Phemex Exchange Review (2025): Is It Legit? Fees, Features and More

Phemex is a popular derivative exchange that offers investors a fast and user-friendly platform to trade cryptocurrencies. Phemex exchange provides advanced trading features backed with robust security measures to ensure the safety of user funds and data.

The best features of Phemex are low fees for all traders, an advanced derivatives market, various trading options, and a high-performance trading engine capable of handling 300,000 transactions per second. Phemex also has deep liquidity, a trading interface with advanced order types, and secure multisignature cold wallet storage for asset protection.

The platform’s user-friendly interface, educational resources, and automated trading tools (copy trading and crypto bots) make it ideal for beginners and experienced traders. Whether you are a professional trader or are new to the crypto space, this Phemex review will explore what the Phemex Exchange is and the fees of the crypto trading platform.

We will also cover the key features of the Phemex exchange, how to open a new account to buy and sell crypto on Phemex, and the platform security and regulatory level to help you determine if Phemex is legit and safe for crypto trading. Let’s get started!

What is Phemex Exchange?

Phemex is one of the top crypto exchanges for spot and derivatives trading. It was established in 2019 by some former executives from Morgan Stanley. The exchange gained popularity at the time for offering investors a platform to trade with competitive fees and no KYC verification, but the optional KYC policy has now been revoked.

In addition to low fees, the exchange provides a user-friendly interface, deep liquidity, advanced charting tools, and various trading options, including spot, contract, P2P trading, and over-the-counter (OTC) trading. Phemex supports 350+ cryptocurrencies and over 100 spot and derivatives trading pairs.

Thanks to its strong security features and high-performance trading engine powered by Cross engine and TradingEngine, the exchange didn’t record any security breaches for about four years after launch. However, in January 2025, hackers allegedly stole about $85 million in cryptocurrency.

Now, there’s more to this cryptocurrency trading platform than meets the eye. The table below comprises the basic information about the Phemex exchange.

Exchange	Phemex
Founded	2019
Founder	Jack Tao
Headquarters	Singapore
Phemex Key Features	Spot trading, a mobile app, trading bots, Phemex Earn and launchpad, and Phemex web3.
Supported Cryptocurrencies	350+ and 135+ trading pairs.
Native Token	Phemex Token (PT)
KYC Requirements	Mandatory
Security Measures	Multisig cold wallet storage, SSL encryption, 2FA, passkeys, anti-phishing codes, withdrawal address whitelist, an insurance fund, and Proof of Reserves.
Trading Options	Spot, futures, margin, bots, and copy trading.
Earn Products	Launchpad, Phemex Savings, Phemex Launchpool, and prediction markets
Phemex Fees (Spot Trading Fees)	0.1000% for makers and takers.
Phemex Fees (Futures Trading)	0.0100% for makers and 0.0600% for takers.
Average 24-hour Trading Volume	100B
Payment Methods (Deposit and Withdrawal Options)	Cryptocurrency, credit or debit cards, bank transfers, SEPA and ACH transfers, and third-party payment providers.
Additional Features	Phemex institutional, brokerage program, referral program, Phemex learn, mock trading, and MemeX.

Sign up on Phemex and receive 4,800 USDT in welcome bonuses to kickstart your trading journey.

What Are the Pros and Cons of Phemex?

The pros of Phemex are listed below:

• Competitive Fees: The crypto exchange charges 0.1% for maker and taker on the spot market. In contrast, the contract trading fees on Phemex are 0.1% maker fees and 0.06% taker fees, which is great for frequent investors with high 30-day trading volume.
• Mock Trading: Phemex has a mock trading module (demo or paper trading on other exchanges) where users can practice trades in a simulated environment. Mock traders can access all the available charting tools, advanced indicators, and six M-USDT perpetual trading pairs. In addition, the exchange also has trading bots for mock trading so you can practice all your trading strategies before investing money in the real market.
• Fast Execution: Phemex’s trading engine is powered by CrossEngine, which processes 300,000 transactions per second, ensuring that orders are filled quickly with minimal slippage.
• Copy Trading: Like other top crypto exchanges, Phemex allows users to copy the trades of professional traders and earn a profit even without having a strong cryptocurrency trading background.

On Phemex copy trading, you can find professional traders in different categories and view their strategies, past performance, followers, and data from their previous trades. Once you review some crypto traders and are satisfied with their track records, you can follow them and start copying their trades.

