Compare Phemex vs Binance: Differences & Similarities

As we move into the 4.0 era, a large number of cryptocurrency exchanges have formed due to the ongoing growth of the market for digital currencies and their applications. Including the well known Binace, a name that first surfaced and was widely trusted by users to be used and exploited. 

Another well-known name is Phemex Exchange, a young platform with a track record of steady growth and a scale that is expanding. To learn more about the similarities and differences between these two platforms, read the article Compare Phemex vs Binance.

Open Binance Account Open Phemex Account

1. Overviews of 2 platforms: Compare Phemex vs Binance

1.1 Formation:

1.1.1 Phemex

Website: https://phemex.com/

Phemex was started by Jack Tao, a senior executive at Morgan Stanley for 11 years. Due to his extensive experience in traditional finance, he has an unique perspective on how the cryptocurrency market differs from it.

He eventually realized how fundamentally in favor of the wealthy few the current banking system was. Everyone would have the same opportunities and freedoms under Jack’s new financial model, and the medium would be completely rewritten.

He and several other former coworkers from Morgan Stanley established the founding group of Phemex, which began to create a new electronic platform by utilizing Wall Street’s extensive technical knowledge and expertise. After that, Phemex is established.

1.1.2 Binance

Website: https://www.binance.com/

Binance is a global cryptocurrency exchange which provides a platform to trade over 100 cryptocurrencies. In terms of trading volume since the start of 2018, Binance has been regarded as the biggest cryptocurrency exchange worldwide. 

Binance was founded by Trieu Truong Bang. He is a developer who previously created high-frequency trading software. Due to China’s increasingly stringent regulations on cryptocurrencies, Binance later relocated its headquarters from China.

1.2 Phemex Vs. Binance: Which exchange has a larger scale and volume?

Binance had a market capitalization of $1.3 billion in January 2018 and was the biggest cryptocurrency exchange; despite competition, the company still held that title as of April 2021. Coinbase and other businesses are a competition.

 

Item	Phemex	Binance
Tradeable Coins	34	199
Maximum Leverage	20X	20X
Taker Fees (Futures)	0.075%	0.04%
Maker Fees (Futures)	-0.025%	0.02%
Withdrawal Fees	Yes, they varies from blockchain to blockchain.	Yes, they varies from blockchain to blockchain.
Deposit Fees	0	0
App	Phone (IOS, ANDROID); DESKTOP APP; WEBSITE.	Phone (IOS, ANDROID); DESKTOP APP; WEBSITE.
US Allowed	Not be allowed	There is Binance US Exchange that is allowed

Phemex vs. Binance Quick View Comparison Table

2. Compare Phemex vs Binance: Tradeable Cryptocurrencies, Offerings And Leverage Of Products

Phemex only provides trading on futures contracts with USD or BTC settlement. The following trading pairs are eligible for futures trading:

• BCH/USD, USD/ETH, USD/XRP, USD/LINK, USD/XTZ, USD/LTC, USD/UNI, USD/DOT, USD/ADA, USD/DOGE, USD/COMP, USD/BCH, USD/AAVE, USD/YFI
• On the BTC/USD pair, it offers leverage of up to 100X, and on the other trading pairs, it offers leverage of up to 20X.

Regarding Binance, it provides the market’s broadest selection of cryptocurrency derivatives products. It contains:

• USDT-M Futures: These are perpetual and quarterly futures contracts that are margined in USDT. The contract’s highest possible leverage is 20X.
• COIN-M Futures: These are long-term contracts with an underlying cryptocurrency that provide their value. The contracts have a maximum leverage of 125X and are margined and settled in Bitcoin.
• Binance Vanilla Options: These are option contracts in the European tradition that use USDT as the settlement and trading currency. The option contract’s strike price and remaining time determine the leverage level.
• The Binance Leveraged Tokens (BLVT) are tradable assets that let you gain leveraged exposure to an underlying asset and are traded on the spot market. Leverage on these contracts can be anywhere from 1.25X to 4X.

