In this Phemex review, we look at one of the bigger derivatives exchanges in the crypto world. We cover the fees, safety, available features and whether Phemex is a good choice in 2026. Phemex started as a pure futures platform but has expanded into spot trading, copy trading, trading bots and earn products. We also discuss the $69 million hack that hit the exchange in January 2025 and what has changed since.
On top of that, we explain why Phemex is not available in several countries. Finally, we compare Phemex with Binance and Bybit to help you decide which exchange fits your needs.
Phemex review summary: Phemex is a Singapore-based derivatives exchange founded by ex-Morgan Stanley executives, offering 600+ cryptocurrencies, 500+ futures pairs and over 10 million users worldwide. The platform is known for competitive fees (0.10% spot, 0.01%/0.06% maker/taker futures), copy trading, trading bots and up to 100x leverage. However, Phemex does not hold a MiCA licence and the exchange suffered a $69 million hot wallet hack in January 2025.
The first impression of Phemex
Phemex was founded in 2019 by former Morgan Stanley executives and is headquartered in Singapore. The exchange has grown to over 10 million users and now offers 600+ cryptocurrencies for spot trading and 500+ perpetual futures contracts. Phemex is primarily known as a derivatives platform, offering up to 100x leverage with some of the lowest futures maker fees in the industry (0.01%). In 2025-2026, Phemex added new features like Pre-Market Futures, TradFi Stock Futures, copy trading and trading bots. However, the exchange suffered a $69 million hot wallet hack in January 2025 and does not hold a MiCA licence for Europe.
The Netherlands, United Kingdom and Poland are among the restricted countries where Phemex is not available.
Phemex focuses heavily on derivatives trading, which makes it popular with experienced traders looking for high leverage options. The platform also offers spot trading, earn products, copy trading and trading bots. The current CEO is Federico Variola, who took over from original founder Jack Tao in 2023.
Key features of Phemex
600+ cryptocurrencies for spot trading and 500+ perpetual futures contracts.- Competitive fees: 0.10% spot (maker and taker), 0.01% maker / 0.06% taker on futures.
- Leverage up to 100x on futures, 5x on spot margin.
- Copy trading with 17,000+ experienced traders and 80,000+ active copiers.
- Trading bots: Grid, Martingale and Signal bots for automated strategies.
- Pre-Market Perpetual Futures for trading tokens before spot listing.
- TradFi Stock Futures for trading traditional assets (Tesla, Apple, Gold) with crypto.
- KYC is now mandatory for all users (changed from the previous no-KYC policy).
- A demo account for practicing without risk.
- Phemex Premium membership for zero-fee spot trading.
600+ cryptocurrencies for spot trading and 500+ perpetual futures contracts.
Exclusive up to 100 USD bonus and Phemex Premium
Summary
| Offer | 600+ cryptos (spot), 500+ futures pairs. |
| Fees | Spot: 0.10% maker/taker. Futures: 0.01% maker / 0.06% taker. |
| Payment methods | Credit card, bank transfer, Apple Pay, P2P and third-party providers. |
| Leverage | Up to 100x on futures, 5x on spot margin. |
| Built-in wallets | Yes, for all supported cryptos. |
| Insurance | No specific insurance fund. Proof of Reserves published monthly. |
| KYC | Mandatory for all users. |
| Regulation | US FinCEN MSB, Lithuania VASP. No MiCA licence. |
| Headquarters | Singapore. |
| Users | 10+ million worldwide. |
| API | Yes, automatic trading is possible. |
| Support | 24/7 live chat and email. |
Phemex Pros and Cons
| Pros | Cons |
|---|---|
| Â 600+ cryptos and 500+ futures pairs | Â No MiCA licence for Europe |
| Â Very low futures fees (0.01% maker) | Â A lot of restricted countries |
| Â Copy trading and trading bots | Â $69M hot wallet hack in January 2025 |
| Â Pre-Market Futures (unique feature) | Â No specific insurance fund or coverage amount |
| Â 100% Proof of Reserves (monthly) | Â Primarily a derivatives platform (risky for beginners) |
Phemex offer
Phemex offers 600+ cryptocurrencies for spot trading and over 500 perpetual futures contracts. This is a significant expansion from the 140+ cryptos available in previous years. Popular assets include BTC, ETH, SOL, XRP, ADA, DOGE, AVAX, LINK and hundreds of altcoins. Most assets trade against USDT and USDC.
