Phemex Deposit

How to Deposit in Phemex

How to Buy Crypto with Credit/Debit Card on Phemex?

Buy Crypto with Credit/Debit Card (Web)

1. On the home page, click on Buy Crypto, and then choose Credit/Debit Card.

A variety of fiat currencies can be used to purchase cryptocurrency here. The amount of cryptocurrency you can receive will be displayed automatically by the system once you enter the desired amount to be spent in fiat. Click "Buy".

Notes:

• The success rate of debit cards is higher.
• Be aware that your credit card may be subject to Cash Advance Fees from certain banks.
• The minimum and maximum amounts for each transaction are $100 and $5,000, respectively, and the daily cumulative transaction amount is less than $10,000.

2. In order to ensure security, if you haven’t already bound a card, you must first enter the card details. Select "Confirm".

3. Type in your Credit/Debit card information and billing address. Select "Confirm" and "Bind Card".


4. Enter your password and click "Continue".

Note: To validate the card, you might be asked to enter a 3D Secure code.

5. As soon as binding is finished, you can purchase cryptocurrency!

6. Return to the Buy Crypto home page, input the desired amount to be sent or spent, and then click "Buy".

7. Verify the purchase. You can "Add new card" or use any existing one you have to make a payment. Next, select "Confirm".

To bind, you will need to enter card details if you decide to "Add new card" in order to purchase cryptocurrency.

8. The cryptocurrency amount will be transferred to your spot account. To view your assets, click View Assets.

9. To view your order history, go to the upper right-hand corner and click Orders.


10. You can view card information and unbind by clicking Payment card in the upper right-hand corner.

Buy Crypto with Credit/Debit Card (App)

Here’s how to purchase cryptocurrency using a Credit or Debit Card, step-by-step:

• Make sure you are signed into your Phemex account or registered.
• Click "Buy Crypto" on the main page.

NOTE: The completion of KYC Identity Verification is mandatory for purchases via Credit/Debit Card.

1. A variety of fiat currencies can be used to purchase cryptocurrency here. The amount of cryptocurrency you can receive will be displayed automatically by the system once you enter the desired amount to be spent in fiat. Click "Buy".

Note:

• The success rate of debit cards is higher.
• Be aware that your credit card may be subject to Cash Advance Fees from certain banks.
• The minimum and maximum amounts for each transaction are $100 and $5,000, respectively, and the daily cumulative transaction amount is less than $10,000.

2. Click "Continue" after selecting [Credit/Debit Card] as your payment method. In order to ensure security, if you haven’t already bound a card, you’ll need to input card information first.

3. Type in your Credit/Debit Card information and Billing Address. Select "Bind Card".


4. After a card is successfully binded, you can use it to purchase cryptocurrency. Return to the Buy Crypto homepage and input the desired amount to be received or spent. Select "Buy". Select a bound card, tap "Continue" to verify order details, and then click "Confirm".

Your spot wallet will receive the cryptocurrency amount. To view your balance, click "View Assets".

5. To view your order history, click on “Orders” in the upper right-hand corner.

6. You can view card information and unbind or set the default card by clicking on "Payment cards" in the upper right-hand corner.

How to Buy Crypto on Phemex P2P

Buy Crypto on Phemex P2P (Web)

1. On the homepage, click on Buy Crypto, and then choose [P2P Trading].

2. Click P2P Trading and choose [Buy USDT]. Then you may choose the crypto and the quantity, as well as your Payment method.

3. This is where you input the desired payment amount in your currency, and the amount of cryptocurrency you will receive will be displayed. Click "Buy USDT".

4. Review your Order information and complete the payment. Then, click "Transferred, Notify Seller".

5. Click [Confirm] to confirm the payment.

6. Now, you need to wait for crypto to be released.

7. After all, you may see the announcement about "Transaction complete".

Note:

• In the case of either the seller not releasing crypto or the user not transferring the fiat, the order for the cryptocurrency can be canceled. 
• In the case of the Order expiring as it failed to be processed within the payment time, users can tap on [Open an Appeal] to open a dispute. The two parties (seller and buyer) will then be able to initiate a chat with each other to better understand the issue.

Buy Crypto on Phemex P2P (App)

1. On the homepage, click Buy Crypto.

2. Choose P2P.


3. Press P2P and choose [Buy]. Then you may choose the crypto and the quantity, as well as your Payment method. Tap "Buy" the crypto that you want.

