7 minute read
MEXC vs Phemex Comparison: Which is better?
from MEXC
by Exness_India
When deciding between MEXC vs Phemex, the better choice depends on your priorities: trading variety, fees, leverage, liquidity, and extra features. Right from the start — if you want a huge selection of cryptocurrencies, low trading fees without mandatory KYC, and deep altcoin liquidity, MEXC tends to be the better pick. If you prefer a cleaner interface, a more futures-focused experience, and slightly stronger regulation, Phemex might suit you more. Let’s break down this comparison so you can make the right decision for your trading style.
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1. Overview of MEXC and Phemex
MEXC is a Singapore-based cryptocurrency exchange launched in 2018. It’s known for offering over 2,000 listed cryptocurrencies, high leverage (up to 200x on futures), and competitive fees. MEXC is popular among traders who want to access small and mid-cap altcoins early, often before they appear on bigger exchanges like Binance or OKX.
Phemex, founded in 2019 and based in Singapore as well, is a crypto derivatives and spot trading platform that focuses heavily on futures trading. It’s popular for its clean, professional interface and its strong emphasis on speed and reliability. While its altcoin list is smaller than MEXC’s, it has a good range of major coins and supports both spot and contract trading.
2. Trading Products and Variety
If you want maximum variety, MEXC is the clear winner. It lists over 2,000 spot trading pairs and hundreds of futures contracts, covering almost every niche in crypto — from major coins like Bitcoin and Ethereum to DeFi, AI tokens, meme coins, and obscure low-cap projects.
Phemex takes a quality-over-quantity approach. You’ll find fewer than 300 listed assets for spot trading, with a strong emphasis on top market-cap coins and a curated selection of smaller projects. This makes Phemex easier for beginners but less appealing for traders chasing niche opportunities.
Verdict:
MEXC for variety and early access to new coins.
Phemex for a cleaner, curated asset list.
3. Fees and Costs
Both exchanges are competitive in terms of fees, but MEXC stands out with its zero maker fees on spot trading and very low futures fees.
MEXC fees:
Spot trading: 0% maker, 0.1% taker.
Futures trading: 0% maker, 0.02% taker.
No deposit fees; withdrawal fees depend on the asset.
Fee discounts available via MX token holdings.
Phemex fees:
Spot trading: 0% maker, 0.1% taker for most users.
Futures trading: 0.01% maker, 0.06% taker.
No deposit fees; competitive withdrawal fees.
Premium membership option with further fee reductions.
For heavy futures traders, MEXC’s lower taker fee (0.02% vs. 0.06%) can add up to big savings. For occasional traders, the difference might be less noticeable.
4. Leverage and Trading Features
MEXC offers up to 200x leverage on certain futures pairs — among the highest in the industry. This attracts aggressive traders but also comes with higher liquidation risk.
Phemex offers up to 100x leverage on its perpetual contracts, which is more in line with industry norms. While it may seem lower, 100x is already highly risky, and many traders never go beyond 20x.
In terms of features:
MEXC: Supports spot, futures, ETFs, staking, launchpad, copy trading, and grid trading bots.
Phemex: Offers spot, futures, savings products, copy trading, and staking. It also has a more streamlined interface, especially for derivatives traders.
If you want the most tools for active and experimental trading, MEXC offers more options. If you prefer a simpler, more focused platform, Phemex is easier to navigate.
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5. Liquidity and Trading Volume
Liquidity matters — it determines how easily you can execute large trades without price slippage.
MEXC has grown significantly in trading volume, especially for altcoins. For many low- to mid-cap coins, MEXC offers better liquidity than most other exchanges except Binance. Its futures market is also deep, allowing for high-leverage trades with minimal slippage.
Phemex has solid liquidity for BTC, ETH, and a few other top coins, but for smaller altcoins, you might experience more slippage compared to MEXC. If your trading is focused mainly on Bitcoin and Ethereum, liquidity on both platforms is comparable.
6. KYC, Accessibility, and Account Setup
One major difference is in KYC (Know Your Customer) requirements.
MEXC allows trading and withdrawals up to a certain limit without KYC. This appeals to traders who value privacy or live in regions with stricter regulations. However, completing KYC unlocks higher withdrawal limits and extra features.
Phemex also lets you trade without KYC, but withdrawal limits are stricter for unverified accounts. For full access, you’ll need to verify your identity.
For global accessibility:
MEXC is available in most countries, but restricted in the US and a few others.
Phemex is also available in many regions but similarly restricted in certain jurisdictions, including the US.
7. Security and Regulation
Both exchanges use industry-standard security measures like cold wallet storage, two-factor authentication (2FA), and withdrawal whitelists.
MEXC has a clean track record with no major hacks reported.
Phemex also has no major hack history and emphasizes its security audits.
In terms of regulation, neither is fully licensed in major Western jurisdictions like the US or EU, but Phemex tends to market itself with a slightly stronger compliance image, aiming to attract professional traders.
8. User Experience and Interface
If you’re looking for a feature-packed but slightly more complex interface, MEXC fits the bill. It has many tabs, options, and features, which can be overwhelming for beginners but empowering for experienced traders.
Phemex’s interface is minimalist and clean, especially in the futures section. It focuses on speed and clarity, making it a favorite for traders who prioritize execution over extra features.
9. Extra Earning Opportunities
MEXC offers multiple ways to earn beyond trading:
Staking for various tokens with flexible and fixed terms.
Launchpad to access new token sales early.
ETF trading for leveraged exposure without liquidation risks.
Copy trading and grid bots.
Phemex also offers earning features:
Phemex Earn with fixed and flexible savings.
Staking for select assets.
Copy trading.
MEXC has a more diverse set of earning tools, while Phemex keeps it simple.
10. Mobile App and Performance
Both platforms have reliable mobile apps for iOS and Android, supporting spot, futures, and staking features.
MEXC’s app mirrors its web platform — packed with features, charts, and trading tools.Phemex’s app is slightly faster to navigate, with a clean interface suitable for quick order placement.
11. Which is Better for You?
Choose MEXC if you:
Want the largest possible selection of coins, including rare altcoins.
Prefer lower futures fees and higher leverage.
Value trading without mandatory KYC.
Like having multiple earning and trading tools in one place.
Choose Phemex if you:
Focus mainly on BTC, ETH, and major coins.
Want a simpler, cleaner trading interface.
Prefer a more curated coin list.
Still want strong futures trading but without overwhelming features.
Final Verdict
If your trading revolves around finding new altcoins, maximizing leverage, and paying the lowest possible fees, MEXC will likely be the better choice. It’s built for variety, aggressive trading strategies, and flexibility in account verification.
If you’re more interested in a focused, polished, and professional trading experience, especially for futures on major cryptocurrencies, Phemex is an excellent pick.
In the end, the “better” exchange depends on your style. Many experienced traders actually keep accounts on both MEXC and Phemex, using MEXC for altcoin hunting and Phemex for futures on major coins. By combining the strengths of each platform, you can cover almost every trading need in the crypto market.
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