Phemex vs Binance: Exchange Comparison !?

Phemex and Binance are two leading platforms that have established themselves as prominent players in the crypto trading industry.

This exchange comparison will delve into the essential aspects of Phemex and Binance, including their founding backgrounds, supported cryptocurrencies, leverage options, trading volumes, deposit and withdrawal methods, fee structures, security features, order types, and customer support.

By examining these key factors, this analysis aims to provide you with the insights needed to decide which platform best suits your trading needs in 2025.

Phemex vs Binance: Comparative Table

Feature	Phemex	Binance
Founded	2019 by Jack Tao	2017 by Changpeng Zhao
Supported Coins	190+	350+
Leverage	Up to 100x	Up to 125x
Trading Volume	$50 million/day (spot)	$20 billion/day
Trading Fees	0.075-0.1% for makers/takers	0.1% for makers/takers
Perpetual Contracts	0.01% fee	Available, fees vary
Withdrawal Fees	Variable	Variable
Deposit Methods	Cryptocurrency deposits	Crypto & fiat (via third parties)
User Interface	User-friendly for beginners	It may be complex for newcomers
Regulation	Not officially regulated	Not officially regulated
Sign up Bonus	🔥 Get up to $8080 Sign up Bonus

 

Phemex vs Binance: Products and Services

Both Phemex and Binance offer a broad range of products and services tailored to different types of cryptocurrency traders.

• Spot Trading

Phemex provides a streamlined spot trading experience with a focus on simplicity and speed. You may find Phemex easier to use if you prefer a less cluttered interface.

Binance offers comprehensive spot trading with higher liquidity and trade volume. It supports a wider variety of trading pairs, making it more suitable for those looking for extensive trading options.

• Futures Trading

Phemex excels in futures trading by offering perpetual contracts for significant cryptocurrencies. This platform focuses heavily on futures, making it ideal if futures trading is your primary interest.

Binance offers futures trading but includes a broader range of products like quarterly contracts. It provides higher liquidity and allows leveraging up to 125x for certain futures, catering to more aggressive traders.

• Options Trading

Binance supports crypto options trading, giving you the flexibility to hedge or speculate on market movements. Phemex does not currently offer this service.

• Leveraged Tokens

Binance offers leveraged tokens, allowing you to take magnified positions on various cryptocurrencies without the risk of liquidation. Phemex does not provide leveraged tokens.

• NFT Marketplace

Binance has an NFT marketplace where you can buy, sell, and mint NFTs. This service could attract you if you are interested in the growing NFT space. Phemex does not have an NFT marketplace.

• Staking

Binance offers staking services, allowing you to earn rewards on various cryptocurrencies. This diversification may appeal if you’re interested in passive income opportunities. Phemex lacks a staking platform.

Binance provides a more comprehensive variety of products and services, catering to diverse trading needs and preferences.

Phemex on the other hand, shines in futures trading with a streamlined approach suited for traders focused on simplified and fast transactions.

 

Phemex vs Binance: Contract Types

Phemex and Binance offer a range of contract types tailored to meet diverse trading preferences.

• Inverse Perpetual Contracts

Phemex supports inverse perpetual contracts, which are settled in BTC. This type of contract suits traders looking to leverage their BTC holdings. Binance also offers inverse perpetual agreements, allowing you to trade using cryptocurrencies as collateral.

• Linear Perpetual Contracts

On Phemex, you can trade linear perpetual contracts settled in USD. This allows more straightforward profit and loss calculations since the contracts are settled in stablecoins. Similarly, Binance provides linear perpetual contracts, ensuring stablecoin settlements to manage volatility.

• Inverse Futures Contracts

Phemex’s range includes inverse futures contracts using cryptocurrencies for margin and settlement. These contracts are ideal if you prefer to trade with and settle in digital currencies. Binance offers comparable inverse futures contracts, providing a similar trading experience.