4. Review the information and choose Payment method. Then, choose Buy USDT with 0 fees.

5. Tap [Make payment] to confirm your transaction.

6. Now, you need to transfer funds to the seller’s account. Then, select "Transferred, Notify Seller".


7. Choose "Confirm" to make sure that the payment has been made.

8. Now, you need to wait for crypto to be released.

9. After all, you may see the announcement about "Transaction complete".

Note:

• In the case of either the seller not releasing the crypto or the user not transferring the fiat, the order for the cryptocurrency can be canceled.
• In the case of the Order expiring because it failed to be processed within the payment time, users can tap on Appeal to open a dispute. The two parties (seller and buyer) will then be able to initiate a chat with each other to better understand the issue.

How to Buy Crypto with One-Click Buy/Sell

How to Buy Crypto with One-Click Buy/Sell (Web)

Here’s how to buy cryptocurrency with just one click, step-by-step:

1. Create an account or confirm that you are signed into your Phemex account.

2. Hover your cursor over "Buy Crypto" on the header menu and select "One-Click Buy/Sell".

3. Enter the amount of fiat you wish to spend after selecting the preferred fiat currency and cryptocurrency type from the drop-down menu. After that, the fiat amount and currencies you have chosen will automatically fill in the "I will receive" field. When you’re ready, click the "Buy" button.

Note: The supported cryptocurrencies are USDT/BTC/ETH/USDC/BRZ, and the supported mainstream fiat currency types are also supported.

4. Choose your payment method. You have the option to use your own preferred method or the one that is suggested. Choose "Confirm".

Note: Depending on the best exchange rate available right now, Phemex will suggest a payment option for you. Please take note that our service partners provide the exchange rates.

5. Once there is enough balance, check the order details by visiting the Confirm Order page. The cryptocurrency will be deposited into your Phemex Spot Account within an hour after you click "Confirm".


6. Choose from the list of service providers and verify the order details if you decide to purchase cryptocurrency through a third party. Note that the real-time quote is merely an estimate; for the precise exchange rate, visit the website of the service provider. After clicking "Confirm", a page from the service provider will appear, allowing you to select your preferred method of payment to purchase cryptocurrency. Keep in mind that the websites of the third-party providers require KYC.


7. Please select "Orders" in the top right corner to view your order history.

How to Buy Crypto with One-Click Buy/Sell (App)

Here’s a detailed tutorial on One-Click Buy/Sell cryptocurrency sales:

1. Sign up or confirm that you are currently logged into your Phemex account.

2. Select "One-Click Buy/Sell" on the homepage.

3. Enter the amount of fiat you wish to spend after selecting the preferred fiat currency and cryptocurrency type from the drop-down menu. After that, the fiat amount and currencies you have chosen will automatically fill in the "I will receive" field.When ready, tap on the "Buy" button.

Note: The supported cryptocurrencies are USDT/BTC/ETH/USDC/BRZ, and the supported mainstream fiat currency types are accepted.

4. Choose your payment method. You have the option to use your own preferred method or the one that is suggested. If you decide to purchase cryptocurrency using Fiat Balance, you will need to click the "Fiat Deposit" button in order to finalize the account deposit when the balance becomes insufficient.

Note: Depending on the best exchange rate available right now, Phemex will suggest a payment option to you. Please take note that our service partners provide the exchange rates.


5. Once there is enough balance, check the order details by visiting the Confirm Order page. The cryptocurrency will be deposited into your Phemex Spot Account within an hour after you click "Confirm".

6. Choose from the list of service providers and then verify the order details if you decide to purchase cryptocurrency through a third party. Note that the real-time quote is merely an estimate; for the precise exchange rate, visit the website of the service provider. After clicking "Continue", a page from the service provider will appear, allowing you to select your preferred method of payment to purchase cryptocurrency. It should be noted that the websites of third-party providers require KYC.


7. In the upper right corner, click Orders to view your order history.

How to Deposit Crypto on Phemex

Deposit Crypto on Phemex (Web)

The act of "making a deposit" refers to transferring funds or assets from another platform into your Phemex account. Here is a step-by-step tutorial on how to make a deposit on the Phemex Web.

Log in to your Phemex Web, click "Deposit", and pull up the right sidebar to select the deposit method page. Phemex supports two types of cryptographic deposit methods: Onchain Deposit and Web3 Wallet Deposit.

For Onchain Deposit:

1. First, click “Onchain Deposit” and select the coin and network that you would like to deposit.

• Make sure you select the same network on the platform where you are withdrawing funds for this deposit.
• For certain networks, such as BEP2 or EOS, you must fill in the tag or memo when making a transfer, or your address cannot be detected.
• Please confirm the contract address carefully before proceeding. Click the Contract address to be redirected to the block explorer to view more details. The contract address of the asset you’re depositing must be the same as the one shown here, or your assets might be lost.

