Home > Best Crypto Futures Trading Platforms in 2024 > Best Crypto Futures Trading Platforms in 2024

Advertiser Disclosure

Phemex vs MEXC: Comparing Crypto Platforms for 2024

Written by Larry Jones

Written by:

Larry Jones

Hi, I'm Larry Jones, an Financial Management graduate from Franklin University, where I focused on Finance. With a deep passion for trading and investing, I've immersed myself in the dynamic world of financial markets. Currently, I dedicate my time to trading while also educating others about the exciting opportunities in cryptocurrencies. Through my experience and expertise, I aim to make complex financial concepts accessible to everyone. Whether you're a seasoned trader or new to the world of investing, my goal is to provide you with valuable insights and practical knowledge to help you navigate the world of cryptocurrencies with confidence.

Expert reviewed

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 25, 2024

In the rapidly evolving world of cryptocurrency trading, choosing the right platform can significantly impact your trading experience and success.

Phemex and MEXC have emerged as two prominent contenders in the crypto exchange landscape for 2024.

Both platforms offer a range of features, trading pairs, and security measures, catering to novice and experienced traders.

This article delves into a detailed comparison of Phemex and MEXC, examining their strengths, weaknesses, and unique offerings to help you decide which platform best suits your trading needs.

Phemex vs. MEXC: Comparative Table

Phemex and MEXC are prominent cryptocurrency exchanges with unique features, fee structures, and offerings.

Below is a comparative table that highlights the key aspects of both exchanges:

Feature Phemex MEXC
Founded 2019 2018
Founders Ex-Morgan Stanley Executives N/A
Supported Cryptocurrencies Over 50 Over 1,600
Trading Volume High Moderate to High
Leverage Up to 100x Up to 125x
Trading Fee 0.075% (Standard) 0.2% (Spot)
Withdrawal Fee Varies by cryptocurrency Varies by cryptocurrency
Deposit Methods Crypto, Bank Transfer, Credit Card Crypto, Bank Transfer, Credit Card, PayPal
Features Derivatives Trading, Perpetual Contracts Spot Trading, Futures, DeFi products
KYC Requirement Optional for some features Mandatory for higher limits
User Interface User-friendly Feature-rich and intuitive
Order Execution Rapid Efficient

Phemex specializes in derivatives trading, offering features like Perpetual Contracts and high leverage.

In contrast, MEXC is notable for listing many cryptocurrencies and providing diverse trading options, including spot and futures trading.

Our 2024's Recommendation

  • Upto 100x Leverage for BTC

  •  Supports over 350+ crypto trading pairs

  • Fees starting at 0.01% for futures

  • Earn up to 10% APY on popular cryptocurrencies

Phemex vs MEXC: Products and Services

When evaluating Phemex and MEXC, it’s essential to consider each platform’s range of products and services.

Spot Trading

  • Phemex: Offers a straightforward experience with a variety of supported cryptocurrencies.
  • MEXC: Known for listing over 1,600 cryptocurrencies, giving you a broader selection to trade.

Futures Trading

  • Phemex: Provides robust futures trading with competitive fees and clear charts.
  • MEXC: Offers crypto futures trading but may not have as broad a market as Phemex.

Leveraged Tokens

NFT Marketplace

  • Phemex: Does not yet feature an NFT marketplace.
  • MEXC: Provides an NFT marketplace, allowing you to trade and collect digital assets.

Staking

  • Phemex: Offers staking for various cryptocurrencies with competitive yields.
  • MEXC: Includes staking options but tends to focus more on temporary high-APY offers.

User Experience

  • Phemex: Known for its user-friendly interface and robust security features.
  • MEXC: Offers a comprehensive platform but can sometimes be overwhelming due to its extensive list of supported assets.

Phemex excels in futures trading and simplicity, whereas MEXC offers a broader range of cryptocurrencies and diverse services like an NFT marketplace.

Phemex vs MEXC: Contract Types

When considering contract types, Phemex and MEXC offer various options tailored to different trading needs.

