How to Trade Crypto and Withdraw on Phemex

How to Trade Crypto on 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.

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

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

How to Withdraw from Phemex

How to Sell Crypto to Credit/Debit Card in Phemex

How to Sell Crypto with Credit/Debit Card (Web)

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

2. Select the “Sell” order type, choose the desired fiat currency from the drop-down menu, and then enter the amount of crypto you want to sell. "I will receive" field will auto-populate based on the crypto amount and currencies selected. Click the Sell button when ready.

Notes：

• Only supports USDT selling; supported fiat currencies are USD and EUR.
• The minimum amount per transaction is 300 USDT, Amount limit per transaction
• Your card name must be consistent with your KYC Identity name on Phemex.
• It might take a few days for the funds to show up on your credit card statement.

3. If you have not completed Phemex Basic and Advanced KYC verification, please finish it first.

Notes: For the safety of your transaction, if you have completed Phemex Basic Advanced KYC verification before, you may also fill in your phone number and submit.

4. If your KYC identity verification is approved, the next window will display the Confirm Order page, and you must link a card first. Click “Add a card” and enter your card details, then click “Confirm”. You can then return to the "Confirm Order" page.

Notes: The cardholder name must be consistent with your KYC Identity Verification name on Phemex.

5. After binding your card, you have the option to add new cards or select one from the list of cards. After reviewing the order details, click "Confirm". Depending on the bank that issued your card, the fiat money will either be credited to your card immediately or over the course of a few days after the transaction is complete.

Note: For credit cards, it might take a few days for the credit to appear on your credit card statement. If you have not received your payment after a few days, please contact our customer support in order to receive an ARN/RRN of your payment and clarify the situation with your bank.

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



7. You can see card details and unbind the card by clicking on Payment card in the top right corner.

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

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

• Sign up or confirm that you are currently logged into your Phemex account.
• Click "One-Click Buy/Sell" on the homepage.

NOTE: KYC completion is required in order to sell cryptocurrency.


1. Choose the type of order you want to place, "Sell" the cryptocurrency you want to sell, and the desired fiat currency from the drop-down menu. Next, enter the quantity of cryptocurrency you wish to sell. The "I will receive" field will automatically appear based on the selected currencies and cryptocurrency amount. To locate and pick the cryptocurrency of your choice, click the drop-down menu. When you’re ready, click the Sell button.

Notes:
 

(1) For Wire Transfer Payment Method:

• It supports USDT, BTC, USDC, ETH selling; the minimum amount per transaction is 50 USDT equivalency.
• Supported fiat currencies include USD/GBP/CHF/EUR/JPY/CAD/AUD.
• The bank transfer time varies from different fiat currency to different payment channels, usually 1-3 days.
• A withdraw fee of $30 will be applied and deducted from your total amount. This fee is charged by bank for each wire.
•  If the withdraw amount is greater than 50,000 USD, we’ll cover the cost for you and the fee will be waived.

(2) For Credit/Debit Card Payment Method:

• Only supports USDT selling, and supported fiat currencies are USD and EUR.
• The minimum amount per transaction is 300 USDT, the maximum amount per transaction

2. All of the options for collection methods, along with their corresponding costs, will be shown in the next window. There are two ways to conduct transactions: Bank account wire transfer, credit/debit card.

3. Please complete KYC identity verification if you haven’t already finished Phemex Basic and Advanced KYC authentication.

Note: If you choose wire transfer, you can also skip to the questionnaire page and fill it out; please enter the actual details and submit. This will ensure the security of your transaction.

4. Credit/Debit Card Sales

A card must be linked first. You can go back to the Confirm page by clicking "Add a card" entering your card information, and then clicking "Confirm".

Notes：

• The cardholder name must be consistent with your KYC Identity Verification name on Phemex.
• By clicking on Payment Card in the upper right-hand corner, you can view card information as well as unbind the card.

After binding your card, you have the option to add a new card or select from the list of cards. Click "Confirm" after verifying the order details.Depending on the bank that issued your card, the fiat amount will either be credited to your card instantly or over the course of a few days after the transaction is complete.

Notes: For credit cards, it might take a few days for the credit to appear on your credit card statement. If you have not received your payment after a few days, please contact our customer support in order to receive an ARN/RRN of your payment and clarify the situation with your bank.