2. You can select to deposit to Spot Account or Contract Account. Only USDT/BTC/ETH support deposits to contract accounts.

3. To copy your deposit address and paste it into the address field of the platform you want to withdraw crypto from, click the copy icon.

As an alternative, you can import the address’s QR code into the platform you’re withdrawing from by clicking the QR code icon.

4. It takes some time for the transaction to be confirmed after the withdrawal request has been approved. The blockchain and the volume of network traffic it is experiencing at the moment affect the confirmation time. The money will soon be credited to your Phemex Spot wallet after the transfer has been completed.

5. By selecting Assets and then Deposit, users can examine their deposit history, with the data displayed at the bottom of the page.

 

For Web3 Wallet Deposit:

1. First, click “Web3 Wallet Deposit” and select the wallet that you would like to deposit.

2. Taking Metamask as an example: Click Metamask and complete wallet connection verification.

3. Select the coin and network, and enter the amount that you would like to deposit.

• Make sure you also selected the same network from the wallet where you are withdrawing funds for this deposit.
• Make sure that you have funds on hand for wallet selection.

4. Complete Wallet security verification after submitting the Deposit application, then wait for confirmation on the chain.

5. You can check your deposit history or click on Assets then navigate to Deposit.

Deposit Crypto on Phemex (App)

Here’s a detailed tutorial to Deposit Crypto.

• Sign up or confirm that you are currently logged into your Phemex account.
• Click "Deposit" on the homepage.

NOTE: KYC completion is required in order to Deposit crypto.

1. Choose "Onchain Deposit".

2. Choose the coin that you want to Deposit.

3. After deciding which coin you want to use, choose the network where you want to make the deposit. On the platform where you are withdrawing the funds for this deposit, please confirm that you have chosen the same network.

4. On Phemex, you can enter the withdrawal address in two different ways.

Copy Paste or Scan QR Code:

After selecting which to save from the QR code, paste it into the address space of the platform where you want to take out cryptocurrency. 

Alternatively, you can just show the QR code and then import it to the platform when you’re withdrawing.

Copy Paste Withdrawal Address    

After copying the withdrawal address, click the address field and paste it into the platform where you want to withdraw cryptocurrency.

Note this, please:

i. Be sure the network you select initially supports Phemex as well as the platform.

ii. Verify that the platform has your assets before allowing users to deposit money.

iii. Click to copy or scan the platform’s QR code.

iv. You also need to copy the tag or memo when you choose a cryptocurrency, such as XRP, LUNc, EOS, etc., excluding the coin, network, and address.

5. Please be patient, as the transaction may take some time to confirm after the withdrawal request has been approved. The blockchain and the volume of network traffic it is experiencing at the moment affect the confirmation time. The money will soon be credited to your Phemex spot wallet after the transfer has been completed.  By selecting Wallet and then Deposit, you can also view the history of your deposits. Next, to view, tap the icon located in the upper right corner.

How to Deposit Fiat with Bank Transfer

How to Deposit Fiat with Bank Transfer (Web)

Legend Trading, a quick, safe, and properly licensed money services business (MSB), has partnered with Phemex. Legend Trading allows Phemex users to safely deposit GBP/CHF/EUR/JPY/CAD/AUD through bank transfers because it is a legally compliant vendor.

Here’s a detailed explanation of how to use a bank transfer to deposit fiat money:

• Sign up or confirm that you are currently logged into your Phemex account.
• Hover your cursor over "Buy Crypto" on the header menu, then select "Fiat Deposit".

NOTE: *KYC completion is required in order to make a fiat deposit. Even if the user has advanced KYC verification, Legend Trading may still require additional verification (questionnaires, surveys, etc.).

1. Enter the amount of fiat you wish to deposit after selecting the preferred fiat currency from the drop-down menu.

2. Select a Payment Method. Use the Euro as an illustration. Funds can be transferred via wire transfer to Legend Trading. In most cases, funds arrive in 1-3 days. When you’re ready, click the Deposit button.

3. Please complete KYC identity verification first if you haven’t already finished Phemex Basic Advanced KYC verification. Click "Confirm".

Note: You can also skip to the questionnaire to complete the page and ensure the security of your transaction. Please enter the actual details and submit.

4. After clicking the Deposit button, if your KYC identity verification is accepted, you will be taken to a page that explains how to finish the deposit recharge. In order to make transfers using your mobile app or online banking, please follow the instructions.