• COIN-M Futures

Binance features COIN-M futures, where cryptocurrency is the margin and settlement currency. These contracts help you hedge or speculate on the future prices of cryptocurrencies without using stablecoins. Phemex does not offer COIN-M futures, focusing more on perpetual agreements.

• USD-M Futures

With Binance’s USD-M futures, you can trade futures contracts with USD-tethered margins. This setup simplifies profit and loss calculations. Phemex, on the other hand, emphasizes perpetual contracts over USD-M futures, offering a slightly different focus in their contract types.

• Options

Binance provides options trading, allowing you to hedge or speculate on market movements with more complex strategies. Phemex currently does not offer trading options, so Binance is a better choice if you are interested.

By evaluating these contract types, you can better decide which platform suits your trading strategy and risk tolerance.

 

Phemex vs Binance: Supported Cryptocurrencies

When comparing Phemex and Binance, both platforms offer a vast range of supported cryptocurrencies, catering to diverse trading needs.

Phemex supports over 40 different cryptocurrencies for futures and leverage trading. Some of the most popular futures trading pairs on Phemex include:

• BTC/USD
• ETH/USD
• XRP/USD
• LINK/USD

Binance stands out with its extensive selection, supporting over 500 different cryptocurrencies. This includes both significant coins and a wide variety of altcoins. Some of the most popular futures trading pairs on Binance are:

• BTC/USDT
• ETH/USDT
• BNB/USDT
• ADA/USDT

Platform	Futures Trading Pairs (Popular)	Total Supported Cryptocurrencies
Phemex	BTC/USD, ETH/USD, XRP/USD, LINK/USD	Over 40
Binance	BTC/USDT, ETH/USDT, BNB/USDT, ADA/USDT	Over 500

Both platforms provide a robust selection, but Binance is particularly notable for its broad array. You can leverage these choices to optimize your trading strategy based on the selection offered by each platform.

 

Phemex vs Binance: Leverage and Margin Trading

You’ll find distinct features when comparing Phemex and Binance for leverage and margin trading.

Maximum Leverage:

• Phemex offers up to 100x leverage.
• Binance also provides leverage up to 125x on significant trading pairs.

Margin Requirements:

• On Phemex, initial margin requirements depend on the leverage used; higher leverage requires a higher initial margin.
• Binance structures its margin similarly, with lower requirements for lower leverage and higher requirements as leverage increases.

Liquidation Risks:

• Phemex implements a partial liquidation mechanism to reduce overall positions before total liquidation, potentially resulting in longer position retention.
• Binance uses a system that partially and fully liquidates if the margin falls below maintenance requirements.

Funding Rates:

• Funding fees on Phemex are paid between long and short positions every 8 hours.
• Binance’s funding rates are also charged every 8 hours, varying based on market conditions and positions.

Using borrowed funds, these features enable you to amplify your trading positions and potential returns. The leverage offered by both platforms allows significant position expansion.

However, the liquidation risk increases with higher leverage, and cautious and strategic management is needed. Use these tools effectively to manage potential gains against risks.

 

Phemex vs Binance: Trading Volume

Trading volume is a critical factor in evaluating a cryptocurrency exchange. It affects trading efficiency, execution speed, and price slippage.

Binance is known for its high liquidity and substantial trading volume. This means that transactions on Binance are typically executed quickly, with minimal price slippage.

Binance consistently ranks among the top exchanges by volume, making it a preferred choice for high-frequency traders.

Phemex, while having a lower trading volume than Binance, still maintains competitive liquidity. This can result in slightly slower execution and potentially higher slippage in comparison.

Exchange	Maker Fee	Taker Fee	Liquidity Score*
Binance	0.10%	0.10%	High
Phemex	0.075%	0.075%	Moderate

*Liquidity Score is a qualitative indicator based on the exchange’s ability to fulfill large orders without significantly affecting the market price.

When you trade with higher trading volume, as seen with Binance, you benefit from faster execution and lower slippage. In contrast, trading on exchanges with lower volume, such as Phemex, might lead to delays and potential price impact.

