Compare
PH Phemex VS WX WazirX
Both exchanges offer Spot, Margin. The differences below come from our individual reviews of Phemex and WazirX.
| Phemex | WazirX | |
|---|---|---|
| Founded | 2019 | 2018 |
| Regions | Available in most regions outside the US, UK, Canada, and a growing restricted list that has recently added Australia, Hong Kong, and South Africa; EU access continues without MiCA authorization: verify local availability before signing up. | Built for Indian retail users with direct INR deposit and withdrawal rails; not available to US persons. Full operations, including INR trading, resumed in October 2025 after the hack-related restructuring, though a share of user claims remain settled only in non-tradable Recovery Tokens as of 2026. |
| Products | Spot, Margin, Perpetual futures, Copy trading, Earn / lending | Spot, Margin, INR-settled perpetual futures, P2P |
| Maker fee | Verify current tier: Phemex uses a volume-based maker/taker schedule (spot starts around 0.1%/0.1%; futures maker fees are among the lowest of any major exchange, around 0.01% at entry tier) | Verify current tier: WazirX's standard schedule runs 0.2% maker and 0.2% taker on spot, moving with WRX holdings and 30-day volume, or a flat monthly WazirX ZERO subscription for unlimited trades; its INR futures product runs a separate schedule around 0.02% maker |
| Taker fee | Verify current tier: Phemex uses a volume-based maker/taker schedule (futures taker fees run above the industry average, around 0.06% at entry tier) | Verify current tier: same pattern as the maker fee; WazirX futures taker fees run around 0.04%, and both the spot schedule and subscription pricing have changed more than once recently |
Phemex pros
- Entry-tier futures maker fee (around 0.01%) is lower than Binance, Bybit, or OKX at equivalent volume
- Broad leverage ceiling, up to 100x on major pairs, for traders who specifically want it
- Copy trading with multiple position-sizing modes (fixed margin, multiplier, smart ratio) rather than a single one-size-fits-all follow function
- Fast recent growth in listed assets and user base, now covering 600+ tokens plus tokenized stock and metals futures
WazirX pros
- India's largest exchange by registered users, with by far the deepest INR order-book liquidity and direct rupee on and off-ramps
- Resumed full service, including INR deposits and withdrawals, after a Singapore court approved its restructuring plan with over 95% creditor support
- Wide asset selection, close to 300 tokens, plus a zero-commission P2P market
- A flat-fee subscription option, WazirX ZERO, that removes per-trade costs entirely for active traders
This table is generated from the same data behind our individual exchange reviews. See methodology for how it's put together. Fee figures marked "not yet verified" need confirming against live terms before this page is treated as launch-ready.