Phemex FAQ

Jan 07, 2024 5426 0

Navigating through Phemex's comprehensive Frequently Asked Questions (FAQs) is a straightforward process designed to provide users with quick and informative answers to common queries. Follow these steps to access the FAQs:

Account

Why Can’t I Receive Emails from Phemex?

If you are not receiving emails sent from Phemex, please follow the instructions below to check your email’s settings:

1. Are you logged in to the email address registered to your Phemex account? Sometimes you might be logged out of your email on your devices and hence can’t see Phemex’s emails. Please log in and refresh.

2. Have you checked the spam folder of your email? If you find that your email service provider is pushing Phemex emails into your spam folder, you can mark them as “safe” by whitelisting Phemex’s email addresses. You can refer to How to Whitelist Phemex Emails to set it up.

3. Is your email client or service provider working normally? You can check the email server settings to confirm that there isn’t any security conflict caused by your firewall or antivirus software.

4. Is your email inbox full? If you have reached the limit, you won’t be able to send or receive emails. You can delete some of the old emails to free up some space for more emails.

5. If possible, register from common email domains, such as Gmail, Outlook, etc.

Why Can’t I Receive SMS Verification codes?

Phemex continuously improves our SMS authentication coverage to enhance the user experience. However, there are some countries and areas that are currently not supported.

If you cannot enable SMS authentication, please refer to our global SMS coverage list to check if your area is covered. If your area is not covered on the list, please use Google Authentication as your primary two-factor authentication instead.

If you have enabled SMS authentication or are currently residing in a country or area that’s in our global SMS coverage list but you still cannot receive SMS codes, please take the following steps:

Ensure that your mobile phone has a good network signal.
Disable your anti-virus and/or firewall and/or call blocker apps on your mobile phone that might potentially block our SMS Codes number.
Restart your mobile phone.
Try voice verification instead.
Reset SMS Authentication.

How do I create Sub-Accounts?

To create and add Sub-Accounts, perform the following steps:

Log in to Phemex and hover over your Account name on the top right corner of the page.
Click on Sub-Accounts.
Click the Add Sub-Account button on the top right side of the page.

What is Two-Factor Authentication?

Two-Factor Authentication (2FA) is an additional security layer to email verification and your account password. With 2FA enabled, you will have to provide the 2FA code when performing certain actions on the Phemex NFT platform.

How does TOTP work?

Phemex NFT uses a Time-based One-time Password (TOTP) for Two-Factor Authentication, which involves generating a temporary, unique one-time 6-digit code that is only valid for 30 seconds. You will need to enter this code to perform actions that affect your assets or personal information on the platform.

Please keep in mind that the code should consist of numbers only.

Which actions are secured by 2FA?

After 2FA has been enabled, the following actions performed on the Phemex NFT platform will require users to enter the 2FA code:

List NFT (2FA can be turned off optionally)
Accept Bids Offers (2FA can be turned off optionally)
Enable 2FA
Request Payout
Login
Reset Password
Withdraw NFT

Please note that withdrawing NFTs requires a mandatory 2FA setup. Upon enabling 2FA, users will face a 24-hour withdrawal lock for all of the NFTs in their accounts.

Verification

Why should I provide supplementary certificate information?

In rare cases, if your selfie doesn’t match with the ID documents you’ve provided, you will need to provide supplementary documents and wait for manual verification. Please note that manual verification might take several days. Phemex adopts a comprehensive identity verification service to secure all user funds, so please ensure that the materials you provide meet the requirements when you fill in the information.

Identity Verification for Buying Crypto with Credit/Debit Card

In order to ensure a stable and compliant fiat gateway, users buying crypto with credit debit cards are required to complete Identity Verification. Users who have already completed Identity Verification for the Phemex account will be able to continue to buy crypto without any additional information required. Users who are required to provide extra information will be prompted the next time they attempt to make a crypto purchase with a credit or debit card.

Each Identity Verification level completed will grant increased transaction limits, as listed below. All transaction limits are fixed to the value of the euro (€), regardless of the fiat currency used, and thus will vary slightly in other fiat currencies according to exchange rates.

Basic Verification

This verification requires the user’s name, address, and date of birth.

Features

Crypto Deposit: Unlimited
Crypto Withdraw: $1.00M Daily
Crypto Trading: Unlimited

Advanced Verification

This verification requires Facial Recognition, Identity card, Driver’s license or Passport.

Features

Crypto Deposit: Unlimited
Crypto Withdraw: $2.00M Daily
Crypto Trading: Unlimited
Crypto Buying: Unlimited
Others: Launchpad, Launchpool, and More Bonuses

Deposit

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.

Trade

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

Frequently Asked Questions (FAQ) on Phemex

Withdrawal

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.