Reliable tracking sources, such as CoinMarketCap and CoinGecko, regularly monitor and rank these exchanges based on their volume and liquidity. You can refer to these sites for the most updated metrics and trends.

Choose your platform wisely based on your trading needs, whether high-frequency trading or simply needing efficient execution.

 

Phemex vs Binance: Futures Trading Fees and Rewards

When trading futures on Phemex and Binance, understanding the fee structure and reward system is crucial for maximizing profitability.

Fee Structure:

• Phemex
  • Taker Fees: 0.075%
  • Maker Fees: -0.025% (You earn a rebate)
  • Withdrawal Fee: 0.0005 BTC per Bitcoin withdrawal

• Binance
  • Taker Fees: 0.04% – 0.10% (depending on your 30-day trading volume and BNB holdings)
  • Maker Fees: 0.02% – 0.10%
  • Withdrawal Fee: Dynamic, varies per cryptocurrency

The rebates on Phemex can be beneficial for high-volume makers. You effectively get paid to trade as a market maker with Phemex’s rebate system. For instance, executing an order of $10,000 as a maker on Phemex gives you a rebate of $2.50.

Binance’s tiered fee structure rewards frequent traders and those who hold Binance Coin (BNB).

You can get a 25% discount on trading fees by paying with BNB. For example, a taker fee on a $10,000 order might be 0.075%, but you pay 0.05625% with the discount.

Trading Scenario Examples:

• Phemex:
  • Trade Size: $20,000
  • Maker Fee: -0.025% * $20,000 = -$5 (rebate)
  • Taker Fee: 0.075% * $20,000 = $15
• Binance:
  • Trade Size: $20,000
  • Maker Fee (with BNB discount): 0.075% * $20,000 * 0.75 = $11.25
  • Taker Fee (with BNB discount): 0.10% * $20,000 * 0.75 = $15

Deposit and Withdrawal Fees:

• Phemex Deposit: Free
  • Withdrawal: 0.0005 BTC per Bitcoin withdrawal
• Binance Deposit: Free for most cryptocurrencies
  • Withdrawal: Varies, e.g., 0.0005 BTC for Bitcoin

Consider these factors to determine which platform aligns with your trading strategy. Whether you focus on frequent, large trades or leverage the fee discounts and rewards, both exchanges offer unique advantages.

 

Phemex vs Binance: Deposits & Withdrawal Options

When comparing deposits and withdrawals on Phemex and Binance, you will find key differences that impact convenience, speed, and cost.

• Supported Currencies and Payment Methods

Phemex allows deposits in 27 different cryptocurrencies without any deposit limits or fees. You can buy crypto directly using a bank account, credit card, debit card, and ApplePay.

Binance, on the other hand, supports a broader range of cryptocurrencies and offers options like credit cards, debit cards, and bank transfers for fiat deposits.

• Fees

Phemex does not charge deposit or withdrawal fees, although you may need to pay blockchain network fees when withdrawing funds. Binance charges a 0.1% maker/taker fee for trading and includes some network withdrawal fees.

• Processing Times

Phemex processes withdrawal requests three times a day, which could affect the speed at which you can access your funds. For Binance, the processing time may vary, but it generally offers faster transaction confirmation due to its higher liquidity and volume.

• Minimum and Maximum Amounts

On Phemex, non-premium users face a maximum withdrawal limit of 2 BTC, with no deposit limit. Binance imposes withdrawal limits based on your verification level, varying from 2 BTC per day for unverified users to 100 BTC for fully verified accounts.

Here are the details in a table for a more precise comparison:

Feature	Phemex	Binance
Deposit Fees	None	Varies, generally low
Withdrawal Fees	None (network fees apply)	Varies by method, plus network fees
Supported Currencies	27 cryptocurrencies	Wide range of cryptocurrencies, fiat
Payment Methods	Bank account, credit card, debit card, ApplePay	Credit card, debit card, bank transfer
Withdrawal Limit	2 BTC/day for non-premium users	2 BTC/day to 100 BTC/day based on verification
Processing Times	Three times a day for withdrawals	Varies, typically faster

 

Phemex vs Binance: Native Token Usage

Phemex and Binance have native tokens that serve various purposes within their ecosystems.

