Author: Alan W. Date: September 18, 2021
On September 23, Phemex will be making several changes to our premium membership benefits. Please see the details below.
Key Changes to Premium Membership
- KYC must be completed before a user can receive, try, or use premium membership
- For premium members, zero spot trading fees will apply for all trading volume up to $1 million per day and $5 million per month. Any trading volume above these limits will be subject to our regular 0.1% trading fee.
- For example, if a premium user spot trades $1.5 million in one day, then $1 million of that will have zero trading fees while the remaining $0.5 million will be subject to 0.1% fee. The next day, that user will again enjoy zero spot trading fees for up to $1 million in trading volume (as long as trading volume for the month is below $5 million). If monthly spot trading volume surpasses $5 million, any amount above $5 million will be subject to 0.1% fee for that month.
- Existing premium members must complete KYC to continue enjoying zero spot trading fees, up to the trading volume limits stated above.
- If existing premium members do not complete KYC, they can maintain premium status for the duration of their original purchase, but will no longer enjoy zero spot trading fees. They can still enjoy other premium benefits such as hourly withdrawals and no withdrawal limits.
- If a sub-account is used to purchase premium, the associated main account must have completed KYC verification. If not, Phemex will ask the main account to perform KYC.
- Users who are gifted premium membership must complete KYC to receive it
- New registrants who wish to receive their 7-day premium trial must also complete KYC
- Premium membership changes will go live on September 23, 2021 for both the Phemex website and mobile app
- On the day that changes go live, any existing premium members who incur trading fees due to not being notified of the fees can contact firstname.lastname@example.org for resolution.
- All users who purchased premium and are active premium members will be refunded in USDT for the remaining duration of their membership, prorated from September 23 (the day these changes go live).
- Users who were gifted premium or received it for free will not receive refunds.
- Even after receiving the refund, existing premium members can continue enjoying premium benefits for their remaining membership duration. This includes zero spot trading fees up to the trading volume limits stated above, as long as KYC has been completed.