When selecting a wire transfer:

• Navigate to the Transfer menu after logging into your bank account, then start the transfer.
• On the screen below, enter the relevant bank details.
• A MUST In your wire message, mention the relevant Reference Code listed below. You can usually enter it in the fields marked "Additional information"," "Memo", or "Instructions". To match the deposit to your account, use this code. The deposit might be returned or delayed without it.
• After you have finished transferring the funds, click the button that says, "YES, I JUST MADE A DEPOSIT".

• Please allow the funds to reach your Phemex fiat account after you make the transfer. Please be aware that the average delivery time for funds is one to three business days.
• To see if you were successfully credited, go to your "Assets-Fiat Account".

Note:

• To get immediate help if the deposit is delayed, please submit a ticket to Legend Trading.
• After your deposited Fiat is credited into your Fiat Wallet, please complete the purchase of cryptocurrency within 30 days, per the request made by the regulations.
• During the 31-day period, any unused Fiat balance will be automatically converted to USDT.

5. To view your order history, please click on Orders in the upper right-hand corner.

How to Deposit Fiat with Bank Transfer (App)

Legend Trading, a quick, safe, and properly licensed money services business (MSB), has partnered with Phemex. Legend Trading allows Phemex users to safely deposit GBP/CHF/EUR/JPY/CAD/AUD through bank transfers because it is a legally compliant vendor.

Here’s a detailed explanation of how to use a bank transfer to deposit fiat money:

• Sign up or confirm that you are currently logged into your Phemex account.
• Hover your cursor over "Buy Crypto" on the header menu, then select "Fiat Deposit".

NOTE: *KYC completion is required in order to make a fiat deposit. Even if the user has advanced KYC verification, Legend Trading may still require additional verification (questionnaires, surveys, etc.).

1. Enter the amount of fiat you wish to deposit after selecting the preferred fiat currency from the drop-down menu.

2. Select a Payment Method. Use the Euro as an illustration. Funds can be transferred via wire transfer to Legend Trading. In most cases, funds arrive in 1-3 days. When you’re ready, click the Deposit button.



3. Please complete KYC identity verification first if you haven’t already finished Phemex Basic Advanced KYC verification. Choose "Continue".

Note: You can also skip to the questionnaire to complete the page and ensure the security of your transaction. Please enter the actual details and submit.

4. After clicking the Deposit button, if your KYC identity verification is accepted, you will be taken to a page that explains how to finish the deposit recharge. In order to make transfers using your mobile app or online banking, please follow the instructions.

When selecting a wire transfer:

• Navigate to the Transfer menu after logging into your bank account, then start the transfer.
• On the screen below, enter the relevant bank details.
• A MUST In your wire message, mention the relevant Reference Code listed below. You can usually enter it in the fields marked "Additional information"," "Memo", or "Instructions". To match the deposit to your account, use this code. The deposit might be returned or delayed without it.
• After you have finished transferring the funds, click the button that says, "YES, I JUST MADE A DEPOSIT".

• Please allow the funds to reach your Phemex fiat account after you make the transfer. Please be aware that the average delivery time for funds is one to three business days.
• To see if you were successfully credited, go to your "Assets-Fiat Account". After the fiat account deposit is successful, you can use "My fiat balance" to use One-Click Buy/Sell to purchase cryptocurrency.

Note:

• Kindly finish the cryptocurrency purchase within 30 days of your deposited fiat being credited to your Fiat Wallet, per the request made by the regulation.
• Since your Fiat has been credited, any unused Fiat Balance will be automatically converted to USDT on the 31st day.
• Please submit a ticket to Legend Trading if the deposit is delayed in order to receive direct

5. To view your order history, please click on Orders in the upper right-hand corner.

Frequently Asked Questions (FAQ)

What is a tag/memo and why do I need to enter it when depositing crypto?

A tag or memo is a unique identifier assigned to each account for identifying a deposit and crediting the appropriate account. When depositing certain crypto, such as BNB, XEM, XLM, XRP, KAVA, ATOM, BAND, EOS, etc., you need to enter the respective tag or memo for it to be successfully credited.
 

How long does it take for my funds to arrive? What is the transaction fee?

After confirming your request on Phemex, it takes time for the transaction to be confirmed on the blockchain. The confirmation time varies depending on the blockchain and its current network traffic.

The funds will be credited to your Phemex account shortly after the network confirms the transaction.

Please note that if you enter the wrong deposit address or select an unsupported network, your funds will be lost. Always check carefully before you confirm the transaction.
 

Why Hasn’t My Deposit Been Credited

Transferring funds from an external platform to Phemex involves three steps:

• Withdrawal from the external platform

• Blockchain network confirmation

• Phemex credits the funds to your account

An asset withdrawal marked as “completed” or “success” on the platform you’re withdrawing your crypto from means that the transaction was successfully broadcast to the blockchain network. However, it might still take some time for that particular transaction to be fully confirmed and credited to the platform you’re withdrawing your crypto to. The number of required “network confirmations” varies for different blockchains.