Binance: BNB

Binance’s native token, BNB (Binance Coin), plays a significant role within the Binance ecosystem.

• Trading Fee Discounts: By holding BNB, you can enjoy lower trading fees, which start at 0.1% and can be reduced to as low as 0.0120% and 0.0240% for makers and takers, respectively.
• Referral Bonuses: Using BNB can also increase your referral bonuses, adding to your overall savings.
• Other Utilities: BNB can be used for payments, staking, and participating in token sales on Binance Launchpad.

Phemex: Phemex Tokens

Phemex also offers its native token, Phemex Tokens (PHM).

• Fee Reductions: Holding PHM can reduce your trading fees. Standard maker/taker fees are 0.075-0.1%; for perpetual contracts, costs can be as low as 0.01%.
• Platform Benefits: PHM can be used to gain access to premium features and services within the Phemex platform, enhancing your trading experience.

Comparison Table

Feature	Binance (BNB)	Phemex (PHM)
Trading Fee Discounts	Yes, significant reductions	Yes, beneficial reductions
Referral Bonuses	Enhanced by using BNB	Not specified
Other Utilities	Payments, staking, token sales	Access to premium features

Holding the native tokens on either platform can offer you various benefits and enhance your trading experience.

 

Phemex vs Binance: KYC Requirements & KYC Limits

Phemex KYC Requirements:

• Phemex allows you to start trading without immediate KYC verification.
• Verifying your identity on Phemex unlocks higher withdrawal limits and additional features.

Binance KYC Requirements:

• Binance requires all users to complete KYC verification before accessing any services.
• This includes submitting identification documents and proof of residence.

Privacy and Security:

• On Phemex, you can trade anonymously, but providing KYC information enhances your access to platform features.
• Binance’s mandatory KYC ensures higher security and compliance but may be less appealing to privacy-conscious users.

Accessibility:

• Phemex provides more immediate access due to its non-KYC trading option.
• Binance’s strict KYC verification might slow initial access but ensures a more secure trading environment.

Verification Levels:

Exchange	Basic Verification	Advanced Verification
Phemex	None required for basic trading	Photo ID proof of address for higher limits
Binance	Photo ID, personal information	Additional documents, full KYC

 

KYC Limits:

Phemex:

• Non-verified accounts have lower withdrawal limits.
• Verifying your account increases your withdrawal capacity.

Binance:

• Complete KYC verification is required to access all features.
• Higher withdrawal limits and lower trading fees upon complete verification.

By understanding these differences, you can better decide which platform aligns with your priorities for privacy, security, and accessibility needs.

 

Phemex vs Binance: User Experience

Regarding user experience, both Phemex and Binance cater to different needs.

Interface Design:

• Phemex features a white background that offers a clean, straightforward interface.
• Binance opts for a modern design with a black background, which many traders find aesthetically pleasing.

Ease of Use:

• Phemex prides itself on simplicity, making it easy for newcomers to navigate.
• Binance, while more powerful, can sometimes feel overwhelming due to its extensive features.

Mobile App:

• Both platforms provide mobile apps with comprehensive functionality.
• Phemex’s app focuses on speed and usability, making it ideal for quick trades.
• Binance’s app includes more advanced features, which can be an advantage for experienced traders.

Speed and Performance:

• Phemex emphasizes speed in execution, making it highly suitable if you prefer a rapid trading environment.
• Binance also offers high performance but includes additional layers of information, which might slow down navigation for beginners.

Functionality:

• With Phemex, you experience fewer distractions, focusing on essential trading functions.
• Binance provides a wide array of tools and data, which is beneficial for detailed analysis but potentially cumbersome for less experienced users.