Phemex

Phemex specializes in derivatives trading. It offers inverse perpetual contracts, where the underlying asset is Bitcoin or another cryptocurrency. These contracts are settled in crypto rather than fiat.

  • Inverse Perpetual Contracts: Suitable for traders who prefer settlement in cryptocurrency. They are often used for long-term trading strategies.
  • Linear Perpetual Contracts: These are more straightforward for beginners since they are settled in USDT, avoiding the volatility of other cryptocurrencies.
  • Leverage: High leverage offerings up to 100x, allowing you to control more prominent positions with a smaller margin.
  • Options: Provides a way to hedge positions, though options trading is relatively new on Phemex.

MEXC

MEXC offers a wide range of contracts as well.

  • Inverse Futures Contracts: Allow trading with settlement in cryptocurrencies. Suitable for those who want to hedge or speculate with crypto assets.
  • COIN-M Futures: Similar to inverse futures, but with varying underlying assets like Ethereum, allowing diverse market exposure.
  • USD-M Futures: Settled in USDT, making it easier to track and manage without the volatility linked to crypto settlements.
  • Leverage: Competitive leverage options up to 125x on specific contracts, offering more aggressive trading opportunities.
  • Trading Volume: Generally, higher trading volumes are on specific pairs, ensuring better liquidity and tighter spreads.

Both Phemex and MEXC offer robust contract types. Your choice will depend on preferences for settlement currency, leverage levels, and trading strategies.

Phemex vs MEXC: Supported Cryptocurrencies

mexc supported coins

MEXC is recognized for its extensive support of various cryptocurrencies.

On this exchange, you can find over 1,600 listed cryptocurrencies. This makes MEXC a popular choice for those looking to invest or trade in new and emerging tokens frequently added to the platform.

phemex supported coins

In contrast, Phemex offers a more curated selection, providing access to approximately 70 cryptocurrencies. Despite having fewer listed assets than MEXC, Phemex caters to traders looking for established, high-volume coins.

Phemex provides a robust platform for futures and leverage trading with various trading pairs.

Some of the most popular futures trading pairs on Phemex include BTC/USD, ETH/USD, and XRP/USD. This allows for strategic trades on high-demand assets.

On the other hand, MEXC also supports futures and leverage trading, boasting hundreds of futures pairs. Some popular ones include BTC/USDT, ETH/USDT, and SOL/USDT, giving you flexibility and options in your trading strategies.

Phemex vs MEXC: Leverage and Margin Trading

When trading on Phemex, you can access leverage options that allow you to amplify your position significantly.

Phemex offers up to 100x leverage on specific futures contracts. This high leverage lets you control more prominent positions with relatively little capital.

On the other hand, MEXC provides leverage that ranges up to 200x on some trading pairs. This even higher leverage option can be appealing if you want to maximize your potential returns, but it also comes with increased risk.

Read More: Is Crypto Leverage Trading Legal & Profitable?

For margin requirements, Phemex requires you to maintain a certain percentage of your position as collateral. This ensures that positions can be closed out smoothly during extreme market movements.

Margin levels vary depending on your chosen leverage, with higher leverage necessitating stricter collateral requirements.

MEXC also has specific margin requirements to maintain your positions. The collateral needed increases with the leverage, proportional to the risk undertaken by each trade.

Understanding these requirements is crucial to managing your positions effectively and avoiding unexpected liquidations.

Liquidation risks are a critical factor in margin trading on both platforms.

Phemex uses a system where if your margin falls below the maintenance requirement, your position will be liquidated to prevent further losses. MEXC follows a similar approach, closing positions if the margin drops below a threshold.

Both Phemex and MEXC impose funding rates on leveraged positions to balance the use of leverage. These rates are periodically adjusted to align the value of futures contracts with the spot price, ensuring fair trading conditions.

Comparing these features can help you decide which platform’s leverage and margin trading system aligns best with your trading strategy and risk tolerance.