5. Sell to a bank account via wire transfer

You have to first link a bank account before you can sell to it. After providing your bank account information, the new bank account is successfully added. Once you select "Continue" the Confirm page will appear.
Verify the order information. You have the option to add a new bank account or select the one you already have linked. Next, select "Confirm".

6. In the upper right corner, please click on the Orders icon to view your order history.

7. You may examine and modify bank account information by selecting the "Withdraw Bank Accounts" icon in the top right corner.

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

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

• Sign up or confirm that you are currently logged into your Phemex account.
• Hover your cursor over "Buy Crypto" on the header menu and select "One-Click Buy/Sell".

NOTE: *KYC completion is required in order to sell cryptocurrency.

1. Choose the type of order you want to place ("SELL"), the cryptocurrency you want to sell, and the desired fiat currency from the drop-down menu. Next, enter the quantity of cryptocurrency you wish to sell. The "I will receive" field will automatically appear based on the chosen currencies and amount of cryptocurrency. To locate and pick the cryptocurrency of your choice, click the drop-down menu. When you’re ready, click the Sell button.

Observations: 

(1) Regarding Payment by Wire Transfer:

• Accepts USDT, BTC, USDC, and ETH sales; the minimum transaction amount is 50 USDT equivalent.
• Fiat currencies such as USD, GBP, CHF, EUR, JPY, CAD, and AUD are supported.
• Bank transfers take different amounts of time, typically one to three days, depending on the fiat currency and the payment method.
• $30 will be applied as a withdrawal fee and subtracted from the total amount. The bank charges this fee for every wire.
• We’ll take care of the expenses and waive the fee if the withdrawal exceeds $50,000 USD.

(2) Regarding the Credit/Debit Card Payment Option:

• Only accepts USDT sales, and only the USD and EUR are accepted fiat currencies.
• The minimum and maximum amounts for each transaction are 300 USDT and 1,800 USDT, respectively. The daily and weekly cumulative transaction amounts are 7,500 USDT and 18,000 USDT, respectively.

2. Every option that is available, along with its corresponding price, will be shown in the next window.Credit/Debit cards and wire transfers (from bank accounts) are the two available payment methods.

3. Please complete your KYC identity verification if you haven’t finished Phemex Basic Advanced KYC authentication.

Note: If you choose wire transfer, you can also skip to the questionnaire page and fill it out; please enter the actual details and submit. This will ensure the security of your transaction.

4. Credit Card Sales

• After selecting a credit or debit card, click Confirm.
• The Confirm Order page will appear in the next window if your KYC identity verification is accepted. You have to bind a card before you can proceed. After entering your card information under "Add a card", click "Confirm". Now you can go back to the page where you confirmed orders.

Notes: Your name on Phemex for KYC Identity Verification and the cardholder name must match.

• You can add a new card or select an existing one from the card list if you have already bound one. Next, click "Confirm" after verifying the order details. Depending on the bank that issued your card, the fiat amount will either be credited to your card instantly or over the course of a few days after the transaction is complete.
• When it comes to credit cards, it could take a few days for the credit to appear on your statement. After a few days, if your payment has still not been received, please get in touch with our customer service to get your ARN/RRN (Acquirer reference number, also known as retrieval reference number, which is generated for card purchases) and to discuss the matter with your bank.

5. Sell To Wire Transfer (Bank Account)

• You have to first link a bank account before you can sell to it. After providing your bank account information, the new bank account is successfully added. Select "CONTINUE" to go back to the page where you can confirm your order.
• Verify the order information. You have the option to add a new bank account or select the one you currently have linked. Next, select "Confirm".

Note: You can view and edit bank account information by selecting "Withdraw Bank Accounts" located in the upper right corner.





6. Please click on Orders in the top right corner to view your order history.

How to Sell Crypto on Phemex P2P

Sell Crypto on Phemex P2P (Web)

Phemex offers P2P (peer-to-peer) services, where users can sell crypto with local fiat or sell crypto for local fiat. Please note that different countries may have different purchasing options, subject to each fiat partner.

Here is a step-by-step guide on how to sell crypto on the P2P marketplace.

