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Transferable to your own wallet
Self-custody of cryptocurrencies plays an important role for many users who want to manage their cryptocurrencies and thus their "private keys" themselves and not leave them in the hands of the exchange. Most exchanges offer the option of sending the purchased cryptocurrencies to their own wallet.
Deposit protection is a safeguard for the assets of users of a stock exchange or broker, which is intended to protect investors in the event of insolvency or a high loss due to a hacker attack. Service providers based in Germany are legally obliged to provide deposit protection of €100,000. In some cases, international exchanges have a special insurance policy that covers a certain portion of the assets instead of a deposit guarantee.
The overall rating is the average of our individual ratings. Our ratings do not constitute investment advice, but merely our personal opinion. You are welcome to use them as rough indicators and additional perspective. In the dynamic and fast-growing crypto sector, parameters can often change from one day to the next, so we cannot guarantee that the rating data is up to date. Therefore, please never use our ratings as an isolated basis for decision-making and not as a substitute for your own research.
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This rating describes our assessment of the fee structure of a stock exchange or broker. It is not only the amount of fees that can differ, but also the type of fees. The most common type of fees for crypto exchanges are the "maker/taker" fees or spreads. In some cases, there are also hidden fees that are not recognizable to users at first glance.
For products or services in the crypto space, trust and security should be the biggest factors in the selection process. Since we could not seriously evaluate the technical security of a platform or product, we analyze publicly available factors such as security features, location, regulation, certifications, audits, team/company, general reputation and, of course, track record.
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Phemex vs BitMex in comparison
Overview
Phemex was founded in 2019 and says it has more than 10 million users. It lists 139 crypto assets by our count and 141 perpetual futures pairs, TradFi included, with up to 150x leverage. Spot trades cost 0.10% at the entry tier, futures 0.01% maker and 0.06% taker, and Phemex publishes a monthly proof of reserves.
- Low futures fees: 0.01% maker and 0.06% taker at the entry tier
- 141 perpetual futures pairs, TradFi included, with up to 150x leverage
- Grid, martingale and AI trading bots, plus copy trading
- Monthly proof of reserves with a check of your own balance
- Fixed Bitcoin withdrawal fee of 0.000015 BTC
- Not available in the US, the United Kingdom and four Canadian provinces
- No license; AML registrations only
- Permanently banned from trading in Ontario, and on the warning lists of the UK FCA and Singapore's MAS
- Proof of reserves without a named auditor
- Mid-sized coin list of 139 crypto assets
- Cheap fees
- Comprehensive tools for professional traders
- Might be complex for beginners
Features Comparison
- Cryptocurrencies
- Cryptocurrencies
0.1
%
0.10%
0.10%
₿
0.000015
0
%
0.05%
0.00%
₿
0.000079
139
+
$
25
24
+
$
1
Exchange Rating
Functions
- Spot, futures and margin trading
- Phemex Earn
- Launchpad
- Trade bitcoin with 100x leverage
- Low latency market data and trade execution
- Option to place idle funds into BitMEX Earn
Company Details
Our Review
In our view, Phemex is a good fit for active traders: 141 perpetual futures pairs, TradFi included, with up to 150x leverage, entry-tier futures fees of 0.01% maker and 0.06% taker, a 0.10% spot fee, trading bots and copy trading. A monthly proof of reserves adds transparency, and the coin list, at 139 crypto assets, is mid-sized.
BitMEX is a top choice for experienced traders, offering advanced features such as 100x leverage on Bitcoin and low fees. However, its complex interface and ongoing legal issues involving the founders may deter some users. Security and support receive mixed reviews, making it less ideal for beginners. Overall, BitMEX is a powerful platform for those familiar with crypto trading but has challenges for newer users.
Two Derivatives Specialists Compared
BitMEX has closed its exchange: trading, deposits and new positions are no longer available, and existing users can still log in and withdraw their funds. Phemex still serves derivatives traders with professional tools, so this page now shows how the two compared and where former BitMEX users can look.
Fee Comparison
BitMex charges 0.05% taker and 0.00% maker—you're paid to provide liquidity.
Phemex charges 0.06% taker and 0.01% maker. BitMex is slightly cheaper.
Coin Selection
Phemex lists 139 cryptocurrencies. BitMex offers only 24. Phemex has more than five times the variety.
Trust
BitMex has legal baggage from founder issues. Phemex has its own regulatory record: an Ontario tribunal permanently banned it from trading in Ontario in 2025, and the UK FCA warns that it is not authorized in the UK.
The Decision
Phemex at 7.8 offers more coins.
BitMEX has closed its exchange, so it is no longer an option for new trades. Former BitMEX users can compare Phemex with other platforms in our list of derivatives exchanges.
About the author
At Exchange Flow, Ethan is recognized as the resident crypto expert. With 10+years of experience navigating the waters of global crypto exchanges, Ethan is a trusted voice in the ever-evolving world of digital currencies. He tests and scrutinizes exchanges so you don’t have to, offering reviews and articles that newbies and seasoned traders alike find invaluable. When he’s not coding, Ethan likes to travel and play retro games. He uses his crypto earnings to fund his trip around the globe.
