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Phemex vs Binance 2024: Which Crypto Exchange Wins?


February 7, 2024
Phemex vs Binance comparison

If you are looking for a comparison between Phemex and Binance, look no further. We have tested over 100 exchanges. In this Phemex vs Binance side-by-side guide, we will compare all important factors and facts such as fees, supported assets, services, features, security, customer support, and more. After this guide, you will know exactly if you should go with Phemex or Binance. Let’s find out which crypto exchange is best for you!

As always, we will start this exchange comparison with a table where you can observe all key differences at a glance.

This table compares all key measures of Binance and Phemex, the two largest crypto trading platforms in the world


Quick Overview

Phemex is a relatively new non-KYC cryptocurrency exchange. Launched in 2019 with its headquarters in Singapore, Phemex became a Tier-1 crypto exchange during the massive bull run in 2021. Over 200 Phemex employees are currently managing over 5 million registered users on the exchange.

Crypto enthusiasts get access to over 180 digital assets on the spot and futures market. With comprehensive trading features, low fees, and leverage of up to 100x, many day traders call Phemex their home.

The average trading volume reaches $3 billion per day and ranks Phemex consistently in the top 20 crypto exchanges. Aside from trading, Phemex offers an “Earn” section where you can make passive income with finance products, a “Web 3” area, and a “Learn” area where you can expand your knowledge about cryptos.

Phemex Home Page


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Binance is the largest cryptocurrency exchange and was launched in 2017 by Changpeng Zhao. The Binance headquarters are now in Dubai. With over $30 billion in daily trading volume, Binance is the undisputed number 1 crypto exchange based on volume which also reflects in the number of users, reaching 100+ million in 2023.

Traders get to enjoy over 350 different cryptos across 1600 trading pairs, not only settled in stablecoins such as USDT or BUSD but even FIAT currencies such as EUR, GBP, TRY, and more. With up to 125x leverage on the Binance futures market, many day traders accelerate their gains on the platform.

Furthermore, Binance offers a wide variety of products aside from trading. With a massive “Earn” section for passive income, an NFT marketplace, and even crypto loans and a debit card, Binance has the largest repertoire of crypto-related services.

Binance Home Page


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Trading on Phemex vs Binance

Phemex supports over 190 different cryptos to trade on the spot market, which are mostly settled in USDT while charging fair rates of 0.1% for makers and takers.

While the spot trading volume only reaches $50 million per day, the futures market is where Phemex puts the most focus. Over $2.5 billion are transacted on the Phemex futures market across over 150 different cryptocurrencies with a maximum leverage of 100x. The derivatives trading fees on Phemex start at 0.01% for makers and 0.06% for takers.

What we really liked about Phemex is the user-friendly design. The whole platform is well put together and easy to navigate, making it a top choice for beginners. Furthermore, the interface is smooth and ensures a perfect trading experience. We did not encounter any lags, bugs, or other network issues when trading on Phemex.

Phemex Futures Trading Interface


Binance supports over 380 different cryptos on the spot market. You can trade these cryptos not only against USDT but also BUSD, TUSD, and even FIAT currencies such as EUR, GBP, BRL, TRY, and more. The FIAT support makes Binance a top choice for traders that don’t want to use stablecoins.

On the futures market, Binance supports over 250 different cryptos which are mostly settled in USDT and BUSD. FIAT pairs are not supported on Binance futures. The fees start at 0.02% for makers and 0.04% for takers.

One major downside of trading on Binance is user-friendliness. The platform is not necessarily simple to use and navigate due to all the available products, advanced order types, settings, and features. Especially beginners could have a hard time figuring out the platform.

Binance Futures Trading Interface


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Trading Fees

Phemex and Binance both charge a 0.1% fee for makers and takers. Where they differ are the requirements for fee discounts. Binance offers an instant 25% fee discount when holding the Binance Token (BNB), leaving you with 0.075% for makers and takers which makes Binance cheaper to trade on.

Binance BNB Fee Deduction


Phemex does not have its own token yet, however, the PT token is scheduled to launch in Q3 of 2023. We expect to see a PT fee deduction feature on Phemex too once the token is launched.

At the highest VIP level on Phemex, your fees are 0% maker and 0.04% taker while Binance’s lowest fees are at 0.015% maker and 0.03% taker at VIP level 9.

On the futures market, Phemex charges 0.01% maker and 0.06% taker fees which is slightly cheaper than the industry standard. Based on your monthly trading volume, you can lower your futures trading fees to 0% maker and 0.0325% taker fees. We hope to see further fee discounts for PT holders, once the token launches.

Phemex Futures Trading Fees


Binance on the other hand charges 0.02% make and 0.05% taker fees on the futures market. These are some of the lowest fees in the crypto space, only MEXC can beat this. And yet again, you can reduce your trading fees on the futures market by 10% when holding the BNB token which leaves you at 0.018% maker and 0.036% taker fees at level 1.

Binance Futures Trading Fees


At VIP level 9, the Binance fees are at -0.01% maker and 0.0207% taker, which means that you are paid for limit orders.

For base fees at Level 1, Binance is clearly the cheaper option. Especially when activating the BNB fee deduction, you will get some of the lowest rates in the whole crypto space.


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Features and Products

While Phemex mainly focuses on trading features, there are also some services and products aside from it. In the Phemex “Earn” section you can access passive income products such as savings as well as staking.

Phemex Earn Section


Phemex also offers copy trading, but the experience we had on it was unfortunately not the best.

If you are completely new to trading, Phemex has you covered with its “Learn” section, even offering Mock Trading. The Phemex demo trading is actually one of the best in the crypto markets and made it into our list of the best crypto demo trading platforms.