3. Compare Phemex vs Binance: Fees

Phemex

• Transaction fee: Phemex futures contracts have a fixed rate structure. It offers a manufacturer discount of 0.025% and charges a buyer fee of 0.075%.
• Fee per request to withdraw Bitcoin from Phemex wallet is 0.0005 BTC. Particularly for Premium Users, who pay a very low transaction fee of just 0.1% when trading on the Phemex exchange
• Deposit fee: Customers receive the same special rights and are free
• Withdrawal fee: The user who has the token or coin to withdraw will be responsible for paying this fee.

Binance

On all kinds of trades, Binance charges a flat rate. It uses a tiered fee structure determined by the volume of 30-day trading. There are ten different levels (VIP-O to VIP-9). 

Monthly updates are made to the data. Kindly see the attached table below for the details:

Level	30d Trade Volume (BUSD) and/or BNB Balance (BNB)	Maker /Taker	Maker /Taker BNB 25% off
Ordinary users	< 1.000.000 BUSD or ≥ 0 BNB	0.1000% / 0.1000%	0.0750% / 0.0750%
VIP 1	≥ 1.000.000 BUSD and ≥ 25 BNB	0.0900% / 0.1000%	0.0675% / 0.0750%
VIP 2	≥ 5.000.000 BUSD and ≥ 100 BNB	0.0800% / 0.1000%	0.0600% / 0.0750%
VIP 3	≥ 20.000.000 BUSD and ≥ 250 BNB	0.0700% / 0.1000%	0.0525% / 0.0750%
VIP 4	≥ 100.000.000 BUSD and ≥ 500 BNB	0.0200% / 0.0400%	0.0150% / 0.0300%
VIP 5	≥ 150.000.000 BUSD and ≥ 1.000 BNB	0.0200% / 0.0400%	0.0150% / 0.0300%
VIP 6	≥ 400.000.000 BUSD and ≥ 1.750 BNB	0.0200% / 0.0400%	0.0150% / 0.0300%
VIP 7	≥ 800.000.000 BUSD and ≥ 3.000 BNB	0.0200% / 0.0400%	0.0150% / 0.0300%
VIP 8	≥ 2.000.000.000 BUSD and ≥ 4.500 BNB	0.0200% / 0.0400%	0.0150% / 0.0300%
VIP 9	≥ 4.000.000.000 BUSD and ≥ 5.500 BNB	0.0200% / 0.0400%	0.0150% / 0.0300%

• A “Maker” order trades at a limited price, while a “Taker” order trades at the market price.
• VIP trade volume levels are determined by the volume of spot trades or by whether the volume of futures trades satisfies the standard (Futures trading volume includes USDS-M futures and COIN-M futures).
• Earn 20% back on trading fees by referring friends.
• When paying through BNB tokens, Binance offers a discount of 25% on the trading fee.

 

4. Compare Phemex vs Binance: Account Creation Procedures

Account Creation Procedures Phemex 

• Opening an account on Phemex is a straightforward and easy process. You need a strong password and an email address because it’s a non-KYC exchange.
• For your Phemex trading account to be approved and for you to be able to begin trading, you must verify the accuracy of your email address. To receive the Phemex signup bonus, be sure to use the Invitation Code.

Please note the following terms and conditions in accordance with Phemex’s policy:

• Trial funds, trading bonuses, and cashback vouchers are just a few of the different ways from Phemex welcome bonuses that you can be received. The specific actions taken by the user determine the benefit that is actually received.
• The cashback of spot trading and contract trading fees is the only use currently permitted for the coupon rewards obtained by carrying out the aforementioned tasks. Within two hours of the transaction, the corresponding transaction fee will be returned as USDT to your spot wallet.
• The pre-deposit bonus is only available if you deposit cryptocurrency onto the blockchain or buy it with fiat using Phemex. Internal platform transfers are not included in the calculation. After registration, the bonus will be credited to your contract trading account within 7 to 14 working days. As soon as the new money is deposited, make sure to keep it in your contract account until the trading bonus is given out. Users of APIs for trading are not affected.
• Bonuses can be used to pay fees, close open positions, and cover losses. They can be used to pay for up to 50% of fees and losses before the user’s own funds have to be used. They can neither be directly transferred nor taken out of the trading account.All remaining bonuses will be deleted if you try to withdraw the bonus money straight from your trading account.
• To be eligible for rewards, tasks must be completed within 7 days of registration, with the exception of Learn & Earn Rewards, Simulated Trading Test Fund, and Referral Rewards. The reward must be claimed by the user within 7 days or it will be considered invalid.
• Mass account registration, profiting from market manipulation, self-trading, or laundering will all result in immediate disqualification.