Phemex vs MEXC: Trading Volume

Trading volume is a critical metric that impacts trading efficiency, execution, and slippage on any exchange.

Phemex has garnered attention with its comprehensive services and steady growth in trading volume.

MEXC, on the other hand, is notable for supporting a wide range of cryptocurrencies and providing substantial trading options.

Metrics and Sources

When comparing metrics:

  • Phemex: Consistently features in liquidity rankings and boasts high trading volumes, contributing to efficient trades with minimal slippage.
  • MEXC: Supports over 1600 coins and 2000+ trading pairs, positively influencing its position in volume rankings.

Rankings and Liquidity Data

You should consider the rankings from reliable sources:

  • CoinMarketCap and CoinGecko provide comprehensive insights into daily trading volumes.
  • According to these sources, both exchanges maintain a competitive edge with significant liquidity.

In terms of liquidity:

  • Higher liquidity on both platforms typically translates to better trade execution.
  • High trading volume ensures that even large trades are processed efficiently without significant delay or price shifting.

Comparison in Numbers

Exchange Daily Volume Number of Trading Pairs Slippage
Phemex Competitive High Several Hundreds Minimal
MEXC Substantial High Over 2000 Minimal

Phemex and MEXC leverage their volume to provide traders with a robust trading environment. Utilizing this data can help you decide based on your trading needs.

Phemex vs MEXC: Futures Trading Fees and Rewards

When comparing Phemex and MEXC for futures trading, it’s essential to understand the fee structures and reward systems that influence your profitability and trading experience.

Trading Fees

Phemex charges a flat fee of 0.075% for takers and a rebate of 0.025% for makers. If you engage in high-frequency trading or employ market-making strategies, these fees can significantly affect your bottom line.

mexc fees

MEXC, on the other hand, has a flat trading fee model, often matching or undercutting Phemex’s rates. For futures trading, MEXC charges a 0.02% maker fee and a 0.06% taker fee, which can lead to substantial savings for frequent traders.

Deposit and Withdrawal Fees

For deposits, Phemex does not charge any fees. However, withdrawal fees vary based on the cryptocurrency. For instance, withdrawing Bitcoin has a cost of 0.0005 BTC.

MEXC also offers free deposits. Their withdrawal fees are also crypto-dependent but generally competitive. For example, Bitcoin withdrawals incur a fee of 0.0004 BTC.

Rewards and Incentives

Both platforms provide various rewards and incentives.

Phemex offers a Welcome Bonus for new users, with rewards such as deposit bonuses and trading fee rebates. Seasoned traders can benefit from VIP programs, offering reduced trading fees based on your trading volume.

MEXC features rewards for staking MX Token, which can further reduce trading fees. They also run regular promotions that can provide additional trading bonuses or reduced fees for specific trading pairs.

Fee Calculation Example

For an illustrative comparison:

  • On Phemex: If you execute a taker trade valued at $10,000, the fee would be $7.50 (0.075% of $10,000). As a maker, you would earn a rebate of $2.50 (0.025% of $10,000).
  • On MEXC: A taker trade of the same amount would cost $6.00 (0.06% of $10,000). As a maker, the fee is $2.00 (0.02% of $10,000).

Understanding these differences lets you select the platform that best aligns with your trading volume and strategy.

Phemex vs MEXC: Deposits & Withdrawal Options

When comparing Phemex and MEXC, it’s crucial to understand the deposit and withdrawal options they offer. This will help you assess the convenience, speed, and cost of transferring funds.

Payment Methods:

Phemex supports:

  • Debit/credit card
  • Bank transfer
  • Crypto transfers

MEXC supports:

  • Debit/credit card
  • Third-party options like Banxa, Mercuryo, Moonpay, Simplex
  • Global bank transfers (SEPA/FPS)
  • Crypto transfers

Supported Currencies:

Both exchanges support a wide range of cryptocurrencies for deposit and withdrawal. You can also use fiat currencies like USD and EUR through bank transfers and card payments.