How to Trade Crypto at Phemex

What is Spot Trading?

What is Spot Trading in Crypto?

Buying cryptocurrencies and holding them until their value rises is known as spot trading in the cryptocurrency market. For example, if a trader purchases Bitcoin, her objective is to sell it later for a profit.

This type of trading is not the same as futures or margin trading, which is betting on the fluctuations in cryptocurrency prices. Spot traders truly purchase and sell cryptocurrencies, taking possession of the assets in the process. Spot trading, on the other hand, is distinct from long-term investing or holding onto holdings (HODLing) in that it emphasizes short-term gains through frequent transactions to take advantage of price fluctuations.

Spot trading involves using your own money to purchase assets, so you can only buy what you can afford. Compared to other trading strategies, such as margin trading, where losses may exceed your initial investment, this method is frequently thought to be safer. The worst-case situation in spot trading usually entails losing the entire amount invested with no further obligations.

Spot trading is defined by three essential components: the trade date, the settlement date, and the spot price. The market price at which traders can instantly execute a sale of an asset is known as the spot price. At this price, cryptocurrency can be exchanged for other currencies on a number of exchanges. The spot price is dynamic and changes in response to completed and new orders. While the trade is executed on the trade date, the assets are actually transferred on the settlement date, also known as the spot date.

Depending on the market, there may be a difference in the time between the trade date and the settlement date. In the world of cryptocurrencies, settlements typically take place the same day, though this might vary depending on the exchange or trading platform.
 

How Spot Trading Works in Crypto?

In the cryptocurrency world, spot trading can be started on a decentralized exchange (DEX) or a centralized exchange (CEX). DEXs use automated market makers (AMMs) and smart contracts, whereas CEXs use an orderbook model. Beginners in cryptocurrency trading typically favor CEXs because they offer an interface that is easier to use.

Spot trading gives you the ability to buy different cryptocurrencies, such as Ethereum (ETH) and Bitcoin (BTC), with fiat money or by transferring between different cryptocurrency pairs. Choose a suitable exchange first. As an example, let’s look at the centralized exchange Luno. Deposit fiat money into your exchange account or move cryptocurrency from another wallet after creating an account. Next, decide which cryptocurrency pair—such as BTC/USDC—you want to trade.

Order types that are available are stop limit, limit, and market orders. For example, after choosing the BTC/USDC pair, you initiate a ’buy’ order and indicate the trade amount. When your buy order and a matching sell order line up in the orderbook, your buy order will be filled. Since market orders are usually filled quickly, trade settlement happens almost instantly.

On the other hand, trade dealers, not software programs, facilitate over-the-counter (OTC) transactions. Thanks to smart contracts, DEXs use blockchain technology to pair buy and sell orders, allowing traders to carry out spot trading strategies right from their wallets. In the current digital era, trading can also take place over the phone, through brokers, and on over-the-counter platforms.

After obtaining your assets, if their value has increased, you can use any of these strategies to sell them for more money and realize your gains.
 

Pros of Crypto Spot Trading

Buying cryptocurrency at the spot price gives you the unique benefit of actual asset ownership. With this control, traders can decide when to sell their cryptocurrency or move it to offline storage. Possession of the asset also makes it possible to use your cryptocurrency for other uses, such as staking or online payments.

Easygoing

Spot trading is distinct due to its ease of use. Complex wallets, platforms, or tools are not necessary. Purchasing the asset at its current market value is a process. This simple method works well when combined with long-term cryptocurrency holding strategies such as HODLing (holding for the expectation of value appreciation) and DCAing (Dollar Cost Averaging). These tactics work especially well for blockchains that have a vibrant community and high usage rates because investing in cryptocurrencies over time can result in substantial profits.

Availability

The accessibility of spot trading is another important advantage. Spot orders are available almost everywhere and can be executed on a variety of platforms, making crypto spot trading extremely accessible to a wide range of users.
 
Reduced Risk in Comparison with Other Approaches

While there are risks associated with trading in general, spot trading is thought to be less risky than leveraged or futures trading. While futures trading in the speculative cryptocurrency market carries its own set of risks, leverage trading involves borrowing funds, which increases the potential for greater losses. Spot trading, on the other hand, entails just purchasing and selling the asset at the current price; it does not involve margin calls or extra contributions to your account beyond what is already there. Because of this, it’s a safer choice, especially for people who are hesitant to expose themselves to the volatility of cryptocurrency markets.

