MEXC and Phemex are two of the trending cryptocurrency exchanges.
Both these exchanges are quite similar in nature and offer you a great trading experience. However, the question is, which one should you choose, MEXC vs Phemex?
Well, even though both exchanges may look similar, there are some key differences. Hence to help you choose the right crypto exchange, I have compared both of them at various factors.
So let’s go ahead and have a quick look at the comparison:
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MEXC vs Phemex: At A Glance Comparison
MEXC is one of the popular cryptocurrency exchanges.
MEXC stands for Mercantile Exchange, and it was founded in the year of 2018. The exchange is based in Singapore, and it is known for offering you spot, margin and futures trading features.
MEXC is widely popular because of its nature of listing new and trending tokens.
Along with that, the exchange also offers you tons of other crypto features, such as copy trading and demo trading.
Phemex is also a popular crypto derivatives exchange out there founded back in 2019. Within a short period of time, it has become a global name and serves millions of users worldwide.
The exchange was founded by a group of experienced Wall Street traders and developers to provide crypto traders with a secure platform to trade.
With Phemex, you can trade in spot and derivatives markets. Plus, it offers you other features like copy trading, Phemex earns, etc. Also, you can use this Phemex invitation code to get welcome bonus.
MEXC vs Phemex: Trading Markets, Products & Leverage Offered
Let’s start this comparison by looking at the trading markets and their leverage:
MEXC
- Spot Trading
- Leveraged ETFs with 3x and 5x leverage
- Perpetual futures contracts with up to 200x leverage
- Copy Trading
- Demo Trading
- P2P Trading
Phemex
- Spot market.
- Margin trading with Cross (up to 5x leverage)
- USD-M & Coin-M perpetual contracts (up to 100x leverage)
- Copy Trade
- P2P Trading
Verdict: Both exchanges give a neck-to-neck competition in terms of supported trading markets. But MEXC wins the race with a slight margin. As the exchange offers you up to 200x leverage for futures trading.
MEXC vs Phemex: Supported Cryptocurrencies
MEXC
MEXC is known for listing new crypto tokens before any other crypto exchanges.
On the exchange, you would find more than 1,600 listed cryptocurrencies and other digital assets.
Also, MEXC adds new crypto tokens from time to time. So you can use the exchange to invest or trade new coins. Some of the listed tokens are:
- MX
- PEPE
- BTC
- EOS
- SOL
- TRX
Phemex
Phemex is also not lacking behind when it comes to supported cryptocurrencies. The exchange has over 350+ crypto tokens listed.
You would find a combination of new tokens along with veteran crypto tokens. Also, just like MEXC, Phemex adds new crypto tokens from time to time. Some of the available tokens are:
- BTC
- SUI
- USDC
- USDT
- ETH
- SOL
Verdict: MEXC stands out as the clear winner as the exchange supports more than 1600+ digital assets.
MEXC vs Phemex: Trading Fee & Deposit/Withdrawal Fee Compared
MEXC Spot Trading Fees
MEXC is known for offering one of the lowest trading fees in the market. However, unlike other crypto futures trading platforms, it doesn’t follow a tiered fee structure. Instead, it charges you a flat trading fee for a spot. As of today, there are zero fees when it comes to trading in the spot market.
- Maker Fees: 0.000%
- Taker Fees: 0.000%
MEXC Futures Trading Fees
The same goes for futures trading too. It charges you a flat trading fee. Also, the maker fee is absolutely zero. Additionally, you are also getting MX (MEXC’s native token) deduction of 10% on your trading fees.
So the overall fee stands at:
- Maker Fees: 0.000%
- Taker Fees: 0.020%
MEXC Deposits & Withdrawal Fees
Talking about deposits and withdrawal fees, fiat deposits or withdrawals via Credit/Debit card, bank transfer, or payment methods like ACH, SEPA, etc, will attract transaction fees.
If you are depositing crypto from another wallet or exchange, there are no fees. But the withdrawal of crypto funds out of MEXC will carry a withdrawal fee. Along with that, you need to the minimum withdrawal amount.
Furthermore, if you are depositing/withdrawing funds using P2P Trading, then there are zero fees.
Phemex Spot Trading Fee
Phemex follows a tiered fee structure with a maker/taker model.
However, the tier is a little complicated as it is based on two factors – last 1-day average hourly balance & 30 days trading volume. If you do meet both conditions, you will enjoy a trading discount based on your tier. However, the regular trading fee stands at:
- Maker Fee: 0.1000%
- Taker Fee: 0.1000%
Phemex Contracts Trading Fee
Phemex follows the same tiered fee structure for contract trading. But this time, the tier is based on your 30 days trading volume. And the regular trading fee stands at:
- Maker Fee: 0.0100%
- Taker Fee: 0.0600%
Phemex Deposit & Withdrawal Fees
Coming to deposits and withdrawals, fiat deposits through payment processors through Simplex, Moonpay, and others will be subjected to transaction fees.
If you are depositing crypto on the exchange, there are no fees. But for crypto token withdrawals, you need to pay a withdrawal fee. The withdrawal fee varies from one crypto token to another one.
Finally, if you are depositing/withdrawing funds using P2P trading, then there are no charges.
Verdict: MEXC again stands out as the clear winner. The exchange doesn’t charge you any fees for spot trading. Also, it has minimal fees for futures trading and offers you additional 10% tokens on MX tokens.
