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Deposit and Withdrawal of Funds on Phemex: Detailed Guide

We’ve prepared a guide to the use of a Phemex trading account. You’ll find out about how to buy crypto on Phemex with a bank card, how to buy or sell crypto via Phemex P2P, and how to deposit and withdraw crypto on Phemex via Binance.
Attention! This article is for informational purposes only and does not contain recommendations or calls to action.

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How To Deposit Funds on Phemex

How to Buy Crypto with a Bank Card

Phemex allows its users to buy crypto for fiat with the help of a bank card. For that, you can use an external payment service such as Advcash, Banxa, Simplex, etc. The choice of a service usually depends on the selected fiat currency.

To buy crypto for fiat, go to the “Buy Crypto” section. In the list, choose “Third-Party Payment”.
Buying crypto with the help of a third-party payment service
Next, choose a cryptocurrency, then a fiat currency, then a payment service. The available payment options will depend on the chosen fiat currency.
Take into account the limits of the orde
Choose the payment service that suits you best. Agree with the terms, and click “Buy Now”. Then you’ll be redirected to the payment service’s window. In this case, it’s Advcash.
Go to the payment service’s page (in our case, Advcash)
Log in to your account. Check if the currency and the buy-in amount are correct, then click “Continue”.
Check all the details before payment
Next, click “Confirm”. Wait for the transaction to be processed. When the payment has been approved, the funds will be transferred to your Phemex account.
Confirm the purchase
We’ve reviewed the method of buying crypto for fiat on Phemex. Now, let’s take a look at a more popular option – buying crypto via Phemex P2P trading.

How to Buy Crypto via Phemex P2P Trading

Phemex supports P2P trading. Users can buy or sell crypto without an exchange fee. You can read more about P2P trading here. Let’s take a closer look at how to buy crypto via Phemex P2P.
Important: in order to trade via Phemex P2P, you’ll need to verify your identity. You can read the instructions on passing Phemex KYC here.
Click “Buy Crypto” on the exchange’s home page, and choose “P2P Trading”.
Go to Phemex P2P Trading section
In the Phemex P2P Trading section you can choose:

  • “Buy” or “Sell” (1)
  • Cryptocurrency – USDT, BTC, or ETH (2)
  • Fiat currency and a payment method (3)
Below you can see merchant ads to buy or sell crypto. (4)
Filter ads according to your preferences
Click “Buy” in the upper left corner, select a cryptocurrency (for example, USDT), a fiat currency (for example, USD), and a payment method. The payment options will depend on the chosen fiat currency.
Choose a suitable payment method
After you select a payment method, Phemex will filter the ads and will only show the ones matching your preferences.
Choose a suitable offer on Phemex P2P
Choose a merchant that wants to sell cryptocurrency. The offer will contain the following information:

  1. The name and the rating of the merchant. Rating is calculated automatically and consists of the percentage of successfully completed orders by the merchant. It’s best to choose P2P merchants with a high rating and a large number of completed orders.
  2. The price of the offer. The best deals are always at the top.
  3. The limits of the merchant. You can see the minimum and maximum amount of money the merchant can offer. The amount you’re looking for should be in this range.
  4. The available payment methods.
Choose a suitable offer and click “Buy (USDT)”.

In the next window, enter the amount in the chosen fiat currency. Phemex will automatically calculate how much crypto you will receive for this amount of fiat. Next, choose the payment method. You should also pay attention to the merchant notes in the box on the left as they may contain important information. Then click “Buy USDT” again.
Read merchant notes
In the P2P order window, you’ll see the following information:

  1. General information about the deal: the amount, the price, and the order’s volume.
  2. The merchant’s payment details.
  3. Additional terms or comments from the merchant.
  4. Chat window.
  5. Confirmation and cancellation buttons.
Check and copy the details for payment (2)
At the top of the order you’ll see a timer – you’ll have 15 minutes to transfer the money to the merchant. You can talk to the merchant during the whole transaction process via the chat window.
Most of the crypto exchanges, including Phemex, give approximately 15 minutes to complete the transaction
Copy the details provided by the merchant and go to your bank account or payment service.
Copy the details and go to your bank account/payment service
In your bank/wallet, click “Transfer”.
Choose “Transfer”
Next, enter the details provided by your merchant, and the amount you agreed to send. Confirm the transaction, and go back to the Phemex P2P order page.
Paste the payment details provided by the Phemex merchant
To confirm the transfer, click “paid”. The merchant will be notified that the order has been marked as paid. Next, the merchant will check if they have received the funds in their bank account or payment service, and then they will send crypto to you. When the crypto has been transferred to your Phemex account, the deal will be closed.
Confirm the transaction in the Phemex P2P window
Please, note that until the transaction has been confirmed, you can cancel the order at any moment without any consequences (button “Cancel the order”).
If your plans have changed, you can cancel the order
Obviously, you shouldn’t cancel the order after it has been paid – in this case most likely you won’t be able to return the money. Please, also note that if one P2P account cancels 3 orders during 24 hours, Phemex can block this account for 24 hours.

How to Transfer Crypto from Binance to Phemex

You can deposit crypto to your Phemex account via a crypto transfer. The exchange usually doesn’t charge a fee for this method, but there’s a fee from the blockchain network. The fee amount depends on the chosen network, the transaction amount, and the network activity. Let’s review the transaction process by the example of how to send funds from Binance to Phemex.

Go to the Phemex home page, click “Assets”, then “Deposits”.
Go to the Deposit section on Phemex
Next, choose a cryptocurrency. For example, USDT.

