to its user-friendly interface.
  • 24×7 customer support is available.
  • Offers a direct line for assistance and support tickets.

KuCoin:

  • Suitable for advanced traders interested in a vast selection of altcoins.
  • There are over 800 digital assets to choose from.
  • Provides passive income through staking and mining.
Feature Phemex KuCoin
User Friendliness Excellent for beginners Good, but more suited for those familiar with trading
Customer Support 24×7 direct line & ticket system Quality support with a larger user base
Trading Options Standard trading options Extensive range, including staking & mining
Asset Variety More limited selection 800+ digital assets, great for portfolio diversification

In summary, if you are new to cryptocurrency trading and value a streamlined, supportive experience, Phemex may be the better choice.

Conversely, if you are an experienced trader seeking a broad spectrum of assets and opportunities to earn passive income, KuCoin‘s features could be more beneficial.

Consider your needs carefully when selecting an exchange.

About the Authors

Michael Hayes, a seasoned finance professional, enhanced his expertise by attending executive education programs in Finance at the prestigious Wharton School of the University of Pennsylvania. With a career spanning over 20 years, Michael has gained extensive experience in financial analysis, investment management, and strategic financial planning. His deep understanding of financial markets, coupled with his passion for continuous learning, has made him a trusted advisor in the field