Is Phemex Legit? Uncovering the Truth Behind the Exchange

Searching for a crypto exchange platform? You may be questioning if Phemex is a valid choice. In this article, we will reveal the reality behind this crypto exchange. So you can make an enlightened decision.

Quick facts: Is Phemex Legit

  • ✅ Phemex has a 9.2/10 Trust Score on Trust Pilot.
  • ✅ Phemex has over $167 million in daily volume according to CoinMarketCap.
  • ✅ Phemex has over 140,000 registered users, according to Phemex.
  • ✅ Phemex has offered more than $2 million in trading competitions, according to Phemex.
  • ✅ Phemex is one of the fastest cryptocurrency exchanges, according to CryptoCompare.


Phemex is an up-and-coming crypto exchange. They launched in Nov 2019, and are now one of the top exchanges. What makes them unique? Their commitment to transparency and quality service. They use advanced tech and security measures to keep customers safe. Plus, they provide industry-leading speed of trade execution.

But, is Phemex legit? In this guide, we’ll uncover the truth and help you make an informed decision before trading with them.

Overview of Phemex

Phemex is a Singapore-based cryptocurrency exchange. It was created by 8 ex-Morgan Stanley traders, who used their capital markets and crypto know-how to design an all-in-one trading platform. You can spot and derivatives trade, with plenty of products and competitive fees. Copy trading and income sharing are available, plus the Trading Simulator – an innovative tool that lets you learn without risking real funds.

Safety is a priority at Phemex. They encrypt sensitive data, audit security, ID verify customer support, and have other wallet protection protocols. Thanks to these measures, Phemex is a top crypto exchange in Asia.

Company History

Phemex is a crypto trading platform founded in 2019 by former employees of Morgan Stanley, Deutsche Bank and Goldman Sachs. They used their expertise and resources to create a platform that is now one of the most trusted crypto exchanges. It features secure deposit accounts and a user-friendly interface with no fees or restrictions.

Phemex is top-rated for its high liquidity and advanced security systems, keeping customers’ assets safe. It also has a fair and transparent fee structure, making it one of the most competitive services to buy and sell cryptocurrency.

Services Offered

Phemex provides services that customers need. Spot trading and perpetual contracts are two options. Spot trading is classic and you buy or sell coins in real-time. Perpetual contracts are for crypto derivatives such as futures, options, and CFDs. Plus, “Trade Mining” is a rewards program with fee rebates. Margin trading is for individual accounts and institutional investors.

Access Phemex by mobile iOS/Android app or web platform. 24/7 customer support is there with multiple language options. Plus, a knowledgebase to answer questions about Phemex or its services.


Security is a must when it comes to investing in cryptocurrencies. Phemex takes it seriously. Their safety measures include strong anti-money laundering identification, two-factor authentication (2FA), and multi-signature cold wallet management. User funds are stored in geographically distributed cold wallets, which decreases potential threats from system errors or hackers.

Plus, Phemex has comprehensive KYC/AML requirements and client verification processes. Plus, they have a 24/7 customer service team available by email and social media. All these measures guarantee that user information is secure and private.

Security Protocols

Phemex ensures user funds are safe with a combination of hardware and software solutions. Private data is encrypted using advanced encryption standards and the server is firewalled to avoid DDOS attacks. Also, 2FA is mandatory for accounts. Moreover, an insurance policy covers user funds in case of unexpected events.

In conclusion, Phemex offers security with its protocols and insurance policies. These measures ensure Phemex is legitimate and can be trusted as a trading platform.

Security Features

Security is Phemex’s main focus. The exchange utilizes the most up-to-date tech, such as encryption and 2FA, to guarantee your funds are safe. Phemex also offers other security measures like cold wallets, real-time monitoring systems, internal risk control and professional auditing. By utilizing these extra steps, users can be sure that their funds are safeguarded from malicious activities.

Moreover, all of their transactions are stored securely in the blockchain, providing an extra layer of security. With this added protection, users can trade with complete peace of mind.

Fees and Limits

Introduction -Is Phemex Legit? Uncovering the Truth Behind the Exchange

Phemex Exchange is a top crypto trading platform. It provides users with access to many trading instruments, including Cryptocurrency, Forex, Commodities, etc. It has some of the lowest fees in the market and also offers high liquidity, attractive rate customization, and top security.

