Phemex Review 2023: USA & Fees – Is It Legitimate?

Chief Editor
Publish date: Feb 21, 2021
Last updated: Jan 09, 2023

The web’s most detailed Phemex Review: Phemex is a very intuitive day trading crypto platform that is used by thousands of active traders. Choose between trading in the spot market or through leveraged perpetual contracts. Phemex has also included a fiat on-ramp where investors can buy cryptocurrencies via bank transfers, bank cards, or e-wallets. Learn more about this new cryptocurrency exchange and why day traders all over the world like it. This is an expert take on why you would want to use Phemex.

Our rating:
Singapore flag
Founded June 2017
Owner Phemex Limited
Type Cryptocurrency Exchange
Fees 0.10%
account minimum 25$
Best for Day Traders


• A lot of trading features for day traders
• Great platform for experienced traders
• Demo account for crypto trading


• Non-regulated
• Takes time to learn the platform
• Relatively new exchange without a solid reputation

Why Phemex

In this section of our Phemex review we highlight 6 special features that deserves extra attention.

Multiply your profits significantly or access more capital with a smaller account. Be mindful of the risks.
Leverage Trading
Multiply your profits significantly or access more capital with a smaller account. Be mindful of the risks.
Try this platform on a demo account before going live with real money. Trade your strategies with no risks.
Demo Account
Try this platform on a demo account before going live with real money. Trade your strategies with no risks.
This platform features advanced charting, order selection, technical indicators, and drawing tools.
Advanced Trading Platform
This platform features advanced charting, order selection, technical indicators, and drawing tools.
Invest capital in a system created by this trading platform. Potential to earn passive income with profit assurance.
Investment Product
Invest capital in a system created by this trading platform. Potential to earn passive income with profit assurance.
Make large trades directly with a counterparty without going through the public order book.
OTC Market
Make large trades directly with a counterparty without going through the public order book.
Feel extra welcome when joining this platform for the first time. Recieve rewards through deposits or small tasks.
Welcome Bonus
Feel extra welcome when joining this platform for the first time. Recieve rewards through deposits or small tasks.

About Phemex

Phemex was created by 8 former Morgan Stanley executives who realized the lack of professionalism and trustworthiness in the cryptocurrency industry. It is a cryptocurrency derivatives platform that allows for very good active day trading with leverage and margin.

The headquarters of Phemex can be found in Singapore but there are other offices as well around the world. The exchange is registered as a Money Service Business (MSB) with reference number: 31000171217304.

It is a newcomer to the cryptocurrency scene and has yet to prove that it actually is a trustworthy player. Since their mission and vision is to become the planet’s most trustworthy and easy-to-use derivatives platform, I’m looking forward to seeing more responses regarding Phemex.

The platform was founded back in 2017, just before the last bitcoin all-time high. The platform has progressed through a huge bear market and keeps moving forward.

Why use Phemex

If you are into fast and active crypto day trading or scalping you will love Phemex. This platform is great for all levels of traders and is packed with advanced tools for more experienced traders or new crypto day traders who are looking to up their game. It is also one of few crypto exchanges with welcome bonuses and deposit bonuses that actually are worth mentioning.

A demo option is a great tool if you want to paper trade and test out Phemex before you start with real money. It’s completely risk-free and all entered trades are done in a simulated environment. If you are into fast-paced day trading and want a reliable platform to handle large or small positions then Phemex is a great exchange.

Phemex also offers futures derivatives for cryptocurrencies that seem to be working pretty well. Overall, Phemex is not for absolute beginners, it will take some experience to navigate the platform so it’s more suited for crypto traders who have some experience already.

Trading on Phemex

As mentioned before, Phemex is a platform for cryptocurrency day trading who need special tools for their trading styles. Phemex offers great charting through Tradingview and the trade interface is full of technical indicators, order books, recent trades, complex order types, and a PNL analytics tool for those traders who want to track their performance.

