Phemex Review 2024

Phemex is a centralized cryptocurrency exchange founded in 2019. Its country of registration – Singapore. On 8 April 2024 the number of trading pairs available for trading: 210. Phemex last 24-hour trading volume is $158,634,426. It changes to +31.15% compared to the previous 24-hour period. BTC/USDT is the most popular trading pair, its trading volume is $24,917,900 in the last 24 hours. The exchange has 8 of 10 possible reliability scores and provides clients with access to fiat currencies.
Volume (24h)
$158,634,426+31.15% ↑
8 / 10
Country of registration
TOP 10 pairs by volume
24h Volume
Price change in 24h
24h Volume
Price change in 24h
+$2,588.00 ↑ / +3.73%
24h Volume
Price change in 24h
+$0.000000500 ↑ / +6.89%
24h Volume
Price change in 24h
+$2.480 ↑ / +1.39%
24h Volume
Price change in 24h
+$0.07000 ↑ / +5.88%
24h Volume
Price change in 24h
+$0.0012290 ↑ / +0.12%
24h Volume
Price change in 24h
+$0.006264 ↑ / +3.18%
24h Volume
Price change in 24h
+$324.40 ↑ / +9.62%
24h Volume
Price change in 24h
+$0.36000 ↑ / +13.74%
24h Volume
Price change in 24h
+$0.031012 ↑ / +5.23%
24h Volume
Price change in 24h
+$0.07521 ↑ / +8.78%

    Phemex is a multifunctional cryptocurrency exchange with headquarters in Singapore. The platform launched in 2019 and provides a wide range of tools for trading and investing, as well as additional earning services.

    Features and benefits of the Phemex exchange, available trading tools and other opportunities to earn money have been researched by TGDRatings experts.

    Sign Up and Verification

    To start working with Phemex, you will need to register a user account. To do this:

    1. Go to official site of the exchange;
    2. Click on the Register Now button in the upper right corner of the homepage;
      Phemex Cryptocurrency Exchange
      Phemex homepage
    3. Enter your email, password and specify the promo code (optional) in the next window → Create Account;
      Account registration window
      Account registration window
    4. A code for mail verification will be sent to the email specified during registration. Enter it in the next window;
      Verification code entry window
      Verification code entry window
    5. After entering the code, a welcome window will appear;
      Welcome window
      Welcome Screen
    6. Registration ended.

    Phemex does not require KYC to start working with the exchange. However, passing the verification procedure opens access to the full functionality of the platform. In total, the site provides 3 levels of verification:

    • On registration – “zero level”. Provides unlimited trading and replenishing of your account. Assigned upon registration;
    • Basic – basic. Increases the cryptocurrency withdrawal limit per day in addition to the zero-level features. To receive it, you need to provide personal data;
    • Advanced – advanced. It further increases the cryptocurrency withdrawal limit, allows the use of a P2P-service, and gives access to additional earning opportunities. To receive it, you need to provide passport data and make a selfie.
    Verification levels available on Phemex
    Verification levels available on Phemex

    Account Security

    After registering the account, you need to configure its protection. Phemex offers a standard set of account security settings:

    • Password – setting a password for logging in to your account;
    • Google Authenticator – set up 2FA authentication;
    • Email Verification – email verification. Take place when registering an account;
    • Anti-Phishing Code – setting the anti-phishing code that accompanies each message from the exchange;
    • Delete Account – deleting an account. After removal, the account can be restored within 30 days;
    • Device Management – defines the list of devices that have access to the account.
    Account security settings page
    Account security settings page

    The Account is Created. What’s Next?

    After registering the account and setting account security, you need to replenish your account to start working on the exchange. Phemex supports account replenishment by purchasing cryptocurrencies with a bank card, direct transfer of cryptocurrencies from a crypto-currency wallet, or through the purchase of coins on its own P2P-service.

    Deposit and Withdrawal Methods

    For example, let’s fund a Phemex account with USDT cryptocurrency. For this:

    1. Click Assets On exchange main pageDeposit;
      Assets menu location
      Assets menu location
    2. Select the deposit currency in the next window, in our example USDT → click on the Deposit button;
      Upload currency selection
      Selecting the deposit currency
    3. Select a network and copy the address to transfer funds (be sure to check that the network on the exchange and in the wallet from which the funds are being transferred match);
      Network selection and address
      Network selection and address
    4. Go to your wallet and paste the copied address in the field to transfer funds. Wait for until USDT will be transfered to your exchange wallet.

    To withdraw from your Phemex account:

    1. Click Assets → Withdraw on the main page of the exchange;
      Assets Menu
      Assets menu
    2. Set up the Google Authenticator on the next page and then enter the verification password;
      Connecting Google Authenticator
      Setting Google Authenticator
    3. Select a cryptocurrency and a network (the type of network on the exchange and in the wallet must match), and then specify the address to withdraw funds;
      Select cryptocurrency and network
      Withdrawal window
    4. Check the data and click Withdraw.

