How we calculate Phemex fees
Fees on crypto exchanges are often difficult to compare. Many platforms publish their spot trading fees for order book trading, but most beginners use the simple instant buy option instead. That's exactly where actual costs often remain unclear, as visible fees are frequently accompanied by an additional spread that is rarely disclosed transparently. This is why we build our fee dashboards and test buying costs under realistic conditions from a user's perspective.
Our testing methodology
To determine costs, we simulate a real purchase on Phemex. We deliberately follow the simplest path a typical user would take: the instant buy option, where available. Our standard test amount is $500, and we use Bitcoin as our reference asset.
To ensure reliable results, we run multiple tests on the same day at different times and average the results. This is particularly important for the spread, which can change dynamically depending on market conditions, liquidity, and time of day.
What we measure
Total costs are made up of two components: trading fees, the percentage Phemex charges per buy or sell order, and the spread. The spread is the difference between the current market price and the actual purchase price – a markup set by the provider itself, which often makes up the larger portion of total costs. Together, these make up the estimated total cost per trade.
What we intentionally don't cover
Our calculation reflects the core cost of a simple purchase. Some factors that can affect your individual costs are intentionally excluded, as they vary significantly from user to user:
- Deposit and withdrawal fees (depending on payment method)
- Network fees for transfers to an external wallet
- Potential custody fees
- Foreign exchange fees
- Discounts through VIP or high-volume trading programs
- Lower fees available through Pro or Advanced trading (e.g. Coinbase Advanced or Kraken Pro)
- Differences depending on country, currency, or app vs. web version
On exchanges that offer Pro versions or advanced trading platforms, fees can be significantly lower. These are mentioned as additional info on the respective fee page but are not included in our main comparison.
How to interpret these figures
The figures shown on this page are estimated averages and not a price guarantee. Your actual costs on Phemex may vary depending on the cryptocurrency, time of purchase, order volume, and payment method. Some exchanges charge different fees or spreads for different asset categories (e.g. Bitcoin, altcoins, stablecoins). Less liquid cryptocurrencies generally have a higher spread than Bitcoin or Ethereum. Selling also incurs percentage-based fees, meaning the absolute cost rises with higher sale amounts.
Those who actively trade on the spot market or move larger volumes may be able to access lower fees depending on the platform. For most users, however, what matters is what the simplest buying path actually costs – and that is exactly what our test focuses on.
Our figures do not replace the official fee information provided by Phemex. You can find the full fee schedule on the Phemex fee page.
How we rate cost transparency
Beyond the costs themselves, we also evaluate how openly Phemex communicates its fees. We check three criteria:
- Is there a dedicated fee page with clear information?
- Are costs visible before purchase during the buying process?
- Is the spread listed separately?
The more of these criteria are met, the higher the rating. We classify cost transparency as low, medium, or high.