Phemex Review 2025

Our Verdict

Founded in 2019 in Singapore, Phemex is a global crypto exchange offering Spot, Margin (5x), and Perpetual Futures (up to 100x) trading on over 480 cryptocurrencies.

📱 Unified desktop & mobile platform with beginner-friendly tools like One-Click Buy/Sell and P2P
💳 Supports direct fiat deposits/withdrawals via cards, SEPA, and wire, powered by MoonPay, Mercuryo & Transak
🔐 Security features include 2FA, Passkeys, cold wallet storage, and Proof of Reserves for BTC, ETH & USD
📈 Advanced tools: TradingView charts, built-in bots (Grid, Martingale), API, Copy Trading & testnet access
🌐Passive Income products through Savings, Launchpool, Lending, and Web3 via Soul Pass for rewards and governance

In my opinion, Phemex is ideal for active traders who want powerful tools, secure infrastructure, and flexible earning options.

Phemex Pros and Cons

Is Phemex Right for You?

Not all traders are the same: some want simple mobile apps, others seek advanced tools like leverage or algo trading. We’ve identified seven main trader types and reviewed each exchange based on how well it serves them. Our clear method ranks suitability as a perfect match, good choice, or not recommended.

Phemex lacks DCA tools, so it’s not recommended for that strategy, but it may be a good choice for others. Here’s our verdict:

Supported Countries and Regions

Phemex is available in around 150 countries but does not serve U.S. citizens. While its coverage is broad, it lags behind major exchanges like Binance and HTX.

Restricted regions include Canada, the UK, Haiti, China, and South Africa. Fiat deposits are also limited in countries like the Netherlands and Turkey. A full list of restricted areas is available in the platform’s Help section.

Phemex’s OTC services have additional restrictions, blocking access for users in countries like Latvia, Macedonia, the Maldives, and Mexico. A separate article lists all supported and restricted countries.

Phemex Bonuses and Special Offers

Phemex offers welcome bonuses through mystery boxes. In my tests, I received USDT rewards for completing KYC, making a first deposit, and placing my first trade.

Existing users can also earn rewards by reaching trading volume milestones, completing quizzes, or through cashback vouchers tied to platform activity. Additional bonuses are available via the referral program, with rewards based on the referee’s trading volume.

Phemex Background

Establishment: Phemex was founded in 2019 in Singapore, where it remains headquartered. It also has permits and regulatory approval in multiple United States regions, Canada, Turkey, and Lithuania. Leadership: The exchange’s LinkedIn page states that the CEO of the project is Federico Variola, who holds a PhD from the Sudan University in China.

Security & Transparency

Verified Trusted Scores

We assess exchange reliability using ratings from platforms like Cer.Live, CoinGecko, and CryptoCompare. Phemex scores high on CoinGecko for liquidity but ranks low on Cer.Live due to missing Proof of Reserves and no bug bounty. CryptoCompare gives it an average score based on security, compliance, and liquidity.

General Reliability

Phemex encourages users to report vulnerabilities by sending security issues to security@phemex.com. However, the website does not specify the size of the rewards one may receive for reporting bugs.

Corporate Communication Structure and Transparency

The official website does not provide any information about the platform’s CEO or key team members. However, the exchange regularly posts on Twitter (X) and has an active community in its Telegram group.

Know Your Customer (KYC)

KYC is mandatory on Phemex. Users must submit an ID (passport or driver’s license) and complete facial verification. There are no tiered levels; full access is granted once documents are approved.

In my test, verification was smooth and completed in under an hour.

Is Phemex Safe to Trade With?

Based on our research, Phemex offers solid user-side security tools like 2FA and Passkeys, and stays active on major social platforms. It also runs a bug bounty program, though reward details aren’t publicly shared.

However, the exchange lacks insurance and relies on Merkle tree self-verification instead of a third-party Proof of Reserves audit. After a major breach in 2025, it hasn’t confirmed any victim compensation.

Trading Experience

Users with a 30‑day trading volume of over $10,000 USDT or holding at least 500 PT tokens qualify to mint the Phemex Soul Pass, a non‑transferable, on‑chain passport that grants Web3 privileges, including participation in platform governance through the Phemex DAO.

