Bitget vs Phemex | Learn Who Has Best Trading & Fees
Jack Moreau
Apr 2024
7 min read
Fact checked
Bitget vs Phemex: In this comparison, we analyse Bitget vs Phemex across various metric. We looked at KYC requirements, country availability, product offerings, trading fees, deposit methods, and more. Keep reading so that you can easily determine which exchange best aligns with your trading needs!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Bitget and Phemex are two prominent cryptocurrency exchanges that have gained significant popularity in the crypto market.
Bitget which was founded in 2018, has quickly emerged as a fast-growing cryptocurrency exchange. With over 20 million users across 100 countries, Bitget has become one of the largest crypto copy trading and derivatives exchanges globally.
The exchange has been ranked in the top five for derivatives trading volume by CoinMarketCap and CoinGecko. Bitget offers a diverse range of trading services, including spot, derivatives, copy, and grid trading. Traders can choose from a selection of over 550 cryptocurrencies on the platform.
Phemex on the other hand was founded in 2019 and has gained recognition for its spot and derivatives trading services. The exchange offers over 180 cryptocurrencies and 140 contract trading pairs that are margined in USDT, with leverage of up to 100X.
Phemex provides access to more than 190 popular spot trading pairs, making it a preferred choice for both beginners and experienced traders. With over 5 million users in 200 countries, Phemex has established itself as a trusted platform in the crypto market.
The Phemex Android app has been downloaded over 1 million times and boasts a remarkable 4.5-star rating based on over 10,000 reviews.
Both Bitget and Phemex offer a wide range of cryptocurrencies for trading. Bitget does however have an edge with support for over 450 cryptocurrencies.
This extensive range of assets provides users with ample opportunities to diversify their portfolios and explore various investment options.
Bitget vs Phemex KYC Requirements
When it comes to signing up for Bitget, the process couldn't be easier. All you need to do is enter your email and password, and then add the verification code that has been sent to your email. And voila, you're all set! You can now deposit cryptocurrencies and start trading right away.
The best part is that KYC (Know Your Customer) is not required for crypto-to-crypto trading. on Bitget. This means that users can signup, deposit their cryptocurrencies and begin trading on Bitget.
However, if you want to buy crypto with fiat or deposit fiat, KYC verification is mandatory. But don't worry, it's a simple process that involves providing some personal information and documents. By completing KYC, you'll also gain access to bigger withdrawal amounts, which is definitely a great benefit for verified users.
On the other hand, if you're considering signing up for Phemex, you'll be pleased to know that the process is just as quick and easy. It literally takes just 30 seconds to create an account, and then you can immediately start depositing cryptocurrencies and trading.
Similar to Bitget, KYC is not required for all users on Phemex who just want to deposit cryptocurrencies and trade. So if you prefer to maintain your privacy and don't want to go through the verification process, you can still enjoy unlimited crypto deposits and trading.
However, if you want to access more features and benefits, such as higher withdrawal limits, you can choose to complete the KYC verification. This will involve uploading your ID and a photo of yourself. The choice is yours!
In conclusion, both Bitget and Phemex offer seamless and user-friendly signup processes. Bitget requires KYC verification for fiat-related transactions, while both Bitget and Phemex provides the option to trade without KYC.
Bitget vs Phemex Crypto Products
Moving on to product offering, Bitget is an exchange that offers a variety of trading services including spot trading, futures trading, margin trading and copy trading.
For users that want access to additional products, Bitget also offers staking vaults, earn products via lending and borrowing, trading bots, P2P trading and their own launchpad.
Bitget allows users to access a wide range of financial instruments and services to meet their trading needs. In terms of user experience, Bitget offers a well-designed platform that is easy to navigate.
The website is similar to other popular exchanges like Bybit, Kucoin, and OKX, making it familiar and intuitive for users.
Despite offering a range of products and services, Bitget manages to present them in a way that is not overwhelming, ensuring a smooth and seamless user experience. Bitget also boasts a significant average daily spot trading volume that tends to range between $500 million and over $1 billion.
This deep liquidity allows for efficient trading and ensures that users can execute their trades quickly and at competitive prices. Additionally, Bitget offers a maximum leverage of up to 125X on futures, providing users with the opportunity to amplify their trading positions.
Phemex is another cryptocurrency exchange that offers a range of products and services, including spot trading for over 250 cryptocurrencies, over 150 perpetual contracts, margin trading, copy trading, earn products, and a launchpad.
Phemex aims to provide a competitive set of features and a high-level user experience to meet the needs of both beginner and professional traders. The user experience on Phemex is excellent with a user-friendly platform and clear benefits of using their product.
The exchange offers a smooth and seamless trading experience, and basic trading does not require KYC verification, making it accessible for beginners.
Phemex also offers a range of educational resources and a learn and earn program to encourage users to expand their knowledge of cryptocurrencies.
Phemex has an average daily spot volume of over $100 million, which demonstrates a decent but not great level of liquidity. This ensures that users can trade with ease and have access to competitive prices.