A table for quick comparison:

Feature	Phemex	Binance
Interface	Clean, white background	Modern, black background
Ease of Use	Simple, beginner-friendly	Feature-rich, more complex
Mobile App	Fast, user-friendly	Advanced features
Speed	Highly responsive	Robust but can be slower
Functionality	Essential Functions	Extensive tools

By analyzing these aspects, you can choose the platform that best fits your trading style and preferences. Also, you can learn about Binance by following this futures trading guide for Binance.

 

Phemex vs Binance: Order Types

Phemex and Binance offer a variety of order types that can help you execute your trading strategies and manage risks effectively.

Phemex

• Market Orders: Buy or sell immediately at the best available price.
• Limit Orders: Set a specific price you want to buy or sell. The order will only be fulfilled at that price or better.
• Stop Orders: Trigger a market order once a specified price is reached.
• Conditional Orders: Place an order contingent upon specific criteria being met.
• Post-Only Orders: Ensure your order adds liquidity by not executing immediately against existing orders.
• Reduce-Only Orders: Ensure the order only reduces an existing position.

Binance

• Market Orders: Execute instantly at the current market price.
• Limit Orders: Set to buy or sell at a predetermined price.
• Stop-Limit Orders: Create an order that becomes a limit order once the stop price is reached.
• OCO (One Cancels the Other): Pair limit and stop-limit orders to simultaneously manage entry and exit points.
• Post-Only Orders: Ensure your order is added to the order book, avoiding immediate execution.
• Reduce-Only Orders: Limit the size of an existing position without opening new ones.

By offering various order types, Phemex and Binance cater to different trading needs, allowing you to manage entry and exit points, control the execution prices, and reduce risks efficiently.

Whether you opt for crypto spot trading, margin trading, or derivatives, these platforms equip you with the tools to enhance your trading experience.

 

Phemex vs Binance: Security Measures & Reliability

When evaluating the security measures of Phemex and Binance, both exchanges implement several robust protections to ensure user funds and personal data remain safe.

Phemex employs Two-Factor Authentication (2FA) for an extra layer of security.

This means you’ll need to verify your identity using a second method in addition to your password. The platform also supports cold wallets, where most funds are stored offline, reducing the risk of hacking.

Binance also uses 2FA and employs advanced security protocols.

The exchange offers Secure Asset Fund for Users (SAFU), an insurance fund that protects a portion of user funds against potential breaches.

Cold storage is standard practice, ensuring that most user funds remain offline and less susceptible to cyber threats.

Security Incidents:

• Binance: In May 2019, Binance experienced a significant security breach where hackers stole over $40 million of Bitcoin. The platform effectively utilized its SAFU funds to cover the users’ losses completely, showcasing its commitment to user protection.
• Phemex: There have been no major publicized security breaches involving Phemex, indicating a solid track record in maintaining security and reliability.

Both platforms have demonstrated resilient security procedures, with Phemex focusing on preventive measures and Binance implementing preventive and reactive measures.

To sum up their reliability, both exchanges offer high levels of protection, use 2FA, and maintain significant portions of assets offline.

Binance’s quick and decisive response to past breaches and Phemex’s clean security track record showcases their dedication to keeping user funds safe.

 

Phemex vs Binance: Insurance Fund

When choosing between Phemex and Binance, examining their insurance funds is critical to understanding how secure your investments may be on these platforms.

Binance has an insurance fund for its USDS-M Futures with a balance of 304,455,448 USDT. For COIN-M Futures, the balance is 1,564.08634366 BTC. This fund is designed to protect users in case of significant market disruptions.

Phemex has an insurance fund amounting to 538.62265112 BTC and 4,669,782 USD. This fund serves a similar purpose, ensuring users are protected in unforeseen circumstances.

Both platforms perform funding at 8-hour intervals, ensuring consistent coverage. When comparing these funds, consider both the size and the regular interval of contributions.