The platform supports three main trading types:
- Spot Trading: Direct buying and selling of cryptocurrencies at market price. Phemex charges a flat 0.10% fee for both makers and takers, which is competitive compared to the industry average. Phemex Premium members can trade spot pairs with zero fees through a paid subscription.
- Futures Trading: Perpetual contracts with up to 100x leverage. Phemex offers both USDT-margined and Coin-margined contracts. The futures fees are very competitive at 0.01% for makers and 0.06% for takers. This is lower than most competitors.
- Spot Margin Trading:Â Leverage up to 5x on spot positions. This allows traders to borrow funds and amplify their exposure on spot markets.
New in 2025-2026: Pre-Market Perpetual Futures allow trading tokens before they are listed for spot trading. This is a unique feature among major exchanges. Phemex also introduced TradFi Stock Futures, letting users trade traditional assets like Tesla, Apple, Nvidia, Gold and Silver through USDT-margined perpetual contracts.
Guide how to trade Futures with Phemex?
Futures trading on Phemex is riskier than spot trading. Make sure you understand the risks before getting started.
Phemex offers over 500 perpetual futures contracts with up to 100x leverage. The platform supports both USDT-margined (linear) and Coin-margined (inverse) contracts. You can choose between cross-margin and isolated margin modes.
Available order types include market orders, limit orders, conditional orders, take-profit and stop-loss orders. The trading interface includes TradingView integration for advanced charting.
Key derivatives features in 2026:
- Pre-Market Perpetual Futures:Â Trade tokens before spot listing.
- TradFi Stock Futures:Â Trade Tesla, Apple, Nvidia, Gold and Silver with USDT.
- Copy Trading:Â Follow 17,000+ experienced traders with transparent performance metrics.
- Trading Bots:Â Grid, Martingale and Signal bots for automated strategies.
Note for European users: Phemex is not available in the Netherlands and several other European countries. For MiCA regulated leverage trading, consider Bitvavo (short selling) or Bybit EU (10x spot margin).
How to register an account?
You can only start trading on Phemex when you have an account. It is easy to register an account and there’s no KYC needed.
To sign up:
- Go to the official Phemex website and click Register.
- Enter your email and a strong password.
- Complete KYC verification by submitting an ID document and facial verification. This is now mandatory for all users.
- Once verified, you can deposit funds and start trading.
Your account will be created immediately and can be funded by following the steps below.
How to deposit fiat or crypto?
To deposit crypto:
Phemex does not charge deposit fees for crypto. Navigate to Assets, select Deposits, choose the asset and network, then copy the wallet address and send from your personal wallet. Processing time depends on the blockchain’s confirmation requirements.
To deposit fiat:
Phemex offers several fiat options through third-party providers:Â credit card (Visa and Mastercard), bank transfer, Apple Pay and P2P trading. These providers may charge additional fees and require separate KYC verification. This is similar to how Binance and Bybit handle fiat deposits through third-party payment partners.
How to open a long or position?
A long position involves purchasing an asset hoping its value will rise in the future. Investors hold onto the asset until they are able to dispatch it at a considerable profit.
A short position means the user sells an asset intending to purchase it later on at a lower price. It is a common trade when investors suspect an asset’s value will drop.
- Open an account on Phemex
- Deposit crypto in your exchange wallet
- When you are placing an order to buy or sell, enter the price position and set a stop loss to minimize the risks of spillage
Verifications and Limits
Phemex is not strict on the KYC policy before trading. Its registration process is very straightforward. A verification code is sent to the given email address, and once you copy the code to the site, you are successfully registered.
Depending on how regulations develop, the exchange might needs to implement the KYC policy in the future, just like ByBit. For now, though, you are free to trade without tiring personal information forms.
Phemex’s limits are relatively for every symbol BTC/USDT, ETH/USDT, etc. Regardless, the general minimum order value is 10 USDT, the maximum order value is 5000000 USDT, and the minimum order value increment is 0.01 USDT.
Phemex Fees and other costs
Phemex has a straightforward fee structure that is competitive for derivatives trading, but not necessarily the cheapest for simple spot trading.