Processing Times:

  • Phemex: Crypto transfers are typically quick and often completed within minutes. Bank transfers can take 1-3 business days.
  • MEXC: Crypto transfers are also fast, similar to Phemex. Bank transfers through SEPA/FPS may take 1-2 business days.

Costs:

Phemex often charges lower fees for crypto transfers. Card payments may incur additional costs.

MEXC might have variable fees for third-party payment options, and their bank transfer fees depend on the method used.

Deposit/Withdrawal Limits:

Phemex:

  • Minimum deposit: None for crypto, varies for fiat
  • Minimum withdrawal: Varies by cryptocurrency
  • Maximums: Unlimited, but large amounts may require KYC

MEXC:

  • Minimum deposit: Typically low, varies by method
  • Minimum withdrawal: Varies by crypto
  • Maximums: Depend on KYC level; higher limits with verified accounts

Phemex and MEXC offer flexible deposit and withdrawal methods catering to different needs. Choose based on your speed, cost, and convenience preferences.

Phemex vs MEXC: Native Token Usage

Phemex does not have a native token. Therefore, users do not receive specific benefits or trading fee discounts tied to any proprietary token.

MEXC offers a native token called MX Token (MX). This token provides various benefits within the MEXC ecosystem.

Benefits of Holding MX Token:

  • Trading Fee Discounts: Holding MX tokens grants you discounts on trading fees.
  • Voting Rights: Participate in governance using MX tokens to vote on platform decisions.
  • Staking Rewards: Earn rewards by staking your MX tokens.

You can maximize your trading efficiency and platform engagement by utilizing MX tokens within the MEXC platform.

Phemex vs MEXC: KYC Requirements & KYC Limits

Phemex is a non-KYC cryptocurrency exchange. This means you can start trading with primary verification, which allows unlimited trading and withdrawals. It provides a higher level of privacy, as identity verification is not mandatory. You can begin trading quickly and with fewer barriers.

On the other hand, MEXC has a structured KYC process with multiple levels. There are two main levels of verification:

  1. Primary KYC: Increases your 24-hour withdrawal limit to 80 BTC.
  2. Advanced KYC: Increases your 24-hour withdrawal limit to 200 BTC.

The documents required for these levels include government-issued IDs and proof of address. The detailed procedures ensure higher security for all transactions on the platform.

When considering privacy, Phemex has an edge due to its non-KYC nature. You do not need to share personal data, protecting your identity and transactions.

Regarding security, MEXC’s rigorous KYC process adds multiple layers of protection. By verifying user identities, MEXC reduces the risk of fraud and enhances regulatory compliance.

Accessibility is also a key factor. Phemex allows easy access with minimal initial requirements, making it user-friendly, especially for beginners. MEXC, while more secure, may present higher barriers to entry due to the extensive documentation required.

Here’s a quick comparison:

Exchange KYC Requirement Withdrawal Limits Documents Needed
Phemex Not required Unlimited Basic verification only
MEXC Primary KYC, Advanced KYC 80 BTC, 200 BTC Government ID, Proof of Address

Both exchanges offer unique advantages. Your choice will depend on whether you prioritize privacy and ease of access or enhanced security and compliance.

Phemex vs. MEXC: User Experience

Both Phemex and MEXC offer a high level of functionality and design.

On Phemex, the user interface is sleek and intuitive.

phemex ui

The platform provides a smooth experience both on desktop and mobile. Navigating through menus and executing trades is seamless, making it suitable for beginners and experienced traders. The loading speed is quick, which is crucial for timely trades.

MEXC also offers a user-friendly interface but with a more straightforward design.

mexc ui

This platform focuses on simplicity, ensuring that even less tech-savvy users can navigate hassle-free. Both its web interface and mobile app are well-designed, ensuring you can trade effortlessly on any device. To know more, check this MEXC futures trading tutorial.

