PHEMEX Review 2025

Phemex is a crypto exchange offering diverse trading options, including futures. It supports a wide range of cryptocurrencies like BTC, ETH, DOGE, and TRX.

With tiered account levels (Standard to VIP Star and Pro tiers), users benefit from trade amount starting from 0. However, it has restrictions for users in regions like the USA, Iran, and Russia.

Company Information + Regulation Status

PHEMEX is a Singapore-based cryptocurrency exchange that has made significant strides in regulatory compliance. PHEMEX regulatory status:

• Licensed as a Money Services Business (MSB) by FINTRAC in Canada
• Registered with FinCEN in the United States
• Compliant with AML/KYC regulations in multiple jurisdictions
• Implements strict security measures to protect user funds and data

While PHEMEX has tried to operate within regulatory frameworks, it's important to note that the cryptocurrency industry is still evolving, and regulations can vary by region or state.

Phemex Exchange CEO Introduction

Federico Variola serves as the Chief Executive Officer of Phemex, one of the leading global cryptocurrency exchanges headquartered in Singapore.

According to the Federico Variola LinkedIn profile, with over six years at the company, he previously led as Head of Business Development before assuming the CEO position in March 2023, marking a new strategic era for Phemex’s global expansion and innovation.

Holding a PhD from Fudan University in International Relations and National Security Studies, along with a Master’s degree from the Peoples’ Friendship University of Russia, Variola combines deep academic insight with extensive leadership experience.

His focus lies in strengthening Phemex’s global presence, advancing blockchain adoption, and maintaining user-centric innovation in digital finance.

Summary of Specifics

Here is a summary table of the offerings we prepared for you:

Pros and Cons of PHEMEX Exchange

With the table below, you can have a better idea of the whole image of the crypto exchange and see if it suits your standards. PHEMEX Pros and Cons:

Remember, considering trading conditions are key to success in trading with any exchange.

User Levels and Features

PHEMEX offers a tiered membership system with varying benefits. Here is the informative table for Contract Trading:

Fees and Commissions

PHEMEX offers competitive fees, starting from 0.0000%/0.0325% for maker/taker trades(Contract Trading), as we discussed in the User Levels section. PHEMEX Spot Trading Fees:

Coins and Assets Offered by PHEMEX

PHEMEX provides traders a wide range of cryptocurrencies for trading. PHEMEX tradable assets:

• Major coins: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP)
• Altcoins: Cardano (ADA), Polkadot (DOT), Chainlink (LINK)
• Meme coins: Dogecoin (DOGE), Shiba Inu (SHIB)
• Stablecoins: Tether (USDT), USD Coin (USDC)
• Occasional airdrops (e.g., HMSTR token)

The exchange regularly adds new coins and trading pairs based on market demand and thorough vetting processes.

Futures and Margin Trading

PHEMEX provides robust futures and margin trading options:

• Futures trading to benefit from both market sides
• Margin trading up to 100x
• COIN-M & USDT-M Perpetual contracts available
• Cross and isolated margin modes
• Advanced order types (limit, market, stop-loss, take-profit, Scaled, Conditional order)

Phemex’s backend is driven by a dual-core infrastructure - the CrossEngine and TradingEngine, which are engineered to handle up to 300,000 transactions per second.

With an execution time under 1 millisecond, this architecture delivers near-instant order matching and low-latency performance, which is critical for high-frequency and professional traders.

Registration and Verification Process

Getting started on Phemex is simple, and unlocking full platform functionality requires just a few verification steps.

With account creation taking under 2 minutes, you can quickly move on to identity verification for secure and unrestricted trading.

#1 Access the Phemex Signup Page

Visit the official Phemex website and click on "Sign Up". This directs you to the registration page where you can begin creating your profile.

#2 Complete the Account Creation Form

Choose your preferred signup method (email or third-party login). If using email, enter your email address and a secure password of at least eight characters including uppercase, lowercase, numbers, and symbols.

You can also add an optional invitation code.

#3 Verify Your Email

Check your inbox for the Phemex verification email. Click "Confirm Email" or paste the six-digit code provided to activate your account and gain instant access to your trading dashboard.

#4 Phemex KYC

To access all features and higher withdrawal limits, you should complete the KYC process:

1. Go to the "User Center" section;
2. Click on "Verification";
3. Select your country of residence;
4. Choose ID Type;
5. Upload a valid government-issued ID (front/back);
6. Pass the selfie verification step.

Once verified, you can access PHEMEX's features and higher withdrawal limits.

How to Trade on Phemex

Before you start trading on Phemex, you’ll need to create an account, verify your identity through KYC, and add funds using either crypto or fiat options.

Once your balance is ready, you can explore Spot trading for direct transactions or Contract trading for leveraged opportunities.

#1 Account Setup

Register on the official Phemex website and complete KYC verification to activate your account and ensure compliance with trading standards.

