Comparison of Bingx vs Phemex [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bingx vs Phemex comparison!

Your expert: Alejandro Borja

Bingx

Your expert: Xavier Tarrasó

Phemex

Main points

Fees

0,10%

Earns

Yes

Customer service

4/5

Fees

0,10%

Earns

Customer service

3/5

Recommended for

Beginners

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Trading

Yes

Passive income

Buy and hold

Yes

Comparison of fees

Rating

4.0 – Competitive fees with additional benefits for social trading features.

4.1 – Low fees with a focus on derivatives trading.

Level

0,10%

Brief explanation

BingX offers a competitive and transparent fee structure that is designed to accommodate both occasional and frequent traders. The platform charges a trading fee for each transaction, which is broken down into maker and taker fees. These fees are competitively set to encourage trading activities while ensuring the platform can maintain high-quality services. The trading fees on BingX are tiered based on the user’s trading volume, which means that the more you trade, the lower your fees can be. This system is particularly advantageous for active traders who can benefit from significantly reduced costs as their trading activity increases. Additionally, BingX charges withdrawal fees that vary depending on the type of cryptocurrency being withdrawn, aligning with the network fees of each blockchain. Overall, BingX’s commission structure is built to support both new entrants to the crypto market and seasoned traders, ensuring transparency and fairness in every transaction.

Phemex implements a transparent and competitive commission structure, which is one of its standout features. The platform offers zero-fee spot trading for premium members, a unique model that encourages active trading and enhances affordability. For non-premium users, the fees remain competitive with the industry average. The fees for futures trading are also attractively low, with maker and taker fees structured to incentivize liquidity provision on the platform. This setup allows traders to manage their costs effectively, which is especially beneficial in a market where margins can be tight.

Bingx

Security Methods: BingX implements stringent security protocols, including two-factor authentication, cold storage of assets, and encryption technologies. These measures ensure a high level of protection for user funds and personal information, making it a trustworthy platform for trading cryptocurrencies.
Reputation and Reviews: BingX has built a solid reputation within the crypto community, backed by positive user reviews and ratings. The platform's commitment to user satisfaction and continuous improvement has garnered trust and loyalty among its users.
Transparency: BingX operates with a high degree of transparency, providing clear information about its operations, fee structure, and trading processes. This openness is crucial in building trust with users and differentiates BingX from other exchanges that might not be as forthcoming.
Trading Volume and Liquidity: The exchange boasts significant trading volume and liquidity, ensuring that trades can be executed quickly and at stable prices. High liquidity not only enhances the user experience but also establishes BingX as a reliable exchange for handling large volumes of trades efficiently.
Customer Service: Despite some delays, BingX's dedication to providing helpful and responsive customer service contributes to its trustworthiness. The platform's efforts to improve response times and expand its support capabilities demonstrate a commitment to user support, crucial for trust and reliability in the fast-paced crypto market.

Phemex

Robust Security Measures: Phemex employs comprehensive security protocols, including cold wallet storage, two-factor authentication, and advanced encryption technology to protect user assets and data.
High Trading Volume and Liquidity: With significant daily trading volumes, Phemex offers high liquidity, facilitating quick and efficient execution of trades without significant price slippage.
Transparent Withdrawal and Deposit Policies: Phemex provides clear and concise policies regarding withdrawals and deposits, ensuring users understand the terms of service and any associated fees clearly.
Strong Reputation and Positive Reviews: Since its launch, Phemex has built a strong reputation in the cryptocurrency community, supported by positive user reviews that praise its reliability, customer service, and platform stability.
Effective Customer Service: Phemex offers responsive and helpful customer support, ensuring that users' queries and issues are addressed promptly, which is crucial for maintaining trust and user satisfaction.

