Phemex
Phemex
An exchange founded by an ex-Morgan Stanley team, with over 10 million users and 0% spot fees. The zero spot fee requires a $9.99/month Premium subscription, however, and the platform is unavailable in the United States.
Data & conditions
| Maker / Taker fee | 0.01% / 0.06% |
|---|---|
| Markets | Spot + Derivatives |
| Max leverage | 100× |
| Supported assets | 300+ |
| Trading pairs | 600+ |
| 24h volume | $2B |
| Fiat on-ramp | Yes |
| Deposit methods | SEPA, SEPA Instant, SWIFT, Bank wire transfer, Credit/Debit card, Apple Pay, Google Pay, Crypto deposit |
| Geo restrictions | US, GB, CA-ON, CA-QC, CA-AB, CA-SK, AE, AU, CN, HK, IN, ZA, IR, KP, SY, CU, VE |
| Fund custody | Custodial (platform holds funds) |
| KYC | Full |
| Supported countries | APAC, EEA · 60+ countries |
| Regulator | FinCEN, Lithuania FCIS, Poland |
| Segment | B2C |
| MiCA / License status | VASP Registrazione Singapore |
Strengths
- 0% fee spot (Premium); ex-Morgan Stanley team; 10M+ users.
- No notable sovereignty advantage documented.
Weaknesses
- 0% spot only with abbonamento; no USA.
- Custodial: the platform holds your funds and can freeze or lose them.
- Full KYC required: verified identity, zero pseudonymity.
- Subject to regulation (Registrazione Singapore): reporting to authorities and freezes on order.
- Geographic restrictions (US, GB, CA-ON, CA-QC, CA-AB, CA-SK, AE, AU, CN, HK, IN, ZA, IR, KP, SY, CU, VE).
Verdict
The positive score reflects a serious platform: founded by an ex-Morgan Stanley team, over 10 million users and very low fees (0.06% taker, 0.01% maker). The asterisk holding the score back is that 0% spot requires the $9.99/month Premium subscription, plus unavailability in the US; regulation rests on a Singapore registration. It is available in Italy.
For the crypto-native, Phemex remains a custodial with full KYC: aggressive fees don't buy sovereignty, because the keys are never the user's and anonymity is ruled out. Leverage up to 100x on derivatives speaks to speculators, not to anyone seeking self-custody, privacy or censorship resistance.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
What are Phemex's fees?
On Phemex, spot fees are maker 0.01% / taker 0.06%. They drop with monthly volume and VIP tier.
Is Phemex regulated in Europe?
Regulatory status of Phemex: Registrazione Singapore. Licence: VASP.
Does Phemex publish Proof of Reserves?
Phemex publishes Proof of Reserves. No third-party reserve audit is documented. Reserve transparency is a critical factor after the FTX collapse.
Can I send transfers to third-party IBANs from Phemex?
No, Phemex is an exchange and does not allow transfers to third-party IBANs: fiat withdrawals return to a bank account in your own name.
Does Phemex support derivatives and futures?
Phemex offers derivatives trading, with up to 100x leverage.
Sources
- Official service page Maker/taker fees · Regulatory framework · Derivatives · Proof-of-Reserves · +3 Data verified on Jun 15, 2026
- algotradinglib.com Founders Data verified on Jun 15, 2026
- blocktelegraph.io Proof-of-Reserves Data verified on Jun 15, 2026
- bugcrowd.com Bug bounty Data verified on Jun 15, 2026
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- crunchbase.com Latest funding round · Investors Data verified on Jun 15, 2026
- forklog.com Trading pairs · 24h volume · Volume data · Geographic availability · +1 Data verified on Jun 15, 2026
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