Crypto derivatives and spot exchange offering up to 150x leverage and automated trading bots
Phemex is a centralized cryptocurrency exchange founded in 2019 that provides spot trading, perpetual contracts, strategy bots, and wealth management services to more than 10 million registered users worldwide.
Phemex is operated by Phemex Limited, headquartered in Singapore, and was co-founded by Jack Tao, an alumnus of Morgan Stanley. In March 2023, Federico Variola took over as Chief Executive Officer after serving as Head of Business Development. The platform raised $3.5M in early-stage funding in March 2020 and operates with an international team of around 194 employees across multiple continents.
The platform offers both USDT-margined and Coin-margined perpetual futures alongside traditional spot order books. Derivatives traders can access leverage up to 150x across major digital assets. Phemex integrates TradingView charting and native automated tools, including Grid, Martingale, and Signal trading bots, as well as a copy-trading marketplace. Yield products under Phemex Earn include flexible savings, fixed staking, on-chain DeFi earn protocols, and instant crypto collateralized loans.
Standard perpetual futures contract trading incurs a 0.01% maker fee and a 0.06% taker fee. While the 0.01% maker fee provides competitive pricing for limit orders, the 0.06% taker fee is higher than baseline tiers on exchanges like Binance, Bybit, or OKX. Holders of the platform utility token (PT) can obtain fee discounts of up to 20% on spot trades and 10% on contract trades. Fiat deposits via standard wire transfers, SEPA, and FPS carry no platform deposit charges.
Phemex uses a custodial architecture combining Fireblocks wallet infrastructure with multi-signature cold storage for over 70% of user balances. It publishes a Merkle-tree Proof of Reserves protocol to allow users to verify reserve backing. In Canada, Phemex holds a Money Services Business (MSB) registration with FINTRAC. However, the platform is restricted for residents of the United States and lacks an EU MiCA license. Regulators in the UK, Austria, and Spain have issued unauthorized warnings regarding its services. On January 23, 2025, Phemex suffered a hot-wallet security breach that prompted temporary withdrawal suspensions; full withdrawal functionality was restored in February 2025 alongside upgraded wallet controls.
Phemex offers competitive 0.01% derivatives maker rates and high leverage up to 150x, but charges a higher 0.06% taker fee and has faced a past hot wallet breach.
Founded in 2019 and headquartered in Singapore, Phemex is a centralized crypto exchange catering to over 10 million users. The platform focuses heavily on derivatives trading, offering perpetual contracts settled in USDT and crypto (USDT-M and Coin-M) with leverage up to 150x. Beyond standard derivatives, it hosts spot trading markets, customizable trading bots (Grid, Martingale, Signal), copy trading, and yield-bearing products via Phemex Earn.
Fee structures on Phemex reward passive liquidity providers. Its standard contract maker fee sits at 0.01%, which is lower than the standard maker tiers on competitors Binance, Bybit, and OKX. However, the standard taker fee is 0.06%, higher than the standard taker rates charged by those same competitors. Spot traders can offset costs by 20% and futures traders by 10% when paying fees using the exchange's native PT token.
Security and custodial history are key considerations for any centralized platform. In January 2025, Phemex experienced a security breach on its hot wallet infrastructure, prompting a temporary suspension of deposits and withdrawals. Normal withdrawal operations were restored by February 2025. The platform maintains a Merkle-tree Proof of Reserves system allowing users to verify asset backing, holds over 70% of user balances in multi-signature cold storage, and uses Fireblocks for wallet security.
Phemex suits active derivatives traders and automated bot users seeking low maker fees and high leverage. Conversely, traders who rely on market orders will face higher taker rates, and users seeking regulated status in the UK, Austria, Spain, or the EU under MiCA will need to consider alternative venues.
