Hugely disappointed in Phemex. Looked a good exchange, put in contract to represent them and all was going well until they needed to pay me money for hitting targets.. they terminated the contract im... See more
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I would steer clear of Phemex, one of the worst leveraged trading platforms there is. I am a successful trader with high percentage of wins. Once the platform recognised this, the app then begins to m... See more
Took my SOL happily, made it a nightmare to withdraw my own funds. Honesty I'm sick of using CEX, I am going to use DEX from now on because all this 2FA, KYC, 24 hour withdrawal holds, security checks... See more
Company replied
Phemex lures people in with promises of large sign-up bonuses, but there are very significant strings attached to virtually all of the offers (e.g., a requirement that you have to trade a cumulati... See more
Company replied
Company details
Information provided by various external sources
Phemex is the fastest Bitcoin futures trading platform, founded by 8 Ex-Morgan Stanley Executives. No overload, no downtime. We provide 24/7 hours customer service support.
Contact info
Singapore
- phemex.com
You should know
2.3
Poor
269 reviews
Hasn’t replied to negative reviews
How this company uses Trustpilot
See how their reviews and ratings are sourced, scored, and moderated.
Bonus disappeared!
So before someday, I signed up on phemex and opened my account. I got the $10 bonus. I used it today to make just a dollar (as I'm new in perpetual future trading). So I transferred the available balance of $1 to my spot wallet and surprisingly my bonus disappeared from the futures wallet. Now I can't even withdraw the $1 as there's a minimum of $2 required. Very disappointed with the disappearance of my bonuses. I won't prefer it.
27 August 2021
Unprompted review
Reply from Phemex
Dear Cryptographer,
What are Trading Bonuses for?
Trading bonuses can be used for Contract Trading: You can apply these bonus fund to:
Open New Positons
Pay Fees
Cover Losses
NOTE: Bonuses will cover up to 50% of your fees and losses before your own funds will be used.
Restrictions and Limitations
Trading bonuses cannot be withdrawn or transferred between accounts and wallets! Attempting to withdraw any trading bonus will immediately cause all bonus funds to be removed from that individual trading account. Any bonus funds in a separate trading account will still remain available. Only profits generated from trading bonuses can be withdrawn.
It is forbidden to create multiple accounts for multiple bonuses. If our system detects accounts with the same IP Address or GUIDs, all offending accounts will immediately be frozen and banned.
For more info visit https://phemex.com/announcements/new-welcome-bonus-and-restrictions
About our withdraw limits you will find more info here: https://phemex.com/fees-conditions
If you have any remaining questions, please don´t hesitate to contact us directly at www.phemex.com.
We are here 24/7 to support you.
Best regards,
Team Phemex
High withdrawal fees
The withdrawal fees for BTC and ETH are quite high but so far so good.
10 August 2021
Unprompted review
Reply from Phemex
Dear Socrates,
we understand your disappointment, but this is not something arbitrary in Phemex and it is an industry standard for centralized exchanges.
Miner´s fees are high, for example Phemex charges 0,00057 BTC, which a competitive one.
Has been exactly the same since exchange was launched in Nov 2019.
Sadly, BTC is not worth 3500$ anymore, but around 50.000$, so instead of less than 2$, mining fee is currently around 30$.
Another solution could be that you withdraw for example USDT via tr20 for zero fees.
You can find our conditions about withdrawal fees here https://phemex.com/fees-conditions
If you have any remaining questions, please don´t hesitate to contact us directly at www.phemex.com.
We are here 24/7 to support you.
Best regards,
Team Phemex
Worst app lock your account and take…
Worst app lock your account and take your money
Also close there support for you
Worst app i see in my life take my all money that i earn in a year this is worst app
All reviews are paid which give 5 star to this fake app
4 August 2021
Unprompted review
Reply from Phemex
Dear carry minati,
we are sorry to hear about your experience and hope your case is meanwhile solved.
If not please contact customer support at support@phemex.zendesk.com.
You can also contact us directly at www.phemex.com. We have live agents 24/7 available.
Best regards,
Team Phemex
Danger! READ!
Ok thank goodness I’m going to be straight forward! Beware! If your not too smart and dont know much about the stock exchange market you will definitely loose all your money you put into it!!!! So please dont do something such as, buying crypto contracts if you dont know what on earth your doing because you will make some money and/or for sure loose all your money!!!!
So dont be a smartass and say its not your fault when you lose your pwn money by being a show off.... plus customer service is great and very useful,
Caution! Beware people with brains that think your too smart and try too hard, you will never realize how easy it is to click on the live support chat
you will end up getting mad and feel like a person who is Talking to a robot, dont get hot headed, sure
Well with that over i say its well designed! Like all new skills you want to learn, their system i say its complicated. Got me hooked and started staring at charts as if i was making a dollar start adding zeros.... you see my dollar didnt turn into zeros, it started adding zeros behind it instead..
.there’s videos to learn and earn real money! what is given or i say earned by learning impressive.....when self taught , like me myself and i,
everything is fascinating
23 July 2021
Unprompted review
Reply from Phemex
Hi there Martin, :)
Thank you for sharing your honest feedback! We completely understand your caution, and we always recommend doing thorough research and understanding how the market works before jumping in. Crypto trading, especially with leverage and contracts, can be risky, so it’s important to only invest what you can afford to lose.