Additionally, Phemex offers leverage of up to 100X on perpetual contracts and up to 5X on margin trading, providing users with the opportunity to maximize their trading positions.
In conclusion, both Bitget and Phemex offer a variety of trading services and products and there is a great overlap in terms of the services offered by both exchanges.
While both exchanges are very competitive in the product category, let's see if anyone can find an advantage in terms of trading fees.
For spot trading, Bitget charges both makers and takers are a fee of 0.10%. This is a very competitive spot fees and inline with other exchange like Binance and Bybit.
Moving on to futures trading fees on Bitget, makers are charged a fee of 0.02% while takers face a slightly higher fee of 0.06%. These fees are quite reasonable, especially when compared to some other exchanges out there.
Bitget also offers it's users the opportunity to lower their trading fees based on their monthly trade volumes. If you exceed the minimum threshold, your fees can be reduced. So, the more you trade, the more you save!
Shifting our attention to Phemex, for spot trading, makers and takers are charged a competitive fee of 0.1% which is the same as Bitget.
And just like Bitget, Phemex also provides an opportunity to lower your trading fees based on your monthly trade volumes. So, if you're an avid trader who exceeds the minimum threshold, you can expect some sweet discounts on your fees.
For those that wish to trade futures on Phemex, they will be charged a maker fee of 0.01% and a taker fee of 0.06%. In other words, besides a slightly lower spot maker fee for Phemex, these two exchanges charge more or less the same trading fees!
Bitget supports a wide range of fiat currencies for buying crypto with a credit/debit card. They offer support for 40 different fiat currencies, which is quite extensive compared to other exchanges. However, Bitget does not support fiat deposits directly via bank transfer or other methods.
This means that users can only deposit cryptocurrencies or buy crypto using their fiat currencies through third-party providers like Banxa and MoonPay.
Unlike Bitget, Phemex does support fiat deposits for 6 fiat currencies including EUR, GBP, CHF, JPY, CAD and AUD.
The only deposit method available for all the supported fiat currencies is Wire Transfer which is free of charge. Deposit times vary between the fiat currencies with the fastest being GBP which can take between 10 minutes and one working day up to 2 working days for JPY.
Phemex users can also buy cryptocurrencies with their Visa or Mastercard credit or debit cards via third-party providers. Phemex collaborates with external parties such as Simplex, Coinify, Advcash, MoonPay, Mercuryo and Banxa.
Buy crypto with your credit and debit card via third-party providers is however more expensive than simply depositing fiat currencies free of charge.
When it comes to withdrawing funds, both Bitget and Phemex offer a range of options. Starting with Bitget, this exchange does not support fiat withdrawals.
Users can only withdraw cryptocurrencies. So if you're looking to cash out your funds, you'll have to convert them to a supported cryptocurrency before withdrawing.
In terms of withdrawal fees, Bitget charges 0.0005 BTC for Bitcoin withdrawals, 0.0006 ETH for Ethereum withdrawals, 0.0074 SOL for Solana withdrawals, and 3 USDT for ERC-20 Tether withdrawals. These fees are relatively moderate compared to many other exchanges.
Moving on to Phemex, fiat withdrawals are available for all the fiat currencies that they support including EUR, GBP, JPY, CAD, AUD and CHF.
Once more, the only fiat withdrawal method that is available on Phemex is with Wire Transfer which normally takes 1-2 working days before the funds arrive in your bank account.
Phemex also supports cryptocurrency withdrawals with varying fees. For Bitcoin withdrawals on Phemex, users can expect to pay a fee of 0.0004 BTC.
Ethereum withdrawals come with a fee of 0.001 ETH, while Solana withdrawals have a fee of 0.01 SOL. If you're looking to withdraw Tether USD (USDT) on Phemex, there is a fee of 4 USDT.
In conclusion, both Bitget and Phemex are two great exchanges that offer a solid range of trading services that cater to both beginners and professional traders.
Bitget has emerged as a fast-growing exchange with 8 million users across 100 countries and has been ranked in the top five for derivatives trading volume.
Bitget like Phemex offers a diverse range of trading services, including spot, derivatives, copy, and grid trading. Bitget supports over 450 cryptocurrencies and offers a user-friendly platform with a high level of liquidity.
Phemex like Bitget has also quickly grown to millions of users but is available in more countries than Bitget. Phemex offers over 140 contract trading pairs and more than 300 popular spot trading pairs. Phemex also offers a user-friendly platform, educational resources, and a learn and earn program.
When comparing trading fees, both Bitget and Phemex offer competitive rates and provide opportunities to lower fees based on monthly trade volumes. Both exchanges only charge 0.1% for spot trading and futures trading begins at 0.02% for Bitget and 0.01% for Phemex.
In terms of deposit methods, neither Bitget nor Phemex support fiat currencies and as such, users have to deposit cryptocurrencies or buy via third party exchanges.
This was a very competitive comparison and we ultimately could not decide on a winner, it was so close! We personally like and use both Bitget and Phemex and recommend both to our readers!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.