| Markets | Spot, Futures, Margin, Copy trading · unverified |
|---|---|
| Maker fee | 0.01% · unverified |
| Taker fee | 0.06% · unverified |
| Fiat deposit methods | Bank transfer, Card · unverified |
| KYC required ⓘ | Yes · unverified |
| Accepts US customers | No · unverified |
| Proof of reserves | Yes · unverified |
| Staking / earn | Yes · unverified |
| Mobile app | Yes · unverified |
| Security features | Cold storage, Merkle-tree Proof of Reserves, Multi-signature wallets, Two-factor authentication, Fireblocks custody · unverified |
| Futures & perpetuals | Yes · unverified |
| Max leverage (x) | 150 · unverified |
| Copy trading | Yes · unverified |
| Earn / savings products | Yes · unverified |
| User protection fund | Yes · unverified |
| Referral program | Yes · unverified |
Not disclosed by the provider: Coins listed, Licenses & registrations, P2P market.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Offers USDT-margined and Coin-margined contracts with leverage options reaching up to 150x.
Provides pre-built algorithmic bot strategies, including Grid, Martingale, and Signal systems directly within the trading interface.
Enables users to automatically replicate the portfolio allocations and trades of selected strategy providers.
Provides a Merkle-tree system allowing depositors to independently confirm platform solvency and reserve balances.
Features fixed and flexible interest accounts alongside on-chain staking strategies and crypto collateral lending.
Supports global crypto card spending funded by platform balances with USDT cashback incentives.
Access perpetual contracts settled in USDT or underlying crypto assets with leverage up to 150x.
Trade digital assets directly against stablecoins and major cryptocurrencies through an order-book interface.
Deploy automated algorithmic strategies including Grid, Martingale, and Signal bots without writing code.
Browse performance metrics of top-performing traders and automatically mirror their positions.
Deposit crypto assets into flexible or fixed savings programs and access on-chain staking strategies.
Borrow crypto liquidity instantly against deposited collateral assets without liquidating existing holdings.
Spend cryptocurrency balances for retail purchases globally while earning cashback in USDT.
User sentiment is largely favorable, with traders appreciating low fees, straightforward trading tools, and rewarding promotional campaigns. Critical feedback centers on trading execution problems and missing support.
“Leverage Best site to trade margins in Bitcoin. Easy in and easy out. Never had a problem moving money in or out. Someone time cash app flagged this as a warning but I have been trading for five years without any problems. I actually just became a profitable trader after being down 12 thousand.”
“Three weeks on testnet before real USDT Plan was practice first, real money later. CH5YQ7 was part of the registration form and the welcome bonus was sitting in the account by the time I moved off the testnet.”
“Excellent platform for trading! Easy to use app, great web platform, amazing customer service and low fees! I love Phemex!”
“Dissatisfied After you get foiled on trades it’s very difficult to find your filled trades? Absolutely ridiculous. Would be profitable If we could quickly see all our completed trades. I have never been able to find them. And no one to contact to get help.”
“PHEMEX Scammed me out of 25000 PHEMEX Will not even talk with you when there system cheats you out of money. My personal experience that cost me 25000 yes 25k. Defaults from Mark price to Last price and my Stop Lose did not trigger. I gave them all the details and they stop responding to me.”
“Best Leverage Options, but Needs UI Optimization I really enjoy the futures trading features and the high leverage options available here—it’s hard to find this kind of flexibility elsewhere.”
Based on 45 App Store reviews, 100 Reddit posts and comments from the last 12 months, checked Oct 27, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
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Phemex was founded in 2019 by Jack Tao, an ex-Morgan Stanley executive, and Federico Variola stepped into the role of Chief Executive Officer in March 2023.
Phemex charges a 0.01% maker fee and a 0.06% taker fee on standard futures trades. Users can reduce spot fees by 20% and futures fees by 10% when paying with the PT token.
Yes, Phemex requires identity verification to comply with international anti-money laundering regulations. Completing KYC unlocks higher withdrawal limits and access to token launch features.
Phemex suffered a hot-wallet security incident on January 23, 2025, leading to a temporary pause in transactions. The platform updated its security infrastructure and restored full withdrawal operations by February 2025.
Yes, Phemex issues the PT token. Holding and using PT provides discounts on trading fees across spot and futures markets.
Phemex provides leverage of up to 150x on selected perpetual contract pairs, including USDT-margined and coin-margined instruments.
Recent public posts from @Phemex_official, shown as published. Not reviewed or endorsed by CryptoReview.
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