Are you confused between Phemex vs Robinhood? Both of these platforms are two popular choices when it comes to crypto investing or trading.
On one side, Phemex is a full-fledged crypto trading platform; on the other side, Robinhood is a platform that makes investing easy across securities.
Both of these platforms share a lot of things in common, but there are a few differences that sets them apart. Hence choosing between Phemex or Robinhood can be really confusing.
But not to worry, I have drawn out a comparison between both exchanges.
So go ahead and check it out:
Phemex vs Robinhood: At A Glance Comparison
Phemex is relatively a name in the derivatives exchange. The exchange has been operating since 2019. The exchange is known for offering a wide range of market types and other features to crypto investors and traders.
You can use Phemex to trade in markets like spot or futures. Or you can use it for advanced trading features such as copy trading, Phemex Earn, and so on. To sign up on the exchange, you can use our Phemex invitation code to enjoy $100 welcome deposit bonus.
Robinhood is a regaled broker that provides investment solutions to its users. Using the platform, one can invest and trade in securities like stocks, cryptocurrencies, ETFs, and options.
The exchange is currently available in the USA only and claims to be a commission-free trading platform that lets you buy and sell crypto with zero fees.
Phemex vs Robinhood: Trading Markets, Products & Leverage Offered
Both exchanges are quite different when it comes to trading markets, products, and leverage offerings.
Talking about Phemex is a full-fledged crypto trading app. As a result, it offers you all the features you need to trade and invest in crypto effectively.
Product Offerings By Phemex
- Spot market
- Margin trading with Cross leverages up to 5x
- USD-M perpetual contracts with up to 100x leverage
- Coin-M perpetual contracts with up to 100x leverage
Want to start trading on Phemex? Know how to leverage trade on Phemex
Product Offerings By Robinhood
Talking about Robinhood’s crypto-centric features, the options are limited. You can only buy or sell crypto assets on the exchange.
There are no derivatives contracts available on the exchange. Or you get access to leverage for spot trading.
Verdict: As Phemex has more offerings compared to Robinhood, it is a clear Winner.
Phemex vs Robinhood: Supported Cryptocurrencies
Phemex supports 356 different crypto tokens with a mix of both majorly traded and unique coins. Also, new coins keep getting added to the exchange from time to time. Some of the popular crypto tokens that can be found on the exchange are:
Robinhood doesn’t have a huge list of supported tokens. Instead, it allows you to trade in 18 different crypto tokens. These tokens include
Verdict: As Phemex supports more tokens, you can invest or trade different tokens. Hence, Phemex wins this section clearly.
Phemex vs Robinhood: Trading Fee & Deposit/Withdrawal Fee Compared
Both platforms have their own way of charging you a trading fee.
Phemex, on the one side, has a tiered fee structure that follows a maker/taker fee model. Robinhood, on the other side, doesn’t have any tier or a maker/taker fee model.
Phemex Spot Trading Fee
The standard Phemex spot trading fee is 0.1% for both maker and the taker. However, they do have a VIP program with different tiers. The tier is decided by your 30-day trading volume. So the more you trade, the less you would pay as the trading fee.
- Maker Fee: 0.01%
- Taker Fee: 0.06%
Phemex Contracts Trading Fee
The standard futures contracts trading fee stands at a 0.01% maker fee and a 0.06% taker fee. However, you can get a huge discount on trading fees if you become eligible for the VIP program. Here is how the VIP1 level trading fee looks:
- Maker Fee: 0.006%
- Taker Fee: 0.055%
Phemex Deposit & Withdrawal Fees
Both deposit and withdrawal fees depend on the payment method you select. The deposits are free, however, if you are depositing funds through credit/debit or bank transfer. However, it will be subjected to transaction fees. Similarly, the same goes for withdrawal.
However, Phemex offers P2P trading that can be used for free deposits and withdrawals.
Robinhood Trading Fees
Robinhood is a no-commission crypto investing platform. As a result, it doesn’t charge you any trading fee at all. Instead, to sustain their company operations, they have adopted a payment-for-order flow system.
Verdict: Since Robinhood is a no-commission crypto platform, it is the winner for this section.
Phemex vs Robinhood: Order Types
As both exchanges are extremely different from each other, you will find different order types on both platforms.
Phemex is a full-fledged crypto exchange; hence it has vast order types that enhance your experience. Such as:
- Limit Conditional
- Market Conditional
Robinhood also has similar order types that include:
- Market orders
- Limit orders
- Stop orders
- Stop limit orders
Verdict: Overall, when it comes to the order types, both exchanges are pretty similar. Hence, it is a tie.
Phemex vs Robinhood: KYC Requirements & KYC Limits
KYC (Know Your Customer) is made mandatory by many cryptocurrency exchanges across the globe.
However, Phemex is an exception, as it allows you to trade at a basic level without needing to verify your account.