1. On the homepage, click Buy Crypto.

2. Click the "P2P Trading" button.

• The completion of KYC and binding 2FA is mandatory for P2P selling.
• If you are encountering an error message that asks you to switch currencies, please switch to local (your KYC country or region) currencies for P2P trading.

 

3. You will then be taken to the P2P Trading page, where you can sell crypto with other local users. Two transaction methods exist: Express and P2P Trading (Express is selected by default).

Sell with Express

1. Make sure you have the Sell tab selected.
2. In the I want to sell field, enter the amount of crypto you want to sell, then select the desired cryptocurrency from the drop-down menu.
3. The I will receive field will auto-populate based on the fiat amounts and currencies selected. Click on the drop-down menu to find and select your desired fiat currency.
4. NOTE: Quoted amounts are based on the Reference price displayed, but final amounts may change with market prices and will be displayed on the confirmation page.
5. Click the Sell with 0 Fee button when ready.

1. The next window will display a summary of your order and all the available payment options with their respective prices. Select your preferred method. Click the Confirm Sale button when you are ready.

Before users confirm the sale, they must make sure that there are no pending orders to avoid this outcome.

2. As explained below, the following Pending Order page consists of several components that contain important data. Click the "I have received payment" button to verify that you have received the payment. Phemex will automatically release the cryptocurrency to your seller upon payment confirmation.

• Note the timer, as the transaction must be completed before the time runs out.
• This area displays the amount you must receive from the seller.
• This area includes all of the banking information you will need to check your balance with the seller.

 

NOTE: 

• This example displays the information needed for a bank transfer, but other types of information may be displayed here depending on the payment method selected.
• This bottom area allows you to finalize your transaction, cancel the order, or initiate an appeal after a given amount of time.

3. The transaction is complete! Congratulations! You have successfully sold your crypto for fiat on Phemex’s P2P Crypto Marketplace.

Sell with P2P (Self-Select)

1. On the P2P Trading tab, click. Select the "Sell" option. Click on the cryptocurrency you want to sell to the right of it. Enter the amount of cryptocurrency you wish to sell in this same menu bar, then choose the desired cryptocurrency from the drop-down menu.

Optional:

• Click the All Payment drop-down menu to filter by payment method type.
• Click on Refresh to update the list of advertisers and prices.

2. The list of sellers will automatically update as you modify the filtering options, showing only those that meet your criteria.

3. Click on the Sell USDT button for your desired seller.

4. A synopsis of the seller’s data will appear in the pop-up window. In the "I want to sell" field, enter the precise amount of cryptocurrency that you wish to sell. The approximate amount of fiat you will receive will automatically fill in as you proceed. When you’re ready, select the payment option and press the Sell USDT button.

5. For the next steps, scroll above and look at the steps from the Buy with Express instructions to proceed.

NOTE:

• Make sure to check your seller’s profile and view all their data before making a sale to avoid any future problems with your transactions.
• User data includes information such as name and rating, number of trades completed in 30 days, the completion (successful) rate of their orders completed in 30 days, average time to release crypto, and total trades completed.

6. The user may cancel the order for the cryptocurrency if the seller does not release the cryptocurrency or if the user does not transfer the fiat.

In the case of the Order expiring because it failed to be processed within the payment time, users can click 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. Click Chat to begin.

Sell Crypto on Phemex P2P Express (App)

To make a deposit into your Phemex App account wallet, follow our guide carefully:

1. Open the Phemex App and log in to your account.

• The completion of KYC and binding 2FA is mandatory for P2P selling
• If you are encountering an error message that asks you to switch currencies, please switch to local (your KYC country or region) currency for P2P trading.

2. Tap on the P2P icon in the right corner of the middle portion of the app.

3. Upon selecting the P2P icon, you will be met with two options: Express and Third-party service.

4. For Express, tap on Sell and select the type of cryptocurrency you would like to sell. You will have 3 options: USDT, BTC, and ETH. For this example, we will be proceeding with USDT

5. Enter the amount of cryptocurrency you would like to sell in the section labeled I am selling [blank] USDT. The price for the amount of cryptocurrency will be shown in your selected currency as well. Then, tap Sell USDT with 0 Fees.