Product selection

Native token

Earns

Yes

NFT marketplace

Cripto/debit card

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Card

Yes

Comparative table

Features	Bingx	Phemex
Minimum Trade	The minimum trade size is accessible for beginners, allowing small investments to start trading.	Phemex allows trading with relatively low minimums, making it accessible for beginners who wish to start small.
Trading and Transaction Fees	Competitive fees compared to industry standards, making it economical for frequent trading.	Offers competitive fees with several fee-free options for premium members, though slightly higher for regular users.
Number of Cryptocurrencies	Offers a moderate range of cryptocurrencies, sufficient for most traders but not the most extensive.	Supports a wide range of cryptocurrencies, providing ample trading opportunities for users.
Crypto-to-Crypto Trading Pairs	A wide array of trading pairs provides good options for crypto-to-crypto trading.	Extensive selection of trading pairs, allowing users to diversify their trading strategies.
Website Transparency	Highly transparent about trading processes and fees, providing clear and easy-to-find information.	The website provides essential information, although some users may find details on fees and terms could be clearer.
Credit/Debit Card	While BingX provides a robust trading platform with various features, the lack of an exchange card limits additional spending flexibility and rewards for its users	Phemex does not provide an exchange card for in-store purchases. It focuses on trading features and derivatives.
Storage Offering	Offers robust storage solutions including cold storage options to secure user funds.	Offers secure cold storage options, enhancing safety for user funds against potential cyber threats.
Staking and Rewards	Provides staking options with competitive rewards, enhancing passive earning potential.	Provides staking options with competitive rewards, though options are more limited compared to specialized staking platforms.
Mobile App and Desktop	Excellent user interface on both mobile and desktop platforms, ensuring a seamless trading experience.	Both the mobile app and desktop platform are highly user-friendly and robust, suitable for trading on the go.
Customer Service	Good customer support with room for improvement in response times and accessibility.	Generally responsive customer service with multiple channels available, but some reports of delayed responses during peak times.
Deposit and Withdraw	Efficient deposit and withdrawal processes with clear guidelines, but could be faster.	Offers multiple deposit and withdrawal methods, but some users have experienced delays and higher fees for certain methods.

Key features

Analysis tools

Trading signals, technical analysis tools

Advanced charting tools, technical analysis

Mobile APP

Security

High 4,9/5

Additional features

Copy trading, margin trading, derivatives trading, BingX Academy

Margin trading, futures trading, staking, Phemex Earn

Anonymity

Yes

Key points

Available cryptocurrencies

50+

Primarily derivatives, few direct cryptocurrencies

User-friendliness

BingX features an easy-to-navigate platform with a focus on social trading. The user interface is designed to be beginner-friendly, allowing users to follow and copy trades from experienced traders effortlessly.

Phemex provides a user-friendly platform that is easy to navigate, making it suitable for beginners. The interface is designed to facilitate a smooth trading experience with all necessary features easily accessible.

Value for money

Delivers good value for money with competitive fees and innovative social trading features, making it a cost-effective choice for traders.

Offers good value for money with competitive fees and advanced trading features, suitable for both retail and institutional traders.

Countries of operation

Singapore, United States, Canada, Australia, United Kingdom

Global, including United States, Canada, United Kingdom, Australia, Germany

Best for

Suitable for both beginners and experienced traders interested in social trading and following the strategies of other successful traders.

Suitable for both retail and institutional traders interested in derivatives trading with competitive fees and advanced features.

Base currencies available

USD, BTC, USDT

Account

Trading

BingX focuses on social trading, allowing users to follow and copy trades from experienced traders. It offers a unique feature but has a smaller selection of cryptocurrencies compared to leading exchanges.

Phemex offers extensive trading options including spot, margin, and futures trading. It provides advanced tools suitable for experienced traders but might be overwhelming for beginners.

Deposit and withdrawal

BingX provides various deposit methods, including bank transfers and crypto. Withdrawals are fast and generally processed within 24 hours. Fees are low, making it user-friendly.

Phemex supports multiple deposit and withdrawal methods, including bank transfers and crypto. Withdrawals are processed efficiently, with low fees.

Account opening process

BingX offers a simple and fast account opening process. Users need to fill in basic information and verify their identity. The process is fully digital and typically takes less than a day to complete.

Phemex offers a seamless and fully digital account opening process. Users need to submit personal information and verify their identity. The process is quick and usually completed within a day.

KYC required?

Yes

Customer Service

BingX provides customer support via email and live chat. The support team is responsive and helpful, although 24/7 availability is not guaranteed, which can be a limitation.

Phemex offers extensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, ensuring users get timely assistance.

Security

BingX uses standard security measures like 2FA and cold storage. However, it is not regulated by top-tier financial authorities, which might be a concern for some investors.

Phemex provides extensive security measures, including 2FA and cold storage. However, it is not regulated by major financial authorities, which might be a concern for some users.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I highly recommend BingX for both new and experienced traders seeking a balanced platform. Its strong security measures and transparent trading environment provide a trustworthy space for cryptocurrency transactions. However, while the platform offers robust features, including diverse trading pairs and competitive staking rewards, potential users should note the occasional delays in customer service response times. Overall, BingX stands out as a solid choice for navigating the complexities of the crypto market.

Xavier Tarrasó

As one of the experts reviewing cryptocurrency exchanges on our website, I find Phemex to be a highly compelling choice for traders. The platform impresses with its robust security features and a wide array of trading options, catering to both newcomers and seasoned traders. Personally, I appreciate the platform’s user-friendly interface and the fact that it offers high liquidity, which is crucial for executing trades swiftly and efficiently. I would recommend Phemex to anyone looking to dive into the world of cryptocurrency trading, especially those who value security and a diverse range of trading instruments.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.