Cons of Crypto Spot Trading

One of the biggest disadvantages of spot trading in the cryptocurrency space is that it does not provide leverage. Due to this restriction, traders are only able to use their own funds, which limits their potential to increase returns. On the other hand, because of the leverage used, margin trading in cryptocurrencies offers the possibility of larger gains.

Difficulties with Liquidity: In spot markets, liquidity is a major worry, especially in down markets. Smaller altcoins may see a sharp decline in liquidity, making it more difficult for traders to convert their cryptocurrency holdings into fiat money. This circumstance might cause traders to sell their investments at a loss or hold onto them for a longer period of time.

Physical Delivery Requirements: Physical delivery is frequently necessary for commodities traded on the spot market, such as crude oil. This might not always be feasible and can present logistical difficulties.

Fees: When trading cryptocurrencies in particular, there are a number of fees related to spot trading, such as trading fees, withdrawal fees, and network fees. The overall profitability of trading activities may be lowered by these expenses.

Market Volatility: Spot traders are exposed to risk due to the cryptocurrency market’s well-known volatility. Traders must be alert and cautious because sudden and large price fluctuations can result in significant losses.

Is Crypto Spot Trading Profitable and How?

It is possible to make money with cryptocurrency spot trading, but it takes patience and careful strategy planning. Dollar-cost averaging is a popular trading strategy in which investors buy cryptocurrencies at a discount and hold onto them until their value rises, usually timing the sale to coincide with the start of the next bull market. This strategy works especially well in the cryptocurrency market, where there is a lot of price volatility.

But it’s important to remember that spot trading profits only become real when the cryptocurrencies are sold for fiat money or a specific stablecoin. To reduce possible losses, traders must practice rigorous research and efficient risk management. 

In contrast to conventional stock markets, wherein companies distribute profits to their shareholders through the purchase of shares, cryptocurrency trading profits are primarily obtained through the appreciation of asset values. Crypto spot trading can be a good place for beginners to start, but it does require a strong grasp of market trends and the capacity to tolerate market volatility. It is important for traders to carefully consider if they are prepared to manage the risks and potential gains associated with this trading strategy.

How to Trade Spot on Phemex (Web)

A spot trade is a straightforward exchange of goods and services at the going rate, also referred to as the spot price, between a buyer and a seller. When the order is filled, the trade happens right away.

With a limit order, users can schedule spot trades to execute when a particular, better spot price is reached. Using our trading page interface, you may execute spot trades on Phemex.

1. Visit our Phemex website and click on [Log In] at the top right of the page to log into your Phemex account.

2. To access the spot trading page for any cryptocurrency, simply click on it from the homepage.

You can find a larger selection by clicking [View More] at the top of the list.

3. At this point, the trading page interface will appear. You will now find yourself on the trading page interface.

1. Trading volume of a trading pair in 24 hours.
2. Candlestick chart and Market Depth.
3. Sell order book.
4. Buy order book.
5. Trading Type: Spot/Cross5X.
6. Buy Cryptocurrency.
7. Sell Cryptocurrency.
8. Type of order: Limit/Market/Conditional.
9. Your Order History, Active Orders, Balances,  and Conditional Orders.
10. Your latest completed transaction.

 

How do I Buy or Sell Crypto on the Spot Market? (Web)

Review all of the requirements and adhere to the procedures in order to purchase or sell your first cryptocurrency through the Phemex Spot Market.

Prerequisites: Please read all of the Getting Started and Basic Trading Concepts articles to become familiar with all the terms and concepts used below.

Procedure: The Spot Trading Page offers you three types of orders:
 

Limit Orders

1. Log in to Phemex and click the [Spot]-[Spot Trading] button in the center of the header to navigate to the Spot Trading Page.

2. Click your desired symbol or coin from Select Market in the top left corner of the page.

3. From the Order Module on the right side of the page, select Limit, set your desired Limit Price. From the drop-down menu below the Limit Price, select either USDT to enter the amount you wish to spend or select your Symbol/Coin to enter the amount you wish to receive.

4. At the bottom of the module, select either GoodTillCancel (GTC), ImmediateOrCancel (IOC) , or FillOrKill (FOK) depending on your needs.

5. Click Buy BTC to display a confirmation window.

6. Click the Confirm button to place your order.

Follow the same procedures as a buy order, but click the Sell button instead of Buy.

NOTE: You can enter the amount to receive in USDT or the amount to spend in your Symbol/Coin.