6. You’ll see a pop-up requesting confirmation of your sale. Along with the amount of cryptocurrency labeled "I will spend [blank] USDT" your total sale will be displayed. Next, select your chosen payment option from the list that drops down below. After finishing, press the "Confirm Sale" button.

To confirm the sale, users must make sure they do not have pending orders; otherwise, they will encounter the message below:

7. Once the sale is confirmed, an Order will be created. Make sure to double-check all the details. If something is not correct or if you have not received the payment from your seller, tap Cancel. However, if everything looks good, tap I have received payment.

8. Your cryptocurrency should be transferred to your buyer after the countdown is complete. Thank you for completing your first P2P transaction on the Phemex App!

Note:

• In the case of the buyer not releasing payment, 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.

Sell Crypto on the P2P Marketplace (App)

1. At the top of the screen, tap P2P, and then select Sell. You will see a list of currencies available, which you can select. For this example, we will be using USDT.

2. On the P2P Marketplace, a list of multiple sellers will be visible to you. To find the best price for the cryptocurrency you wish to sell, scroll through. Examine the payment options that the sellers accept as well, as each user may have different options. When you’ve located the ideal fit, select Sell.

Note: Check out the seller’s credentials before making a sale. Visit their profile and view their number of trades, number of order completions, and user rating beforehand.

3. After tapping on Sell, make sure to enter the Quantity of USDT you would like to sell. The price of the cryptocurrency will automatically be reflected in the Amount column. Once you are done, tap Sell USDT with 0 Fees.

4. Select Choose Payment Method and choose an option from the drop-down menu. Make sure that your selected payment method matches your buyer, which is reflected on their account. Once you have selected the payment method, tap on Sell USDT with 0 fees.

5. After selecting Payment Method, pick an item from the drop-down menu. Verify that the payment method you have chosen corresponds with the buyer’s account.

6. Once the sale is confirmed, an Order will be created. Make sure to double-check all the details. If something is not correct or if you have not received the payment from your buyer, tap Cancel. However, if everything looks good, tap I have received payment.

7. Your buyer should receive the cryptocurrency after the countdown is complete. Well done on your first P2P sale through the Phemex App!

Note:

• In the case of the buyer not releasing payment, 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 Withdraw Fiat with Bank Transfer

How to Withdraw Fiat with Bank Transfer (Web)

Legend Trading, a quick, safe, and properly licensed Money Services Business (MSB), has partnered with Phemex. Through bank transfers, Phemex users can safely deposit or withdraw USD, GBP, CHF, EUR, JPY, CAD, or AUD thanks to Legend Trading, a legally compliant vendor.

This is a detailed tutorial on using a bank transfer to sale cryptocurrency.

• Sign up or confirm that you are currently logged into your Phemex account.
• Then select "Fiat Withdraw" from the Assets-Fiat Account menu.

Observation: 

• KYC completion is required in order to withdraw fiat money.
• The duration of a bank transfer varies, typically taking 1-3 days, depending on the fiat currency and the payment method.

1. Select the desired fiat currency from the drop-down menu and input the desired withdrawal amount.

2. Select the Wire Transfer payment option. When you’re ready, click the Withdraw button.

3. Verify the order information. You can add a new bank account or select the one you currently have linked. Next, select "Confirm".

Note: 

• There will be a withdrawal fee that is applied and subtracted from your total. The bank levies a $30 fee for each wire transaction.
• Your bank may charge you extra; bank transfer fees differ depending on your bank.

4. It usually takes 1-3 days for the funds to appear in your bank account after you submit the withdrawal request. Please be patient. To get in-depth help, send a ticket or send an email to [email protected] with questions regarding the status of your withdrawal.

5. Enter your bank account information if you choose to link a new bank account, and the new bank account will be successfully added. You can access the withdrawal confirmation page by clicking "CONTINUE".



6. Please click on Orders in the top right corner to view your order history.



7. You may examine and modify bank account information by selecting "Withdraw Bank Accounts" in the top right corner.

How to Withdraw Fiat with Bank Transfer (App)

First, Sign up or confirm that you are currently logged into your Phemex account. Then select "Fiat Withdraw" from the Assets-Fiat Account menu.

Note: KYC completion is required in order to withdraw fiat money.

The duration of a bank transfer varies, typically taking 1-3 days, depending on the fiat currency and the payment method.

