A word used to describe or declare the state of a person's physical or personal being, as gay or homosexual. The correct and true meaning of the word though, is in fact, a transvestite woman who has had a sex change from male to female still keeping his male genitalia that is presumably gay by choice. As it may be a hard image to conjure in ones mind, it is indeed an insult of the highest caliber.
It is uni-sexual insult. That can describe a woman as more masculine, or a man as more feminine.
(directed to a guy)
Player 1: Hey guys <3 hope you all have fun and make it a good game :D!
Player 2: Wow...you are such a phanfer...
(directed to a girl)
Girl: Yeah, i love working out, how much do u bench? i bench around 225 on a bad day.
Man: Wow, your quite the phanfer aren't you? Did you have a sex change recently?