• Leverage Trading: The trading platform offers 1 – 100x leverage, allowing traders to amplify their positions and potentially earn more profits.
• Phemex Learn: Phemex is intentional about user education. So, to ensure a seamless trading experience, the platform offers new and existing traders various ways to learn about its products and services, crypto and blockchain concepts, and current industry trends.

The cons of Phemex are listed below:

• Recent Security Breach: In January 2025, $85 million worth of crypto was stolen from Phemex Exchange. Although the company set up new systems and is working with external security bodies, it has not been able to recover the stolen funds, which raises doubts about security among users.
• High Funding Rates: Phemex’s funding rates on perpetual contracts are high, which can become even more costly if you hold positions over extended periods. Luckily, the exchange does not charge overnight fees.
• Limited Crypto Assets for P2P: Unlike other crypto exchanges like Bybit and Binance, which offer users a wide range of crypto options for P2P trading, the Phemex P2P marketplace is limited to USDT, BTC, and ETH.
• Limited Earn Products: While Phemex Exchange enables users to earn passive income by locking up assets, staking, and prediction markets, there are fewer ways to earn than similar exchanges.

Additionally, the Phemex customer support team could do better. At the moment, traders mostly interact with chatbots through live chat, social media, and email. These support channels are unsatisfactory since many user complaints lean toward unresponsiveness.

While we were able to chat with live support and get answers to some questions, users who need help with a more complex issue might experience some delays.

What Are Phemex Restricted Countries?

Phemex restricted countries are the United States, Cuba, Haiti, Nicaragua, Venezuela, the United Kingdom, and other countries in Asia and Africa, namely;

• Asia: Belarus, Belgium, Crimea & Russia, Afghanistan, China, Iran, Iraq, Lebanon, Myanmar, North Korea, Palestine, Syria, Yemen, and Bermuda.
• Africa: Republic of Seychelles, Angola, Burundi, Mali, Central African Republic, Libya, Democratic Republic of the Congo, Zimbabwe, Eritrea, Ethiopia, Guinea, Guinea-Bissau, Ivory Coast, Heiti, Liberia, Rwanda, Sierra Leone, Somalia, South Africa, and Sudan.

Investors in restricted regions cannot trade crypto on the exchange, so read Phemex’s Terms of Service to determine if your country is restricted, especially if you are having trouble signing up.

Is Phemex Legal and Available in the US?

No, Phemex is not available in the US, but it is also not illegal. Though it is not illegal, Phemex is an unregulated exchange in the US, and its products and services are not accessible there. 

Also, you can’t use a VPN to trade on the exchange because of its mandatory KYC policy. Nevertheless, if you successfully use a VPN to access the platform and somehow manage to complete the KYC verification process, Phemex reserves the right to freeze or disable your account if they find out you are accessing the platform from the United States.

To avoid losing money, we recommend you opt for other centralized exchanges available to US traders, such as Coinbase, Kraken, and Binance.US. These exchanges are not only licensed in the US but also have high daily trading volume (deep liquidity), robust security features, and low fees.

What Cryptocurrencies Are Available on Phemex?

Phemex supports 250+ cryptocurrencies. It also offers over 130 contract trading pairs and 230+ pairs for trading in the spot market. Some cryptos available for buying and trading on Phemex include BTC, ETH, USDT, SOL, XRP, DOGE, LINK, SHIB, and ADA.

What Are the Fees of Phemex?

Phemex fees are quite competitive and similar to other low-fee crypto exchanges. In this section, we will look at the deposit and withdrawal fees, spot and contract trading fees, and Phemex’s withdrawal limit.

Phemex Deposit and Withdrawal Fees

Phemex does not charge fees for cryptocurrency deposits into investors’ trading accounts. However, instant purchases of cryptocurrencies using a credit or debit card will incur a 0.8% fee. Here are the fees for different payment methods:

On the other hand, Phemex withdrawals incur a standard blockchain fee, which depends on the cryptocurrency you wish to withdraw and the network conditions. For instance, the standard withdrawal fee for Bitcoin is 0.00003 BTC, while that of Ethereum is 0.0007 ETH.

Always check the withdrawal page before confirming the transaction to get the most accurate withdrawal cost on Phemex.

What Is the Withdrawal Limit for Phemex?

The withdrawal limit for Phemex also depends on the crypto assets and the blockchain network. The minimum withdrawal limit is 0.00011 BTC if you wish to withdraw Bitcoin.

However, if you wish to withdraw USDT, the minimum withdrawal limit depends on the network and is as follows: 10 USDT/BNB, 20 USDT/ETH, 4 USDT/POL, and 10 USDT/TRX. Here are the various minimum withdrawal limits for other crypto assets.