Choose the network. For example, TRC-20. Then the recipient address for sending crypto to Phemex will be generated. Please, note that you can only use this address for USDT transfers, and only in the TRC-20 network. You should also read the exchange's comments in the box on the right – there might be important information about the transfer.

The transaction network should be the same in both the sender’s and the recipient’s wallets. Blockchain transactions are irreversible. If the networks don't match, the transfer won’t be completed and the crypto will be lost.
Choose the network and the type of the transaction
If all details are correct, copy the address and go to Binance. On the main page in the “Wallet” section, choose “Overview” or “Fiat and Spot”.
Open Binance and go to your wallet
In the wallet’s window, click “Withdrawal”.
Choose “Withdrawal”
Next, choose a cryptocurrency, paste the copied address and select the transaction network. In our case, it’s USDT in the TRC-20 network.
Choose the coin and the network, paste the address
Enter the amount for withdrawal, and see the fee. Choose the wallet for transaction, and click “Withdraw”.
Check the details, Binance’s fee, and confirm the withdrawal
Confirm the transaction by entering codes from an SMS, email, and an authenticator app. Wait for the transaction to be completed. The processing time will depend on the network load. Typically, one transaction takes a few minutes to complete.

How to Withdraw Funds on Phemex

To withdraw funds from Phemex, you’ll need to enable Google 2FA. You can check out the guide on how to add Phemex to Google Authenticator here.

How to Withdraw Crypto via Phemex P2P

To sell crypto via Phemex P2P, on the exchange home page, click “Buy crypto”, then “P2P Trading”.
Go to Phemex P2P Trading
Select “Sell”, choose the cryptocurrency you’re selling, the fiat currency you wish to receive, and a payment method.
Important: To trade via Phemex P2P, you’ll need to get verified. Read the guide on how to pass Phemex KYC here.
Look through the P2P Trading page
Choose a suitable offer. Take into account the merchant’s rating, price, limits, and payment methods.
Choose the offer
After you’ve selected the buyer, click “Sell (USDT)”.
Read the merchant notes, and open the deal
In the order’s section, enter the amount of the sale. Pay attention to the buyer’s notes in the left box – there might be important information there. If you agree with all the terms, add a payment method. In the “Payment Method” section, choose the desirable option and click “Add”.
Add payment methods
Next, enter your payment details such as your full name, bank name, bank account number, and click “Confirm”.
Enter the payment details, and confirm.
Once again, check all the details. If everything is correct, click “Sell USDT”.
Choose a payment method
When the order window opens, a timer will start, typically, for 15 minutes. During this period, the buyer should transfer funds to your bank account or payment service. Wait for the transaction to be completed. After the buyer has transferred the funds, they will mark the order as paid and will wait for your confirmation of payment.
Wait for the buyer to transfer funds to your account
Important: Never transfer crypto until you’ve received the merchant’s payment in your bank or payment service account, even if the buyer assures you that they’ve transferred the funds, shows the receipt, asks to complete the transaction as soon as possible, etc. If any disagreements occur, you can send a message to the support team (button “Open an Appeal” to the right of the confirmation button).
Go to your bank/payment service account and check if you’ve received the payment. If the funds have arrived, in the P2P order window, click “I have received payment”. Then confirm the transaction by entering a code from an authenticator app. The crypto will be transferred to the buyer’s account.
After receiving the funds, confirm the transaction
When the buyer receives the agreed amount of crypto, the deal will be closed.

How to Transfer Crypto from Phemex to Binance

Blockchain transfers allow Phemex users to withdraw their funds to another exchange account or a wallet. Let’s take a look at the example of how to transfer crypto from Phemex to the Binance exchange.

Go to the Binance website, click “Wallet”, then “Overview” or “Fiat and Spot”.
Go to the Binance wallet
In the balance menu, click “Deposit”.
Choose “Deposit”
In the deposit menu, choose the coin and the network. For example, USDT in the TRC-20 network.

The transaction network should be the same in both the recipient’s and the sender’s wallets. Blockchain transactions are irreversible. If the networks don't match, the transfer won’t be completed and the crypto will be lost.

After you’ve chosen the coin and the network, the wallet’s address will be automatically generated. Copy the address and go to the Phemex withdrawal page.
Copy the generated address
On the Phemex home page, choose “Assets”, then “Withdrawal”.
Go to the Phemex withdrawal section
In the withdrawal menu, choose the crypto and the network. In our case, it’s USDT in the TRC-20 network.
Choose the coin and the network
Before proceeding, you’ll need to add the Binance wallet address to the Phemex address book. Click "Add withdrawal address".
Add the deposit address
The list of addresses will open. Once again, click "Add withdrawal address".
In the address book click "Add address"
In the next window, once again select the crypto and the network. Paste the Binance address, and add a comment. Confirm the address by entering a code from an authenticator app.
Enter the Phemex withdrawal address details
Now this address will be available in the address book. Go back to the Phemex crypto withdrawal page.
The Phemex withdrawal address has been added
The address will be available in the address book. Go back to the Phemex crypto withdrawal page and choose the address.
Choose the withdrawal address
Enter the amount and make sure the transaction fee is reasonable. Once again, check all the details. If everything is correct, click “Withdrawal”. Confirm the transaction by entering a code from an authenticator app. The funds will be transferred to the Binance wallet as soon as the transaction is verified by the network.
Enter the amount, and confirm the transaction
Congratulations! The crypto has been transferred from Phemex to Binance.

Conclusion

We’ve reviewed all the methods of deposit and withdrawal of funds available on Phemex. The cheapest and most convenient method is Phemex P2P Trading. The platform doesn’t charge fees for P2P deals, and offers a variety of payment methods. Nonetheless, P2P trading also has its risks. You should follow the basic security rules to trade on P2P without loss.

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