Market Orders

1. Log in to Phemex and click the Spot Trading button in the center of the header to navigate to the Spot Trading Page.

2. Click your desired symbol or coin from Select Market in the top left corner of the page.

3. From the Order Module on the right side of the page, select Market.

4. From the drop-down menu below the Limit Price, select either USDT to enter the amount you wish to spend or select your Symbol/Coin to enter the amount you wish to receive. Click Buy BTC to display a confirmation window.

Click the Confirm button to place your order.

Follow the same procedures as a buy order, but click the Sell button instead of Buy.

NOTE: You can enter the amount to receive in USDT or the amount to spend in your Symbol/Coin.
 

Conditional Orders

1. Log in to Phemex and click the Spot Trading button in the center of the header to navigate to the Spot Trading Page.

2. Click your desired symbol or coin from Select Market in the top left corner of the page.

3. From the Order Module on the left side of the page, select Conditional.

4. Check Limit if you want to set a Limit Price, or Market if you want to use the Market Price at the time that your condition triggers.

If you checked Limit, set your desired Trigger Price USDT and Limit Price. If you checked Market, set your desired Trigger Price and select either USDT to enter the amount you wish to spend or select your Symbol/Coin to enter the amount you wish to receive.

5. If you checked Limit, you also have the option to select either GoodTillCancel, ImmediateOrCancel, or FillOrKill depending on your needs.

6. Click Buy BTC to display a confirmation window.

Click the Confirm button to place your order.

Follow the same procedures as a buy order, but click the Sell button instead of Buy.

NOTE: You can enter the amount to receive in USDT or the amount to spend in your Symbol/Coin.

How to Trade Spot on Phemex (App)

1. Log in to the Phemex App, and click on [Spot] to go to the spot trading page.

2. Here is the trading page interface.

1. Market and Trading pairs.
2. Real-time market candlestick chart, supported trading pairs of the cryptocurrency, “Buy Crypto” section.
3. Sell/Buy order book.
4. Buy/Sell Cryptocurrency.
5. Open orders.

NOTE:

• The default order type is a limit order. If traders want to place an order as soon as possible, they may switch to [Market Order]. By choosing a market order, users can trade instantly at the current market price.
• If the market price of BNB/USDT is at 0.002, but you want to buy at a specific price, for example, 0.001, you can place a [Limit Order]. When the market price reaches your set price, your placed order will be executed.
• The percentages shown below the BNB [Amount] field refer to the percentage of your held USDT you wish to trade for BNB. Pull the slider across to change the desired amount.
   

How do I Buy or Sell Crypto on the Spot Market? (App)

Market Orders

1. Open the Phemex App and log in to your account. Tap the Circular Icon within the bottom navigation bar.

2. To view a list of every spot pair, tap the hamburger menu (three horizontal lines) in the upper left corner of the screen. The BTC/USDT pair is the default choice.

NOTE: If the list is defaulted to Favorites, select the All tab to view all pairs instead

3. Choose the pair that you want to exchange. Click the Buy or Sell button. The Market Order tab will already be selected by default.


4. In the Amount field, enter the target cryptocurrency’s value (in USDT) that you want to order.

NOTE: As you enter an amount in USDT, a counter will display how much of the target crypto you will receive. Alternatively, you can tap the By quantity option. This will allow you to enter the amount of the target crypto you want, while the counter will display how much this costs in USDT.

5. Tap the Buy BTC/Sell button

6. Your order will be immediately executed and filled at the best available market price. You can now see your updated balances on the Assets page.

Limit Orders

1. Launch the Phemex App, then sign in with your credentials. Select the Circle Icon located in the lower navigation bar.

2. To view a list of every spot pair, tap the hamburger menu (three horizontal lines) in the upper left corner of the screen. The ETH/USDT pair is the default choice.

NOTE: To view all pairs, select the All tab if the list’s default view is Favorites.

3. Choose the pair that you want to exchange. Either tap the Sell or Buy button. Select the Limit Order tab located in the screen’s center.

4. In the Price field, enter the price you want to use as a limit order trigger.

In the Amount field, enter the target cryptocurrency’s value (in USDT) that you want to order.

NOTE: A counter will show you how much of the target cryptocurrency you will receive as you enter an amount in USDT. As an alternative, you can select by Quantity. You can then enter the desired amount of the target cryptocurrency, and the counter will show you how much it costs in USDT.


5. Press the Buy BTC icon.

6. Until your limit price is reached, your order will be recorded in the order book. The Orders section of the same page displays the order and the amount of it that has been filled.

