Phemex Exchange Review

Phemex is a professional-grade Cryptocurrency exchange offering both Bitcoin spot and options trading. The exchange offers an innovative zero-fee trading model where fees are not charged per transaction. Phemex also offers Bitcoin, Ethereum, and Chainlink Perpetual futures. The exchange is built by ex-Morgan Stanley executives, aiming at providing institutional-grade trading tools and security. Derivatives trading allows traders to increase their exposure to certain assets and the ability to “short”.

Key Features of Phemex

  • Free trades on Spot Exchange (Premium account)
  • Institutional grade trading and security
  • Robust trading insurance
  • Free deposit fees
  • Ability to Leverage up to 100X margin

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Phemex Spot Exchange & Free trades

One of the key advantages of Phemex exchange is the ability to have free zero fee trades. This concept is groundbreaking for the cryptocurrency exchange industry because the previous model charged trading fees for both buying and selling crypto. These fees would add up over time, with many traders paying thousands of dollars to cryptocurrency exchanges. With Phemex, these traders can take advantage of the zero fee trading model and only pay a monthly premium of $9.99 USD per month. This is a huge game changer for cryptocurrency daytraders and technical analysts.

Phemex is also offering a US$6,050 sign up bonus, as well as 2 BTC and 10,000 USDT in trial funds! Sign up here.

I think that this is a trend and responsibility of exchange is to reduce fees for small capital users And, for the institutional clients, they willing to pay more fees, but to have a better service, like data-wise, analysis wise, right? So that’s two different groups. So we, and we announced our zero fee permission, they just to benefit our retail customers.

Jack Tao, CEO of Phemex

Bitcoin Perpetual Futures

The core trading product offered by Phemex is cryptocurrency derivatives trading such as Bitcoin Perpetual Futures. Derivatives are financial tools that derive value from the underlying product – in this case cryptocurrencies such as Bitcoin. Phemexexchange trades contracts based on the underlying asset instead of the asset themselves – this allows higher leverage and more types of products. Phemexallows up to a 101X max leverage on derivative products. This means a 1% change in the price of Bitcoin could result in 100% change in the funding amount – potentially allowing traders to double or nothing on the exchange. This type of leverage is popularized by the BitMEX exchange which also allows 100X leverage.

Supported Countries

Phemex exchange is restricted to those in the following countries and jurisdictions: United States, Cuba, Quebec, Singapore, North Korea, Sevastopol, Sudan, Iran, Syria. And any other countries where it is illegal to trade cryptocurrencies.

Supported Cryptocurrencies

Phemex only 6 cryptocurrencies for the time being: Bitcoin, Ethereum, Ripple, ChainLink, Tezos, Litecoin. Though for contracts, Phemex also does offer a GOLD/USD trading pair.

Phemex Trading take profit orders and stop-losses

Take Profit and Stop loss triggers on Phemex

One of the key advantages of Phemex is use of stop-loss and take profit orders. These orders allow professional traders to fine-tune their trading strategies and set up opportunities to take profit or stop-loss. By default, Phemex has quick options to take profit at 25%, 50%, 75% and 100% profit. These can be set when the initial position is established with a clear indication the mark price and estimated profit or loss. It’s important to remember that when take profit or stop losses are triggered, the position will be sold as a market order – meaning that the algorithm will automatically match a trade even if it’s not at the same price.

Phemex Fees

Trading Fees

The trading fees on Phemex is set at 0.025% for makers and 0.075% for takers. There is no addition transaction fee for the exchange, so users can trade even small quantities without fear of having overwhelming fees. Taker fees are higher as the exchange promotes users to fill the order books and establish higher liquidity for the exchange.

Funding rate shown on Phemex

Funding fee is feature that is extremely important to take into consideration on Phemex. Funding rate is paid directly to holders of either long or short positions depending if its “negative funding” or “positive funding” rate. On Phemex, the fee is charged every 8 hours and can be negative or positive – meaning it’s possible to gain or lose money every 8 hours. If funding rate is negative, shorts holders will pay longs a percentage of their position. In the example above, the funding rate is -0.0094%, so short holders will be charged 0.0094% of their entire position. This also means that long holders will gain interest on their position.

Deposit/Wtihdrawal fees

Phemex does not charge a deposit fee, but there are minimum deposit requirements. As for withdrawals, there is also a minimum withdrawal limit and the fee charged depends on the cryptocurrency. For example, Phemex charges 0.0005 BTC for BTC withdrawals, and 1 USDT for USDT withdrawals.

Deposit/withdrawal fees on Phemex
Deposit/withdrawal fees on Phemex

Find out more about Phemex’s fees and conditions.