Phemex also has a profit calculation tool that lets you calculate your potential profit before opening your trade. This is a great tool to see that your risk/reward ratio is positive before you enter the market. Phemex has a crypto trading app that looks very sleek and it’s available for both IOS and Android with great tools for mobile traders.

Zero-fee crypto trading is an option with Phemex. If you enjoy the platform you can subscribe to a Premium Account and get access to better tools and lower fees. Trade both the spot and the derivatives market with 0% cryptocurrency fees with up to 100x leverage. The order response time is less than 1 millisecond which makes order execution extremely fast.

Phemex also has an API solution for institutional traders with sub-accounts you can activate if you are a quantitative trader.

Payment methods and limits

All the major payment methods are available on Phemex such as card payments, bank transfers, Apple Pay, SEPA, and more. The daily limit for card payments is $55,000.00 and a minimum deposit of $25 is required to buy crypto with fiat currencies. UnionPay and POLi are two payment providers that stick out to me and also open up to other countries for Phemex.

Phemex category rating

Trading Features:4.3/5
Educational Resources:4.3/5
Customer Support:4.0/5

Things we don’t like

There are not many negative aspects to point out here except that the platform looks a lot like many other platforms. They are using the Tradingview charts, which are great, but the homepage layout is similar to many other cryptocurrency platforms for day trading, just different colors. However, this is not something bad at all, it’s just something that stuck out to me while I was browsing the exchange.

Phemex has a lot of special features I hope that Phemex will reach the wide audience that they are looking for by bringing simplicity to the crypto community.

Phemex Trading Fees

Maker fee
Taker fee
0.10 %
0.10 %
-0.025 %
0.075 %



Trading Platforms


Order Types

MO - Market Order
LO - Limit Order
GTC - Good till Cancelled
IOC - Immidiate or Cancel
FOK - Fill or Kill
SL - Stop Loss
TP - Take Profit
PO - Post Only
RO - Reduce Only
BO - Bracketed Order
TO - Trigger Order
TSL - Trailing Stop Loss

Supported Devices


Special Features

Instant Deposits
Paper Trading
Margin Trading
Performance Analytics
Market Analysis
Customisable Interface
Cold Storage Wallet
Fast Execution Speed
Several Account Types
Institutional Trading
Professional Support
Trading App
Fast Withdrawals
Risk Management
Real Stop Loss
Market Making
One Click Trading
High Limits
Profit Calculator
Deposit Bonus
Technical Indicators
2FA Verification
Cryptocurrency Wallet
Quick Registration
Speed Trading
Advanced Trading Tools
Advanced Charting
VIP Account
Short Selling
New Trading Platform
Trading Strategies
$0 Trading Fee
Buy Cryptocurrency

About the special features on Phemex

Phemex has a lot of special features for day traders to enjoy. Use the welcome bonus to grab extra capital when you start out or test the platform with the demo account before going live with real money. Phemex is all about active trading and here you will find complex order types as well as a real stop loss and take profit system that works.

You can adjust your risk limits with a risk management tool in the trade interface which is effortless to use. The leverage is easily adjustable and can be changed in between trades. Speed is what’s promoted and with an order response time of less than 1 millisecond, you will be able to execute many scalping strategies on this platform.

Crypto Futures Trading

If you are an active trader and want to get to the next level, then you should try out the crypto futures trading pit on Phemex. You have access to 100x leverage and all advanced charting tools, order selections, and order book. Crypto futures are a way of speculating and sometimes hedging the market risk, just like the professionals trade the traditional markets.

Market making

Phemex has the option to operate as a market maker with the rebate you get on the maker fees in the futures market. You will get a cashback of -0.025% when you add liquidity to the order book. This is something that’s rare, and if you are running good strategies, you can actually make money from using limit orders on Phemex.

When you are not trading your cryptocurrencies, Phemex will store most of the coins in a cold storage security wallet. This is one of the best ways to keep your funds safe on any cryptocurrency exchange.

Great live chat

A huge plus for this exchange is the fast response time of the live chat. Every time a platform is offering a live chat solution I test out the response time to see the quality of their support team. After I sent my standard hello message, Anton messaged me back almost instantaneously. This is just a great way to show that this exchange is serious when they focus on customer support, great work Phemex!

Zero fee trading

Phemex offers free cryptocurrency investing when you sign up and subscribe to their Premium Account. This gives you the option to work as a market maker in the futures market, you get hourly withdrawals, and you get access to conditional order types. This service costs $69.99 per year, $19.99 per quarter, or $9.99 per month. This gives you access to trade crypto with zero fees.

Our own experience with Phemex

Phemex home page
Phemex trading interface
Phemex trading interface
Phemex buy crypto
Phemex buy crypto
Phemex earn crypto
Phemex earn crypto
Phemex converter
Phemex converter
Phemex markets
Phemex markets

Phemex Funding Methods

Apple Pay
Apple Pay
China UnionPay
China UnionPay
Bank transfer
Bank transfer

Accepted Currencies

USD ($)
EUR (€)
GBP (£)
KRW (₩)
JPY (¥)
AUD ($)
AED (د.إ.‏)
BGN (лв.)
CAD ($)
CZK (Kč)
DKK (kr.)
HUF (Ft)
ILS (₪)
INR (₹)
NOK (kr)
NZD ($)
PLN (zł)
RUB (₽)
SEK (kr)
SGD ($)
TRY (₺)
UAH (₴)
VND (₫)


Max Withdrawal Limits No limit
Min Withdrawal Limits BTC 0.001
Min Deposit Limits $25

Phemex Withdrawal Fee

Method Fee
Cryptocurrency BTC 0.00057
USD $0


United Kingdom
Russian Federation

Restricted Countries

United States
United States Minor Outlying Islands
Iran, Islamic Republic of
Syrian Arab Republic
Korea, Democratic People"s Republic of
Hong Kong
United Kingdom
Korea, Republic of


Is Phemex safe to use?

Phemex has only been on the market since 2017 and is considered a new platform by Tradingbrowser standards. So far, we haven’t registered anything bad from traders using the platform and we are still waiting for more traders to try the exchange before we can make a clear statement. We like to say that it is trustworthy until proven wrong. The exchange is backed by real Wall Street professionals with the goal of being the most trusted crypto trading platform out there. I like the approach and I would recommend traders to try it out and see for themselves.

Is Phemex regulated?

No, Phemex is not regulated. However, it is registered as a Money Service Business with a reference number of, 31000171217304.


Live Chat
Live Chat

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Frequently asked questions

Read the most frequently asked questions about Phemex. Find answers without searching the web.

The company that owns Phemex is called Phemex Limited.

The headquarter is located in Singapore.

Phemex is encrypted with SSL protection to guard all your private data. It is a rather new platform but it is backed by former Wall Street professionals with the goal of creating the most trustworthy and safe cryptocurrency exchange.

No, traders from the United States are not allowed to create an account and trade on Phemex. Instead, we recommend traders from the United States use the BitYard exchange.

It is a cryptocurrency derivatives exchange where you can trade bitcoin and other cryptocurrencies with leverage on an advanced trading platform. Go long or short with advanced order selection systems and track your PNL with the performance analytics tool.

The platform features several day trading tools such as interactive charts, complex order types, indicators, and a very fast matching engine. Day traders will also enjoy a low trading fee of only 0.10% to keep costs down.

Review Sources

The editorial team of Trading Browser is required to use first-hand sources to collect and share information regarding the businesses we promote. Among these sources, you will find LinkedIn profiles, Trustpilot reviews, Sitejabber ratings, whitepapers, government reports, and other reputable sources. Below is a shared list of the article sources used for this review.

  1. LinkedIn – “Phemex Company
  2. Trustpilot – “
  3. Yahoo Finance – “From Morgan Stanley to crypto world: in a conversation with Phemex founder