Market Conditional

1. The Market Conditional option is already chosen by default. In the Tri.Price field, enter the trigger price.

2. In the Amount field, enter the target cryptocurrency’s value (in USDT) that you want to order.

NOTE: A counter will show you how much of the target cryptocurrency you will receive as you enter an amount in USDT. As an alternative, you can select By quantity. You can then enter the desired amount of the target cryptocurrency, and the counter will show you how much it costs in USDT.

3. Press the Buy/Sell icon. Then choose Buy/Sell BTC.

4. Your order will be instantly executed and filled at the best available market price as soon as the trigger price is reached. On the Assets page, you can now view your updated balances.

Limit Conditional

1. Choose the Limit Conditional menu item.

2. In the Tri.Price field, enter the trigger price.

3. A limit order will be generated once the trigger price is reached. In the Limit Price field, enter the limit order’s price.

4. In the Amount field, enter the target cryptocurrency’s value (in USDT) that you want to order.

5. Press the Buy/Sell icon. Then click Buy/Sell BTC

6. Your order will be posted to the order book as soon as the trigger price is reached and will remain there until your limit price is reached. The Orders section of the same page displays the order and the amount of it that has filled.

Spot Trading vs Future Trading

Spot Markets

• Immediate Delivery: In spot markets, the transaction involves the immediate purchase and delivery of assets, such as Bitcoin or other cryptocurrencies. This allows traders to gain immediate possession of the asset.
• Long-Term Strategy: Spot market trading is typically aligned with a long-term investment strategy. Traders buy crypto assets when prices are low and aim to sell them when their value increases, usually over an extended period.

Futures Trading

• Not Owning the Underlying Asset: Futures trading in the crypto market is unique in that it does not involve owning the actual asset. Instead, futures contracts represent a commitment to the asset’s future value.
• Agreement on Future Transactions: In futures trading, you enter an agreement to buy or sell the asset, such as Bitcoin or other cryptocurrencies, at a pre-agreed price on a specified future date.
• Shorting and Leverage: This form of trading allows for shorting the market and utilizing leverage. These tools can be particularly advantageous for those looking to make short-term gains in the crypto market.
• Cash Settlement: Typically, futures contracts are settled in cash upon reaching their expiration date, as opposed to actual delivery of the underlying crypto asset.

The Differences Between Spot Trading and Margin Trading

Spot Trading

• Capital Use: In spot trading, traders invest their own funds to acquire assets such as stocks or cryptocurrencies. This approach does not entail the use of borrowed money.
• Profit Dynamics: Earnings in spot trading generally materialize when the value of the asset, be it Bitcoin or another crypto, increases.
• Risk Profile: The risk associated with spot trading is often seen as lower since it involves investing personal capital, with profits dependent on the appreciation of the asset’s price.
• Leverage: Leverage is not a component of spot trading.

Margin Trading

• Borrowing Capital: Margin traders use borrowed funds to buy greater quantities of assets, including stocks and cryptocurrencies, thus enhancing their purchasing power.
• Margin Requirements: To avoid margin calls, traders in margin trading must adhere to specific margin requirements.
• Timeframe and Costs: Margin trading typically involves a shorter operational timeframe due to the costs linked to margin loans.
• Profit Dynamics: In margin trading, profits can be achieved when the crypto market moves in any direction, up or down, providing more versatility compared to spot trading.
• Risk Profile: Margin trading is viewed as more hazardous, with the potential for losses to surpass the initial investment.
• Leverage: This trading style employs leverage, which can lead to significantly higher profits or losses.

Frequently Asked Questions (FAQ)

What is a Limit Order

A limit order is an order that you place on the order book with a specific limit price. It will not be executed immediately, like a market order. Instead, the limit order will only be executed if the market price reaches your limit price (or better). Therefore, you may use limit orders to buy at a lower price or sell at a higher price than the current market price.

For example, you place a buy limit order for 1 BTC at $60,000, and the current BTC price is 50,000. Your limit order will be filled immediately at $50,000, as it is a better price than the one you set ($60,000).

Similarly, if you place a sell limit order for 1 BTC at $40,000 and the current BTC price is $50,000. The order will be filled immediately at $50,000 because it is a better price than $40,000.
 

Market Order	Limit Order
Purchases an asset at the market price	Purchases an asset at a set price or better
Fills immediately	Fills only at the limit order’s price or better
Manual	Can be set in advance

How to View my Spot Trading Activity

You can view your spot trading activities from the Orders and Positions panel at the bottom of the trading interface. Simply switch between the tabs to check your open order status and previously executed orders.

1. Open Orders

Under the [Open Orders] tab, you can view the details of your open orders.

 

2. Order History

Order history displays a record of your filled and unfilled orders over a certain period. You can view the order details, including:

• Symbol
• Type
• Status