Spot trading fees
Phemex charges a flat 0.10% fee for both makers and takers on spot trades. This is below the industry average of around 0.15-0.20%. Volume-based VIP tiers can reduce fees further. For example, at $5 million in 30-day volume, spot fees drop to 0.02% maker and 0.06% taker.
Phemex Premium subscribers can trade with zero spot fees through a paid membership. However, for most casual users, the standard 0.10% fee applies.
How does this compare to other major exchanges?
| Exchange | Spot fees (maker/taker) | Futures fees (maker/taker) |
|---|---|---|
| Phemex | 0.10% / 0.10% | 0.01% / 0.06% |
| Binance | 0.10% / 0.10% | 0.02% / 0.05% |
| Bybit | 0.10% / 0.10% | 0.02% / 0.055% |
Phemex matches Binance and Bybit on spot fees, but has the lowest futures maker fee at 0.01% compared to 0.02% on both Binance and Bybit. For active derivatives traders, this can add up to meaningful savings over time.
Futures trading fees
Phemex’s futures fees are among the lowest in the industry:Â 0.01% for makers and 0.06% for takers. By comparison, most competitors charge around 0.02% maker and 0.055-0.06% taker. VIP tiers can reduce these further, with top-tier traders reaching 0% maker fees.
Keep in mind that futures trading also involves funding fees, which are periodic payments between long and short positions. These are charged every 8 hours and vary by contract.
Deposit and withdrawal fees
Phemex does not charge deposit fees. Withdrawals incur standard network fees, which vary by blockchain. Fiat deposits through third-party providers may carry additional fees depending on the payment method.
Phemex Earn
Phemex offers several passive income options through its Earn products:
- Fixed and Flexible Savings:Â Deposit stablecoins (USDT, USDC) or major assets and earn competitive APY. Payouts are daily or weekly depending on the product.
- Staking:Â Participate in on-chain validation for supported assets.
- BTC Vaults:Â Higher-yield products for Bitcoin holders.
Returns vary by asset and market conditions. Compared to Binance Earn and Bybit Earn, Phemex’s selection is smaller but still covers the major assets.
Is Phemex safe?
This is the most important section of this review. Phemex’s safety record is mixed in 2026.
The January 2025 hack
On January 23, 2025, Phemex suffered a hot wallet hack with losses estimated between $69 and $85 million across 16 blockchains. This was a significant security breach. In response, Phemex suspended all deposits and withdrawals, published Proof of Reserves showing cold wallets were untouched, and covered all user losses from company reserves. Withdrawals resumed within a few days.
Following the hack, Phemex upgraded its security infrastructure by partnering with Fireblocks, an institutional-grade custody provider. The platform now uses multi-party computation (MPC) for key management, meaning no single device or person holds a complete private key.
Security measures in 2026
- Fireblocks institutional custody (used by 2,400+ organizations including banks and ETF custodians).
- Three-tier wallet system:Â Over 70% of assets in cold wallets, less than 8% in hot wallets.
- 100% Proof of Reserves:Â Published monthly with Merkle tree verification. Users can verify their own balances.
- User security features:Â 2FA, passkeys, anti-phishing code, withdrawal address whitelisting.
Regulation
Phemex holds limited regulatory registrations:
- US FinCEN MSBÂ (Money Services Business registration).
- Lithuania VASPÂ (Virtual Asset Service Provider registration).
Critically, Phemex does not hold a MiCA licence for the European market. This means European users are not protected by EU regulations. There is no specific insurance fund or coverage amount. By comparison:
- Bitvavo holds a MiCA licence and DNB registration, with protection up to €100,000.
- Bybit EUÂ holds a MiCA licence from Austria’s FMA.
- OKXÂ holds a MiCA licence from Malta’s MFSA, plus a DNB registration since 2024.
Phemex was also fined by Ontario’s Securities Commission (OSC) for operating without approval in Canada and was forced to exit that market.
Restricted countries
Phemex is not available in the following European countries:Â the Netherlands, United Kingdom, Poland and Ukraine. Additionally, the United States, China, Iran, North Korea and several other countries are fully restricted.