1. Enter the desired fiat amount to be withdrawn and select the desired fiat currency from the drop-down menu.

2. Select the Wire Transfer payment option. When you’re ready, click the Withdraw button.


3. Verify the order information. You have the option to add a new bank account or select the one you currently have linked. Next, select "Confirm".

Take note: 

• There will be a withdrawal fee that is applied and subtracted from your total. The bank levies a $30 fee for each wire transaction.
• Your bank may charge you extra; bank transfer fees differ depending on your bank.

4. It usually takes 1-3 days for the funds to appear in your bank account, so please be patient after submitting the withdrawal request. To get in-depth help, send a ticket or send an email to [email protected] with questions regarding the status of your withdrawal.

5. If you select to link a new bank account, provide the necessary information, and the new bank account will be successfully added. You can access the withdrawal Confirm Order page by clicking "CONTINUE".

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

7. You may examine and modify bank account information by selecting "Withdraw Bank Accounts" in the top right corner.

How to Withdraw Crypto from Phemex

Withdraw Crypto on Phemex (Web)

1. On the homepage, click [Assets]-[Withdraw].

2. Select the coin that you would like to withdraw. Funds for withdrawal must be available in or transferred to your Phemex Spot Wallet. Please make sure you have also selected the same coin on the platform where you are depositing funds for this withdrawal. You will see on the first coin that you have enough balance. Make sure to only select the coin that you have enough balance in your spot wallet to withdraw.

3. Next, select your network. Please make sure to choose a network that supports both the platform and Phemex. Ensure that Phemex has your assets, and then you can proceed with your withdrawal.

4. When you select crypto coins like XRP, LUNC, EOS, etc., they might require a tag or meme. Therefore, for those coins that require a tag/memo, please ensure that you have input the correct tag/memo for your withdrawal.

5. There are two methods by which you can enter a withdrawal address:

i. You could just paste the address you copied.

ii.You can click the icon right of the address input box, then select one from Address Management.

6. Next, enter the withdrawal amount that you desire. Please take note of the minimum amount, the transaction fee, the available balance, and the limit remaining today. After confirming everything, click Withdraw to proceed.

7. Next, you need to verify the transaction. Please enter your Google Authenticator code for verification. This step is required to keep your assets safe. Choose [Submit].

8. You will be receiving an email confirmation regarding the withdrawal. Please check your email within 30 minutes, as the link will expire after that. If you do not click the link within 30 minutes, your withdrawal will be considered invalid.

9. You can double check the withdrawal details again via the confirmation email. Once everything looks right, click Confirm to proceed.

10. Once you have finished all the withdrawal steps, you can check your withdrawal history by clicking on Assets, then navigating to Withdrawal. This is where users can view the data, and it is at the bottom of the web page. If the withdrawal status is still pending, you can click [Cancel]-[Confirm] to cancel the withdrawal.

And that’s it! Congratulations! You now know how to withdraw funds on Phemex.

Withdraw Crypto on Phemex (App)

To withdraw, users can transfer cryptos to and from wallets or other platforms from their original account on Phemex. To learn how to withdraw from your Phemex wallet, please perform the following steps:

1. Log into your Phemex account, then tap the corner-right icon at the bottom, which is your Wallet icon.

2. Next, get the deposit address you would like to deposit at. The deposit address could belong to you but be for a different wallet, or it could belong to someone else entirely. Once you have decided on the deposit address, tap on “Withdraw” in the top blue section of the app.

3. Once you have tapped Withdraw, several options for coins will appear. Choose the crypto you want to withdraw from the coin list or by searching for it. Make sure that the asset you select has enough funds available in or transferred to your Phemex Spot Wallet, in order to be withdrawn.

4. Next, select a network. Please make sure the network you have selected is supported by the receiving platform and by Phemex.

5. There are three different ways that you can enter the withdrawal address:

•  Address Management

If you already have saved the address in the address management, you can click the icon right of the address input box. Then you just need to select one from address management.

• Copy Paste Address 

If you don’t have any address in address management, you could just paste the address you copied, or alternatively, if you don’t want the address in address management, you could delete it and just paste the address you copied.

• Scan QR Code

You can scan the QR code on the platform you’re withdrawing from.

