Are you planning to trade on the Phemex platform and do you need a Phemex Invitation code in 2026? Check out our code which gives you an exclusive bonus of up to $15,000 in rewards:
The Invitation Code is: HUDHN
Or click here to apply the Invitation code.
| Phemex Invitation code | HUDHN |
| Discount / Bonus | Total bonus of up to 15,000 USDT in rewards |
| Duration | Whole 2026 |
| Conditions | For all new customers |
Use the Phemex Invitation code when registering a new account with the platform. It is unfortunately not possible to apply the code afterwards.
What is Phemex?
Phemex is a Singapore-based cryptocurrency exchange founded in 2019 by Jack Tao, a former senior executive at Morgan Stanley. The platform was built with a focus on high-performance trading and has grown to serve over 10 million users in more than 100 countries. Phemex is both a spot exchange and a derivatives exchange, offering 600+ trading pairs across crypto, tokenized stocks and precious metals.
What sets Phemex apart from many competitors is its derivatives-first approach. The platform’s matching engine processes up to 300,000 transactions per second with sub-millisecond order response times. In 2026, Phemex upgraded its futures engine to handle 40,000 TPS (up 60% from before), making it one of the fastest exchanges for contract trading.
Newcomer Welcome Gifts: up to 5,000 USDT (2026)
New users can earn up to 5,000 USDT by completing three basic tasks within 7 days of registration. Complete at least one task to also claim a Mystery Box containing cash, BTC airdrops, bonuses or fee vouchers.
| Task | Requirement | Reward |
|---|---|---|
| Advanced Identity Verification | Complete Advanced KYC | 2 – 1,000 USDT |
| First Deposit | Deposit ≥ 100 USDT | 10 – 1,500 USDT |
| First Trade | Trade ≥ 100 USDT (spot or contract) | 20 – 2,500 USDT |
Rewards are distributed via Mystery Boxes and must be claimed before the timer expires. Advanced KYC verification is required before you can complete tasks and claim rewards.
Deposit and Trading Challenge: up to 10,000 USDT
On top of the Welcome Gifts, new users can join the Deposit and Trading Challenge for an additional 10,000 USDT in rewards. This challenge consists of two separate tracks:
| Challenge | Requirements | Reward tiers |
|---|---|---|
| Spot Trading Rewards | Net Deposit ≥ $500 + Spot Trade ≥ $2,000 | 25 / 100 / 500 / 5,000 USDT |
| Futures Trading Rewards | Net Deposit ≥ $500 + Futures Trade ≥ $10,000 | 25 / 100 / 500 / 5,000 USDT |
Both challenges run for 30 days after registration. The rewards are tiered based on your trading volume: higher volumes unlock higher reward tiers. Zero-fee trades, discounted trades and bonus-related volume do not count towards the challenge.
Combined total: up to 5,000 USDT (Welcome Gifts) + 10,000 USDT (Trading Challenge) = 15,000 USDT in rewards.
Phemex trading fees
Phemex uses a maker-taker fee model for both spot and contract trading. Here is an overview of the current fee structure:
| Market | Maker fee | Taker fee |
|---|---|---|
| Spot trading | 0.10% | 0.10% |
| Futures / Contract trading | 0.01% | 0.06% |
The 0.01% futures maker fee is the lowest among major exchanges (Binance, Bybit and OKX all charge 0.02%). The taker fee of 0.06% is slightly above average. Both spot and futures fees can be further reduced through the VIP program, which offers up to 40% discount based on your 30-day trading volume. Holders of the Phemex Token (PT) can also reduce spot fees by 20% and contract fees by 10%.
With a Phemex Premium account you can trade on the spot exchange with zero fees. Crypto deposits are free, while withdrawal fees vary by coin and network.
Phemex features and products
Phemex offers a wide range of trading products beyond basic spot and futures:
- Futures trading with up to 100x leverage. Phemex supports perpetual contracts on hundreds of crypto pairs with BTC or USDT settlement. The platform offers both isolated and cross-margin modes, along with advanced order types like trailing stops, iceberg orders and take-profit/stop-loss.
- TradFi Futures (new in 2026). Since February 2026, Phemex offers tokenized perpetual contracts on stocks like Tesla, Nvidia, Apple, Meta and Intel, as well as gold and silver. These TradFi futures trade 24/7 with USDT settlement and up to 100x leverage, allowing crypto traders to access traditional markets without leaving the platform.
- Trading bots. Phemex offers six free bot types: Spot Grid, Futures Grid, Spot DCA (Martingale), Futures DCA, Signal Trading and Funding Rate Arbitrage. In February 2026, an AI Trading Bot was introduced that uses machine learning to adjust strategy parameters in real time. All bots run on Phemex’s own infrastructure, eliminating the risk of API key leaks.
- Copy trading. Follow successful traders and automatically copy their positions. The system features real P&L visibility, flexible allocation controls and built-in risk limits.
- Simulated trading. Test your strategies risk-free on Phemex’s testnet before trading with real funds.