Comparison of Key Features

Feature Phemex MEXC
Ease of Use User-friendly, modern design Simple, straightforward interface
Speed Fast loading times Responsive and quick
Design Modern and sleek Simple and clean
Mobile App Highly functional, easy to use Intuitive, easy-to-navigate
Functionality Advanced trading tools, multi-language Wide range of tradable assets, user-friendly trading options

Both exchanges provide two-factor authentication (2FA) and other security measures to secure your account. This gives you peace of mind when managing your trades.

Phemex integrates additional features like sub-accounts and multiple order types, enhancing the trading experience.

While both have robust mobile apps on iOS and Android, Phemex’s app tends to be slightly more feature-rich, offering an overall comprehensive trading experience.

Conversely, MEXC’s app is optimized for ease of use and efficiency, which might be preferable if you prioritize simplicity.

Phemex vs MEXC: Order Types

  • Market Orders

Both Phemex and MEXC support market orders. This type of order lets you immediately buy or sell a cryptocurrency at the best available price. It’s ideal for traders who prioritize speed over price.

  • Limit Orders

Limit orders are available on Phemex and MEXC, enabling you to set a specific price for buying or selling. These orders are valid when you have a particular entry or exit price in mind.

  • Stop Orders

Phemex and MEXC also support stop orders. These orders activate a market or limit order once the specified stop price is reached, helping you manage risk by setting predetermined exit points.

  • Conditional Orders

On both exchanges, conditional orders let you set conditions for executing an order. This functionality provides advanced strategies and greater flexibility.

  • Post-Only Orders

Post-only orders ensure your order will be added to the order book as a maker order, avoiding taker fees. Both Phemex and MEXC offer this feature, helping you control trading costs.

  • Reduce-Only Orders

Both Phemex and MEXC support reduce-only orders. These orders will only reduce your current positions and won’t open new positions, conserving your capital and minimizing risk.

  • Additional Order Types

Phemex offers trailing stop orders, which adjust your stop price based on market movements. MEXC, on the other hand, provides IOC (Immediate-Or-Cancel) and FOK (Fill-Or-Kill) orders, adding more flexibility to how you execute trades.

Both exchanges provide diverse order types, helping you execute strategies and manage risks effectively.

Phemex vs MEXC: Security Measures & Reliability

Both Phemex and MEXC emphasize the importance of user security and reliability.

Phemex utilizes a proprietary Hierarchical Deterministic Cold Wallet System. Each trader is assigned a unique deposit address integrated into a multisignature cold wallet system.

This operates via offline signatures to ensure additional layers of security. Moreover, mandatory two-factor authentication (2FA) is required for all user accounts.

MEXC also prioritizes security by offering robust measures.

The exchange frequently updates its security protocols and has a substantial record of protecting user assets. For most user funds, MEXC uses standard security procedures such as 2FA and cold storage.

Feature Phemex MEXC
Cold Wallets Hierarchical Deterministic Yes
2FA Mandatory Yes
Unique Addresses Yes Not Specified

Both exchanges have faced challenges in the past.

Regarding MEXC, there have been occasional issues, but they were promptly addressed through enhanced security updates and user education.

Phemex responded swiftly to any problems by reinforcing security measures and improving the platform’s resilience.

The continuous efforts of both exchanges highlight their commitment to maintaining user trust and safety in the crypto marketplace.

Phemex vs MEXC: Insurance Fund

In cryptocurrency exchanges, understanding insurance funds can provide peace of mind. When you use Phemex or MEXC, knowing how each platform safeguards your assets is crucial.

Phemex’s Insurance Fund

Phemex maintains a dedicated insurance fund. This fund is designed to protect traders from unforeseen market events and losses. The platform automatically allocates a small portion of trading fees to this fund.

If you’re trading on Phemex, this fund acts as a safety net during extreme market conditions. It is beneficial for leveraged trading, where the liquidation risk is higher.

