Phemex review
Phemex is a centralized exchange that manages customer assets through Phemex accounts. It requires users to complete a KYC process. With an unverified account, the withdrawal limit is 0 USDT, meaning deposited funds remain inaccessible until ID and facial recognition are completed. Once verified, the withdrawal limit increases to 2,000,000 USDT per 24 hours. In January 2025, attackers targeted Phemex's hot wallets. Phemex has stated that it covered user losses using its own reserves. In our view, Phemex is suitable for traders who complete verification before depositing.
ID always
Phemex always asks for ID, per its own pages.
Choose Phemex if
Who Phemex suits, from the values on this page.
Phemex might not be the right fit if
- You want to skip ID checks: Phemex's terms let it ask for ID.
- You do not want an account: Phemex needs one.
- You want Monero: Phemex does not list it.
- You want Lightning: Phemex does not support it.
- You live in the US: Phemex is not available there.
- You want a service with no incident on record: Phemex had one in 2025.
Inside Phemex
What you get with Phemex
Yes, no or partly, from our dataPrivacy 0 of 6
- No IDNo
- No accountNo
- Tor built inNot statedNot statedPhemex's own pages we checked do not say. This is not the same as no.
- Onion addressNoNone published
- I2P addressNoNone published
- Works without JavaScriptNot statedNot statedPhemex's own pages we checked do not say. This is not the same as no.
Coins 2 of 4
- BitcoinYes
- MoneroNo
- LightningNo
- ZcashYes
Custody and code 0 of 3
- You hold the keysNot statedNot statedPhemex's own pages we checked do not say, checked Oct 14, 2026. This is not the same as no.
- Open sourceNot statedNot statedPhemex's own pages we checked do not say, checked Oct 14, 2026. This is not the same as no.
- Address screeningNot statedNot statedPhemex's own pages we checked do not say. This is not the same as no.
When can Phemex ask for your ID?
Always, per Phemex's own pages. Labels come from each provider's terms, never from our guess.
- 1Never, by designNo company holds your order, so nobody can ask
- 2Only if you chooseID only for extras you opt into
- 3If a payment is flaggedNo ID by default; checks when a risk system flags you
- 4Above a limitID once you pass a stated amount
- 5AlwaysPhemex is on this stepID before you trade, deposit or withdraw
If a check comes and you do not pass it
Funds deposited without KYC cannot be withdrawn until identity verification is completed: the non-KYC withdrawal limit is 0 USDT, and the Terms let Phemex restrict or refuse withdrawals if the user has not completed identity verification. If KYC or AML requests are not answered, Phemex may suspend account activity; if requirements cannot be satisfied, Phemex decides at its sole discretion whether to terminate the account. No return path for unverified balances is described.
“f. We reserve the right to restrict or refuse to permit withdrawals from your Account if [...] you have not undergone the required identity verification procedure such that your identity has been verified. [...] 3.5 In the event that you cannot satisfy Phemex in respect of KYC requirements and AML/CTF requirements, then you may not be able to open and/or access the Account and Services, Phemex will have sole discretion in deciding whether to terminate your Account and Services.”
What triggers a check: Any crypto withdrawal (0 USDT limit without KYC); full spot and futures trading; promotional campaigns and rewards; OTC and fiat trading via third parties after identity verification; further KYC or AML information requests at any time after account opening (Terms 3.4)
Not stated on Phemex's pages: fee on refusal, refund policyPhemex's own pages we checked do not say. This is not the same as no.
Checked October 22, 2026
What Phemex costs
| What | Phemex |
|---|---|
| Trade fee | Spot VIP 0: 0.1% maker and taker (repo facts spot_maker_fee, spot_taker_fee of 2026-10-07); futures from 0.0100% maker and 0.0600% taker for 30-day volume under 8M USD; BTC withdrawal 0.000015 |
| No-ID limit | 0 USDT withdrawals per 24 hours; crypto deposits and limited trading may be available, withdrawals are not enabled |
What Phemex knows about you
Who sees what during a trade, and who runs it.
During a trade
No ID check does not make a bank payment private.
Network and who runs it
- Warrant canary
- Not published
Checked October 22, 2026
Track record and code
One hot wallet hack (2025, losses covered per Phemex), three regulator actions or warnings.