    Phemex Trading Conditions and Tools

    Let’s take a closer look at the trading conditions and tools provided by Phemex.

    Buy Crypto

    Phemex allows you to buy cryptocurrency with a bank card through specialized services. To take advantage of this opportunity:

    1. Select Buy Crypto → Third-Party Payment in the main menu of the exchange;
      Service location in main menu
      Location of the service in the main menu
    2. In the I want to spend field, specify the amount of fiat currency, which will be spent on buying crypto;
    3. In the You will receive field, select a type of cryptocurrency to buy;
    4. In the Choose a channel list, select the intermediary service through which the purchase will be made;
    5. Read the terms of the purchase in the section Payment Details → Buy;
    6. Follow the instructions of chosen service to complete your purchase.
    Deal Page
    Buy Crypto

    Spot market

    Phemex supports spot trading of 300+ cryptocurrency pairs. To start trading, go to trading terminal: select Spot → Spot Trading in the main menu of the exchange.

    Phemex Spot Market Terminal
    Phemex spot market terminal


    Phemex also supports trading with USD and Crypto futures non-deliverable contracts (BTCUSD and ETHUSD only). Depending on the cryptocurrency pair of the contract, the exchange allows leverage up to x100. It is also planned to add USD(S) type futures contracts in the future denominated and settled in stablecoins (for example, in USDT).

    To start trading derivatives, you need to go to the trading terminal: select Contract → Contract Trading in the main menu of the exchange.

    Phemex Futures Market Terminal
    Phemex futures market terminal

    Copy Trading

    Phemex has copy trading service. Exchange users can become traders themselves or subscribe to existing traders and copy their trades. To get started, a new user will need to read the conditions offered by the trader (each trader has their own) and replenish the exchange account for copy trading.

    Copy Trading Service
    Copy trading service


    P2P trading service Phemex supports 17 fiat currencies and allows you to buy and sell BTC, USDT and ETH. To go to the p2p trading page click Buy Crypto → P2P Trading in the main menu of the exchange, and then select the Express or P2P Trading service.

    P2P trading service
    P2P trading service

    Fees and Limits

    Exchange trading commissions depend on the type of the traded market, monthly trading volume, trading balance for the last day (for the spot market) and are divided into several levels. The higher level of a user has, the lower his trading fees.

    For example, for the spot market, the initial commissions are 0.1% for the maker and taker, and for the maximum level users – 0% for the maker, and 0.04% for the taker. For futures: initial – 0.01% (maker) and 0.06% (taker), minimum – 0% (maker) and 0.0325% (taker).

    Fees and limits page
    Fees and limits page

    Phemex also has limits and commissions for withdrawing funds from the exchange account. Their sizes depend on the particular cryptocurrency. For example, for USDT on the Tron blockchain, the exchange does not take commissions, but it is possible to withdraw minimum 2 USDT. For Bitcoin, the conditions will be different: the minimum allowable deposit for withdrawal is 0.001 BTC, and the commission will be 0.00057 BTC.

    Up-to-date limits and fees available at a special page of the exchange.

    How to Trade on the Phemex Cryptocurrency Exchange

    For example, lets consider the sequence of making a trading order in the spot market to buy BTC with USDT. For this:

    1. Open the trading terminal by clicking Spot → Spot Trading in the main menu of the exchange;
      Spot Menu
      Spot menu
    2. Make sure BTC/USDT is selected as the trading pair in the upper left corner;
      Spot terminal in Buy mode
      Spot terminal in Buy mode
    3. Activate the green Buy field on the right side of the terminal;
    4. In the same place, switch the order type to Market order (to buy BTC at the current market price);
    5. In the Amount field, enter the amount of USDT you want to spend on the purchase;
    6. Click the Buy BTC button.
    Spot terminal in Sell mode
    Spot terminal in Sell mode
    To place a sell order you will need to follow the same sequence of actions, but with Sell mode enabled.

    Other Phemex Services

    Phemex offers about a dozen additional services. Conventionally, they can be divided into educational and for additional earnings. Let’s consider them in more detail.


    Launchpad Page
    Launchpad page

    Launchpad provides an opportunity to invest in new crypto projects selected by Phemex experts. The service page presents current projects, their description, as well as conditions for investing.

    Phemex Earn

    Earn Page
    Earn Page

    Earn service is a platform integrated into the Phemex exchange that allows you to receive additional income in cryptocurrency without active trading in the market. The Earn page is a common page for three main passive income services: deposit service, staking launch pool and prediction service.

    Phemex Savings

    Savings Service
    Savings service

    Phemex Savings service allows you to deposit crypto on various durations and earn interest on invested coins. Depending on the conditions of the deposit, the site offers a reward of up to 25% on invested funds.


    Launchpool Service
    Launchpool service

    Launchpool service provides an opportunity to earn on staking promising cryptocurrencies. Staking rewards are earned every hour, and you can withdraw funds from the staking pool at any time.

    Crypto Prediction Markets

    Prediction Market Service
    Prediction market service

    Prediction Market – is a platform for betting. It allows you to bet on the outcome of events in the world of cryptocurrencies, politics, economics and sports.