What we really like about Phemex is the mobile app for iOS and Android. It is well-designed and runs smoothly without any interruptions. The Phemex team has yet again done an incredible job with designing a user-friendly interface that is suited perfectly for beginners. The app even has a 4.6 out of 5-star rating, which is the highest we have ever seen for a crypto exchange app.

Phemex Mobile App


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When comparing Phemex features and products to Binance, you will quickly notice how much bigger Binance is. In the Earn and Finance section, crypto enthusiasts can make passive income with Binance earn, liquidity farming, mining, ETH staking, automated range trading, auto-invest, dual invest, and DeFi staking. You can even get crypto loans or apply for the Binance crypto card where you get up to 8% cashback on purchases.

Binance Earn and Finance Section


As an answer to the NFT hype, Binance also integrated a comprehensive NFT marketplace into the platform. For advanced traders, Binance even offers options trading for BTC and ETH.

For mobile traders, Binance offers a comprehensive application for iOS and Android. The app features everything that you need for trading. However, the app is very big and not as user-friendly as Phemex. The Binance app was also a little slower, especially during times of high volatility. While Binance is overall not user-friendly, you can activate the “lite” version of the app which makes it a lot easier to navigate through the platform. With a 4.4 out of 5-star rating, Binance has a great rating too.

Binance Mobile App


It is safe to say that Binance has the largest repertoire of crypto-related features, products, and services, making it the perfect platform for advanced and experienced crypto enthusiasts. While Phemex is a top-notch crypto exchange, it can not compare to the variety of products that Binance has to offer.


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Signup and KYC Process

Registering on Phemex and Binance is very simple and straightforward. On Binance you can use your email or phone number, while Phemex only supports email for the registration. Then, choose a strong password and register your account. Make sure to verify your account with the 6-digit code you will receive in your inbox. After that you are all set for the next thing on the list: KYC verification.

Phemex is a non-KYC exchange, meaning that you can stay anonymous while trading. Yet, verifying your identity on Phemex comes with some perks such as higher withdrawal limits.

Binance on the other hand requires all of its users to verify their identity before they can use any of their services.

Phemex KYC Verification Requirements


To verify your identity (at Level 1) on Phemex you must submit personal information including address, name, date of birth, phone number, and your ID or Passport number. Facial recognition is not required. Level 2 KYC on Phemex requires your ID or Passport and a video capture device so that you can submit a photo of your document and your face.

Binance requires facial recognition right at Level 1 KYC. You must submit a photo of your personal document such as ID, Passport, or Driver’s license as well as an image of your face. For level 2 KYC you must submit proof of residence.

Binance KYC Verification Requirements


Deposits and Withdrawals


Both exchanges offer deposits for all major cryptos free of charge. Simply create your wallet address and send the cryptos to it. Make sure to choose the correct network.

In terms of FIAT deposits, Binance has the upper hand. You can deposit over 40 different FIAT currencies into your Binance account including EUR, BRL, TRY, AED, AUD, and more. Binance offers FIAT deposits via Bank Transfer (SEPA) with a fee of 1€ and cards with a fee of 1.8%.

Phemex currently offers 6 FIAT currencies (EUR, GBP, CHF, JPY, CAD, and AUD) that you can deposit into your Phemex account. The supported payment methods are SWIFT, SEPA, and ACH Wire Transfer which takes 1-2 working days and is powered by “Legend Trading”. You must complete level 2 identity verification before you can deposit FIAT on Phemex.

Phemex FIAT Onramp


Furthermore, both platforms offer you to buy cryptos directly via credit card with a fee of 1-3% based on your currency and payment method.



Both platforms offer withdrawals for all major cryptocurrencies. The fees are different for each crypto and network. USDT via the TRC20 network costs $1 on both platforms and seems to be a reliable option.

Where Phemex and Binance differ is FIAT withdrawals.

Binance offers FIAT withdrawals in over 40 currencies. The withdrawal fee for € through Bank transfer is 1€ and through cards 1.8%. Based on your local currency, the fees can go as high as 3% for card payouts.

Binance FIAT Offramp

Phemex offers FIAT withdrawals for 7 currencies (CAD, USD, GBP, EUR, JPY, CHF, and AUD). The supported withdrawal method is yet again Wire Transfer and takes 1-2 business days.



Both platforms are very secure and keep up with the latest technologies. None of the exchanges have been hacked and the customers remain safe until now. Phemex and Binance even provide full proof of reserves, meaning that customer assets are backed 1:1 on the platforms. Furthermore, most customer funds are stored in multi-sig cold wallets.

Binance Proof of Reserves


Where Binance stands out is the security fund. With the SAFU fund now being worth over $1 billion, Binance has the largest security fund in the crypto space. This fund is reserved to protect customers in black swan events. Luckily, Binance never had to make use of it, and the fund keeps growing every day.

Binance SAFU Fund


Additionally, you can protect your Phemex and Binance accounts with security layers such as 2FA, sms verification, withdrawal whitelists, anti-phishing code, and more.

In terms of security, there is no clear winner. Phemex and Binance are secure exchanges that take customer safety very seriously. The only reason Binance takes the lead here is the massive security fund.


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Which Exchange is Better, Phemex or Binance?

Based on our experience, Phemex is the perfect option for new traders that are looking for a reliable and easy-to-use crypto exchange. With low fees, high volume, an amazing interface, and a comprehensive futures market, Phemex is an amazing platform for new traders.


If you are experienced or just want to have more advanced features, Binance is the way to go for you. With more coins, and lower fees but a more complicated interface with a lot more features, Binance offers serious crypto day traders a safe space. So even if Binance might look intimidating at first, figuring out how the platform works is absolutely worth it in the end.

Furthermore, Binance has a lot more to offer aside from trading. With numerous earn and finance products, Binance excels in the crypto space and has proven why it became the market leader.


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