Pemex and BitMart are giving head-to-head competition to each other at various factors.
Both exchanges have similar features and other markets. Hence for any newbie traders, it can be confusing to choose between Phemex vs BitMart.
But not to worry, as in this article, I have compared the exchanges at several factors like product offerings, trading fees, security, etc.
So it will be super easy to understand the differences and choose one exchange between the two. Now let’s head to the comparison right away:
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Phemex vs BitMart: At A Glance Comparison
Phemex has quickly become one of the popular cryptocurrency derivatives trading exchanges. The exchange was founded in 2019, and it is known for offering a wide range of services and market types.
You can use Phemex to trade in the spot or futures market. Along with that, it also offers you several other crypto features like copy trading, Phemex Earn, and so on.
The exchange is also known for having one of the lowest trading fees in the industry, and it is used by millions of users worldwide. Also, you can get welcome deposit bonus by using Phemex invitation code.
BitMart is one of the leading crypto exchanges out there. The exchange was founded back in 2017. The exchange allows you to trade in a wide range of assets and different markets.
You can use BitMart to trade in markets like spot, margin and futures. As well as it offers you several other features like copy trading, staking, crypto earn, and more.
Phemex vs BitMart: Trading Markets, Products & Leverage Offered
When it comes to product offerings and trading markets, both exchanges are quite similar, with a few differences. And here is how both the exchanges compare:
Phemex
- Spot Trading
- Margin trading with Cross leverages up to 5x
- USDT-M perpetual contracts with up to 100x leverage
- USD-M perpetual contracts with up to 100x leverage
- Coin-M perpetual contracts with up to 100x leverage
- P2P Trading
- Copy Trading
BitMart
- Spot Trading
- Margin Trading with up to 5x leverage
- USD-M perpetual contracts with up to 100x leverage
- Coin-M perpetual contracts with up to 100x leverage
- Copy Trading
Verdict: Phemex wins the race with a slight margin. As it offers you P2P trading and allows you to use USD as collateral for futures trading apart from USDT. On the other side, BitMart only allows you to trade futures with USDT.
Phemex vs BitMart: Supported Cryptocurrencies
Phemex
On Phemex, you will find more than 350+ different cryptocurrencies. It has a mix of all the popular tokens and many new and unique tokens. Some of the listed tokens are:
- BTC
- BNB
- XRP
- USDT
- DOGE
- MATIC
BitMart
BitMart supports 1000+ trading pairs. Also, the exchange adds new tokens to the platform from time to time. Some of the listed tokens are:
- BTC
- ETH
- BUSD
- ADA
- BNB
- AVAX
Verdict: Bitmart is the winner of this section, as you can find more than 1000+ cryptocurrencies on the platform.
Phemex vs BitMart: Trading Fee & Deposit/Withdrawal Fee Compared
Phemex Spot Trading Fee
Just like most crypto exchanges, Phemex also follows a tiered fee structure with the standard maker & taker fee model. Your tier is based on your last 30 days’ trading volume. However, it doesn’t offer you any additional discounts for holding any tokens. So the regular trading fee stands at:
- Maker Fee: 0.01000%
- Taker Fee: 0.01000%
Phemex Futures Trading Fee
Phemex also has the same tiered fee structure for contract trading. And the regular trading fee or VIP0 trading fee stands at:
- Maker Fee: 0.100%
- Maker Fee: 0.600%
Phemex Deposit & Withdrawal Fees
If we talk about fiat deposits and withdrawals on the exchange, it will be subjected to a transaction fee depending on what payment method you select.
On the other side, if we talk about crypto deposits, then there are no charges.
However, for crypto withdrawals, you would be charged with a certain fee. The withdrawal fee varies from one currency to another and various other factors.
However, if you want to enjoy free deposits and withdrawals, then Phemex does offer you P2P trading.
BitMart Spot Trading Fee
BitMart spot trading fees can be a bit confusing to understand at first as it has two different tier models.
The first one is the Standard users – in this, you are required to meet a certain BMX holding balance and your 30 days trading volume to be eligible for a tier. But you get a 25% discount if you pay your fees using BMX.
The second one is Professional users, which is based on your 30 days trading volume. And here is what these two fee models charge the level 1 trader:
| Tier | Maker Fees | Taker Fees | Maker Fees (25% Discount) | Taker Fees (25% Discount) |
| Standard Users | 0.1000% | 0.1000% | 0.0750% | 0.0750% |
| Professional Users | 0.0200% | 0.0300% | – | – |
BitMart Futures Trading Fee
For futures trading, it charges you a flat rate for both standard users, level 1 to level 9, and Pro-1 to Pro-6. Also, it doesn’t offer you any additional discounts. So the regular fee stands at:
- Maker Fees: 0.200%
- Taker Fees: 0.0600%
BitMart Deposits & Withdrawal Fees
BitMart allows you to deposit and withdraw funds using various payment gateways. Each of these payment gateways charges you a different transaction fee for fiat deposits and withdrawals.
Alternatively, you can also deposit and withdraw cryptocurrencies. But both of them would incur certain fees. However, for most crypto tokens, there are no deposit fees.
On the other side, the withdrawal fees differ from one token to another and depend on quite a lot of factors.
Also, there is no P2P Trading available on BitMart. So you cannot escape deposit and withdrawal fees.