Here’s a quick comparison table for additional clarity:

Platform	USDS-M Futures Insurance Fund	COIN-M Futures Insurance Fund
Binance	304,455,448 USDT	1,564.08634366 BTC
Phemex	4,669,782 USD	538.62265112 BTC

Given these details, you can better gauge which platform aligns with your needs based on their insurance provisions.

 

Phemex vs Binance: Customer Support

When comparing Phemex and Binance in terms of customer support, both exchanges offer various ways to assist you.

Binance provides a comprehensive support system that includes a knowledge base, a ticketing system, and 24/7 live chat support. This ensures you can receive help anytime, day or night.

Phemex, on the other hand, offers customer support through email and live chat. The live chat support is available during business hours, which may not be as convenient if you encounter issues outside these times.

Key Differences in Support

Feature	Binance	Phemex
Live Chat	Available 24/7	Available during business hours
Email Support	Yes	Yes
Knowledge Base	Extensive online resources	Limited
Ticketing System	Yes	No

New traders often face technical issues, such as depositing and withdrawing funds or using the platform. Thus, having robust customer support can significantly enhance your trading experience.

Both platforms have mechanisms to handle support issues. Still, Binance generally offers more extensive resources and availability, which can be crucial if you’re trading in different time zones or need immediate assistance.

 

Phemex vs Binance: Regulatory Compliance

When comparing Phemex and Binance on regulatory compliance, it is crucial to examine how each platform adheres to legal and ethical standards in its operating jurisdictions.

Phemex emphasizes regulatory compliance to enhance security measures. They adhere to international regulations and regularly update their compliance protocols.

This includes KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures to ensure user safety and regulatory adherence.

Binance has faced some regulatory challenges, notably the 2019 hack, which exposed some vulnerabilities.

Despite these issues, Binance has improved its security and compliance measures. They actively work on obtaining licenses in multiple jurisdictions, including Europe and the United States.

Binance has been scrutinized by various financial authorities, prompting them to enhance their regulatory framework.

They have introduced a comprehensive compliance program and regularly conduct audits to ensure all operations align with legal standards.

Here’s a table for a quick comparison:

Feature	Phemex	Binance
Regulatory Adherence	Strong focus on international regulations	Enhanced post-2019 hack compliance
Licenses	Actively seeks licenses in various regions	Licensed in Europe and the U.S.
Compliance Programs	KYC and AML procedures	Extensive compliance and audit programs
Controversies	Minimal reported issues	Faced scrutiny post-2019 hack

It’s evident both platforms proactively work towards compliance, but they have faced different challenges and taken distinct routes to strengthen their legal adherence.

Consider these aspects when choosing between the two for your cryptocurrency needs.

 

Conclusion

When deciding between Phemex and Binance as your cryptocurrency exchange, several key factors should be considered.

First, trading fees differ between the two. Phemex offers fees from 0.075% to 0.1% for new users, with perpetual contract fees as low as 0.01%. Binance charges a 0.1% maker/taker fee, which can be reduced with higher trade volume or by using Binance Coin (BNB).

Liquidity and volume are also important. Binance offers higher liquidity and trading volume, making it more suitable for those who prioritize these aspects. While competitive, Phemex does not match Binance’s liquidity levels.

Both exchanges provide strong customer support and secure trading platforms, ensuring a safe trading environment.

Binance has a wider range of trading options, appealing to various trading strategies. Phemex, however, focuses on innovative features and a seamless blend of centralized and decentralized finance.

Phemex is ideal for new traders due to its lower fees and user-friendly interface. Binance, with its higher liquidity and more extensive trading options, is better suited for experienced traders.

Ultimately, choose between Phemex and Binance based on these factors, considering your trading habits and needs.

Compare Phemex and Binance with other major exchanges

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• Phemex vs Bitget
• Phemex vs Bybit
• Binance vs BingX
• Binance vs Bybit
• Binance vs Bitget