Phemex Review

Our verdict: in our view, Phemex is a good choice for active traders who want low futures fees, trading bots, and a monthly proof of reserves. Phemex was founded in 2019 and reports having more than 10 million users. In its public market data, we counted 139 crypto assets, and Phemex lists 141 perpetual futures pairs with leverage up to 150x on BTCUSDT.

Spot trades cost 0.10% for maker and taker orders at the entry tier. Futures trades cost 0.01% for maker and 0.06% for taker, while a Bitcoin withdrawal has a fixed fee of 0.000015 BTC.

Phemex suits you if:

• you trade perpetual futures and seek low entry-tier fees, with TradFi futures on stocks and precious metals on the same platform;
• you want to automate trading with grid or martingale bots, an AI bot that sets their parameters, or use copy trading;
• you prefer to check the reserves yourself: in the latest monthly snapshot we read, reserves covered 103.13% of customer BTC and 123.79% of customer ETH.

Phemex may not be the right fit if:

• you live in a location excluded by its terms of use (see where Phemex is available below);
• you are new to crypto and prefer a guided start rather than a platform focused on futures.

We rate Phemex higher for fees than for beginner friendliness. First-time buyers will find a simpler start in our Coinbase review, and active traders seeking a much longer coin list can compare our MEXC review.

Phemex at a glance

• Operator: Phemex Limited, named as the data controller in Phemex's privacy policy. The terms of use are governed by Singapore law.
• Founded: 2019. Status: active.
• Headquarters: not disclosed.
• Users: more than 10 million, according to Phemex.
• Regulation: AML registrations only, lacking a financial license.
• Crypto assets: 139 counted by us, plus 19 tokenized stocks and ETFs.
• Futures: 141 perpetual pairs, 69 of them TradFi contracts, up to 150x leverage.
• Spot fees, entry tier: 0.10% maker, 0.10% taker.
• Futures fees, entry tier: 0.01% maker, 0.06% taker.
• BTC withdrawal fee: 0.000015 BTC, a fixed sum according to Phemex's schedule.
• Proof of reserves: monthly, with a Merkle-tree check of your own balance.

Trading on Phemex

Spot and margin

On Phemex's spot market we counted 139 crypto assets on 177 spot pairs, including stablecoins and gold tokens. An additional 19 tokenized stocks and ETFs from Ondo and xStock are available, but these are not counted in our total. Phemex also supports spot margin trading with cross margin.

Futures and TradFi

Futures are the main offering of Phemex, featuring 141 perpetual futures pairs, 69 of them TradFi contracts on stocks, metals, commodities and indices. These are margined in USDT, USDC or the coin itself, with leverage reaching up to 150x on BTCUSDT. Since February 2026, TradFi futures have allowed trading in price movements of stocks and precious metals, functioning as derivatives and not as shares. Two of the 141 are pre-market contracts on companies before their IPO, and the offering extends to prediction markets. In our view, leverage this high is a tool for experienced traders: a small price move can wipe out a position.

Bots, copy trading and earning

Phemex offers grid and martingale bots, and since February 2026 an AI bot that generates the settings for futures grid, spot grid, and futures martingale strategies. Copy trading enables you to replicate trades from those you follow. According to Phemex's CEO, its copy trading network includes over 17,000 experienced traders and 80,000 active users. Phemex Earn offers savings products and on-chain staking, and there is a Launchpool, a demo trading mode and on-chain DEX trading, but no NFT marketplace.

Buying crypto with cards and bank transfers

Purchasing with Visa or Mastercard incurs a fee of 0.08% for cards issued in the EEA, and 2.8% to 3.5% for those issued elsewhere, with transactions ranging from $25 to $5,000 per purchase. Bank and wire deposits in six currencies, including USD and EUR, are processed through Legend Trading without a deposit fee. Buying crypto with these balances costs 2% below $500, with smaller fees for larger amounts, plus network charges. In the EEA, Phemex issues a Mastercard offering up to 1% cashback.

Fees

Phemex's fee schedule applies to all users with no regional variations. At the Standard entry tier, spot trades are priced at 0.10% for both maker and taker orders, while USDT perpetual futures are charged 0.01% for maker and 0.06% for taker orders.

VIP tiers provide reduced rates. Phemex determines your VIP level based on either your 30-day trading volume or average asset balance. At the Star VIP level, spot trades cost 0.00% for maker and 0.04% for taker, with futures priced at 0.00% for maker and 0.03% for taker. Phemex's own token, PT, brings a 20% discount on spot fees and 10% on futures fees.

What a trade costs: a worked example

Suppose you have USDT in your Phemex spot account, purchase bitcoin, and transfer it to your personal wallet:

• Buy the bitcoin: 0.10% at the entry tier, regardless of placing a limit (maker) or market (taker) order.
• Withdraw the bitcoin: a fixed fee of 0.000015 BTC on the Bitcoin network, with a minimum withdrawal amount of 0.00012 BTC.