Payment methods

Phemex only accepts the following cryptocurrency deposits onto the Exchange: Bitcoin, Ethereum, ChainLink, Tether and Ripple. Due to the Exchange not having any KYC procedures in place, traditional payment methods such as credit or debit cards and PayPal are not accepted.

Phemex Welcome Bonus

The exchange currently offers a welcome bonus of $6,050 USD for new signups.

Phemex offers $72 USD as a welcome bonus for new user registrations

Sub-accounts feature

Phemex sub accounts

Phemex offers an easy method to create sub-accounts – each with their own individual account balances and permissions. This feature allows traders to isolate their different trading strategies from each other – as it is possible to set a limited balance to each sub-account. Balance can be transferred freely between the accounts via the sub-account system. Traders can create new accounts for each new strategy they want to test out. In addition, sub-accounts can be used for trading bots – so automated trading can be done within controlled limits.

Is Phemex Exchange Safe?

There are two key factors to consider when evaluating if Phemex is a safe exchange to trade on – exchange fund protection and leveraged trading insurance. The most important consideration is if the exchange is safe from hackers- this is because crypto exchanges typically a huge b

Phemex processes withdrawal requests 3 times/day, and each request is rigorously scrutinized by both operators and founders. Based on our sophisticated Wall Street risk control experience, we are able to detect any malicious actions and quickly act to protect the assets of our users and platform. Qualified withdrawal requests are also processed via offline signature, thereby all assets remain 100% stored in a cold wallet system with all operations conducted offline.

Phemex Team

The core of Phemex team is comprised of ex-Morgan Stanley executives and developers. CEO Jack Tao has worked at Morgan Stanley for 11 years with experience developing Equity trading algorithms in the US. This work is pivotal to Phemex’s long term growth strategy and mission to bring professional trading tools to the cryptocurrency space.

Phemex Core Team

Conclusion: Phemex Exchange Pros and Cons


  • Developed by ex-Morgan Stanley Executives
  • Industry trend-setting Zero Fee Trading
  • Sub Accounts and easy to use APIs
  • Top tier exchange and wallet security
  • No KYC for small withdraws


  • Relatively new.
  • Regional restrictions without providing alternatives for users from those jurisdictions.


AltcoinBuzz – Phemex Exchange Highlights.
CoinExchangeReviews- Phemex Review

Frequently Asked Questions (FAQs)

Is Phemex Exchange Regulated?

Phemex is currently looking for regulation via the Monetary Authority of Singapore (MAS) and SEBA for custody of customer assets. Similar to other derivatives exchanges such as BitMEX, PheMEX is currently not regulated.

Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

Services offered
Cryptocurrency support
Trading Fees
Trade Volume / Liquidity
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Michael Gu, Creator of Boxmining, stared in the Blockchain space as a Bitcoin miner in 2012. Something he immediately noticed was that accurate information is hard to come by in this space. He started Boxmining in 2017 mainly as a passion project, to educate people on digital assets and share his experiences. Being based in Asia, Michael also found a huge discrepancy between digital asset trends and knowledge gap in the West and China.
phemex-exchange-reviewPhemex exchange offers some of the cleanest trading experiences we've seen. Orders are both easy to execute and deserve special praise for added features such as Stop Loss and Take Profit. Order-matching was also very efficient and we didn't notice any lag / delay. This is exchange we will keep an eye on, especially to see how the high efficiency order matching engine performs during extreme price volatility.


  1. Hello, I’m looking into trading bitcoin with a 2x leverage.
    Would you or anyone be able tell me the recommended stop loss to use and does 2x mean I would be trading two shares of bitcoin.
    Bitcoin trading can be confusing sometimes.
    Any help would be greatly appreciated.

  2. I think you should consider amending your review of Phemex. Upon looking closer it is a bait and switch business model claiming to have 0% fees on spot trading.  What they do instead is have a gap where they don’t show you the quotes where trades/transactions are being placed.  They are missing the top 10 or bottom 10 so you are always overpaying for the trade.  When you place a market trade is far above the market where other trades are being processed. Take a screen shot and you can see what they charge. It’s mostly a pyramid scheme of getting others to sign up and sharing commissions which outlines that they actually do charge very high fees.   On their page related to starting your own business of Phemex All Stars “The customer makes one trade worth $1,000 and pays 0.25% in fees, equivalent to $2.5.”  Meaning you are actually paying higher than other exchanges which are often .1% they simply mask it by giving you a price that is 25% different.   On top of that the trading platform is mediocre.  As if all that weren’t bad enough they want to charge you a monthly fee because you imagine you are getting 0% fees.  Great business model for their own profits and possibly “all stars” but horrible everything for actual traders.

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