Incidents
- 2025Jun 13, 2025: Ontario Capital Markets Tribunal order against Phemex Limited and Phemex Technology Pte. Ltd.: permanent trading ban in Ontario, administrative penalty $300,000, disgorgement and costs.
- 2025Feb 27, 2025: Monetary Authority of Singapore Investor Alert List.
- 2025Jan 23, 2025: Attack on Phemex hot wallets; deposits and withdrawals suspended, restored chain by chain until February 2025; Phemex says cold wallets were untouched and user losses were covered from company reserves (press estimates over $85 million).
- 2025Jan 23, 2025: UK FCA Warning List: not authorised, may be targeting people in the UK.
- Support
- Help center advertises 24/7 support with live chat and a ticket form, plus a knowledge base, AI search and a beginner track; the Terms ask users to raise disputes first through Online Chat, with an email reply from the support team within 24-48 hours; quick links for KYC, withdrawals, deposits not credited, fiat deposits, trading fees and resetting 2FA
Checked October 14, 2026
Community
Discussions about Phemex on Reddit (opens in a new tab) (r/Phemex)
More facts we checked on Phemex
- Coins listed
- 138
- Onion address
- Not published
- I2P address
- Not published
Phemex in the US and elsewhere
In the US
US availability: Not available
If you are a US person, US sanctions rules apply to you whether or not a service asks for ID.
Outside the US
Where Phemex does not serve
45 places in its terms
United Arab Emirates- United States of America
United Kingdom- Ontario (Canada)
- Québec (Canada)
- Alberta (Canada)
- Saskatchewan (Canada)
Afghanistan- Angola
Australia- Burundi
- Central African Republic
China
Cuba- Crimea
Democratic Republic of the Congo- Ethiopia
- Eritrea
- Guinea
- Guinea-Bissau
- Haiti
- Hong Kong
India
Iraq
Iran- Ivory Coast
- Lebanon
- Liberia
Libya- Mali
Myanmar- Nicaragua
North Korea- Palestine
- Republic of Seychelles
- Rwanda
- Sierra Leone
- Somalia
South Africa
South Sudan
Sudan
Syria- Venezuela
- Yemen
- Zimbabwe
Show all 45 places+39 moreShow fewer
Regional rule: Not statedPhemex's own pages we checked do not say. This is not the same as no.
- Site blocks by region
- United Arab Emirates; United States of America; United Kingdom; Ontario (Canada); Québec (Canada); Alberta (Canada); Saskatchewan (Canada); Afghanistan; Angola; Australia; Burundi; Central African Republic; China; Cuba; Crimea; Democratic Republic of the Congo; Ethiopia; Eritrea; Guinea; Guinea-Bissau; Haiti; Hong Kong; India; Iraq; Iran; Ivory Coast; Lebanon; Liberia; Libya; Mali; Myanmar; Nicaragua; North Korea; Palestine; Republic of Seychelles; Rwanda; Sierra Leone; Somalia; South Africa; South Sudan; Sudan; Syria; Venezuela; Yemen; Zimbabwe
Where you live and the provider's terms
Many services on this page do not serve every country. Some exclude people because of where they live or their citizenship, not only where they connect from. Read the provider's terms before you send funds. If the terms exclude you, do not use the service, and do not try to get around the restriction, for example with a VPN.
Taxes
A service that does not ask for ID does not change your taxes. In the US, the federal income tax return asks a yes-or-no question about digital assets, and you must report digital asset transactions whether or not they result in a gain or loss. In the UK, you may owe Capital Gains Tax when you sell, swap or spend crypto, and you must keep your own records. Rules in other countries differ.
No KYC is not anonymity
"No KYC" here means the provider says it does not ask for ID in the cases its terms describe. It does not make you anonymous. Phemex's terms say it can ask for ID in these cases: Any crypto withdrawal (0 USDT limit without KYC); full spot and futures trading; promotional campaigns and rewards; OTC and fiat trading via third parties after identity verification; further KYC or AML information requests at any time after account opening (Terms 3.4). Regulated exchanges you send funds from or to may have to collect information about who sends and who receives a crypto transfer. Your tax duties stay the same.
