It is not always easy to decide which trading platform to use for your crypto exchanges, even if you are an experienced trader.

The choice becomes even more complicated when choosing between two highly popular platforms like Phemex and Coinbase.

Introduction: Phemex vs. Coinbase

Phemex is a more recent entrant in the market as it only started its operations in 2019. It is a Singapore-based company but with traders from across the globe.

Despite being a new player, the company now has more than 1 million users. Their platform supports 7 other languages besides English, including Chinese, French, and Spanish.

Phemex Offer: Get upto 50x leverage & Upto $100 in bonuses using this link to sign up.

Coinbase is among the oldest crypto exchanges in the world as it has been in business since 2012.

This American company is among the top 10 platforms globally, and its 24-hour training volumes typically exceed $2 billion. Like Phemex, it has millions of users from more than 100 countries.

Coinbase Offer: Get $10 in free Bitcoin when you buy or sell $100 or more in crypto using this link to sign up.

Phemex vs. Coinbase: Product Offerings

If you already have a specific product you prefer to trade on, it is always easier to choose an ideal platform. But, most traders will often trade in more than one product. When it comes to product offerings, Phemex gives you relatively more options than Coinbase and you can sign-up on the exchange using this Phemex invite code.

With Phemex, you get contract and spot trading. You can also trade crypto with leverage, and hence you do not have to buy and sell coins to make money. Additionally, Phemex also provides simulated trading to give new traders a platform for learning with no risk.

Coinbase accommodates spot trading only but allows you to trade almost every other cryptocurrency out there as they have a catalog of more than 50 coins.

There are more than 40 cryptocurrencies that trade for bitcoins and at least 7 that can trade for Ethereum. Additionally, 11 currencies can trade for their stablecoin, which is always equal to $1.

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Phemex vs. Coinbase Trading Fees

Both Phemex and Coinbase offer relatively fair trading fees on their platform, which every trader will appreciate. However, Phemex trading fees for both spot and derivatives trading tend to be lower than what you pay at Coinbase.

For the trading fees, Phemex will not charge any spot trade fees for the traders using the trial premium and full premium accounts. However, if you use a standard version, you must pay a 0.1% transaction fee for takers and makers. Also, API traders are subject to the 0.1% transaction fee.

Phemex employs the industry-standard trading fees for contract trading. They charge a 0.025% maker fee, while the taker fee is 0.075%. Although there are platforms that offer lower fees than these, this is what you should expect to pay for a majority of reputable exchanges.

Coinbase does not have a derivatives market, and hence you can only compare their spot trading fees to what Phemex offers. The exchange charges a spread of 0.5% for crypto purchases and sales. However, the spread sometimes goes higher or lower as it changes with market fluctuations.

Besides the 0.5% spread, there is also a Coinbase fee. This fee depends on the product feature, payment type, and the trader’s region.

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Phemex vs. Coinbase Deposit & Withdrawal Fees

Most exchanges try not to charge any deposit fees and keep the withdrawal fees as low as possible. While this is also true with Phemex and Coinbase, there are still some minor fees that traders have to part with when withdrawing or depositing, which you need to know.

Overall, Phemex will not charge any fees for deposits. But, this does not exempt traders from the fees charged by the channels they use to make the deposits, such as banks or online payment services like PayPal. There are also no withdrawal fees on the Phemex platform. However, there is a minimum network fee of 0.0005 BTC that originates from the blockchain load.

When you want to convert and withdraw your crypto in fiat, Coinbase will charge you a 1% fee. There is also a network charge besides this 1%.  However, the other withdrawal and deposit fees on the platform largely depend on where you are and also the channels you are using for the transaction.

For US residents, Coinbase charges a 4% base rate for all transactions. Instant card withdrawals have a 1.5% charge for all transactions, with the minimum charge set at $0.55. PayPal deposits attract a 2.5% charge, while a Coinbase USD wallet has a 1.49% charge.

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Phemex vs. Coinbase Trading Platform Comparison

Phemex and Coinbase are user-friendly trading platforms that are a breeze to navigate, even for beginner traders. However, they differ in certain aspects, like the trading tools and user interface.

Although the Phemex page can challenge some people’s eyes given the striking white background, the user interface is straightforward and highly intuitive. Given the company’s policy of focusing more on user-oriented approaches, they provide a modular design for the trading tools and charts.

Phemex allows traders to choose from several languages and provides an unlimited number of indicators per chart. There is also a demo-trading option, and users get to adjust the platform to suit their preferences. What’s more, the platform is powered by two core components: the CrossEngine and trading Engine.

Coinbase provides a simple and easy-to-navigate interface that includes a search bar to ensure traders have an easy time sifting through the many crypto offerings. You can access the platform through iOS and Android devices, but it does not provide downloadable trading software.

When you log in to your Coinbase account, you see your portfolio balance and performance immediately. There is a banner above the portfolio with a button for buying crypto, and it also allows you to convert or sell your cryptos. The option to send or receive on the top right of the screen also comes in handy when trading.

Phemex vs. Coinbase Account Opening Process

Like most other top crypto exchange platforms, creating an account on Phemex and Coinbase is relatively straightforward. Both processes involve a few steps, and you should finish them in just a few minutes.

How to Open Phemex Account

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How to Open Coinbase Account

  • Click here & enter your name and email and create a password
  • Verify your email address by clicking a link provides on your email
  • Next, please enter a phone number to receive the verification code and then enter it
  • Later on, Coinbase will send 2-step verification codes to your phone
  • Enter and prove your identity just like a bank account
  • Now you can add bank details or credit/debit cards to make deposits and start trading

Phemex vs. Coinbase Customer Support

Customer support has a massive effect on your experience with any trading platform. With Phemex, you get 24/7 live support in various languages to ensure you get served in a language you understand best. What’s more, you can even get the CEO on Twitter and Telegram.

Coinbase does not provide 24/7 live support like Phemex, but they have a live chat operating during US working hours. Additionally, they provide one of the best email response systems, and they always answer customer emails within 24 hours, which is as good as it gets with most exchanges.

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Phemex vs. Coinbase Security Features

Given how serious hacking can be for crypto trading platforms, any platform you choose needs effective mechanisms to ensure you have a secure place to trade your currencies.

Phemex provides one of the strongest wallet securities out there as they have cold wallet storage, and any transfer needs 2-level scrutiny by a person using an offline signature. Their system uses PCI scanning and SSL technology for even better security.

Coinbase has several security measures for the traders, such as 2-step verification and biometric fingerprint login. Better still, the company has an insurance policy to protect trader funds in case there is a breach in their system. At least 98% of trader funds are in offline cold storage to provide an extra layer of protection.

Conclusion

Regardless of what you choose between Phemex and Coinbase, you can be sure you will have an easy-to-use and secure enough platform for trading cryptocurrency.

But the main difference between the two is that Phemex allows for both derivatives and spot trading, while Coinbase has a spot trading market only. Hence, for traders more into derivatives exchange, the choice between these two should be obvious.

When comparing the two exchanges, one more thing to remember is that Phemex is not available in the USA because of regulatory issues. Hence it might not be the best choice for US-based traders.

Here is How Phemex and Coinbase Pro Compares To Other Crypto Exchanges

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