Phemex vs BitMEX (2024): Which Is Better ?

There are several reliable crypto exchanges in the crypto space that guarantee easy trading and many profitable products. Phemex and BitMEX are two of the most popular ones, and although the names might sound a little similar, they are distinct companies.

BitMEX is the older of the two companies as it has been in operation since 2014. The Seychelles-based exchange has emerged as one of the most reputable crypto derivatives exchanges, and currently, thousands of traders use the platform daily.

Phemex is a more recent entrant as it only went live in 2019. However, it is a fast-growing company with already one of the largest daily trading volumes in the market and over 2 million registered users.

Here is a side-by-side comparison of the two companies to help you decide which one will work best for you.

Phemex vs BitMEX: Crypto Derivatives Product Offerings & Leverage

Both Phemex and BitMEX support crypto derivatives trading to give traders more options for making money from their digital assets. However, their product offering and leverage differ.

Phemex

Phemex allows you to open leveraged positions with a maximum leverage of 100x. The exchange enables traders to buy and sell USD-M and Coin-M perpetual contracts, and they can choose from over 40 different contracts, including BTC/USD and ETH/USD.

Additionally, the Phemex exchange allows traders to trade GOLD/USD futures contracts with up to 100x leverage.

BitMEX

BitMEX supports leveraged trading for both their spot and crypto derivatives markets. The exchange allows traders to open leveraged positions for various digital assets, including ETH, LTC and ETH. The maximum leverage is 100x, but the actual margin you can use will depend on the specific asset you are trading.

The BitMEX exchange allows traders to buy and sell crypto derivatives like perpetual and futures on several digital assets. Futures contracts on the platform can be settled on either cash or crypto.

Phemex vs BitMEX: Trading Fees

Phemex and BitMEX keep their trading fees lower than the market average to make their platforms user-friendly. The actual costs you pay will often depend on whether you are trading on the spot market or buying and selling crypto derivatives.

Phemex

Besides the market you are trading in, the Phemex exchange fees will depend on whether you are a standard or a premium user that pays a monthly or annual subscription fee.

Standard users will pay a 0.1% fee for each transaction they make on the spot market. Premium traders on the spot market and those on the premium package trial will not pay any transaction fee whether buying or selling.

Phemex uses the maker-taker model for their crypto derivatives market. They charge a flat rate fee where market takers pay 0.075% for each transaction, and market makers get a 0.025% rebate.

BitMEX

BitMEX uses a maker-taker fee structure that rewards market makers for adding liquidity to their books and discourages liquidity takers.

The exchange will give market makers a 0.01% rebate and charge market taker 0.05%, which is a lower fee than what many other exchanges charge.

Traders also need to note that there is also a long/short funding fee for perpetual contracts, which differs among the different trading pairs.

BitMEX provides a complete fee schedule for all the fees, so they should be easy to understand.

Phemex vs BitMEX: Deposit & Withdrawal Fees

Trading fees can significantly eat up your profits if you trade a lot. However, deposit and withdrawal fees can also be significant, and hence the need to keep them in mind when choosing between these two exchanges.

Phemex

Phemex allows you to fund your account using different crypto assets by sending them from an external wallet. The exchange will not charge you any fees for these deposits, but you should expect to incur some costs when using third-party apps.

The exchange allows you to fund your account through various channels, including direct bank transfer, SEPA, and PayID. Most of these channels will charge a small commission.

You will typically only need to pay the network fee when withdrawing from the platform, and so the costs depend on the specific asset you are drawing. For example, a BTC withdrawal costs 0.00057 BTC, while the fee for withdrawing ETH is 0.0036 ETH.

BitMEX

BitMEX does not charge fees when depositing to your wallet, so it will not cost you anything to send crypto from an external wallet to BitMEX. However, you should expect to pay a small commission if you fund your account using third-party apps that send crypto to your wallet.

There are also withdrawals fees when drawing crypto from your BitMEX wallet. However, you still need to pay the network fee, and the amount will depend on the specific asset you are withdrawing.