Funds can be held
If a provider asks for more information during a swap or a withdrawal, it may hold your funds until it gets it. Its terms decide what happens next. In the UK, a crypto business that asks for information on a transfer to or from a self-custody wallet, and does not receive it, must not pass the funds on. Read what the provider's terms say before you send. Phemex's terms say that if a check is requested and not completed: funds deposited without KYC cannot be withdrawn until identity verification is completed: the non-KYC withdrawal limit is 0 USDT, and the Terms let Phemex restrict or refuse withdrawals if the user has not completed identity verification. If KYC or AML requests are not answered, Phemex may suspend account activity; if requirements cannot be satisfied, Phemex decides at its sole discretion whether to terminate the account. No return path for unverified balances is described.
Checked October 22, 2026
Exchanges to compare with Phemex
Other active services in this category from our list. The shield shows each one's ID rule from its own terms.
Phemex side by side
From our privacy data, the same fields for every service| What | Phemex | Crypton Exchange | NonKYC.io | BloFin | CoinEx | Pionex |
|---|---|---|---|---|---|---|
| ID rule | ID always | No ID, by design | No ID, by design | ID above a limit | ID above a limit | ID above a limit |
| Account | Needed | Not stated | Needed | Needed | Needed | Needed |
| You hold the keys | Not stated | Not stated | No | No | Not stated | No |
| Monero | No | Not stated | Yes | No | Not stated | No |
| Lightning | No | Not stated | No | Not stated | Not stated | No |
| Open source | Not stated | Not stated | No | No | Not stated | Not stated |
Checked October 23, 2026
Short answers about Phemex
From the data on this page.
Does Phemex ask for ID?
Phemex always asks for ID, per its own pages. You need an account.
How much can you trade on Phemex without ID?
0 USDT per 24 hours, withdrawals.
Can you buy Monero on Phemex?
No. Phemex does not list Monero, per its own pages.
What does Phemex cost?
Trade fee: Spot VIP 0: 0.1% maker and taker (repo facts spot_maker_fee, spot_taker_fee of 2026-10-07); futures from 0.0100% maker and 0.0600% taker for 30-day volume under 8M USD; BTC withdrawal 0.000015.
Who checked this page
Sources, how we read the terms and our process
Sources
- api.phemex.com/public/products, for Monero and Zcash, checked October 22, 2026
- api.phemex.com/public/products, for coins listed, checked October 23, 2026
- api10.phemex.com/phemex-user/public/fees-conditions, for Lightning, checked October 14, 2026
- capitalmarketstribunal.ca/sites/default/files/2023-09/soa_20230905_phemex.pdf, for operator, checked October 22, 2026
- capitalmarketstribunal.ca/sites/default/files/2025-06/rad_20250613_phemex.pdf, for incidents, checked October 14, 2026
- fca.org.uk/news/warnings/phemex, for incidents, checked October 14, 2026
- mas.gov.sg/investor-alert-list, for incidents, checked October 14, 2026
- phemex.com, for status, checked October 7, 2026
- phemex.com, for I2P address, checked October 22, 2026
- phemex.com, for bitcoin, checked October 23, 2026
- phemex.com/announcements/phemex-hot-wallet-security-incident-update-and-timeline, for incidents, checked October 14, 2026
- phemex.com/fees-conditions, for fees, checked October 22, 2026
- phemex.com/fiat-deposit, for ways to pay, checked October 15, 2026
- phemex.com/help-center, for support, checked October 28, 2026
- phemex.com/help-center/articles/phemex-identity-verification-kyc-guide, for ID rule, what triggers a check and no-ID limit, checked October 22, 2026
- phemex.com/help-center/phemex-privacy-policy, for account, data collected and operator, checked October 22, 2026
- phemex.com/help-center/phemex-terms-of-use, for what happens if a check fails, operator, excluded countries and US availability, checked October 22, 2026
- phemex.com/help-center/phemex-terms-of-use, for site blocks by region, checked October 28, 2026
- phemex.com/privacy-policy, for warrant canary and onion address, checked October 22, 2026
How we read the terms
We do not give privacy services a score. We record what each provider's own pages say: when it asks for ID, the limits, who holds your coins and what it costs. Labels come from each provider's terms, never from our guess. How we read the terms
Our process
We take fees, availability, licenses and coin counts from primary sources: Phemex's own fee schedules, terms and help pages, and the public registers kept by regulators. Every value carries the date we last checked it. The values on this page were checked between October 7, 2026 and October 28, 2026.
Not legal or tax advice. This page explains how these services work and what their own terms say. It is general information, not legal, tax or financial advice. Rules differ by country and change often. Check the rules where you live, or ask a qualified professional, before you use any service listed here.