#2 Funding Your Wallet

Transfer cryptocurrencies from an external wallet or buy digital assets directly on Phemex via bank transfer or credit/debit card.

#3 Select a Market

You have two options:

• Spot Trading: Ideal for straightforward crypto purchases and sales
• Contract Trading: Designed for advanced traders using leverage, where margin management and risk control are essential

#4 Market Analysis and Execution

Use Phemex charting tools, price indicators, and market depth to identify opportunities. Choose Market orders for instant execution or Limit orders to define your preferred price.

#5 Risk & Trade Management

Apply stop-loss and take-profit tools to automate exits and secure profits. Track your active trades from the Open Positions tab, closing them manually when your strategy is fulfilled.

Platforms and Applications

PHEMEX offers a range of platforms to suit different trading preferences. PHEMEX platforms:

• Web platform: Feature-rich, responsive design with advanced charting tools
• Mobile app: Available for both iOS and Android, offering full trading functionality
• API: WebSocket APIs for market data and orders
• TradingView integration: For advanced technical analysis

You can check TradingFinder's extensive list of TradingView Indicators for additional analytical tools.

Phemex Exchange Trading Volume Analytics

According to the Phemex CoinGecko profile, over the past three months, Phemex has demonstrated consistent liquidity growth, with trading volumes fluctuating between $400 million and $1.2 billion.

Despite short-term corrections, the overall activity trend highlights stable trader engagement across spot and derivatives markets.

The volume peak observed in mid-September suggests heightened market participation, potentially driven by increased Bitcoin volatility and new token listings.

Compared to early July levels, Phemex has maintained a strong mid-range performance, reinforcing its position as one of the most active crypto exchanges on CoinGecko’s ranking.

Phemex Exchange Services

This platform does a better job than many other exchanges in terms of additional services and products:

Security & Safety Measures

PHEMEX prioritizes user security through several measures:

• Merkle-tree Proof-of-Reserves: Allows users to verify their assets
• Cold wallet storage: The majority of user funds are stored in offline wallets
• Amazon Web Service (AWS) Cloud: For robust infrastructure security
• Two-factor authentication (2FA)

These measures demonstrate PHEMEX's commitment to maintaining a secure trading environment.

Security Rankings

Phemex demonstrates a moderate cybersecurity profile based on multiple third-party evaluations.

According to the Phemex CertiK evaluation, the exchange has no recorded security incidents and maintains a high network and DNS security status, though its app security ranks as medium due to missing HSTS and CSP headers.

The exchange currently lacks a public penetration test and bug bounty program, with its CertiK Skynet score still under evaluation.

On the Exchange Security Dashboard, Phemex holds an overall DD rating with a 27% security score, reflecting gaps in certification.

The Phemex CER.live profile shows that while its server and user security reach near-perfect scores (96/100 and 100/100 respectively), areas such as penetration testing (0/100), ISO 27001, CCSS, and fund insurance remain unverified.

Despite this, Phemex continues to operate transparently with a total asset balance of over $435 million and daily trading volume exceeding $136 million.

The table below summarizes the ratings and evaluations mentioned above:

Available Payment Methods

PHEMEX offers various payment methods for depositing and withdrawing funds. PHEMEX Payment Methods:

• Cryptocurrency deposits and withdrawals (network fees apply)
• Credit/debit card purchases (through partners, fees apply)
• Fiat deposits (Bank Wire, for free)

These diverse options give the platform a plus when it comes to accessibility.

Trust Scores and Evaluations

PHEMEX exchange has received mixed reviews from users and rating platforms:

• Phemex Trustpilot score: 2.4 out of 5 (based on user reviews)
• CoinGecko Trust Score: 8 out of10

While some users praise PHEMEX's features and airdrop distributions, others have reported issues with withdrawals and customer support. As with any exchange, it's essential to research and start with small amounts.

Phemex Features

Let's check the advanced options on the platform; Phemex Features:

Phemex has begun evolving into a hybrid exchange model by introducing decentralized features alongside its centralized infrastructure. A major innovation is the PhemexDAO, a governance system that allows PSP (Phemex Soul Pass) holders to vote on key platform decisions.

The PSP is a non-transferable, soulbound ERC-20 token tied to each user’s wallet. Once minted, which requires a 30-day trading volume of $10,000, it tracks a trader’s history, platform participation, and access rights to exclusive events.

This system promotes long-term engagement and builds a decentralized layer of user ownership.

Phemex Bonus and Promotional Programs

Currently, this exchange has 4 active promotional offers that users can benefit from. Phemex Bonuses:

Phemex VIP Program

The Phemex VIP Program is designed to reward high-volume traders with lower fees, faster withdrawals, and premium support.

Traders can qualify for VIP levels based on their 30-day trading volume or asset balance, gaining instant access to exclusive perks across both Spot and Futures markets.