Phemex vs Binance
Binance is the largest crypto exchange in the world, so how does Phemex compare?
| Â | Phemex | Binance |
|---|---|---|
| Cryptocurrencies | 600+ (spot) | 400+ (spot) |
| Futures pairs | 500+ | 300+ |
| Spot fees | 0.10% maker/taker | 0.10% maker/taker |
| Futures fees | 0.01% maker / 0.06% taker | 0.02% maker / 0.05% taker |
| Max leverage | 100x | 125x |
| Copy trading | Yes (17,000+ traders) | Yes |
| Trading bots | Grid, Martingale, Signal | Grid, DCA, Rebalancing |
| Unique features | Pre-Market Futures, TradFi Stock Futures | Binance Earn, Launchpad, NFT marketplace |
| Users | 10+ million | 200+ million |
| Hack history | $69M hack (Jan 2025) | $40M hack (2019) |
| Headquarters | Singapore | Multiple locations |
Conclusion:Â Phemex has the edge on futures maker fees (0.01% vs 0.02%) and offers more spot trading pairs. Binance has far more liquidity, a larger ecosystem (Launchpad, NFTs, BNB Chain) and 125x leverage. For pure derivatives trading, Phemex is slightly cheaper.
For an all-in-one ecosystem, Binance is the more complete platform. Both exchanges have experienced security breaches in the past.
Phemex vs Bybit
Bybit is Phemex’s closest competitor as a derivatives-focused exchange.
| Â | Phemex | Bybit |
|---|---|---|
| Cryptocurrencies | 600+ (spot) | 1,700+ (spot) |
| Futures pairs | 500+ | 500+ |
| Spot fees | 0.10% maker/taker | 0.10% maker/taker |
| Futures fees | 0.01% maker / 0.06% taker | 0.02% maker / 0.055% taker |
| Max leverage | 100x | 200x |
| Copy trading | Yes (17,000+ traders) | Yes |
| Trading bots | Grid, Martingale, Signal | Grid, DCA, Martingale |
| Unique features | Pre-Market Futures, TradFi Stock Futures, zero-fee Premium | Bybit Card (Mastercard), EU platform with MiCA licence |
| Users | 10+ million | 72+ million |
| Hack history | $69M hack (Jan 2025) | $1.4B hack (Feb 2025) |
| Headquarters | Singapore | Dubai |
Conclusion:Â Bybit offers far more cryptocurrencies (1,700+ vs 600+), higher leverage (200x vs 100x) and a much larger user base. Phemex wins on futures maker fees (0.01% vs 0.02%) and unique features like Pre-Market Futures and TradFi Stock Futures.
Bybit also has a separate Bybit EU platform with MiCA licence for European users. Both exchanges suffered major hacks in early 2025.
Note for European users: Neither Phemex (global) nor Bybit (global) hold a MiCA licence. However, Bybit operates a separate Bybit EU platform with a MiCA licence from Austria. Phemex has no European equivalent. For regulated access, European users should consider Bitvavo (MiCA licence, €100,000 protection, 440+ cryptos), Bybit EU (MiCA licence, 140+ cryptos) or OKX (MiCA licence, 150+ cryptos).
What are the Phemex Fees?
Phemex charges 0.10% for both makers and takers on spot trades. Futures fees are 0.01% for makers and 0.06% for takers. Volume-based VIP tiers can reduce fees further. Phemex Premium subscribers get zero-fee spot trading through a paid membership. There are no deposit fees. Withdrawals incur standard network fees.
What payment methods are supported by Phemex?
You can deposit a supported cryptocurrency or you can buy crypto with fiat. Phemex allows you to buy crypto using various third party services. They offer almost every payment method, including credit card, Apple Pay, SEPA, PayID, iDEAL, Bank transfer and more.
Does Phemex have a MiCA licence?
No. Phemex does not hold a MiCA licence. The platform has a US FinCEN MSB registration and a Lithuania VASP registration, but no European MiCA licence. European users seeking regulatory protection should choose MiCA licensed exchanges like Bitvavo, Bybit EU or OKX.
Was Phemex hacked?
Yes. In January 2025, Phemex suffered a hot wallet hack with losses between $69 and $85 million. The exchange covered all user losses and upgraded its security with Fireblocks institutional custody. Proof of Reserves is published monthly. However, the hack remains a significant concern, especially combined with the lack of MiCA regulation.
How can I contact Phemex?
Phemex offers 24/7 live chat on their website and support via email at support@phemex.com. They also have an active community on Twitter (X) and Telegram.
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