Phemex Review
Editorial record: June 1, 2026
Trading Fees
0.1% / 0.1%
Cryptocurrencies
350+
Founded
2019
Source status
Sources linked
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Editorial desk producing public-source crypto product research. Pages identify their evidence and limitations; hands-on testing is claimed only when dated evidence is shown.
Last Updated: June 1, 2026
Editorial MethodPhemex launched in 2019 and focuses on derivatives trading. Eight former Morgan Stanley executives founded the exchange. Phemex advertises matching capacity of 300,000 transactions per second.
The exchange lists more than 350 cryptocurrencies. Base spot fees are 0.10% maker and taker. A paid membership changes spot-fee terms for eligible trades. Published futures fees start at 0.01% maker and 0.06% taker.
Phemex excludes residents of the United States, Ontario, and Quebec. Card purchases can include a 3.5% fee.
Our Editorial Verdict
Phemex focuses on derivatives and lists leverage of up to 100x. Its published futures fees start at 0.01% maker and 0.06% taker. Some contracts can have negative maker fees.
Base spot fees are 0.10% maker and taker. Phemex also lists paid membership plans with zero fees on eligible spot trades.
Phemex excludes the United States, Ontario, and Quebec. Its asset list contains more than 350 cryptocurrencies. Card purchases can include a 3.5% fee.
May suit: Eligible users who understand derivatives and need its fee terms, Testnet, or listed trading products.
Skip Phemex if: You need access in a restricted region, an insurance fund, published reserve audits, or a wider asset list.
Phemex overview: derivatives, fees, and access
Phemex launched in 2019. Eight former Morgan Stanley executives founded the exchange, including Jack Tao.
The platform focuses on perpetual contracts and lists leverage of up to 100x. It also offers spot markets, earn products, copy trading, and a Testnet.
Phemex advertises matching capacity of 300,000 transactions per second. The claim describes system design and does not guarantee execution quality or availability.
Base spot fees are 0.10% maker and taker. Paid membership can remove fees from eligible spot trades. Published futures fees start at 0.01% maker and 0.06% taker.
Phemex excludes residents of the United States, Ontario, and Quebec. Confirm current access, legal entities, and product terms before opening an account.
Phemex spot membership and derivatives fees
Phemex lists base spot fees of 0.10% maker and taker. It also lists paid plans with zero fees on eligible spot trades.
The listed plans cost $9.99 monthly or $69.99 annually. Confirm eligible pairs, exclusions, and renewal terms before you subscribe.
At 0.10% per side, $10,000 in matched monthly volume creates about $20 in fees. Compare the amount with the plan cost.
| Account or market | Maker | Taker |
|---|---|---|
| Standard spot | 0.10% | 0.10% |
| Eligible premium spot | 0.00% | 0.00% |
| Perpetual contracts | 0.01% | 0.06% |
| Selected contracts | Can be -0.025% | Check schedule |
Funding payments and withdrawal charges are separate. Check the current fee page and final transaction screen.
Phemex custody and account security
Phemex states that it keeps 95% of customer assets in hierarchical deterministic cold wallets. Confirm the current custody disclosure and covered entities.
No publicly documented exchange-level breach has caused customer losses since the 2019 launch. Past results cannot guarantee future security.
Account controls include two-factor authentication and withdrawal address restrictions. Account holders must still protect credentials and verify every withdrawal.
Phemex does not list a public proof-of-reserves audit or a general insurance fund in the current data. Review its insolvency and dispute terms.
Phemex advertises matching capacity of 300,000 transactions per second. Check current status reports before relying on availability during volatile markets.
Who may consider Phemex
Phemex focuses on derivatives and fee-based spot membership. Its products require careful review of leverage, funding, and eligibility.
Derivatives users: Phemex lists perpetual contracts with leverage of up to 100x. Leverage increases liquidation risk.
Limit-order users: Published futures maker fees start at 0.01%. Selected contracts can list a negative maker fee.
Spot users: A paid plan can remove fees from eligible spot trades. Compare plan costs with expected monthly fees.
Testnet users: Phemex provides simulated balances for order and margin practice. A Testnet cannot reproduce every live-market condition.
Skip Phemex if: You live in a restricted region or need published reserve audits. Also compare asset coverage and fiat costs.
Set up a Phemex account
Phemex publishes the following account registration process. Requirements and review times vary by region.
- Open the official Phemex website and confirm the domain.
- Register with an email address and create a unique password.
- Enable two-factor authentication before you deposit funds.
- Complete the identity checks required for your account and region.
- Review the deposit network and test a small transfer.
- Check the contract, margin mode, leverage, and fee before trading.
- Add withdrawal address controls when the feature is available.
Save account and transaction records for tax and dispute purposes.
Public user feedback about Phemex
Public reviews describe individual experiences and do not establish platform security or service quality.
Positive comments often mention order controls, derivatives, and membership fee terms. Critical comments often mention withdrawals, identity reviews, support delays, and regional restrictions.
Review scores and counts change over time. Read recent reports about the same product, country, and issue that applies to you. Never share credentials with a person who claims to provide support.