Phemex vs BitMEX: Trading Platform Comparison

Any exchange you choose should have a good trading platform that will make it easier for you to plan and execute profitable orders. Remember that what you have on the trading platform determines how easy it will be for you to read the market and develop good trading strategies.

Phemex

The Phemex trading interface is one of the most intuitive among all crypto exchanges that are currently live. Besides ease of use, the exchange caters to all kinds of traders out there as it is fully customizable by adjusting the panels to suit your specific preferences.

Additionally, the platform has a minimalist design that is easier on the eye to eliminate distractions when trading. Moreover, it has a TradingView charting system that gives traders access to various indicators, multiple time frames, and chart types like candlesticks.

Phemex users also get at least 3 order types: limit, market, and conditionals orders.

BitMEX

Although the BitMEX trading platform is not as intuitive as what you get from Phemex, it is still robust enough to ensure traders get a good trading experience.

The platform is meant for more specialized trading and will include two tools to support this: Ninja and Sierra. And like Phemex, they also use TradingView to give traders access to various indicators and charts.

You can also use most order types on BitMEX, including limit, market, and stop orders. There are also some advanced order types like post-only and close-on trigger orders.

Phemex vs BitMEX: Account Opening Process

It should not take a lot of effort and time to create an account on a crypto exchange, as most make the process straightforward. Here is an overview of setting up an account on Phemex and BitMEX.

Phemex

Phemex is a non-KYC crypto exchange, making signing up even easier as you can start trading immediately without proving your identity. However, doing KYC verification still has many advantages on the platform, such as a higher withdrawal limit and eligibility for premium membership.

• How to open a Phemex account
• Click “Register Now” on the Phemex home page phemex.com
• Enter your email and create a password
• Enter the invitation code if you have one
• Verify your email by entering the code you receive
• Start trading!

BitMEX

BitMEX is a KYC exchange, meaning you cannot start trading before verifying your account. KYC on the platform is not tiered like in other platforms. Therefore, once you do verification, there will be no limitations for your account, and you can deposit or withdraw the maximum the platform allows.

How to open a BitMEX account

• Go to bitmex.com and click “Register” at the top right corner
• Enter your email and password
• Agree to terms and privacy note
• Click “Register”
• Confirm your email
• Start trading!

Phemex vs BitMEX: Customer Support

Even if the platform you are using offers the best services and has an excellent trading interface, at some point, you might still get issues with your account. You will want a platform with a good customer support system to help you out when this happens.

• Phemex

Phemex offers customers support in multiple languages round the clock. They allow traders to engage them through live chat and have an email ticketing system to help with more comprehensive issues. The exchange also has a good presence across all social media platforms.

• BitMEX

BitMEX also offers support round the clock, and it is also available in multiple languages. Unlike Phemex, they do not have a live chat, so you can only reach them via email or social media handles.

Comparing Phemex with other crypto exchanges:

Bybit vs. Phemex

Kraken vs. Phemex

Phemex vs BitMEX: Security Features

Security should be a primary concern when choosing a crypto exchange platform. Therefore, it is essential to consider the security features for both Phemex and BitMEX before deciding on which to use.

• Phemex

Phemex has never lost a single coin to hackers, which is a good indication they are serious about security. The exchange uses security protocols and systems like 2FA, AWS engine, IP and wallet address whitelisting, and advanced SSL encryption.

• BitMEX

BitMEX is a highly secure platform that has never been hacked despite being around for over 5 years. The exchange uses a combination of security features to secure both trader accounts and their platform. They include secure multi-party computation, manual auditing of each withdrawal, 2FA, and IP whitelisting.

Conclusion

Phemex and BitMEX cater to both spot and crypto derivatives traders. Also, both companies have relatively low trading fees compared to the industry average. However, Phemex seems to have a slight edge over BitMEX and will be a better option for most traders.

Phemex is a non-KYC platform that allows for completely anonymous trading, offers excellent customer support, including live chat, and also has a highly secure platform that has never been hacked. Also, the exchange has a more powerful trading platform that is fully customizable to suit different preferences.