Comparison of Phemex vs Bitfinex [ 2024 ]

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

Your expert: Alejandro Borja

Phemex

Your expert: Xavier Tarrasó

Bitfinex

Main points

Fees

0,10%

Earns

Customer service

3/5

0,10% /0,20%

Fees

Earns

3/5

Customer service

Recommended for

Beginners

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Yes

Trading

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.1 – Low fees with a focus on derivatives trading.

4.2 – Low fees for high-volume traders but higher for smaller trades.

Level

0,10%

0,10% /0,20%

Brief explanation

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.

Bitfinex’s fee structure is designed to cater to both high-volume and occasional traders. The exchange employs a maker-taker fee model, where makers, who add liquidity to the market by placing limit orders, typically pay lower fees than takers, who remove liquidity by matching orders already on the book. Fees for takers start at 0.20%, and for makers, they begin at 0.10%. These fees decrease significantly with increased trading volume, making Bitfinex an attractive option for active traders. Additionally, there are no fees for depositing cryptocurrencies, though withdrawal fees do apply and vary depending on the currency. Overall, Bitfinex’s fees are competitive within the industry, providing a fair balance between cost and the comprehensive features offered.

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.

Bitfinex

Year Founded: Bitfinex has been operational since 2012, establishing itself as one of the oldest and most stable players in the volatile cryptocurrency market. Its longevity speaks to its ability to adapt and improve in a rapidly evolving industry
Security Methods: Post-2016 hack, Bitfinex significantly ramped up its security measures, implementing state-of-the-art security protocols including cold storage of funds, two-factor authentication, and advanced encryption technology to protect user data and assets.
Trading Volume and Liquidity: Bitfinex consistently ranks among the top exchanges in terms of trading volume. High liquidity not only makes it easier for users to execute trades at desired prices but also reflects the trust and scale of operation that Bitfinex maintains.
Reputation and Reviews: Despite past challenges, Bitfinex has maintained a strong reputation within the crypto community. It is frequently praised for its advanced trading features and deep liquidity, with many users advocating for its platform in various reviews and crypto forums.
Transparency: Bitfinex has taken steps to enhance its transparency, particularly in how it manages user funds and its operational status. The exchange regularly updates users about new features, security enhancements, and operational changes, helping build trust through openness.

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Account Minimum

Get started with just $100.

And 1% fee on all cryptocurrency trades.

Direct link to the website

Product selection

Native token

Token LEO

Earns

NFT marketplace

Cripto/debit card

Full name

Phemex Financial Pte. Ltd.

iFinex Inc.

Regulation

Not regulated

Year founded

2019

2012

Founder

Jack Tao

Jean

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Phemex	FEATURES	Bitfinex
Phemex allows trading with relatively low minimums, making it accessible for beginners who wish to start small.	Minimum Trade	Bitfinex allows trading with a relatively low minimum, catering to both small and large investors.
Offers competitive fees with several fee-free options for premium members, though slightly higher for regular users.	Trading and Transaction Fees	Fees are competitive, but high withdrawal fees may deter frequent traders.
Supports a wide range of cryptocurrencies, providing ample trading opportunities for users.	Number of Cryptocurrencies	Offers a wide range of cryptocurrencies, providing extensive trading options.
Extensive selection of trading pairs, allowing users to diversify their trading strategies.	Crypto-to-Crypto Trading Pairs	Extensive crypto-to-crypto pairings offer flexible trading strategies.
The website provides essential information, although some users may find details on fees and terms could be clearer.	Website Transparency	Generally transparent with operational and security practices but could improve in fee structures.
Phemex does not provide an exchange card for in-store purchases. It focuses on trading features and derivatives.	Credit/Debit Card	Bitfinex does not provide an exchange card for customers to use for in-store purchases.
Offers secure cold storage options, enhancing safety for user funds against potential cyber threats.	Storage Offering	Provides secure storage options including cold storage, though it’s complex for beginners.
Provides staking options with competitive rewards, though options are more limited compared to specialized staking platforms.	Staking and Rewards	Offers competitive staking options and rewards, enhancing user investment potential.
Both the mobile app and desktop platform are highly user-friendly and robust, suitable for trading on the go.	Mobile App and Desktop	Both platforms are robust and user-friendly, but the mobile app lacks some advanced features.
Generally responsive customer service with multiple channels available, but some reports of delayed responses during peak times.	Customer Service	Customer service is available but response times can be slow during peak times.
Offers multiple deposit and withdrawal methods, but some users have experienced delays and higher fees for certain methods.	Deposit and Withdraw	Efficient deposit methods; however, withdrawal policies can be restrictive and costly.

Key features

Analysis tools

Advanced charting tools, technical analysis

Advanced charting tools, multiple technical indicators, and APIs

Mobile APP

Security

High 4,9/5

Additional features

Margin trading, futures trading, staking, Phemex Earn

Margin trading, lending services, staking, Bitfinex Pulse (social network)

Anonymity

Yes

Key points

Available cryptocurrencies

Primarily derivatives, few direct cryptocurrencies

150+

User-friendliness

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.

Bitfinex provides a powerful platform with a user-friendly interface that caters to both beginners and advanced traders. While it offers advanced trading features, the platform is designed to be accessible and easy to use.

Value for money

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

Countries of operation

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

Best for

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

Suitable for experienced traders and institutions looking for advanced trading features and a wide range of cryptocurrencies.

Base currencies available

USD, BTC, USDT

USD, EUR, GBP, JPY, BTC, ETH, USDT

Account

Trading

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.

Bitfinex is tailored for professional traders with its advanced trading features and high liquidity. It offers a wide range of cryptocurrencies but has had security breaches in the past, making some users cautious.

Deposit and withdrawal

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

Bitfinex supports a wide range of deposit options, including bank transfers and crypto. Withdrawals are processed quickly, usually within a few hours. Fees are competitive, though high-volume users may benefit more.

Account opening process

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.

Bitfinex provides a straightforward and fully digital account registration process. Users need to submit personal details, verify their identity, and address. The process is quick, usually taking less than a day to complete.

KYC required?

Yes

Customer Service

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.

Bitfinex provides extensive support through email, live chat, and a help center. The response time is quick, and support is available 24/7, ensuring users get timely assistance.

Security

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.

Bitfinex provides extensive security features, including 2FA, cold storage, and encryption. It is regulated by several financial authorities, making it a secure platform for investors .

Which of these exchanges is for you?

Alejandro Borja

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.

Xavier Tarrasó

As an expert on our website, I recommend Bitfinex for traders seeking a diverse and dynamic trading environment. The platform’s extensive range of cryptocurrencies and crypto-to-crypto trading pairs is impressive, making it a great choice for those looking to explore different trading strategies. While the trading fees and customer service response times could see improvement, Bitfinex’s advanced trading features and robust security measures make it a reliable option for serious traders.

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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.