Trading Test

For our trading test, we thoroughly evaluated the Phemex platform. The process included signing up, completing KYC verification, logging in, depositing funds, making withdrawals, and testing trading features. We explored various trading pairs and conversions, and assessed fees for transfers and withdrawals. This hands-on test allows us to deliver a reliable review of Phemex’s usability, features, and real costs.

Step 1: Setting Up and Funding Your Account

You can create a Phemex account via email or sign in with Google, Twitter (X), Telegram, or Web3 wallets like MetaMask and WalletConnect. For this test, I registered using my email.

After signing up, the platform required identity verification. I completed it by uploading a scanned ID and passing facial verification using my laptop camera.

Then, I deposited USDT on-chain from another platform. Phemex instantly generated a deposit address and a memo (required for the TON network), along with a QR code and a copy button to minimize errors. The funds arrived within minutes.

Step 2: Trading

Phemex offers seven account types: Spot, Futures, Pilot, Margin, Investment, Fiat, and Lending. Since my USDT deposit landed in the Futures account, I made an internal transfer to the Spot account to start trading.

I purchased LTC for USDT at the market price. The trade executed instantly, and I found the details under Order History. The fee is shown in the Trade History tab. Phemex charged a 0.1% fee, as listed on its fee page.

Next, I created a Limit Order to sell LTC back for USDT. Although I set the price slightly above market, the order was filled instantly due to a brief bullish move.

I also opened a short position on ADA Perpetual Futures at market price with 10x leverage and 1 USDT collateral. I later closed it manually at a Limit price. Phemex charged a 0.06% fee for both actions, matching the listed rate.

Step 3: Withdrawal and Review

To complete the test, I withdrew USDT to my personal wallet via the TRON network. Phemex charged a flat 1 USDT fee, on par with industry standards. The transaction was smooth, and the funds arrived within minutes.

Phemex Desktop Version

I tested Phemex’s desktop platform on Chrome and found it easy to navigate, with a clean layout and beginner-friendly features. Buying crypto with cash via partners, direct fiat deposits, and P2P trading adds convenience. Users can also copy trades and earn passive income through Phemex Earn and Savings.

For strategy testing, Futures Mock Trading lets users practice risk-free. Advanced traders get robust tools like Futures, Margin trading, TradingView integration, bots, and API access. The platform supports various order types: Limit, Trailing Stop, GTC, Iceberg, Stop-Loss, and Stop-Limit.

Platform Overview

Charts: Phemex includes built-in TradingView charts for seamless technical analysis

Trade navigation: The clean, consistent layout across desktop and mobile is easy to use. Placing an order takes three steps: choosing an order type, entering the price and amount, and confirming in a pop-up.

Withdrawal Ease: The withdrawal function is accessible from nearly every page through the “Wallet” tab. The process is simple:

• Select the crypto asset
• Enter the recipient address
• Specify the withdrawal amount
• View the applicable fee and the remaining daily limit

Order Book: The Phemex trading platform includes a standard Order Book that displays open orders for a selected coin. However, there is no scrolling feature, meaning only nine buy and nine sell orders can be viewed at a time.

Spot, Margin & Futures Trading

Phemex supports:

• Spot and Margin Trading with a 5x leverage on a large range of pairs (~400+)
• Perpetual Futures Trading with up to 100x leverage, covering major assets like BTC, ETH, XRP, and SOL

All futures contracts are accessible through a modern interface with isolated margin control and built-in TradingView charts. A Mock Trading mode (Demo) is also available for testing strategies risk-free, with a welcome bonus of up to $80.

Third-Party Sign-In: Phemex allows sign-in via Google, Twitter (X), and Telegram. The platform is also integrated with Web3 wallets such as MetaMask and WalletConnect.

One-Click Buy: Phemex simplifies fiat-to-crypto purchases via its One-Click Buy/Sell tool, working with MoonPay, Mercuryo, and Transak, alongside support for bank cards, SEPA, and wire transfers.

Copy Trading

Phemex offers a Copy Trading tool that allows users to replicate the strategies of other traders. The platform shows the top three traders based on total PnL. It also provides easy filters by Total Balance, Total PnL, Monthly ROI, and Monthly PnL to help users find the suitable options among. During my tests, I discovered more than a thousand Master traders in the catalog. Although more than half of them were inactive, there were still many options to choose from.