MEXC’s Insurance Fund

MEXC also offers an insurance fund, but it operates slightly differently. The fund helps cover losses from hacking incidents or system malfunctions. Regular contributions from trading fees bolster this fund, ensuring a layer of security for traders’ assets.

MEXC emphasizes transparency in how the fund is managed and used, offering reassurance and clarity to users.

Comparison Table

Here’s a quick comparison of the insurance fund features for both exchanges:

Feature Phemex MEXC
Fund Purpose Protect against market losses Cover hacking incidents/system malfunctions
Source Trading fees Trading fees
Transparency Allocated automatically Regular contributions

Phemex vs MEXC: Customer Support

Regarding customer support, both Phemex and MEXC offer a range of options to assist users.

Phemex Customer Support

Phemex provides several avenues for customer support, ensuring you can get help promptly. You can access their support via:

  • Live Chat: Available 24/7 through their website.
  • Email Support: Reachable for non-urgent inquiries.
  • Help Center: A comprehensive FAQ section and guides.

MEXC Customer Support

MEXC offers multiple support channels designed to cater to your needs. These include:

  • Live Chat: Connect instantly with a support agent.
  • Support Ticket: Submit a ticket for email assistance.
  • Telegram Channels: These are available in various languages for broader communication.
  • Help Center: Extensive documentation and FAQs.

Comparison at a Glance

Feature Phemex MEXC
Live Chat 24/7 availability Instant connection
Email Support Available for inquiries Available through support tickets
Help Center Comprehensive FAQs and guides Extensive documentation and FAQs
Telegram Not mentioned Multiple language channels are available

Both platforms aim to provide accessible and efficient support, but Telegram support in multiple languages gives MEXC an edge for non-English speaking users.

Phemex vs MEXC: Regulatory Compliance

When comparing Phemex and MEXC regarding regulatory compliance, you will find distinct approaches shaped by the jurisdictions in which they operate.

Phemex has placed significant emphasis on regulatory adherence. It complies with various international financial regulations. It holds licenses from several recognized authorities and undergoes regular audits to ensure compliance.

MEXC, known for listing many cryptocurrencies, also adheres to multiple regulatory standards. It has obtained various licenses from regulatory bodies across different regions. The platform ensures compliance through routine audits, stringent KYC (Know Your Customer), and AML (Anti-Money Laundering) policies.

Challenges: Both exchanges face challenges due to the evolving nature of crypto regulations globally. The need to adapt to new laws and regulations frequently can be demanding.

Licenses and Certifications:

Exchange Licenses Certifications
Phemex Various international licenses Regular audits
MEXC Multiple regional licenses KYC and AML compliance

Both exchanges proactively enhance their regulatory frameworks to stay compliant and protect users. Keeping an eye on regulatory updates and implementing necessary changes is critical for maintaining their market positions.

Conclusion

Phemex and MEXC each offer distinct advantages tailored to different types of traders and investors.

Phemex is a strong choice for those focused on derivatives trading. Its sophisticated trading instruments and lightning-fast trading engine cater to experienced traders seeking advanced features.

If you’re looking for an exchange focusing on Perpetual Contracts and state-of-the-art trading systems, Phemex is ideal.

MEXC is well-suited for traders and investors who prioritize access to various cryptocurrencies.

With over 1,600 listed digital assets, MEXC is excellent for exploring new and emerging tokens. If you prefer investing in a broad array of cryptocurrencies and want to stay ahead of new listings, MEXC is for you.

Compare Phemex and MEXC with other major exchanges

About the Authors

Hi, I'm Larry Jones, an Financial Management graduate from Franklin University, where I focused on Finance. With a deep passion for trading and investing, I've immersed myself in the dynamic world of financial markets. Currently, I dedicate my time to trading while also educating others about the exciting opportunities in cryptocurrencies. Through my experience and expertise, I aim to make complex financial concepts accessible to everyone. Whether you're a seasoned trader or new to the world of investing, my goal is to provide you with valuable insights and practical knowledge to help you navigate the world of cryptocurrencies with confidence.