Account Creation Procedures  Binance

• The process of opening an account on Binance is quick and easy since it is a non-KYC exchange. You must register separately on the Binance Futures platform in order to trade on Binance’s derivatives market.
• Your email address and password are required to register. You can begin trading on the Binance Future platform after receiving email confirmation of your email address.

Binance also has bonuses for opening an account, the rewards will change for each time, example of a bonus you can get: 

• Use the [Sign Up] button at the top right of this page to create a Binance account in order to be eligible for the $100 Affiliate Invited Welcome Offer. Otherwise, when setting up an account, you’ll have to manually enter the referral ID for your affiliate. Check the web address (URL) of this page and copy/paste the referrer ID that follows “ref=” to retrieve the correct referrer ID.
• Opening an account is quick and easy on both exchanges.

5. Compare Phemex vs Binance: Trading Platform

Trading in crypto derivatives products requires a trading platform that is reliable and responsive.

Phemex

Professional traders prefer Phemex for trading derivatives because it has a wide range of features, including advanced order types, sophisticated charting tools, an order book, a depth chart, recent trades, etc.

In addition to all of these features, Phemex provides a quick trading environment with 300,000 TPS processing capacity, orders executed in less than 1 millisecond, 30+ integrated liquidity providers, etc.

Binance

The stable trading volume and deep liquidity of Binance are well-known. All of the fundamental and sophisticated functionalities for trading derivatives are present on the trading platform. Its trading platform has a latency rate of less than 5 milliseconds and can process more than 1.4 million TPS. 

6. Compare Phemex vs Binance: Security Architecture

Phemex has a robust security structures in place to offer a safe and secure trading environment. It contains: 

• Secures funds using a hierarchical deterministic cold wallet system.
• Requires two-factor authentication for user login, withdrawal, and password modification; protects system infrastructure on the Amazon Web Services cloud.
• The security and disaster recovery system for trading engines guarantees 99.99% system availability.

Binance has a strong multi-tiered security structures for securing exchange infrastructure. In order to protect against losses from unanticipated occurrences like hacking or system failure, it uses two-factor authentication, a hybrid system of hot and cold wallets, and an insurance fund (SAFU).

7. Compare Phemex vs Binance: User Support:

Phemex has a large collection of articles, FAQs, and frequently asked questions (FAQs) about using the trading platform posted on its website. Additionally, the live chat function is accessible 24/7. Phemex also has active Telegram communities.

Binance has a virtual chatbot feature that aids you in resolving the platform’s most frequent problems. In addition, you can submit a support ticket by describing the problem in the online form on the website.

At this point, Phemex has an advantage over Binance thanks to its live chat feature.

8. Conclusion: Which Is Better, Binance or Phemex?

Each platform has a unique set of benefits and drawbacks. For instance, Binance excels in terms of product selection, leverage, trading environment, and accessibility. The lower fee structure, trading platform, security, and customer support are other areas where Phemex excels.

If we classify both exchanges according to utility and usability, Binance Futures is a suitable derivatives trading platform for institutions and professional traders. Phemex, however, is appropriate for both professionals and beginners.

Your trading preferences, platform accessibility in your area, and ease of use should all be taken into consideration when choosing an exchange platform. We hope that you get your exchange platform after reading this Compare Phemex vs Binance article.

Open Binance Account Open Phemex Account