Note: Your 24-hour maximum withdrawal limit depends on your KYC verification level. 

What Is the Withdrawal Time for Phemex?

The withdrawal time for Phemex depends on the blockchain chain network. For instance, a BTC withdrawal may take up to 20 minutes, a TRC20 withdrawal is usually processed within a minute, and an ERC20 withdrawal may take up to 10 minutes.

It is noteworthy that withdrawals may take longer with high network congestion or suspicious activity. Phemex checks every withdrawal using its risk control system, so if your withdrawal is suspicious, the exchange will review it manually, which may take up to 10 minutes.

Phemex Trading Fees

• Spot Trading Fees: Trading fees for standard traders on the Phemex spot market are 0.1000% and 0.1000% for maker and taker orders. Since the exchange follows a tiered fee structure with a 20% discount for traders with a higher 30-day trading volume, Star VIP traders pay 0.0000% and 0.0400%, respectively.
• Contract Trading Fees: Phemex follows a tiered fee structure that gives traders discounts based on their 30-day trading volume. The standard contract trading fees are 0.0100% for makers and 0.0600% for takers, while the Star VIP futures traders pay 0.0000% and 0.0300%, respectively.
• Funding Rates: Phemex charges funding fees between long and short positions every 8 hours for perpetual contracts. These rates are not fixed; they vary based on market conditions.

Want to save money on every trade? Register on Phemex and receive up to 4,800 USDT while saving 20% on fees for every trade.

What Are the Key Features of Phemex Exchange?

The key features of Phemex are spot trading, a mobile app, trading bots, earn and launchpad, and Phemex web3. Keep reading to learn more about each of these features.

Spot Trading

Phemex’s spot trading interface is not so different from that of other centralized exchanges. It has a TradingView charting integration, indicators, simple and organized price charts, details about the pair you wish to trade, and options to customize your trade, making it suitable for experienced and newbie traders.

Though margin trading is not supported on the Phemex spot market, users still determine the direction of their trade by choosing either market, limit, or conditional orders. Fortunately, Phemex’s trading engine is built to complete transactions with the utmost speed, designed to handle about 300,000 transactions per section in under 1 millisecond.

Phemex supports demo trading and has an impressive learn & academy section for new traders, making Phemex a great place for beginners to learn the ropes before throwing live funds down.

Phemex Mobile App

Phemex provides a simple and user friendly mobile app for traders who like to monitor their trades even while on the move. The mobile app has all the features of the platform’s web version, including simple buy and sell, a p2p marketplace, a copy trading tool, trading bots, and TradingView integration for spot and derivatives trading.

The trading interface is similar to that of other exchanges, so you can navigate it without challenges if you are an experienced trader. Newbies might also find it easy to use since the platform allows traders to customize their positions to fit their trading goals. For instance, you can choose leverage up to 100x between market and limit orders and also place conditional orders.

The exchange has a Web3 platform, Phemexia, for traders who want to explore the Web3 ecosystem. Through this platform, Phemex launched its native token, Phemex Token, which users can stake for high APR, trading fee discounts, and governance rights.

As a new user, you can get up to 4,800 USDT for free to start your trading journey on Phemex.

Phemex Trading Bot

Phemex offers free and customizable trading tools that help users automatically execute trades based on predetermined trading strategies. These tools work around the clock, help traders execute orders quickly, and catch market trends early to maximize profit, making them suitable for traders of all levels.

Luckily, Phemex bots are available to all platform traders. So, if you are interested in automated trading or are too busy to monitor your trades constantly, you can choose from four different bot strategies, depending on your trading goals.

Phemex trading bots include futures grid, futures martingale, spot grid, and signal trading. Here is a rundown of the functionality of these bots:

1. Futures Grid: The futures grid bots are designed for traders who want to invest in futures contracts and multiply their earnings by 100x. These bots focus on price fluctuations and make a profit when the positions align with your predefined rules. Phemex offers grid trading bots with three strategy options: Long, Short, and Neutral, making them perfect for all market conditions. 
2. Futures Martingale: The concept behind the futures martingale is to double your investment after each loss or multiple losses. The goal of this strategy is to make back previous losses (sometimes accumulated) and reach a profit equal to or higher than your initial investment capital.
3. Spot Grid: Depending on the preset terms, the spot grid automatically buys low and sells high 24/7. It places buy orders when the price of the crypto drops and sell orders when the price climbs over the base currency at set intervals around the set price to profit from market trends.
4. Signal Trading: Signal Trading allows traders to make informed decisions using predetermined indicators or triggers. These signals are generated through technical tools and strategies from TradingView webhook and are equipped to alert traders on when to buy, sell, or hold assets.