The platform offers a search option to find specific traders by their nicknames. The copying process varies depending on the strategy, with the profit share that each Master Trader takes from copiers clearly shown during the process.

Trading Bots

Phemex provides access to multiple built-in trading bots, including Spot Grid, Futures Grid, Martingale, and Signal Bots. Users can copy and adjust these bots, but cannot create fully custom bots from scratch.

Passive Income Options

• Phemex Savings allows users to stake over 10 popular assets like USDC, SOL, XRP, and ADA.
• Launchpool offers short-term staking with higher APYs for rarer assets (limited-time).
• Lending Protocol enables users to lend assets such as USDT, USDC, ETH, and XRP, earning passive income while allowing others to borrow without selling their crypto.

My Key Takeaways After Testing Phemex

Phemex is an excellent choice for beginners and casual traders, thanks to its user-friendly interface, cash deposits, Copy Trading, and P2P features.

Advanced tools like Futures, Margin trading, and bots cater to experienced users.

However, it lacks the DCA tool, limiting options for long-term investors, and its leverage levels are not the highest on the market.

Phemex Mobile App

The Phemex Mobile App is available for iOS and Android devices. The range of trading tools is the same as the desktop version, with a few minor differences. The interface is light and user-friendly, making it an excellent choice for beginners.

While testing the Phemex Mobile app, I discovered that it offers the same set of security features as its desktop counterpart. You can protect your account with industry-standard security measures like Google 2FA and an Anti-Phishing Code. Biometric authentication is also available, but it is only applied during the setup of Passkeys, with no option to enable it for logins.

Key Features and Tools on Phemex Mobile

• Trading Features: Phemex Mobile supports Spot, Futures, and Margin Trading. The available Order types include Market, Limit, and Iceberg, while Trailing Stop and GTC are missing. The app also offers integration with TradingView, allowing users to perform price analyses on the go.
• Futures and Margin Trading: Traders looking to add high-risk assets like Futures and Margin Trading to their portfolios can do so through Phemex Mobile. The maximum leverage for Futures is 100x, while Margin Trading defaults to 5x leverage.

• Ease of Use: Phemex Mobile offers easy market discovery through its Index page, featuring insights like Gainers, Trading Volume, and New Listings. Asset search is simple with a standard search bar and category filters like Celebrity Memes, AI Agents, and DePIN. The Wallet tab shows the total balance in USD, while Spot and Futures tabs list assets in detail.

• Lending and Borrowing: The Phemex Lending Protocol, which allows users to quickly lend or borrow digital assets, is available in the mobile version of the app. Users can lend up to $20,000, while borrowing is limited to $10,000.
• One Click Buy: Phemex Mobile features the same One-Click Buy/Sell tool as the desktop version, enabling users to buy and sell crypto for fiat with ease. The page also includes a comparison table displaying key details of supported payment methods, such as currencies, fees, transaction limits, and more.

My Key Takeaways After Testing Phemex on Phemex Mobile

Phemex Mobile mirrors most of the desktop tools, though a few minor features are missing. Its clean, intuitive interface enables quick order execution, making it ideal for active traders on the go.

In my tests, the app performed flawlessly, with fast, seamless page loading. However, the absence of biometric login may pose a security risk if the device is lost or stolen.

Fees

Spot Maker/Taker Fees

In our spot fee review, we analyze fees across three trading volume tiers, highlighting savings from native tokens and discounts. Our method shows how fee structures impact both casual and advanced traders. We group users by trading volume and compare fees against industry standards for a clear view of each exchange’s affordability.

Phemex’s fees are significantly lower than the industry average, charging makers and takers equally. The fees suggested by its competitors, like WhiteBIT and Bitso, are roughly the same.

Deposit Fees

Withdrawal Fees

On Phemex, crypto withdrawal fees depend on the asset. For example, USDT costs 3 USDT on ERC20 but only 0.05 USDT on Polygon. The platform follows the common standards used by other exchanges like BitMart, WhiteBIT, and DigiFinex.

Futures Trading Fees

Phemex charges a taker fee of 0.06% and a maker rebate of 0.01% for perpetual futures contracts. This fee structure applies across a range of crypto-margined contracts, including BTC, ETH, SOL, XRP, ADA, SUI, and LINK pairs.