However, without verifying your account, you would enjoy a few restricted features and face issues while depositing or withdrawing funds. But there is no limit to your trading activities.
On the other side, Robinhood has a strict policy when it comes to KYC. Since Robinhood is a regulated broker, hence you are required to complete user verification before you can participate in any investing or trading activity.
Also, Robinhood is only available to US investors. Hence, KYC is mandatory by the rules and regulations.
Phemex KYC Limits
Phemex has three levels of KYC limits. By opening an account on the exchange, you will get access to unlimited crypto deposits and crypto trading. But with a daily crypto withdrawal limit of $50.00K. If you want more, you have two more levels of KYC verification:
- Basic Verification: It offers you unlimited crypto deposits and trading with a daily crypto withdrawal limit of $1.00M.
- Advanced Verification: It offers you a daily crypto withdrawal limit of $2.00M with an unlimited crypto deposit, trading, and P2P trading.
Verdict: As Phemex can be used without KYC, it is a clear winner.
Phemex vs Robinhood: Deposits & Withdrawal Options
Both platforms offer their own way of depositing and withdrawing funds.
- Method 1: You can deposit or withdraw funds using P2P trading at zero fees.
- Method 2: You can use third-party payment options such as simplex, moonpay, Banxa, and others for depositing funds.
- Method 3: Bank transfers like SWIFT, ACH, SEPA, and FPS can be used for zero fiat deposits.
- Method 1: You can use Bank deposits for both depositing and withdrawal. However, it may take up to 5 business days to complete the transaction.
- Method 2: Debit card transfers with a turnaround time of 30 minutes.
Verdict: Phemex offers you more options when it comes to depositing or withdrawing funds to your account. Also, the process is less time-taking and free in most cases.
Phemex vs Robinhood: Trading & Platform Experience Comparison
When it comes to trading experience, Phemex, and Robinhood has huge differences. Since, Phemex is a crypto trading platform, while Robinhood is a crypto investing platform.
Phemex offers you every feature and tool needed for trading crypto effectively. You get advanced charts, lots of trading pairs, an order book, leverage, and more.
Some key features that can be found on Phemex are:
- Advanced 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
Joining Phemex? Know How to short Bitcoin on Phemex?
Robinhood isn’t really impressive when it comes to its trading window. There is no advanced technical chart or a bunch of trading pairs.
Robinhood Key Trading Features:
- Simple crypto chart
- Easy-to-use order book
- Order history
- Smartphone app
Verdict: As you can see, Phemex is much more powerful and advanced when it comes to offering trading features. Hence, Phemex wins this section.
Phemex vs Robinhood: Customer Support
It is extremely easy to reach out to Phemex customer support. On the website itself, you have a live chat window that can be used for accessing help guides or connecting to a live support agent.
Alternatively, you can reach out to them via their support email. Also, they have a Telegram channel where you can connect with other traders and get help from them.
Reaching out to customer support of Robinhood is also pretty easy. You have quick options to reach out to support through both the app and the web. Robinhood offers its support through Chat and Phone. Also, you can get help through their social media channels like Twitter.
Verdict: Overall, it is a tie between both of them, as there is not so much of a difference when it comes to offering help.
Phemex vs Robinhood: Security Features
Security is a crucial element for crypto exchanges. Both exchanges offer you extensive security features to protect your account from any threats.
- Phemex keeps 100% of users’ funds in reserve at all times
- It uses Amazon Web Services Cloud for system security
- Users get a Two-factor authentication feature
- Device management
- CrossEngine and TradingEngine
- Two-Factor Authentication
- BCrypt hashing algorithm for password safety
Verdict: Phemex offers more security features to the user’s end also, on the backend have taken serious security measures. Hence, Phemex wins this section.
Is Phemex a Safe & Legal To Use?
Phemex is a safe platform that takes extreme security measures and keeps 100% of users’ funds in reserves. The exchange never has been hacked and performs regular audits.
Also, the users get a wide range of security features to protect their accounts from any threats.
Is Robinhood a Safe & Legal To Use?
Robinhood is a safe and legal platform to use. It is a regulated broker that comes under the Securities and Exchange Commission (SEC). As a result, it follows all the regulatory requirements like any other popular regulated broker.
Also, the exchange has never been hacked and has been able to keep it’s users’ funds safe and secure.
Phemex vs Robinhood: Why not use both?
In the comparison between Phemex vs Robinhood, Phemex is a clear winner. Being a full-fledged crypto exchange, it makes trading easy and takes care of the investment needs of the users too.
The exchange also has a competitive trading fee and different markets and is available in multiple regions.
But I see Robinhood as no loser. The platform is an ideal choice for crypto investing at zero fees for USA users. But since Robinhood lacks global presence and trading markets availability, it lost to Phemex.
Check out how Phemex and Robinhood compares to other exchanges: