Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
Pros & Cons
- spot and contracts, loads of cryptocurrencies, tokens, and the US dollar;
- the ability to reduce spot trading fees to 0%;
- leverage x100 is available for contract trading;
- minimum deposit only ₿0.00000001 (or the equivalent);
- demo accounts and free premium mode test;
- extensive knowledge base, and tutorial guides with crypto payouts;
- referral program with discounts on commissions;
- investment programs with flexible and fixed deposits;
- Star Composition program gives users new opportunities;
- cold storage of funds, high levels of data protection.
- communication with technical support is conducted via email only;
- without a premium account, trading conditions are less favorable.
The Phemex exchange is a platform for spot and contract trading of cryptocurrencies. Bitcoin (₿), Litecoin (Ł), Ethereum (Ξ), Tether (₮), Dash (Ð), Ripple, DOGE, DOT, ADA, and many other cryptocurrencies and tokens are available for trading on this platform. The exchange stands out for its low fees: 0.1% for spot, and 0.075/-0.025% for contracts (taker/maker, respectively). Premium account reduces spot fees to 0%, and there are no withdrawal limits. The only fiat currency available on the site is the US dollar. All basic deposit/withdrawal options are available, including direct transfers from bank cards. The exchange offers a demo account, educational guides with the possibility of earning cryptocurrency, and a welcome bonus for newcomers. There are investment solutions with payouts of up to 10% per annum. The platform is lightning fast and is stable. Also, there are mobile versions.
TU Expert Verdict
I can confidently recommend Phemex — it is a highly trusted company that I have personally tested and verified. Its trading conditions and user feedback show that most traders are satisfied, and my own experience confirms its solid and consistently reliable performance.
Top-5 Crypto Exchanges Traders Prefer
Phemex User Reviews
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5-star
18%
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4-star
38%
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3-star
34%
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2-star
3%
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1-star
7%
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Phemex Commissions and Fees
Score:This category evaluates trading costs and the transparency of deposit and withdrawal charges according to the Methodology. It covers spot and futures trading fees, P2P exchange costs, deposit/withdrawal fees, and tiered fee structures. The assessment ensures that fees are competitive and clearly disclosed, avoiding hidden or excessive costs. Each factor is scored based on defined criteria, contributing to the overall rating.8.3 /10Phemex has earned a rating of 8.3/10 for its trading fees. This makes it a highly attractive choice for active traders seeking to reduce costs, as Phemex is a platform with minimal crypto trading costs.
- Futures fees below industry average
- Spot fee below industry average
- No deposit fee
- No P2P fee
- Withdrawal fee may be applied
What are Phemex trading fees?
We analyzed Phemex’s crypto fees and compared them to the top two competitors, both of which hold high average positions in our rankings. To establish a comprehensive benchmark, we also calculated the average fee score based on an evaluation of over 100 cryptocurrency exchanges.
Phemex trading fees vs competitors
Phemex Nexus Trade CoinMetro Industry average Based on the evaluation of over 100 leading crypto exchanges Spot, maker fee (%) Maker fees are charged when liquidity is added to the order book. This occurs by placing a limit order below the current market price for buy orders, or above the market price for sell orders. 0.1 0.22 0.1 0.15 Spot, taker fee (%) Taker fees are charged when liquidity is removed from the order book. This typically happens when a trade is executed at the market price. 0.1 0.22 0.2 0.194 Futures, maker fee(%) 0.01 0 0 0.024 Futures, taker fee(%) 0.06 0 0.053 What are Phemex deposit and withdrawal fees?
Deposit fee, % Important! Even if an exchange does not charge fees for deposits and withdrawals, there can also be fees from the payment system or cryptocurrency network used by the user. For example, the network fee for USDT TRC20 is typically around $1. 0 Withdrawal fee, % 0.0005 BTC Does Phemex offer P2P trading?
Yes, Phemex offers a P2P trading platform. We have provided the fees for these transactions and compared them with competitors.Phemex P2P Fees Phemex MaiCoin MAX BTSE P2P maker fee (%) 0 0,1 0,01 P2P taker fee (%) 0 0,15 0,05 -
Regulation and Safety
Score:Our evaluation encompasses several key factors, including government regulation, two-factor authentication (2FA), cold wallet storage of client assets, investor protection funds, KYC protocol adherence, year of foundation, and history of security breaches. Read more in our Methodology10 /10Phemex has earned a rating of 10/10, demonstrating strong security and regulatory compliance. This score suggests that the exchange is generally reliable and offers a solid level of protection for users.
- 2FA
- Government-regulated
- Tier-1 regulation
- No successful hacks history
- Cold wallet storage
- Investor protection fund
- No facial recognition
- Not U.S regulated
We also compared Phemex against the top two competitors with the highest scores in our overall ranking based on the most critical security indicators.
Phemex Security Factors Phemex OKX Coinbase Tier-1 regulation YesNoYesGovernment-regulated YesYesYesInvestor protection fund Provides compensation to users in case of financial loss due to unforeseen circumstances on the platform. YesYesYes2FA YesYesYesFacial recognition NoYesNoCold wallet storage The majority of user funds are held offline, reducing vulnerability to online attacks. YesYesYesSuccessful hacker attacks We review publicly available information on past security breaches to assess the exchange's security track record. NoNoYesIs Phemex a regulated crypto exchange? Regulation is crucial for the security and legitimacy of a cryptocurrency exchange. We assess the exchange’s regulatory status and its impact on platform reliability.
Phemex is regulated by a Tier-1 financial authority (e.g., in the U.S., UK, Germany, Spain, France, Australia, Singapore, or another jurisdictions with strict financial oversight). This ensures strong investor protection, compliance with stringent operational standards, and enhanced security for users trading on the platform.
Phemex is authorized or licensed in accordance with local regulations in the following regions: Canada.
Is verification (KYC) mandatory at Phemex?
Yes, KYC verification is mandatory at Phemex. You will need to complete the verification process before you can open an account and access the platform's full range of services.
Is Phemex available in the USA?
Phemex is not available in the USA due to regulatory restrictions. In some cases, access might differ by state, so we recommend confirming details with the platform’s support or checking the official website for the latest updates.
You may also consider the top 3 exchanges that are available in the USA and rank highly based on our methodology: OKX, Coinbase, Crypto.com .
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Deposit and Withdrawal
Score:We evaluated the deposit and withdrawal experience, considering several key factors such as the range of available methods, transaction processing speed, minimum deposit requirements, and associated fees. Read more in our Methodology.6.5 /10Phemex received a 6.5/10 rating for its deposit and withdrawal services. While Phemex covers basic payment options, the platform lacks some widely used methods that could improve user flexibility.
- Bank cards accepted for instant deposits
- P2P for flexible transfers
- Bank transfers for deposits and withdrawals
- No deposit fees
- No Google Pay option
- Withdrawal fee applies
- No PayPal option
Deposit and withdrawal options
Phemex supports the following deposit and withdrawal options: Bank transfers, Bank card, Crypto.
Phemex Deposit and withdrawal options vs competitors
Phemex OKX Coinbase Bank transfers YesNoYesBank card YesYesYesCrypto YesYesYesPayPal NoNoYesWhat is Phemex minimum deposit?
The minimum deposit at Phemex is 10 USD/USDT or 1 BTC. The minimum trade size is 1 USD/USDT, which also serves as the minimum amount required to start trading on the platform.
Phemex minimum deposit vs competitors
Phemex OKX Coinbase Minimum deposit, USD or USDT 10 10 10 Minimum deposit, BTC 1 5 1 Minimum trade amount, USD/USDT 1 1 2 Does Phemex support fiat money?
Phemex supports fiat currency trading and account funding. The following fiat currencies are accepted: USD, EUR, GBP, AUD.
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Supported Coins & Markets
Score:Evaluates the range of available cryptocurrencies, fiat currencies, and markets, as well as investment tools like staking, farming, and other yield options. Read more in the Methodology section.9 /10Phemex received a score of 9/10 in this category, highlighting its excellent selection of tradable assets and market access. Phemex supports 350 coins and caters to various trading types, making it a strong choice for both active traders and long-term investors.
- NFTs available
- Access to TradFi perpetual futures on stocks and indices
- Fiat currencies supported
- Prediction markets are not supported
Phemex supported coins and markets vs competitors
We compared Phemex with leading exchanges in terms of supported coins, NFT access, and derivatives like futures and options to help users assess the platform’s product range and trading flexibility.
Phemex OKX Coinbase Supported coins 350 600+ 400+ Futures/Perpetual contracts YesYesYesOptions YesYesNoNFTs YesYesYesTokenized Assets Digital tokens representing real-world assets, such as stocks, bonds, commodities, or real estate. YesYesYesTradFi Perps Perpetual futures contracts linked to traditional financial assets, such as stocks, indices, or commodities. YesYesYesPrediction Markets Markets where users trade contracts based on the outcomes of future events. NoNoNoOther Assets Pre-IPO Perps NoPre-IPO Phemex passive income options vs competitors
We also compared Phemex with top competitors in terms of passive income opportunities such as staking, farming, and copy trading, to help users evaluate the platform’s earning potential beyond regular trading.