Phemex Earn
Phemex Earn lets you generate passive income on your crypto holdings. Current products include flexible savings, on-chain staking, a BTC Vault for VIP users and Launchpool for earning new tokens. New users who stake ≥ 500 USDT within 30 days of registration receive an additional 7% USDT Interest Boost Coupon (7-day).
| Asset | Estimated APY | Term |
|---|---|---|
| USDC | 5.50% | Flexible |
| BTC | 0.28% | Flexible |
Is Phemex safe?
Phemex implements several security measures to protect user funds. The platform uses a multi-signature cold wallet system that stores approximately 98% of user assets offline. Additional security features include mandatory 2FA (Google Authenticator or SMS), IP whitelisting for withdrawals, anti-phishing codes and device management tracking.
Phemex maintains 1:1 fully-backed reserves verified through a Merkle tree Proof of Reserves. As of March 2026, the reserve ratios are: BTC 134.97%, ETH 134.96% and USD 104.43%. According to DeFiLlama, total reserves are estimated at approximately $360 million.
Important to note: in January 2025, Phemex suffered a security breach resulting in approximately $85 million in losses. The exchange has stated that it covered all affected users. The platform’s Trustpilot score stands at 2.4 out of 5, with mixed reviews regarding customer support response times.
From a regulatory perspective, Phemex holds an MSB registration with FinCEN (US regulator) and a VASP license in Lithuania. However, the exchange does not hold a MiCA license for the European market. Fiat deposits may be limited in certain countries, including the Netherlands. The platform is not available to US residents.
How to apply the Phemex Invitation code?
As mentioned before, you can only use the invitation code when creating a brand new account. If you already have an account, you cannot use our code, but you can join the Rewards Hub for active promotions.
Guide how to apply the Invitation code.
- Visit the Phemex website
Go to the Phemex.com website.
- Enter your details
Enter your email and a strong password. You can also sign up via Google, Apple, Telegram or X.
- Enter the Invitation code: HUDHN
If you use the link above, it will be applied automatically.
- Verify your email and complete KYC
Verify your email address and complete Advanced Identity Verification via Jumio (takes 2-5 minutes) to unlock all reward tasks.
Phemex vs other exchanges
| Feature | Phemex | Binance | Bybit | OKX |
|---|---|---|---|---|
| Spot coins | 600+ | 500+ | 600+ | 350+ |
| Spot fees | 0.10% / 0.10% | 0.10% / 0.10% | 0.10% / 0.10% | 0.08% / 0.10% |
| Futures maker fee | 0.01% | 0.02% | 0.02% | 0.02% |
| Futures taker fee | 0.06% | 0.05% | 0.055% | 0.05% |
| Max leverage | 100x | 125x | 100x | 125x |
| TradFi futures | ✅ Stocks, gold, silver | ❌ | ❌ | ❌ |
| Trading bots | ✅ 6 types + AI Bot | ✅ | ✅ | ✅ |
| Copy trading | ✅ | ✅ | ✅ | ✅ |
| Proof of Reserves | ✅ Merkle tree | ✅ Merkle tree | ✅ Merkle tree | ✅ zk-STARK |
| MiCA license (EU) | ❌ | Pending (Greece) | ✅ FMA Austria | ✅ MFSA Malta |
Phemex stands out with the lowest futures maker fee (0.01%) among major exchanges, making it particularly attractive for high-frequency futures traders. The platform also uniquely offers TradFi futures for stocks and commodities. However, the absence of a MiCA license means European users should be aware that they do not benefit from the same regulatory protections as on licensed EU exchanges.
Please note: trading cryptocurrencies involves risk, especially when using leverage. Past performance is no guarantee of future results. Never invest more than you can afford to lose.
Frequently Asked Questions
The Phemex Invitation code in 2026 is: HUDHN. Every new user can use this promo code to unlock up to 15,000 USDT in rewards, including Welcome Gifts and the Deposit and Trading Challenge.
New users can earn up to 5,000 USDT via Newcomer Welcome Gifts (KYC verification, first deposit of ≥ 100 USDT and first trade of ≥ 100 USDT). On top of that, the Deposit and Trading Challenge offers up to 10,000 USDT for spot and futures trading. The combined maximum reward is 15,000 USDT.
Phemex charges 0.10% maker and 0.10% taker for spot trading. Futures fees are 0.01% maker and 0.06% taker. The futures maker fee is the lowest among major exchanges. Fees can be reduced further through the VIP program and by holding Phemex Token (PT).
Phemex maintains 1:1 fully-backed reserves with Merkle tree verification and stores 98% of assets in cold wallets. The platform has over 10 million users and holds an MSB registration (FinCEN) and a VASP license (Lithuania).
However, Phemex does not hold a MiCA license for the EU. In January 2025, the exchange suffered an $85 million hack which was fully covered.
Yes, Phemex supports leverage of up to 100x on perpetual futures contracts. The platform offers both isolated and cross-margin modes. Since February 2026, Phemex also offers TradFi futures on stocks (Tesla, Nvidia, Apple) and commodities (gold, silver) with up to 100x leverage and 24/7 trading.
Phemex is available in most European countries, but does not hold a MiCA license. Fiat deposit options may be limited in some countries, including the Netherlands. Crypto deposits and withdrawals work globally.
For European users seeking a MiCA regulated exchange, alternatives like Bybit EU and OKX are available.
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