Verdict: Overall, Phemex has the cheapest trading fee and a straightforward fee model. Also, you have the option to deposit and withdraw funds at zero cost, unlike BitMart.
Phemex vs BitMart: Order Types
Phemex
- Limit
- Market
- Limit Conditional
- Market Conditional
BitMart
- Limit
- Market
- Trigger
- Market Only
- Trailing Stop
Verdict: BitMart supports an extended list of order types – hence it is the winner of this section.
Phemex vs BitMart: KYC Requirements & KYC Limits
Phemex
Phemex doesn’t require you to complete identity verification to start trading.
You can trade at a basic level without completing KYC. With just email verification, it offers you a crypto withdrawal limit of $50.00K daily, along with unlimited crypto deposit and trading.
KYC Limits
Talking about Phemex KYC limits, it has two different KYC levels. These are:
- Basic Verification: A daily crypto withdrawal limit of $1.00M along with unlimited crypto deposit and trading.
- Advanced Verification: A daily crypto withdrawal limit of $2.00M along with unlimited P2P trading & unlimited crypto deposit/trading.
BitMart
BitMart also doesn’t require you to complete your identity verification.
However, if you don’t verify your account, you wouldn’t be able to access certain features on the platform, such as Margin trading, earning, launchpad, or vote listing. Also, it has a daily withdrawal limit of 0.06 BTC daily.
But if you verify your account, you will enjoy a daily withdrawal limit of 100 BTC and uninterrupted access to spot, margin, and futures trading, along with other features.
Verdict: Although both exchanges don’t require you to complete KYC. But Phemex is still a better choice because of its straightforward KYC process and rules.
Phemex vs BitMart: Deposits & Withdrawal Options
Phemex
- Method 1: You can deposit and withdraw funds using payment methods like SWIFT, ACH, SEPA, Simplex, Moonpay etc.
- Method 2: Use P2P trading to deposit or withdraw funds at zero cost.
- Method 3: Deposit/Withdraw crypto from another crypto wallet or exchange.
BitMart
- Method 1: Deposit or withdraw fiat using third-party payment gateways like BANXA, Simplex, MoonPay, or Legend Trading.
- Method 2: Deposit/Withdraw crypto from another crypto wallet or exchange.
Verdict: Phemex is the winner as it offers more ways to deposit/withdraw funds, especially P2P trading.
Phemex vs BitMart: Trading & Platform Experience Comparison
In terms of the overall trading experience, both exchanges stands at an equal position.
With both exchanges, you are getting advanced charts, multiple trading pairs, setting to adjust leverage and more. However, here is a quick look at the features offered by both exchanges:
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 how to place long and short Bitcoin orders on Phemex.
BitMart
- Technical chart powered by TradingView
- Trading pair details
- Order book
- Easy-to-use order form
- Current position, open orders, order history, trade history & funding fee
Verdict: It is a tie between Phemex and BitMart, as there are hardly any differences.
Phemex vs BitMart: Customer Support
Phemex
Reaching out to Phemex for help is super easy and straightforward.
They offer their help through live chat. Plus, they have a quick response time. Along with that, you can also use the live chat to access different help guides.
Furthermore, Phemex also offers you help through email. Or you can join their Telegram channel to connect with other fellow traders to get help and support.
BitMart
BitMart offers you its support in a similar manner. You can contact them via its live chat option, and it will instantly connect you with a support agent. Alternatively, you can also raise a support ticket to get help over email.
Verdict: Phemex offers you more ways to get help. Also, the support is much more convenient to reach out to compared to BitMart. Hence, it wins the section without any doubt.
Phemex vs BitMart: Security Features
Phemex
- Two Factor Authentication
- Anti-phishing code
- Device management
BitMart
- Two Factor Authentication
- Anti-phishing code
- Device management
Verdict: Both trading platforms offer similar order types. Hence it is again a tie between BitMart and Phemex.
Is Phemex Safe & Legal To Use?
Phemex is a safe and legal platform to trade or invest in crypto. The exchange takes several measures to protect its users’ funds and personal information.
Plus, it uses cold storage to protect user funds and offers several other security features to the users.
Along with that, Phemex is also compiled with various international regulations and holds a license from the Monetary Authority of Singapore.
Is BitMart Safe & Legal To Use?
BitMart is one of the legal and safe crypto trading platforms. The exchange is registered with Financial Crimes Enforcement Network (FinCEN) in the United States.
Plus, it compiles with various regulations all around the globe. Along with that, it also has implemented various security features to protect users’ funds and data.
Also, users are getting access to different security features like device management, two-factor authentication, etc.
Phemex vs BitMart: Why not use both?
It was a close match between Phemex and BitMart – as at many factors, there are hardly any differences between the two.
But still, Phemex emerges as a better choice and the winner of this comparison.
The exchange is well-regulated and offers you several trading features and trading markets. Also, it offers you deep liquidity, which will help you trade effectively.
But BitMart cannot be ignored as well. The exchange is also well regulated, offers you access to multiple markets, and requires no KYC.
So go ahead and check both crypto leverage trading platforms individually and see which one meets your trading requirements.
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Check out how Phemex & BitMart compete with other crypto exchanges:
- Phemex vs Binance
- Phemex vs KuCoin
- Phemex vs Kraken
- Phemex vs ByBit
- BitMart vs Binance
- BitMart vs ByBit
