Phemex, a cryptocurrency exchange, has introduced its debit card, the Phemex Card. This card allows users to convert stablecoins to fiat currency at the moment of payment, eliminating the need to withdraw funds from the trading platform in advance. This information was shared with ForkLog by company representatives.
Unlike many other crypto debit cards, the Phemex Card does not require a separate wallet or prior funding. Funds remain in the trading account until a purchase is made. During the transaction, stablecoins are automatically converted to fiat currency and processed through a payment network in real-time.
The exchange markets the card as an extension of the trading environment. Traders do not need to transfer money to an intermediary account, wait for settlements, or maintain an unused balance on the card. Instead, the balance stays within the Phemex ecosystem alongside trading positions and Earn products.
“This approach integrates trading, storage, earning, and spending into a single process, rather than separating them into distinct stages with bank transfers before each purchase,” commented Phemex CEO Federico Variola.
The card is available in a virtual format and supports both Apple Pay and Google Pay.
Cashback as Part of Trading Activity
Purchases made with the Phemex Card earn users cashback in USDT, credited directly to their spot account. These funds can be reinvested in trading, staking, or other Phemex Earn products without any additional steps.
The standard cashback rate is 0.25%, while VIP users can receive up to 1%. There is no upper limit on rewards: the incentive applies to the total purchase volume regardless of the amount.
The company emphasizes that this program is designed for long-term engagement rather than a short-term promotional offer.
According to the exchange, the card has been launched in compliance with the regulatory standards of the European Economic Area. Phemex holds a VASP license in Lithuania, providing a legal framework for servicing European users.
Users can apply for the Phemex Card directly through their exchange account.
Previously, ForkLog published a detailed review of Phemex.
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