Phemex Review: Fees, Safety Record And Where It's Available

Phemex At A Glance

Open a Phemex account (not available in the US, UK or Australia)

Is Phemex Available In The US?

No. Phemex's terms bar US residents. Don't use a VPN or a foreign address to sign up: that breaks the terms, can get your account frozen and leaves you with no US regulator to turn to.

US readers can compare licensed options. In our Nov. 1, 2026 snapshot, buying $1,000 of bitcoin cost about $0.68 on Binance.US, $5.22 on Crypto.com and $8.01 on Kraken Pro, including fees and spread.

Where Phemex Is Available

Phemex is an offshore exchange that accepts users from most countries not on its restricted list. Its website and About page name no license from a major regulator, and we couldn't find a MiCA authorization for the Polish company its terms name.

An exchange without a local license can be told to stop serving a country, which can leave customers with a short deadline to move funds.

The Phemex Hot-Wallet Hack

On Jan. 23, 2025, attackers drained Phemex's hot wallets on more than a dozen blockchains, taking Ethereum, Solana, XRP, bitcoin and other tokens. Estimates of the loss range from about $69 million to $85 million, and Rekt News put it near $73.5 million. On-chain investigators suspected North Korea's Lazarus Group, which hasn't been officially confirmed.

Phemex paused withdrawals and said its cold wallets weren't affected. It restarted withdrawals in stages over the following days, starting with Ethereum, USDT and USDC on the Ethereum network, then Solana and other chains. Phemex said it was working on a compensation plan for affected users, but we couldn't find a Phemex statement confirming that every affected user was repaid. The hack is listed on our crypto hacks tracker.

We have no regulatory penalties against Phemex on our crypto fines and penalties tracker. An offshore exchange with no major license also has less outside oversight, so the absence of fines tells you less than it would for a licensed exchange.

Phemex Fees

Phemex charges 0.10% for both makers and takers on spot trades at its base tier, and lower rates for VIP tiers, with a 20% spot discount (10% on futures) when you pay fees with its PT token. Base-tier futures fees are 0.01% for makers and 0.06% for takers. On a $1,000 spot trade at 0.10%, the fee is $1. Futures fees are charged on the full position size, including leverage, so a leveraged trade costs more in dollars than a spot trade of the same deposit.

Crypto withdrawal fees vary by coin and network. Card purchases go through third-party payment partners and cost more than spot trades.

What Phemex Offers

• Futures: perpetual contracts with high leverage. Leverage can wipe out a deposit in minutes.
• Spot trading: hundreds of coins, including small tokens.
• Copy trading: automatically copying other traders' positions, which copies their losses too.
• Trading bots: grid and recurring-buy bots.
• Earn: savings and staking products with variable rates.

Pros And Cons

Pros

• Low base spot fee, with a PT token discount
• Large coin list and many futures markets
• Restarted withdrawals within days of the 2025 hack

Cons

• Not available in the US, UK, Australia or four Canadian provinces
• $69 million to $85 million hot-wallet hack in January 2025
• No license we could confirm from a major regulator
• Built around leverage and copy trading, which carry high risk

Who Phemex Is Best For

Phemex fits experienced futures traders in countries it serves who accept the risks of an offshore exchange. It's a poor fit for beginners, for long-term holders, and for anyone who wants an exchange licensed in their own country.

Cult Of Money Exchange Score

Phemex doesn't have a Cult of Money Exchange Score yet. Our score weights measured cost at 25%, and our price collector doesn't read Phemex's prices. We'll score Phemex once we can measure it on the same basis as the exchanges in our crypto exchange rankings. See how we score exchanges.

Phemex Alternatives

US readers can open a Binance.US account.

What To Watch Out For

• Leverage: futures and copy trading can lose more than you expect, very fast.
• Hot-wallet risk: the 2025 hack shows coins on an exchange depend on its security and reserves. Keep long-term holdings in a wallet you control.
• Licensing: an offshore exchange can be pushed out of your country with little notice.
• Earn products: rewards aren't insured deposits, and rates can change.
• Taxes: using an offshore exchange doesn't change what you owe at home.

FAQ

Is Phemex Available In The US?

No. Phemex's terms bar US residents, along with UK and Australian residents. US readers can use licensed exchanges such as Crypto.com, Kraken or Binance.US.

Was Phemex Hacked?

Yes. On Jan. 23, 2025, attackers took an estimated $69 million to $85 million from Phemex's hot wallets. Phemex said cold wallets were safe, restarted withdrawals in stages and promised a compensation plan.

Is Phemex Safe?

Phemex promised to compensate users after its 2025 hack and has no regulatory penalties on our tracker. It's an offshore exchange without a major license we could confirm, so there's less outside oversight. Don't keep more there than you're actively trading.

What Are Phemex's Fees?

Phemex charges 0.10% for spot makers and takers at its base tier, with a 20% discount for paying in PT and lower rates for VIP tiers. Base-tier futures fees are 0.01% maker and 0.06% taker, charged on the full leveraged position size.

Does Phemex Require KYC?

Yes. Phemex's terms require users to complete its KYC and anti-money laundering checks, and say you may not be able to open or use an account if you can't. Read more about KYC and AML rules at crypto exchanges.