6. When selecting some crypto coins, such as XRP, LUNC, EOS, etc., they might require tags or memes. Therefore, for coins that need tags or memos, please ensure that you have input the correct information for your withdrawal.

7. When you enter the withdrawal amount, you will be able to see the minimum amount, transaction fee, available balance, and limit remaining today. Please make sure to read them first, then click Withdraw to proceed.

8. It will show you all the information again, which you can confirm about this transaction.

9. Get your Google Authenticator code to make a verification in order to ensure your assets safety.

10. You will receive an email confirmation regarding the withdrawal. Please confirm your email within 30 minutes, as the email will expire after that time. If you do not finish confirming within 30 minutes, the withdrawal will be invalid.

11. You can confirm the withdrawal details again via this confirmation email, then click Confirm to proceed.

12. After you have finished all the withdrawal steps, you can check your withdrawal history by selecting Wallet then Withdrawal, and finally clicking the icon in the upper right corner. This is where users can view the data available at the bottom of the web page.

And that’s it! Congratulations! You can now officially withdraw on the Phemex App.

Frequently Asked Questions (FAQ)

Why has my withdrawal now arrived?

I’ve made a withdrawal from Phemex to another exchange or wallet, but I haven’t received my funds yet. Why?

Transferring funds from your Phemex account to another exchange or wallet involves three steps:

• Withdrawal request on Phemex 

• Blockchain network confirmation

• Deposit on the corresponding platform

Normally, a TxID (transaction ID) will be generated within 30–60 minutes, indicating that Phemex has successfully broadcasted the withdrawal transaction.

However, it might still take some time for that particular transaction to be confirmed and even longer for the funds to be finally credited into the destination wallet. The number of required “network confirmations” varies for different blockchains.

For example:

• Alice decides to withdraw 2 BTC from Phemex to her personal wallet. After she confirms the request, she needs to wait until Phemex creates and broadcasts the transaction.

• As soon as the transaction is created, Alice will be able to see the TxID (Transaction ID) on her Phemex wallet page. At this point, the transaction will be pending (unconfirmed), and the 2 BTC will be frozen temporarily.

• If all goes well, the transaction will be confirmed by the network, and Alice will receive the BTC in her personal wallet after two network confirmations.

• In this example, she had to wait for two network confirmations until the deposit showed up in her wallet, but the required number of confirmations varies depending on the wallet or exchange.

Due to possible network congestion, there might be a significant delay in processing your transaction. You may use the transaction ID (TxID) to look up the status of the transfer of your assets by using a blockchain explorer.

Note:

• If the blockchain explorer shows that the transaction is unconfirmed, please wait for the confirmation process to be completed. This varies depending on the blockchain network.

• If the blockchain explorer shows that the transaction is already confirmed, it means that your funds have been sent out successfully, and we are unable to provide any further assistance on this matter. You will need to contact the owner or support team of the destination address to seek further help.

• If the TxID has not been generated 6 hours after clicking the confirmation button from the e-mail message, please contact our Customer Support for assistance and attach the withdrawal history screenshot of the relevant transaction.

• Please make sure you have provided the above detailed information so the Customer Service agent can assist you in a timely manner.
   

How can I retrieve the funds withdraw to the wrong address?

• If you sent your assets to an incorrect address by mistake and you know the owner of this address, please contact the owner directly.

• If your assets were sent to the wrong address on another platform, please contact the customer support of that platform for assistance.

• If you forgot to write a Tag/Memo for withdrawal, please contact the customer support of that platform and provide them with the TxID of your withdrawal.
   

Are the offers I see on P2P exchange provided by Phemex?

The offers you see on the P2P offer listing page are not offered by Phemex. Phemex serves as a platform to facilitate the trade, but the offers are provided by users on an individual basis.
 

As a P2P trader, how am I protected?

All online trades are protected by escrow. When an ad is posted, the amount of crypto for the ad is automatically reserved from the seller’s P2P wallet. This means that if the seller runs away with your money and does not release your crypto, our customer support can release the crypto to you from the reserved funds.

If you’re selling, never release the fund before you confirm that you have received money from the buyer. Be aware that some of the payment methods buyers use are not instant and may face the risk of a callback.