Phemex is a Singapore-based centralized cryptocurrency exchange. It was launched in 2019 and offers its users a wide array of cryptocurrencies for buying, selling, and trading various types of cryptocurrencies. The platform includes features such as a wallet for storing digital assets and tools for executing trades. It supports different cryptocurrencies, including Bitcoin, Ethereum, and others. Its users range from individual retail traders to institutional investors.
The main difference between Phemex and ZenGo is that Phemex is primarily a centralized cryptocurrency exchange that offers cryptocurrency trading and custodial wallet services. This means that Phemex essentially holds the private keys that grant access to your digital assets. In contrast, with ZenGo’s non-custodial wallet app, you’re in full control of your private keys and hence your digital asset holdings. Another key difference is that while Phemex offers limited fiat onramp services, ZenGo, in addition to its onramp feature, provides a Web3-ready platform compatible with numerous Dapps.
Phemex has certain withdrawal limits in place that are dependent on the type of cryptocurrency you are dealing with. These limits are variable and can be updated over time based on market conditions and blockchain network fees. Therefore, for the most accurate and up-to-date information on Phemex withdrawal limits, we recommend visiting their official “Fees and Conditions” page.
When it comes to withdrawal processing times from Phemex, the exact duration can vary based on several factors. While specific information on their official site couldn’t be found, it’s important to consider that withdrawal processing times in the cryptocurrency industry can be influenced by network congestion, security checks, and other internal procedures. Additionally, the speed of the blockchain network associated with the particular cryptocurrency being withdrawn can impact the overall processing time.
In order to get the most accurate and up-to-date information on withdrawal processing times from Phemex, it is recommended to reach out to their customer support for specific details and any potential updates.
During the process of withdrawing cryptocurrencies from Phemex, users may encounter various challenges. These include restrictions from certain banks unwilling to accept funds from cryptocurrency exchanges, temporary suspensions of withdrawals on the platform, the completion of security authentication procedures, and platform-imposed withdrawal limits and limitations. On top of that, there is also the risk of writing an incorrect address or selecting the wrong network. Therefore, it is important for users to be aware of these potential issues and to reach out to Phemex’s customer support if they need assistance in resolving any problems that may arise.
To withdraw fiat currency from Phemex, you need to complete the KYC process and ensure you have sufficient funds in your fiat balance. Phemex offers a Bank Transfer service through one of its partners.
Here are the steps to withdraw fiat on Phemex:
- Register or log into your Phemex account.
- Navigate to the Assets-Fiat Account menu and click on “Fiat Withdraw.”
- Select the desired fiat currency using the drop-down menu and specify the sum you wish to withdraw.
- Choose the payment method as “Wire Transfer” and click the “Withdraw” button.
- Confirm the order details and either select a previously linked bank account or add a new bank account.
- Submit the withdrawal request and allow some time for the funds to arrive in your bank account.
It’s important to note that additional fees may apply, and the arrival time of funds may vary based on the fiat currency. For detailed instructions and reference, please visit the specific page on Phemex’s website dedicated to Fiat Withdrawals.
Alternatively, if you want to withdraw your digital assets from Phemex but still want to hold them, you can transfer them to ZenGo, where you can store your crypto safely until the time comes to withdraw them to fiat.
