How to Deposit Fiat with Bank Transfer for Institutional Users ?

Phemex has partnered with Legend Trading, a leading fiat currency depository in the US and a designated USDC depository, ensuring a safe and reliable service.

Important Notices：

• Fees & Processing Time: The fees for fiat deposits/withdrawals and processing times are displayed at the bottom of the Fiat Deposit/Withdrawal page.
• Supported Fiat Currencies:
  • USD (only supports domestic bank transfers within the United States)
  • EUR, GBP, CHF, AUD, JPY
• Supported Payment Methods:
  • Wire Transfer (USD)
  • SEPA (EUR)
  • FPS (GBP)
  • SWIFT (CHF, AUD, JPY)

Follow this step-by-step guide to depositing fiat using a Bank Transfer:

Step 1: Register as a Phemex Institutional Client and Complete KYB Verification

1. Register for a Phemex account here: Phemex Registration.
2. Institutional KYB (Know Your Business) verification is not supported through online processes.
3. Prepare the required documents as outlined in How to Apply for Entity Verification
4. Submit your documents for review via email at support@phemex.zendesk.com.

Step 2: Access the Fiat Deposit Page & Initiate the EDD Process

1. Navigate to the Phemex Fiat Deposit page.
2. Read and agree to the Terms & Conditions.
3. Click "Deposit" to initiate the Enhanced Due Diligence (EDD) process.

Step 3: Complete the EDD Process

1. You will receive an email from Phemex sent to your registered email address.
2. Follow the instructions in the email and submit the required documents.
   • These documents are mainly used to verify the authenticity of the company and the legitimacy of the source of funds.

Step 4: Deposit Fiat

1. Once your EDD approval is completed, you will gain access to the Fiat Deposit page.
2. Follow the instructions to deposit fiat into your Phemex account.
3. For detailed steps, refer to: How to Deposit Fiat with Bank Transfer? 

Step 5: Use Your Fiat Balance to Buy Crypto

1. After successfully depositing fiat, you will receive a notification on the Phemex website and via email.
2. You can use your fiat balance to purchase USDT, USDC, BTC, and ETH directly.
3. For more details, refer to: How to Buy Crypto with Fiat Balance?