Comparison of Phemex vs Mexc [ 2024 ]

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

Your expert: Alejandro Borja

Phemex

Your expert: Xavier Tarrasó

Mexc

Main points

Fees

0,10%

Earns

Customer service

3/5

≈ 0,20%

Fees

Earns

4/5

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.

4.0 – Competitive fees with additional benefits for high-volume trading.

Level

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.

MEXC Exchange offers competitive trading and transaction fees that cater well to both high-volume traders and occasional users. The platform employs a tiered fee structure, where fees decrease as a user’s trading volume increases, providing an incentive for frequent trading. Additionally, holding the exchange’s native token can yield further discounts, making the fees more advantageous. For those using credit or debit cards for deposits or withdrawals, it’s important to note that while convenient, these methods may incur higher fees compared to other payment options. This structure is designed to be economical for active traders while still accommodating casual users.

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.

Mexc

Security Methods: MEXC employs robust security protocols, including a multi-tier and multi-cluster system architecture that ensures the safety and integrity of user data and funds. This comprehensive security strategy helps to protect against potential cyber threats and unauthorized access.
Reputation and Reviews: MEXC enjoys a strong reputation in the cryptocurrency community, backed by positive user reviews that often highlight the platform’s reliability, user-friendly interface, and responsive support.
Trading Volume and Liquidity The exchange boasts high trading volumes and liquidity, which is a testament to its active user base and efficient market operations. This ensures that users can execute trades quickly and at desired prices, even for large volume transactions.
Year Founded: Since its establishment in 2018, MEXC has shown significant growth and resilience in the fast-evolving crypto market, indicating stability and a deep understanding of market needs.
Possible Regulation: MEXC complies with various international regulatory standards, enhancing its credibility and reliability as a secure platform for trading digital assets. This regulatory adherence assures users of its commitment to lawful and ethical operations.

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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 MX

Earns

NFT marketplace

Yes

Cripto/debit card

Yes

Full name

Phemex Financial Pte. Ltd.

MEXC Exchange

Regulation

Not regulated

Year founded

2019

2018

Founder

Jack Tao

John Chen Ju

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Card

Yes

Comparative table

Phemex	FEATURES	Mexc
Phemex allows trading with relatively low minimums, making it accessible for beginners who wish to start small.	Minimum Trade	MEXC allows for relatively low minimum trade amounts, making it accessible for beginners and those trading small amounts.
Offers competitive fees with several fee-free options for premium members, though slightly higher for regular users.	Trading and Transaction Fees	Competitive trading fees with discounts available for high-volume traders and token holders, making it economically viable.
Supports a wide range of cryptocurrencies, providing ample trading opportunities for users.	Number of Cryptocurrencies	Supports over 1,000 cryptocurrencies, offering one of the widest selections in the market.
Extensive selection of trading pairs, allowing users to diversify their trading strategies.	Crypto-to-Crypto Trading Pairs	Offers a vast array of crypto-to-crypto trading pairs, facilitating diverse trading strategies.
The website provides essential information, although some users may find details on fees and terms could be clearer.	Website Transparency	While MEXC provides ample information on trading operations, more detailed disclosures could enhance trust.
Phemex does not provide an exchange card for in-store purchases. It focuses on trading features and derivatives.	Credit/Debit Card	Lacking an exchange card means MEXC users miss out on potential everyday use benefits, such as cashback in crypto on purchases or other rewards that are commonly offered by some other crypto exchanges with proprietary cards.
Offers secure cold storage options, enhancing safety for user funds against potential cyber threats.	Storage Offering	Provides secure storage solutions, but enhanced features for asset management could improve user experience.
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, appealing to long-term holders and active traders.
Both the mobile app and desktop platform are highly user-friendly and robust, suitable for trading on the go.	Mobile App and Desktop	The mobile and desktop platforms are highly user-friendly, offering full trading functionality and good design.
Generally responsive customer service with multiple channels available, but some reports of delayed responses during peak times.	Customer Service	Customer support is available but improvements are necessary in response time and effectiveness.
Offers multiple deposit and withdrawal methods, but some users have experienced delays and higher fees for certain methods.	Deposit and Withdraw	Deposits and withdrawals are handled efficiently, though clarity on timeframes and fees would enhance service.

Key features

Analysis tools

Advanced charting tools, technical analysis

Mobile APP

Yes

Security

High 4,9/5

Additional features

Margin trading, futures trading, staking, Phemex Earn

Margin trading, futures trading, staking, MEXC Launchpad

Anonymity

Yes

Key points

Available cryptocurrencies

Primarily derivatives, few direct cryptocurrencies

1000+

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.

MEXC provides a straightforward and easy-to-use platform that is ideal for beginners. The interface is clean and intuitive, making it easy to navigate and execute trades.

Value for money

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

Delivers good value for money with competitive fees and a wide range of supported cryptocurrencies, making it an affordable option for traders.

Countries of operation

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

Singapore, United States, Canada, Australia, United Kingdom

Best for

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

Best for traders seeking a platform with a wide range of cryptocurrencies and competitive fees.

Base currencies available

USD, BTC, USDT

USDT, BTC

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.

MEXC offers a wide range of cryptocurrencies and advanced trading tools. It has competitive fees and high liquidity, making it suitable for experienced traders.

Deposit and withdrawal

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

MEXC offers multiple deposit and withdrawal methods, including bank transfers and crypto. Withdrawals are processed quickly, usually within a day, with low fees.

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.

MEXC provides a straightforward and user-friendly account opening process. Users need to submit personal details and verify their identity. The process is efficient and usually takes 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.

MEXC provides extensive customer support via email, live chat, and phone. The support team is responsive and 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.

MEXC employs robust security features, including 2FA and cold storage. However, it is not regulated by major financial authorities, which might be a concern for some 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 MEXC Exchange for its impressive array of over 1,000 cryptocurrencies and robust trading options, making it ideal for both new and seasoned traders. However, potential users should note the areas needing improvement, particularly customer service responsiveness. Overall, if you’re looking for a platform with high liquidity and diverse trading capabilities, MEXC is a solid choice, but be prepared for possible delays in support when you need assistance.

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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.