MEXC vs Phemex: Order Types
MEXC
- Limit
- Market
- Trigger
- Trailing Stop
- Post Only
Phemex
- Limit
- Market
- Limit Conditional
- Market Conditional
Verdict: In terms of order types, there isn’t much difference between the two. Hence, I am calling it a tie.
MEXC vs Phemex: KYC Requirements & KYC Limits
MEXC
On MEXC, you are required to complete KYC to deposit/withdraw funds or place any trades.
Without verifying your account, you are not allowed to access any of the available features. Also, MEXC has different levels of KYC, which will enhance your daily withdrawal limits.
KYC Limits
MEXC has two different levels of KYC, these are:
- Primary KYC: Increases your 24-hour withdrawal limit to 80 BTC.
- Advanced KYC: Increases your 24-hour withdrawal limit to 200 BTC.
Phemex
With Phemex, you are not required to complete your KYC as it is a non-KYC cryptocurrency exchange.
With just the basic verification, you can get unlimited crypto deposits and trading.
But it has a daily withdrawal limit of $50,00K. But you can enhance your withdrawal limit and access other features by completing your KYC.
KYC Limits
Phemex has two levels of KYC. These are:
- Basic Verification: Offers you unlimited crypto deposits and trading with a daily withdrawal limit of $1.00M.
- Advanced Verification: Offers you unlimited crypto deposits, P2P trading, and crypto trading with a $2.00M daily crypto withdrawal. Also, you get access to Launchpad/Launchpool/More bonuses.
Verdict: Phemex stands out as the clear winner. As the exchange can be used without completing KYC. So if you are looking for an anonymous trading experience, Phemex is the option to go with.
MEXC vs Phemex: Deposits & Withdrawal Options
MEXC
- Method 1: Buy crypto using a debit/credit card or third-party payment options like Banxa, Mercuryo, Moonpay, or Simplex.
- Method 2: Deposit/Withdraw via global bank transfers like SEPA/FPS.
- Method 3: Transfer crypto tokens from other wallets/exchanges.
- Method 4: Deposit/Withdraw funds using P2P Trading.
Phemex
- Method 1: Deposit/withdraw crypto using payment methods like SWIFT, SEPA, ACH, FPS, and Credit/Debit card purchases.
- Method 2: Transfer crypto tokens from other wallets/exchanges.
- Method 3: Deposit/Withdraw funds using P2P Trading.
Verdict: Once again, it is a tie between the two. As there is hardly any differences in terms of supported deposit/withdrawal methods.
MEXC vs Phemex: Trading & Platform Experience Comparison
When it comes to the overall trading experience, there are hardly any differences between the two. Both exchanges have similar features which are:
MEXC
- Technical chart by TradingView
- Order book
- Multiple order types
- Easy-to-use order form
- Trading pair details
- Open orders, Open positions, Position history, order history, capital flow, and wallet
- Mobile app
Phemex
- Technical chart powered by TradingView
- Multiple order types
- Easy-to-use order form
- Order book and recent trades
- Open & closed positions, active orders, and conditional orders
- Order history
To know more about the exchange, you can check this guide on how to short Bitcoin on Phemex.
Verdict: As there are not many differences when it comes to the overall trading experience offered by MEXC and Phemex, it is again a tie.
MEXC vs Phemex: Customer Support
MEXC
MEXC offers you support in multiple ways.
It has a live chat window that will connect you with a support agent instantly. Alternatively, you can also raise a support ticket and get help over email.
Along with that, it also has Telegram channels in different languages. So you can help from your in your own language and solve your queries faster.
Phemex
Phemex offers various ways to reach out to its support team. Their live chat feature allows you to quickly connect with a support agent or access helpful guides.
Alternatively, you can contact their support team through email. Additionally, Phemex provides a Telegram channel where you can ask questions and get help from other traders.
Verdict: It is again a tie between MEXC and Phemex. Both exchanges stand at an equal position when it comes to offering customer support.
MEXC vs Phemex: Security Features
MEXC
- Two-factor Authentication
- Anti phishing code
- Device management
- Withdrawal Whitelist
- Freeze Account
Phemex
- Two-factor Authentication
- Anti phishing code
- Device management
Verdict: MEXC wins the race by a slight margin. As it offers you a few extra security features compared to Phemex.
Is MEXC Safe & Legal To Use?
MEXC is a secure platform for trading cryptocurrencies.
The company is registered in Seychelles. Plus, it has implanted various security features and measures to ensure users’ safety.
The exchange also uses cold storage to store the majority of the user’s funds to protect their funds. Also, it offers several security features to its users, like 2FA, Anti-phishing code, device management, and more.
Is Phemex Safe & Legal To Use?
Phemex is one of the safest platforms to trade crypto derivatives.
The exchange is registered in the British Virgin Islands, and it complies with all the rules and regulations of the region.
It is also in compliance with anti-money laundering and counter-terrorism financing laws and regulations. Along with that, it has implemented several security features to protect its user’s data and funds.
MEXC vs Phemex Conclusion: Why not use both?
It is a close match between MEXC and Phemex, and the result of this comparison would be a tie. Since there are not many differences can be found between these two exchanges.
With MEXC, you are getting higher leverage and almost zero trading fees.
On the other side, Phemex also has cheaper trading fees and offers you an anonymous trading experience.
So go ahead and check these two exchanges out and see which one meets your trading requirements.
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