Ranked in 2 of 16 countries · Exchange
Phemex Review (October 2026): Fees, Licences and Where It Works
By Vahe Hakobyan Verified No affiliate links
- Taker fee0.10%
- Maker fee0.10%
- Coins600
- CustodyCustodial
- Founded2019
- Headquarters— Not verified
Our verdict
Phemex is a centralized exchange launched in 2019 that focuses on perpetual futures and copy trading, with spot, earn, a card and P2P. Base spot fees are 0.1% per side. It publishes monthly Merkle-tree reserve reports and covered user balances after a January 2025 hot-wallet hack.
Pros
- Monthly Merkle-tree reserve reports
- Wide product set incl. copy trading and card
- Users made whole after the 2025 hack
Cons
- About $70M hot-wallet hack in January 2025
- Fee table hidden behind login
- Coin count claims conflict with public API
Where Phemex works
How secure is Phemex?
- Proof of reserves
- Yes - monthly Merkle-tree PoR; April 2026 report shows about 131% overall coverage
- Custody
- Custodial
Incidents since 2019
- 2025hackOn 23 Jan 2025 attackers drained Phemex hot wallets on several chains (about $70M per analysts); withdrawals were restored by February and Phemex reported no user losses.
Crypto held on a platform is generally not covered by deposit insurance.
What you can do on Phemex
- Spot
- Futures
- Margin
- Staking
- Earn
- Copy trading
- Card
- P2p
Products can differ by country; check what the platform offers where you live.
Phemex FAQ
Where is Phemex available?
Among the countries we cover it accepts residents of Serbia, Ukraine. It is not available in India, USA.
What are Phemex's trading fees?
At the base tier of its main order book Phemex charges 0.10% maker and 0.10% taker. Volume tiers and promotions can lower this.
Does Phemex publish proof of reserves?
Yes - monthly Merkle-tree PoR; April 2026 report shows about 131% overall coverage
Not financial advice. Crypto prices are volatile and you can lose everything you put in. World-Crypt earns nothing from the platforms reviewed here.