Phemex vs Binance: Which Should You Choose?

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Quick Verdict – Phemex vs Binance

Phemex has its advantages with 100% cold storage security, no-KYC access for privacy-focused traders, and ultra-fast order execution. Its demo account and educational materials make it appealing to most.

Binance emerges as the weaker platform with its unique feature set covering spot and futures trading, NFT marketplace, and support for over 350 cryptocurrencies. Its fees and sophisticated mobile app make it a comprehensive choice for most traders.

	Binance	Phemex
Website
Promotion	Up to $100 welcome bonus	Up to $6,050 Crypto Sign Up Bonus
Fiat Currency	USD, EUR, GBP, AUD, CAD, +22 Others	BTC, ETH, XRP, and 330 Others
Supported Cryptocurrency	385	BTC, ETH, XRP, and 334 Others
Deposit Method	Bank transfer, SEPA, Bank card (VISA), SWIFT and many others	Credit/debit card, PIX, Google & Apple Pay, crypto and many others
Max. Trading Fee	0.1% (spot) and 0.02% / 0.04% (Futures)	0.1% (spot), 0.06% / 0.01% (futures)
Overall Rating	HedgewithCrypto Score 4.8 / 5 We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. Visit Binance	HedgewithCrypto Score 4.8 / 5 We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. Visit Phemex
Review	Read our full Binance Review	Read our full Phemex Review

Phemex Overview

Phemex, established in 2019, is a Singapore-based platform led by former Morgan Stanley executives. It offers a no-KYC setup, making it attractive for privacy-focused traders. Phemex supports perpetual contracts with up to 100x leverage and provides a demo account and educational resources for beginners. Since its launch, Phemex has maintained a strong security record with no hacks or compromises.

Binance Overview

Binance, founded in 2017 by Changpeng Zhao (CZ), is the world's largest cryptocurrency exchange. It supports over 350 cryptocurrencies and offers many features, including staking, liquidity farming, and an NFT marketplace. Binance is known for its deep liquidity, sound fees, and user-friendly mobile app.

For more information on how to get the $300 Binance bonus, read this article on claiming the Binance referral code.

Comparison of Features, Products & Services: Phemex vs Binance

Traders looking to choose between Phemex and Binance will find both exchanges share comparable platform designs, feature sets, and user demographics. A detailed analysis of their distinct offerings helps determine which exchange best matches individual trading requirements.

Supported Countries

As seen in our Phemex review, the platform operates in over 200 countries but excludes users from the USA and UK. Binance, on the other hand, caters to a global audience, including US users through Binance.US. But, it doesn't operate in the UK anymore.

Supported Deposit & Withdrawal Methods

Binance supports crypto deposits, limited bank transfers, bank cards, and SEPA for 27 fiat currencies. You can read more in our Binance review.

Phemex offers a broader selection of fiat currency payment options and more options on the P2P marketplace.

Trading Volume & Liquidity

Binance offers deeper liquidity and higher trading volumes, ensuring better pricing and execution for large orders. Phemex provides fast order processing but may lack liquidity for very high-volume trades.

Earning Interest on Crypto

Binance Earn offers a diverse range of yield products, including staking and liquidity farming, with APYs sometimes exceeding 100%. Phemex Earn provides fixed and flexible savings with APYs up to 10%.

Buying & Selling NFTs

Binance has a dedicated NFT marketplace, while Phemex does not support NFT trading.

Phemex vs Binance: Ease of Use

Binance offers a user-friendly Lite mode and advanced tools, catering to a wide range of traders. Phemex has an intuitive interface but is more targeted at professional traders.

Phemex vs Binance: Supported Cryptocurrencies

Binance supports over 350 cryptocurrencies with 1,395 trading pairs, compared to Phemex's 330+ spot cryptocurrencies.

Phemex vs Binance: Trading Experience

Binance offers advanced charting, multiple order types, and some of the best crypto trading bots, making it suitable for traders of all levels. Phemex offers rapid execution and a demo account but focuses more on derivatives.

Phemex vs Binance: Trading Fees

Both platforms offer competitive fees, but Binance provides additional discounts through BNB payments and volume-based reductions.

Phemex vs Binance: Mobile App

Binance's mobile app (4.5/5 rating, 100M+ downloads) provides desktop-level functionality with advanced charting and technical indicators. Phemex's app (4.3/5 rating, 1M+ downloads) offers essential functions with limited technical analysis tools.

Phemex vs Binance: Customer Support

Binance offers multi-channel support, including live chat, email, VOIP, and a library of self-guided articles. Phemex provides 24/7 live chat and email support but lacks phone support.

Phemex vs Binance: Security

Both platforms prioritize security. Binance uses advanced 2FA, cold storage, and the SAFU fund, while Phemex employs 100% cold storage and multi-signature withdrawals.

Final Comparison Scores

Comparison Criteria	Winner
Features, Products and Services	Phemex
Ease of Use	Phemex
Trading Experience	Phemex
Trading Fees	Binance
Supported Deposit & Withdrawal Methods	Phemex
Mobile App	Phemex
Security	Draw
Customer Support	Binance