Please note that users can configure each bot with settings such as trading pairs, leverage, and margin allocation.

Phemex Earn and Launchpad

Phemex offers multiple products to help investors earn passive income while trading. These products include the launchpad, Phemex Savings, Phemex Launchpool, prediction markets, and the exchange’s Learn & Earn program.

The Phemex launchpad gives traders early access to hot and promising tokens before they are available for public trading. Through this platform, traders can invest in new crypto projects for a highly discounted price, hoping they will perform well after launch. If they do, these early investors could multiply their initial capital.

Meanwhile, the Phemex launchpool is a platform that allows traders to earn interest by depositing their crypto in a liquidity pool (staking) for popular cryptocurrencies. The requirements differ for every token; however, you can withdraw your crypto assets at any time and even get hourly payouts.

For savings, all traders have to do is lock up their ideal assets for a specific period (fixed and flexible options) and earn interest on them. Finally, you can earn cashback vouchers (free crypto) on the Phemex platform by taking courses on crypto and blockchain.

Phemex Web3

The crypto exchange offers a gateway to the Web3 ecosystem through Phemexia, a decentralized platform focused on distributed ownership and Phemex DAO governance. It also offered traders early access to PT for a lower price before the token officially launched in 2023.

​Phemex Web3 offers various products for traders who want to explore the Web3 ecosystem. These products include the Phemex Soul Pass (PSP), Phemex Token, PT staking, lending protocol, and Phemex Pulse.

• The Phemex Soul Pass (PSP): PSP is a non-transferable digital token introduced by the Phemex cryptocurrency exchange as part of its transition towards a decentralized web3 ecosystem. Phemex Soul Pass serves as an on-chain passport, enabling holders to actively participate in platform governance and access exclusive features within the Phemex community.
• Phemex Token: Phemex has its own platform utility token, PT (Phemex Token), which is an on-chain ERC20 token. PT represents ownership of Phemex, so users can stake the token in return for voting rights to actively participate in decentralized platform governance.
• PT Staking: This platform allows users to stake PT to receive vePT, which gives them rights to participate in the exchange’s voting governance. In addition, the exchange automatically buys back PT on a daily basis, which translates to earnings for investors who have staked.
• Lending Protocol: The Phemex lending protocol allows users to borrow cryptocurrency by putting up or using their existing crypto asset holdings as collateral. The lending platform has flexible lending terms and transparent interest payouts, providing a low-risk way for users to maximize their crypto holdings.
• Phemex Pulse: Phemex Pulse is a SocialFi platform that combines social interactions with cryptocurrency trading activities. Users can create and join communities, share insights, and earn airdrop rewards through engagement.

Security and Regulatory Level: Is Phemex Legit and Safe for Crypto Trading?

Yes, Phemex is legit and safe for crypto trading. However, in January 2025, the exchange suffered a security breach, during which hackers stole over $85 million worth of cryptocurrency. Following the cyberattack, the cryptocurrency exchange immediately suspended deposits and withdrawals and published proof of reserves for transparency.

To strengthen its defenses, Phemex implemented a new, more secure system that is monitored by a third-party cybersecurity partner. The exchange uses the following security measures to keep user funds and data safe;

• Multisig Cold Wallets: Phemex stores a significant portion of users’ funds in multisignature offline wallets, leaving only a small percentage for daily trading. The multi-sig technology requires more than one key to move funds, preventing single points of failure.
• Hierarchical Deterministic Cold Wallet System: Each user on Phemex is assigned their own unique cold wallet deposit address. Since they are away from the internet, this adds another layer of protection to users’ funds. Phemex periodically collates deposits from these individual addresses into the company’s multisignature cold wallet using offline signatures.
• SSL Encryption: The trading platform employs SSL encryption to secure information crypto investors transmit to its website, such as your login credentials, to prevent hackers from accessing the data.
• Proof of Reserves: Phemex keeps 100% of user funds in reserve at all times. Phemex customers can check the Merkle-tree Proof of Reserves to see where the assets are kept.
• Robust Trading Engine: Phemex uses the CrossEngine and the TradingEngine. The CrossEngine matches client orders based on price and time priority, while the TradingEngine is responsible for managing a full set of risk checks on behalf of the investors trading account.