Phemex product and fee comparison
The table compares published information for Phemex and selected competitors. Fees, asset lists, and regional access can change.
| Feature | Phemex | Bybit | Binance | OKX | Bitget |
|---|---|---|---|---|---|
| Base spot maker/taker | 0.10% / 0.10% | 0.10% / 0.10% | 0.10% / 0.10% | 0.08% / 0.10% | 0.10% / 0.10% |
| Futures maker/taker | 0.01% / 0.06% | 0.02% / 0.055% | 0.02% / 0.05% | 0.02% / 0.05% | 0.02% / 0.06% |
| Listed cryptocurrencies | 350+ | 400+ | 350+ | 350+ | 500+ |
| Testnet | Yes | Yes | Yes | Yes | Listed |
| US residents | Excluded | Excluded | Main platform excluded | Excluded | Excluded |
Phemex also offers paid spot-fee plans. Compare plan eligibility, liquidity, custody, and local permissions before choosing a product.
Pros & Cons
What We Like
- Selected futures contracts can list a -0.025% maker fee
- Paid membership can remove fees from eligible spot trades
- Eight former Morgan Stanley executives founded the exchange
- Phemex advertises matching capacity of 300,000 transactions per second
- Lists leverage of up to 100x on selected perpetual contracts
- Offers flexible and fixed earn products
- States that 95% of customer assets are in cold storage
- Provides a Testnet with simulated balances
What Could Be Better
- Excludes the United States, Ontario, and Quebec
- Operating history began in 2019
- Zero spot fees require a paid plan and eligible trades
- Lists a 0.06% futures taker fee
- Does not list a public proof-of-reserves audit in the current data
- Lists fewer assets than some global competitors
- Card purchases can include a 3.5% fee
What to check
This profile summarizes public-source information. Check the linked evidence for each factor before you decide.
- Trading Fees
- Security
- User Experience
- Customer Support
Phemex vs Exchanges
| Feature |  |  |  |  |
|---|---|---|---|---|
| Trading Fees | 0.1% / 0.1% | 0.1% / 0.1% | 0.1% / 0.1% | 0.2% / 0.2% |
| Cryptocurrencies | 350+ | 490+ | 700+ | 200+ |
| Security | 2FA available | 2FA available | 2FA available | 2FA available |
| Read Review → | Read Review → | Read Review → | Read Review → |
Frequently Asked Questions
Phemex launched in 2019 and offers spot and derivatives trading. It states that 95% of customer assets are in cold storage. No publicly documented exchange-level breach has caused customer losses. Phemex does not list a public reserve audit or general insurance fund in this data.
Phemex lists 0.01% maker and 0.06% taker fees on perpetual contracts. Selected contracts can list a -0.025% maker fee. A negative fee credits an eligible maker order. Funding and withdrawal charges are separate. Check the exact contract schedule before trading.
Phemex uses tiered identity checks. It states that unverified accounts can trade with limited withdrawals. Basic verification requires a government identity document and a selfie. Full verification adds proof of address and can add fiat services. Terms vary by region.
Phemex lists a 50,000 USDT equivalent daily withdrawal limit without identity verification. Basic verification lists a 1,000,000 USDT daily limit. Higher limits can require more checks. Confirm the current limit, fee, and network before withdrawing.
Phemex serves many countries but excludes the United States, Ontario, and Quebec in the listed terms. Other restrictions can apply by product or local law. Check the current country list before you register or deposit funds.
Phemex offers USDT-settled and coin-settled perpetual contracts. Selected major pairs list leverage of up to 100x. Cross margin shares collateral across positions. Isolated margin limits collateral to one position. Leverage and funding can cause rapid losses.
Phemex lists paid plans with zero maker and taker fees on eligible spot trades. The listed prices are $9.99 monthly and $69.99 annually. Standard spot fees are 0.10% maker and taker. Confirm pair eligibility and renewal terms before subscribing.
The listed membership can reduce fees when eligible spot fees would exceed the plan cost. Break-even volume depends on order size, trading frequency, eligibility, and renewal terms. Calculate expected fees from the current schedule before subscribing.
Phemex lists live chat, email, and ticket support. Channel access and response times vary by issue and demand. Use only support links from the official website. Never provide a password or two-factor authentication code to support staff.
Yes. Phemex offers a Testnet at testnet.phemex.com with simulated balances. It can help users learn order controls and liquidation mechanics. A Testnet cannot reproduce all live execution conditions or platform risks. Test balances remain separate from live accounts.
Phemex lists leverage of up to 100x on selected perpetual contracts. Lower limits can apply to other assets or larger positions. Cross and isolated margin are available. Leverage increases liquidation risk and can cause rapid losses.
Phemex uses tiered identity checks. Unverified accounts have limited withdrawals. Basic verification requires a government identity document and a selfie. Full verification can require proof of address. Current limits, features, and review times vary by region.
Phemex focuses on derivatives, and its interface includes leverage, margin modes, and funding rates. New users should learn each control before depositing funds. The Testnet can support practice, but it cannot reproduce every live-market risk. Compare simpler spot services if sufficient.
Phemex lists live chat, email, and ticket support. Available languages and response times vary by issue and demand. Use the official support page. Never share a password, recovery code, or two-factor authentication code.
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Phemex offer details
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Phemex alternatives
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When to skip Phemex
Skip Phemex if you need protections that its current license or custody terms do not provide.
Sources & References
Market Data
User Reviews
Documentation
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Risk Disclaimer
Cryptocurrency trading and investing involve a substantial risk of loss. Prices can change significantly in a short period, and you can lose some or all of your invested capital. This page gives information and does not give financial, investment, or legal advice. Check current provider terms and assess your risk before you make a financial decision. InsideCryptoReview can earn a commission from an affiliate link. A provider cannot approve or change our editorial copy. Past performance does not guarantee future results. Invest only an amount that you can afford to lose.