The BTC fee is a fixed amount in Phemex's own schedule, not an estimate of the network fee. If you fund the account with a card instead of crypto, a card fee of 0.08% to 3.5% comes on top.

Security and proof of reserves

Phemex publishes a proof of reserves every month. In the latest snapshot we read, reserves covered 103.13% of customer BTC, 123.79% of customer ETH and 100.60% of customer USD stablecoins, and a Merkle tree lets you check that your own balance is included. Phemex publishes its cold wallet addresses but names no outside auditor, so in our view the ratios remain Phemex's own figures.

Phemex says it keeps more than 70% of user assets in offline cold wallets and less than 8% in hot wallets, using Fireblocks for custody. For account security, it offers two-factor authentication, a withdrawal address whitelist, anti-phishing email codes, and a waiting period for new withdrawal addresses. Phemex's terms allow the use of balances in Earn products for operational purposes, including loans to other users and Phemex affiliates, and on-chain staking.

On January 23, 2025, Phemex's hot wallets were attacked. Phemex halted deposits and withdrawals on the same day, gradually restoring withdrawals chain by chain from January 24 and fully by February 2025. It reports that cold wallets remained unaffected and all user losses were covered from company reserves. The exact amount stolen has not been disclosed.

Regulation and where Phemex is available

Phemex names no financial license, and we found none in the registers we checked. It is not in ESMA's register of crypto-asset service providers authorized under MiCA, nor on ESMA's list of non-compliant providers. Phemex's terms of use name a Polish company in Katowice as one Phemex entity, and that company was entered in the Polish register of virtual currency activities, now kept only as an archive; the register's own page says an entry does not authorize anyone to provide crypto-asset services. FinCEN's register of money services businesses lists two companies named PHEMEX INC and phemex ltd, which Phemex does not mention; FinCEN says it does not recommend, approve or endorse any business that registers.

Regulators in the UK, Singapore and Ontario have warned about or acted against Phemex. The UK Financial Conduct Authority has warned since January 2025 that Phemex is not authorized and may be targeting people in the UK. Since February 2025, Singapore's Monetary Authority (MAS) has listed Phemex on its Investor Alert List, which names firms that may be wrongly perceived as licensed or regulated by MAS. In Ontario, the Capital Markets Tribunal found in December 2024 that Phemex Limited and a subsidiary had run a crypto trading platform for Ontario investors from November 2019 to January 2023 without registering. In June 2025, it banned both from trading in Ontario for good, apart from letting investors close positions and withdraw, and ordered an administrative penalty of C$300,000.

Where Phemex is available

The terms of use for Phemex specify several locations where services are unavailable. These include the United States, United Kingdom, the United Arab Emirates, the Canadian provinces of Ontario, Quebec, Alberta, and Saskatchewan, Australia, mainland China, Hong Kong, India, and South Africa, among others. Users must also affirm that they are not US citizens, Green Card holders, or US tax residents, ruling out US citizens abroad. Most of Europe, excluding the United Kingdom, is not on this list. Residents of the US should start by checking our list of exchanges for US customers.

Who should look elsewhere

In our view, two groups of readers may find better options elsewhere:

• Beginners in the US or Europe: Coinbase serves customers in the US, and in Europe, its Luxembourg company is authorized as a crypto-asset service provider by the CSSF. We rate Coinbase higher for those new to trading. See our Coinbase review.
• Active traders outside the US seeking a broader selection of coins and lower futures fees: MEXC lists significantly more crypto assets by our count, charges 0.00% for maker and 0.02% for taker on BTC and ETH perpetual futures at the entry tier, and provides a monthly proof of reserves audited by Hacken. See our MEXC review.

For more options based on trading style, refer to our lists of exchanges for day trading and exchanges for derivatives and our fee table.

FAQ

Can US citizens use Phemex?

No. Phemex's terms of use exclude the United States, and every user must confirm they are neither a US citizen, a Green Card holder, nor a US tax resident. This exclusion applies to US citizens living abroad. Readers in the US can evaluate alternatives in our list of exchanges for US customers.

What are Phemex's withdrawal fees and limits?

Each coin and network has a predetermined fixed fee. For example, Bitcoin on the Bitcoin network has a withdrawal fee of 0.000015 BTC, with a minimum of 0.00012 BTC, while USDT on the Tron network costs 1 USDT, with a 10 USDT minimum. Withdrawals require identity verification. Without it, the 24-hour limit stands at 0 USDT, which increases to 2,000,000 USDT with verification.

What is a good alternative to Phemex?

For first-time buyers, we rate Coinbase higher for beginner friendliness, and it serves customers in the US. For active traders outside the US who want more coins and lower futures fees, MEXC is in our view the closer match.