Leverage options vary by asset, offering up to 100x for BTC and ETH contracts and up to 50x for others. All contracts are quoted in USD and settled in the corresponding crypto (e.g., BTCUSD is settled in BTC). Margin requirements also vary slightly, with initial margin starting from 1.0% and maintenance margin from 0.5%- 1.0%, depending on the asset.

Fee Discounts

Phemex offers tiered VIP fee discounts based on rolling 30-day trading volume (details not tied to a specific $800K threshold). Users paying fees with PT tokens receive an additional 20% discount for Spot trades and 10% for USDT Futures, which applies on top of VIP-level reductions.

Are Phemex Fees Competitive?

Our research showed that Phemex is transparent with fees: its listed spot fee of 0.1% and futures fees of 0.01%/0.06% consistently match actual charges. These rates are competitive, especially for derivatives trading.

Users who pay with PT tokens get a 20% discount on spot fees and 10% on futures. Still, traders should watch for promos or VIP tier changes that may impact fees.

Available Cryptocurrencies

Cryptocurrencies Available on Phemex

Stablecoins

Phemex doesn’t offer any crypto-to-fiat trading pairs. Instead, every asset is traded against USDT or USDC.

To lock in profits, you can swap your holdings into a variety of stablecoins: DAI, USDP (Pax Dollar), USDC, or USDT. Users who want to cash out their crypto directly into USD may consider platforms like Crypto.com and WhiteBIT that support direct fiat withdrawals.

Launchpad

Phemex doesn’t have a traditional Launchpad; projects must email listing@phemex.com to apply for a listing. New tokens are announced in the Announcement Center, and users can suggest assets via the platform’s listing application form.

Liquidity

Phemex provides deep liquidity for major tokens like ETH, BTC, and XRP, ensuring tight spreads and fast execution. In my tests, the highest Buy orders exceeded 0.3 BTC, 15 ETH, and 18k XRP, allowing traders to sell these assets in large batches. Some smaller coins showed zero 24-hour volume, and placing large orders in these markets can cause significant slippage and unfavorable rates. We recommend using Limit orders and checking the 24-hour trading volume before placing orders.

Deposits & Withdrawals

Phemex Deposit Options

Phemex supports fiat deposits in EUR, GBP, CHF, JPY, AUD, and more via multiple payment methods.

Third-Party Payment

Phemex relies on third-party payment gateways (Mercuryo, MoonPay, Simplex, and Transak) to process fiat deposits. These providers support commonly used payment methods such as bank cards, Apple Pay, Google Pay, SEPA, traditional bank transfers, and PIX. In addition, Phemex is integrated with Paybis, expanding the range of deposit options to include services like Neteller, AstroPay, and Skrill.

P2P Trading

With its P2P service, Phemex makes buying and selling crypto for fiat easy. It connects users in the same region and offers flexible payment options. The platform supports around 30 fiat currencies, including USD and EUR. In my tests, Sell orders were available for most currencies, but Buy orders were rare.

Phemex Withdrawal Methods

Phemex supports the same withdrawal methods as deposits, except third-party gateways. GBP withdrawals are also available via Faster Payments (FPS).

Phemex Daily Withdrawal Limits

Verified users can withdraw up to 2 million USD daily in crypto or fiat. Some methods limit the amount per transaction. You can manually lower your withdrawal limit in settings. Raising it triggers a 24-hour suspension.Manual change of withdrawal limits on Phemex

Customer Service

Phemex Customer Support Test

We developed a trading test to evaluate customer service quality for diverse needs. We contact support through all available methods with hypothetical user problems. Our evaluation focuses on response speed, assistance quality, and interaction with real people instead of bots. This method effectively measures customer support’s capability for both active traders and casual investors.

Live Chat Test

During my tests, I contacted Phemex’s Live Chat to ask about third-party insurance for customer assets. The agent replied immediately, answered my question directly, and offered detailed guidance on additional ways to safeguard my funds. I had a similar experience with Changelly and Bitunix.

Email Support Test

I also emailed the exchange to ask whether customer funds are held custodially in segregated accounts, and I received comprehensive answers to both questions in under an hour.

FAQ