In addition to these systems, Phemex encourages traders to activate 2FA, passkeys, anti-phishing codes, and a withdrawal address whitelist to improve account security.

• Two-Factor Authentication (2FA): Phemex encourages its customers to enable Two Factor Authentication immediately after registering an account. 
• Passkeys: Phemex offers passkeys for a password-free login experience, allowing users to use biometrics for secure access.
• Anti-phishing Code: Users can set an anti-phishing code to verify the legitimacy of emails from Phemex, helping them prevent phishing attempts.
• Authorize Devices and Address Whitelisting: You can manage the devices allowed to access your account and add withdrawal addresses to a list, ensuring that your Phemex account can only withdraw crypto assets from the whitelisted addresses.

Phemex stands as a registered as a Money Services Business (MSB) with FinCEN (Financial Crimes Enforcement Network) and operates legally in jurisdictions where it is supported. The company also requires mandatory KYC verification for all users to ensure account security and compliance.

Open a trading account on Phemex and get a 1,500 USDT reward on your first deposit and other exclusive bonuses.

Does Phemex Require KYC?

Yes, Phemex requires KYC. To access the platform’s products and services, traders must complete the identity verification process. Without it, you can only view the exchange’s features.

How to Open a New Account to Buy and Sell Crypto on Phemex?

To open a new account to buy and sell crypto on Phemex, follow the steps below:

Step 1: Visit Phemex Website to Register

Visit the Phemex website and select “Sign Up” at the top right corner of the homepage. Then, fill in your details on the next page: email, password, and the Phemex referral code, IUIHR7, and click “Create Account.”

Create an account with Phemex and earn up to 4,800 USDT in welcome rewards.

Phemex will send a unique confirmation code to your email. Enter the code, and your account will be created successfully.

Step 2: Complete KYC

Remember that KYC on Phemex is compulsory if you will trade on the exchange. Also, the new user bonus will expire in under 30 days if you don’t complete the identity verification process.

To do this, click on your profile at the top right of your account homepage. Provide the required information, including your country, a government-issued ID, and a selfie in a properly lit environment. After completing the steps, you will wait for confirmation from Phemex.

Step 3: Buy/Sell Crypto

To buy and sell crypto on Phemex Exchange, you can use any of the available deposit and withdrawal options under “Buy Crypto” at the top left corner of the homepage. From One-click Buy/Sell and fiat currency deposit to credit or debit cards and P2P trading.

1. One-click Buy/Sell

To complete a buy order, indicate the currency you are paying in and the asset you wish to receive, then click “Buy.” Choose any of the acceptable third parties and select “Continue.” Then, make a payment and wait for your crypto to be added to your Phemex wallet.

If you are selling, indicate the crypto asset you are selling and the fiat currency you want in exchange for it, then click “Sell.” Choose a payment method that works for you from the available options and proceed. Once the buyer makes the payment, the crypto will be transferred to their account.

2. Fiat Currency Deposit

Another option is to deposit or withdraw fiat currencies directly. Depending on your jurisdiction, some accepted payment methods are SEPA transfers, bank transfers, and ACH. However, this service is not available to traders in all Phemex-accepted regions.

3. Deposit Funds Using Credit/Debit Cards

Phemex allows users to deposit fiat currency using credit or debit cards, which can then be used to buy cryptocurrencies and fund their spot or contract accounts. However, the crypto trading platform does not support direct fiat withdrawals; you can sell crypto to credit/debit cards through the One-Click Sell feature.

4. P2P trading

Lastly, you can use the P2P marketplace to buy or sell crypto directly with other users. There are various fiat payment methods available, but only three supported cryptocurrencies. This means that you can only buy USDT, BTC, or ETH from Phemex’s P2P platform.

Also, if you want to sell your crypto assets but they don’t fall into the category of P2P-supported cryptocurrencies (BTC, USDT, or ETH), you can convert them to any of these currencies, preferably USDT, and then sell them to other traders.

If you are unsure what cryptocurrency to buy on Phemex, check out our list of the best meme coins likely to explode in 2025. 

Can You Withdraw From Phemex?

Yes, you can withdraw from Phemex. The cryptocurrency trading platform offers crypto withdrawal options to transfer your crypto from your Phemex account to another crypto wallet. To make a withdrawal, click “Withdraw,” then select the crypto you wish to withdraw.

Next, paste the wallet address, add the recipient’s details, confirm the transaction, and proceed. You can check your account’s trade history to see if your transaction was processed successfully.

What Country is Phemex From?

Phemex is from Singapore and currently has its headquarters there.

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