    Phemex Academy

    Academy Page
    Academy page

    Academy provides tutorials and review materials on a wide range of topics related to cryptocurrencies: reviews of new projects, information about NFT and DeFi, technical analysis, metaverses, etc. It is also provides periodic contests for the readers of the Academy in which you can get cryptocurrency.

    Learn & Earn

    Learn and Earn Page
    Learn and Earn page

    The service Learn and Earn allows newcomers to the world of crypto to earn their first money, studying fundamental materials on the topic and successfully passing thematic tests.

    Student Foundation

    Student Foundation Page
    Student Foundation page

    The Student Foundation page is dedicated to the Phemex Student Foundation, which supports outstanding young professionals in the fields of Web3, cryptocurrencies and blockchain.

    Simulated Trading

    Phemex Testnet Page
    Phemex testnet page

    Phemex Testnet is an exchange trading simulator that allows you to test trading strategies on real quotes of cryptocurrency pairs for free and without a risk for real deposit. To participate yot have to come through a separate registration by e-mail address.

    Phemex Promotions

    Besides the additional services, Phemex offers various bonuses and programs for new and existing users of the exchange. All promotions are listed in the Promotions section on the main page of the site. Let’s consider them in more detail.

    Welcome Bonus

    The Welcome Bonus section contains tasks and conditions for which you can receive vouchers or bonuses for deposit.

    Welcome Bonus Page
    Welcome bonus page

    VIP Program

    The page VIP Program contains the conditions for applying for special terms service, and also describes the bonuses that vip-service gives: discounts on trading commissions, personal support, account maintenance priority, etc.

    VIP Program Page
    VIP program page

    Referral Friends

    The Referral Friends page contains information about the conditions of the referral program, remuneration for inviting referrals, as well as a summary table of referral income payouts.

    For each invited referral, the exchange:

    • Paying the user and the referral 5 USDT each;
    • Provides the user with the opportunity to earn up to 500 USDT if the referral complies with the deposit conditions and trading volumes;
    • Pay the user up to 350 USDT cashback if the referral keeps trading. In this case, the referral can receive up to 155 USDT as a cashback.
    Referral Friends Page
    Referral friends page

    All-Star Program

    The page All-Star Program contains a description and conditions of work for users wishing to become Phemex influencers. The program offers extended rewards to active promoters of the platform: increased payouts for attracting users, the formation of a multi-stage referral network, increased income from commissions for new traders.

    All-Star Program Page
    All-Star program page

    Phemex App

    In addition to the desktop version of the platform, Phemex has applications for smartphones running on Android and iOS. App download links can be found either by scrolling the exchange home page to the footer or by clicking the APP button at the top of the home page.

    Phemex App Download Links
    Phemex app download links


    Review and recommendation service Trustpilot rated Phemex at 2.9 points out of 5. Users speak well of the support service, user-friendly application and intuitive interface of trading terminals. The negative reviews are mainly related to high commissions for BTC and ETH withdrawals, groundless account blocking, problems with the support service, etc.

    It is worth noting that Phemex actively works with negative reviews and does not leave them unanswered.

    Phemex Pros and Cons

    Optional verification;
    Intuitive interface;
    Low trading fees;
    Copy trading and additional services for earning;
    A large number of bonuses for new users;|| ||Access to demo trading.
    Not available for some jurisdictions;
    Low liquidity compared to the top 10 exchanges;
    No fiat pairs.


    Can I trust Phemex?
    There were not any security problems with Phemex in the past. Anyway, despite the exchange being a popular one, Phemex is not controlled by any regulation organizations.
    Where is Phemex based?
    The headquarters of Phemex based in Singapore.
    Does Phemex accept PayPal?
    You can use Paypal at Phemex P2P service.
    How much does Phemex charge to withdraw?
    It depends on the specific coin you are trying to withdraw. For example it will be 0.00057 BTC for Bitcoin withdrawal.
    Can you withdraw from Phemex without KYC?
    No. You have to go through the KYC process to withdraw any coin.
    Can I withdraw from Phemex to bank account?
    Yes. Phemex supports withdrawal to bank accounts.
    Why are my funds frozen on Phemex?
    There could be a lot of causes of blocking one's funds on Phemex. To make the problem clear you should write to Phemex support service.
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    Agatha Redich
    Agatha Redich
    Articles author, editor
    Articles author and website editor. Works with texts for over 12 years. Among Agatha’s clients: Rossman, Zara, Bosch, ING Bank, Lexus and others. Crypto journalist since 2018. She wrote more than a hundred articles about cryptocurrencies and the crypto market. Agatha's professional credo is to reveal complex topics in an accessible and simple way.
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    Emil Rabin
    Emil Rabin
    Site expert
    Cryptocurrency expert and financial analyst. Emil has working experience in Bain and KPMG, collaborated with PayPal and Revolut, organized more than 30 educational events about blockchain and cryptocurrencies in Eastern Europe. An expert of the portal since 2022.
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