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Trading Apps & Tools
Score:This section evaluates the quality and variety of trading platforms offered by the broker. It considers supported platforms, core features, device compatibility, and the availability of tools for automation, analysis, and different trading styles. Learn more in our Methodology.9 /10Phemex received a score of 9/10 for its trading apps and tools. Its mobile platforms are highly rated on both iOS and Android, delivering smooth performance, advanced charting capabilities, and real-time market data.
- Positive user feedback on the iOS app
- Strategy sharing with Copy Trading
- Advanced charting with TradingView support
- Advanced tools and automation with API
- Advanced orders not available
- No Face ID
- No standalone desktop access
Trading apps
Phemex provides web and mobile apps for both Android and iOS users, with an average rating of 4.6 on the App Store and 4.6 on Google Play. Our review focused on core features important to traders, particularly trading functionality and security tools, to evaluate how convenient and safe the Phemex platform is for mobile use.
Phemex OKX Coinbase 2FA YesYesYesFace ID NoYesNoMob Indicators YesYesYesAlerts YesYesYesAdvanced Orders These are specialized trading features that give users more precise control over how trades are executed. Examples include Stop-Limit, Trailing Stop, and OCO (One Cancels the Other). These tools may only be available on the web version of the platform. YesYesYesTrading with bots YesYesNoAPI YesYesYesExtra trading platforms These refer to third-party platforms supported by the crypto exchange in addition to its own proprietary system. NoNoNoDoes Phemex offer a desktop app?
No, Phemex does not currently offer a desktop app. However, users can access the platform via its web version, which provides more comprehensive functionality compared to the mobile apps.
Does Phemex offer advanced charting with TradingView integration?
Yes, Phemex offers advanced charting through direct integration with TradingView. Users can access TradingView’s full suite of indicators, drawing tools, and multi-timeframe analysis directly on the platform.
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Customer Support
Score:We evaluated Customer Support at Phemex based on the availability of live chat, email, phone support, ticket systems, help center resources, 24/7 assistance, multilingual support, and response time. Our assessment focuses on support accessibility and responsiveness. Learn the assessment criteria7.8 /10Phemex provides generally reliable customer support, with several communication options and useful assistance resources available to users.
During TU testing, the exchange achieved good results in overall support accessibility, although some limitations in response times, service hours, or available contact channels were identified.
- Multilingual customer support
- Support ticket system available
- Comprehensive help center available
- Email support unavailable
- Phone support unavailable
Phemex Support Channels vs Competitors
Phemex OKX Coinbase Live Chat YesNoYesEmail Support YesNoNoPhone Support NoNoNoTicket System YesYesYes24/7 Support YesYesYesHelp Center / FAQ YesYesYesMultilingual Support YesNoYesContacts Foundation date 2019 Registration address Singapore Official site https://phemex.com/ Contacts support@phemex.zendesk.com
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FAQs
What do user reviews and feedback say about Phemex overall?
Phemex has a user satisfaction score of 7.1/10 based on 68 reviews, and 654 users have chosen this broker. The rating distribution shows a mix of opinions, with most reviews in the 3–4 star range and smaller portions of very positive (5-star) and very negative (1–2 star) feedback. According to user reviews, overall impressions are mixed rather than strongly positive or negative.
How are Phemex user reviews distributed across different rating levels?
User ratings for Phemex are spread across all levels, with 18% 5-star, 38% 4-star, and 34% 3-star reviews. Lower ratings are less common, with 3% 2-star and 7% 1-star reviews, indicating that moderate to positive experiences are more frequently reported than very negative ones.
What markets and tradable assets does Phemex offer?
Phemex has a safety score of 9/10 for its markets and tradable assets and offers a wider selection of trading assets than the market average, although the exact number of instruments and currency pairs is not specified in the section. The broker supports crypto and options trading, and also provides staking, a copy trading platform, and options, while prediction markets are listed as a disadvantage.
What investment and copy trading options are available on Phemex?
For users who prefer not to engage in active trading, Phemex offers copy trading as an investment option. The section notes that copy trading is available on Phemex, but does not provide further details on specific strategies, conditions, or performance.
How reliable is Phemex customer support according to user feedback?
Phemex customer support has a safety score of 7.8/10 and is described as generally reliable, with several contact options available. Response times are considered acceptable, though occasional delays may occur, and TU testing found that replies arrived within a reasonable timeframe with mostly clear communication, leaving some room for improvement in speed and consistency.
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Support for spot trading and open-ended futures expands the choice of strategies. The complete absence of spot commissions in premium mode looks attractive, although the limited email support format may be inconvenient.
Поддержка спотовой торговли и бессрочных фьючерсов расширяет выбор стратегий. Полное отсутствие комиссии на споте в премиум-режиме выглядит привлекательным, хотя ограниченный формат поддержки через email может быть неудобен.