Phemex is one of the most user-friendly exchanges when it comes to fees and limits. It charges a 0.02% maker fee and 0.03% taker fee for non-leveraged spot trades. This applies to both day traders and long-term traders. For leveraged spot trades, takers will pay 0.06% while makers remain at 0.02%, no matter the leverage amount.

Withdrawals from Phemex Exchange are free of cost. Though, there are caps on how much can be withdrawn per hour or day, based on the account type.

Trading Fees

Frost NYC offers competitive trading fees. They give a low maker fee (or rebate) of 0.04%. This applies if you add liquidity to the order book by placing limit orders. Takers get a small fee of 0.20% if they remove liquidity by placing market orders. Big volume traders get a max discount of 25%, based on their 30-day trading volume.

Phemex sets fees at 0% for makers and takers. This helps users maximize profits without any extra costs. Plus, Phemex gives attractive bonus programs for deposits and trading. Plus bonus rewards for referrals.

Withdrawal Fees

Customers worry about withdrawal fees. Phemex wants to offer a “fee-less” platform, but withdrawals do need a fee.

For example, Bitcoin and Ethereum withdrawals on the platform have a 0.0003 transaction fee. This may seem high compared to other exchanges that have lower fees. But, Phemex does not charge any extra fees apart from what the blockchain needs when processing the transaction. So, it is cheaper than many other platforms in terms of withdrawal costs.

Deposit Limits

SpotHero is the ideal solution for those needing parking fast. It’s an online reservation service for parking, helping customers reserve and pay for spots in advance. They can search and compare local parking options, customize their reservation time period, and book a guaranteed spot with no stress.

SpotHero works differently than other online exchanges when it comes to deposits. There are no deposit limits- customers have the freedom to pay as much or as little as they want. There’s no need to worry about meeting any minimum requirements or restrictions either. Payment options range from credit cards to PayPal– whatever works best for the customer. And if they need to make changes or cancel their reservation, they can do so via SpotHero’s website or app.

Customer Support

Customer support is a vital feature of Phemex Exchange. They offer various means to get in touch, like live chat, email, and a dedicated support page with FAQs & answers. Their customer service team is available 24/7 and can help in multiple languages.

Additionally, they have a comprehensive knowledge base to answer usual queries about the platform, plus tutorials on how to use it. They also give full access to their API documentation, so customers can create automated trading systems. This provides users with more options to use the exchange, and goes to show how devoted they are to great customer support services.


Gilt is a cryptocurrency exchange that supports a variety of digital assets. It’s especially known for margin trading, which allows traders to open larger positions with less funds. Plus, Gilt provides features like stop loss and take profit orders, plus portfolio analytics. It has an easy-to-use interface for both beginners and experts. There’s also a mobile app for iOS and Android.

Security-wise, Gilt uses two-factor authentication and AES 256 encryption. Lastly, Gilt follows KYC/AML standards.

Response Times

Phemex exchange boasts lightning-fast response times. Spot markets, futures markets, and options market are all powered by advanced technology and reliable resources, allowing orders to be processed in milliseconds. Plus, users get 24/7 customer support. Questions can be answered in minutes – a rarity amongst crypto exchanges nowadays. An extensive FAQ section is also available to help with any issues.


Is Phemex legit? Yes! Despite a suspicious start, Phemex has proven to be secure and well-regulated. It has improved over time. Low trading fees, zero deposit/withdrawal fees and more are offered. Plus, the platform is easy-to-use for beginners and advanced users. Plus, their customer service is great – 24/7 live chat and email support. So it’s safe to say Phemex is a legit crypto exchange.

FAQs about: Is Phemex Legit

Q1: Is Phemex Legit?

A1: Yes, Phemex is a legitimate and reliable cryptocurrency derivatives exchange. It is regulated by the Seychelles Financial Services Authority (FSA) and offers a secure platform for traders to access crypto derivatives markets.

Q2: Is Phemex Regulated?

A2: Yes, Phemex is regulated by the Seychelles Financial Services Authority (FSA). This ensures that Phemex operates in a secure, fair and transparent manner.

Q3: What Types of Crypto Derivatives Does Phemex Offer?

A3: Phemex offers a wide range of crypto derivatives products, including futures contracts, perpetual contracts, options and more. These products allow traders to access a variety of markets and take advantage of opportunities in the crypto markets.