With six VIP tiers ranging from Standard to Star VIP, users enjoy progressively reduced maker and taker fees. reaching as low as 0.0000% and 0.0300%, respectively.

Top-tier clients also benefit from Quickpass withdrawals, 1-on-1 account management, and exclusive bonuses reserved for VIP members.

Phemex ensures that active traders experience not just financial advantages, but also priority service, prestige access, and personalized rewards, making it one of the most competitive loyalty programs in the crypto trading space.

Collaborator Program

The Phemex Collaborator Program allows traders, influencers, and content creators to earn up to 60% commission from the trading activity of their referred users.

Collaborators can also gain an additional 10% earnings from their sub-affiliates’ networks, with bonus rewards tied to vePT holdings, which further boost commission rates.

Anyone with a community or social media presence can join the program, share their referral link, and start generating income in less than 24 hours.

With over 3000 collaborators across 200+ countries and more than 100 million dollars in commissions already paid, Phemex has positioned itself as one of the most rewarding and transparent crypto affiliate ecosystems in the market.

Collaborators also enjoy benefits such as ownership-based rewards, transparent analytics dashboards, and priority support, making this program a leading opportunity for those looking to grow their influence and income within the Phemex ecosystem.

Referral Program

The Phemex Referral Program gives users the opportunity to earn generous rewards by inviting friends to trade on the platform.

Inviters can share in a $66,000 monthly prize pool and claim up to $9,000 in commissions, while invitees can receive up to $4,800 in welcome bonuses after completing registration and trading requirements.

Joining the program is simple: share your referral code or link, encourage friends to complete KYC verification, and start trading at least $100. The more your referrals trade, the more you earn.

This dual-reward system benefits both sides, motivating continuous engagement and trading activity within the Phemex ecosystem.

Through its transparent structure and monthly reward distribution, Phemex makes community-driven growth both profitable and easy to manage for traders and influencers alike.

Rewards Hub

The Phemex Rewards Hub is a dedicated center where new users can unlock up to 4,800 USDT in welcome bonuses through simple onboarding tasks.

By completing key actions such as identity verification, first deposit or coin purchase, and first trade, users earn mystery box rewards filled with valuable bonuses in USDT.

Each task offers a unique reward range, starting from 10 to 1,200 USDT for verification, 5 to 1,500 USDT for the first deposit, and up to 2,100 USDT for completing the first trade.

These incentives are designed to help new traders begin their Phemex journey with extra capital and a hands-on experience of the platform’s features.

Support’s Working Time and Contact Info

PHEMEX offers two main support channels:

• 24/7 live chat support
• Email: support@phemex.zendesk.com
• Help Center with extensive FAQs and guides

Response times can vary, but PHEMEX aims to resolve most inquiries within 24 hours.

Copy Trading Services and Investment Options

PHEMEX offers a copy trading feature, allowing users to:

• Follow and copy trades of successful traders;
• Set allocation limits and stop-loss levels;
• View detailed performance metrics of traders.

Additionally, the exchange provides an "Earn" program for passive income:

• Fixed and flexible savings options
• Yield farming opportunities
• Staking services for selected cryptocurrencies

These features cater to both active traders and those seeking passive investment options.

Phemex supports up to 20 customizable sub-accounts per user. Each sub-account operates independently and is ideal for traders managing multiple strategies, such as running bots, hedging long and short positions, or separating portfolios.

All sub-accounts can be monitored from a single dashboard with dedicated performance metrics for each.

List of Restricted Countries

While PHEMEX aims to serve a global audience, certain restrictions apply. PHEMEX Restricted Countries:

• United States of America
• United Kingdom
• Ontario (Canada)
• Québec (Canada)
• Alberta (Canada)
• Saskatchewan (Canada)
• Afghanistan
• Angola
• Belarus
• Belgium
• Burundi
• Central African Republic
• China
• Cuba
• Crimea
• Democratic Republic of the Congo
• Ethiopia
• Eritrea
• Guinea
• Guinea-Bissau
• Haiti
• Iraq
• Iran
• Ivory Coast
• Lebanon
• Liberia
• Libya
• Mali
• Myanmar
• Nicaragua
• North Korea
• Palestine
• Republic of Seychelles
• Russia
• Rwanda
• Sierra Leone
• Somalia
• South Africa
• South Sudan
• Sudan
• Syria
• Venezuela
• Yemen
• Zimbabwe

Users should check the most up-to-date list on the PHEMEX website or contact support for specific country restrictions.

Phemex in Comparison with Other Exchanges

Here is a quick overview of Phemex and other crypto exchanges; Phemex Comparison:

Writer's opinion and conclusion

PHEMEX has established itself as a competitive player in the cryptocurrency exchange market. Its strengths lie in its low fees of 0% and high-leverage options (100x).

However, the mixed user reviews and limited fiat options are points to consider.