We’re glad to hear that you found our customer service helpful and that you appreciate the design of the platform. It’s great to know you’re enjoying the learning resources as well! Remember, if you need any support or have questions, we’re always here for you. Feel free to reach out at support@phemex.zendesk.com.
Happy trading, and good luck on your crypto journey!
The Phemex Team
Investor beware do not put your money…
Investor beware do not put your money in Phemex you will not get a bonus if you were promised customer service is nonexistent you can get someone on chat all they will do is keep emailing you links for you to read stuff that is supposed to solve the problem that you’ve already read 100 times and have it printed off and laying beside of you then act like they really done something and they will not let you withdraw your money it takes you round in circles there is no way to move it out you can move it from one account to another inside the platform which you cannot move it out you cannot transfer it to your bank you cannot transfer it to another platform they hold it hostage so put it in at your own risk it is a scam I have never seen anything like it in my life is the worst platform you can ever imagine
10 July 2021
Unprompted review
Reply from Phemex
Dear Tony Chapman,
we are sorry to hear about your experience and we hope that meanwhile all your issues have been solved.
We understand that it can be confusing at first signing up on a new exchange.
We hope our chat agents had sent you all info about your questions and you have read everything carefully.
Just in case here is all info provided again:
The bonus requirements you will find here https://phemex.com/bonus
You can find our conditions about withdrawal limits and fees here https://phemex.com/fees-conditions
You could for example withdraw USDT via tr20 for zero fees.
Also please look up this link of how to make a withdrawal in general https://phemex.com/getting-started/how-do-i-make-a-withdrawal
About bank wire we have a third party that offers this service https://phemex.com/otc/legend-trading
and here is an instruction about how to enable OTC service https://phemex.com/getting-started/how-do-i-use-the-phemex-otc-service.
Here is a list of OTC supported countries https://phemex.com/getting-started/supported-countries-regions-for-phemex-otc-services.
If you have any remaining questions, please don´t hesitate to contact us directly at www.phemex.com.
We are here 24/7 to support you and hope to see you soon again.
Best regards,
Team Phemex
I think Phemex has a good UI
I think Phemex has a good UI. Had lots of trade. The liquidity is fair in my opinion.
2 July 2021
Unprompted review
Reply from Phemex
Thank you for your feedback! We're glad to hear you're enjoying the Phemex UI and trading experience. Wishing you the best in your trading adventure!
Reply from Phemex
Hi there,
Thank you for your review! We’re glad to hear you’re enjoying our promos. If you ever have any questions or need assistance, feel free to reach out to us at support@phemex.zendesk.com.
Happy trading!
The Phemex Team
DO NOT USE! Update!
In the time since I wrote the following review my account has been restored and have received 40 USD. The rest...you decide...
I tried it out. Used the 10 USD bonus. Even made a few withdrawals. But in the end they said I tried to get the bonus again and closed my account I'm still waiting for the rest of my BTC to be returned to me. They told me it would be the end of the next quarter but I haven't seen anything. First of all why would I even have the option to click on a stupid 10 USD bonus for a second time and 2 where is my money. This is outright theft.
DO NOT USE THIS EXCHANGE!
Only thing they excha get is your money to their money.
21 June 2021
Unprompted review
Reply from Phemex
Dear Brian Oliver,
apologies for the bad experience, our system deploys multiple security measures to avoid bonus farming with multiaccount.
It is forbidden to create multiple accounts for multiple bonuses https://phemex.com/announcements/new-welcome-bonus-and-restrictions.
If our system detects accounts with the same IP Address or GUIDs, all offending accounts will immediately be frozen and banned.
Sadly there could be a false positive if you share wifi (in a cybercafe for example). We are glad you got your funds back and hope to see you soon again.
If you have any remaining questions, please don´t hesitate to contact us directly at www.phemex.com.
We are here 24/7 to support you.
Kind regards,
Team Phemex
What a fraudulent company
What a fraudulent company. When I deposited my profit for withdrawal they blocked my account. I can't assess my account anymore. After all my money I invested. Really wicked human beings. With all the difficulties in the country going on. Never you put your money on Phemex. When I tried calling it was scammers.
12 June 2021
Unprompted review
Reply from Phemex
Dear Relindis Tanyi,
apologies for the bad experience, our system deploys multiple security measures to avoid bonus farming with multiaccount.
It is forbidden to create multiple accounts for multiple bonuses https://phemex.com/announcements/new-welcome-bonus-and-restrictions.
If our system detects accounts with the same IP Address or GUIDs, all offending accounts will immediately be frozen and banned.
Sadly there could be a false positive if you share wifi (in a cybercafe for example). Anyway you won't lose any deposit.
Please proceed with KYC to get a full refund.
If you have any remaining questions, please don´t hesitate to contact us directly at www.phemex.com.
We are here 24/7 to support you.
Kind regards,
Team Phemex
Unstable platform and support can't (won't) solve my case and play for time!
Unstable platform and support can't (won't) solve my case and play for time!
Phemex is extremely unstable every time during turbulent markets or times. This means that the platform often hangs for a long time and you cannot act quickly enough in critical situations. The result: LOSSES!
The support is friendly but not really solution-oriented! I closed a trade with a profit, but the profit was not credited to the PNL and balance. I have now written the support 3 times and after each cover letter I am just delayed and empty promises are made. But the case was not solved! I've been waiting several weeks but still haven't received a credit.
In my eyes, Phemex is dubious and suggests SCAM and fraud.
In the meantime I have left this platform and will delete the account there. I'm going back to bybit.com
ADDENDUM 1.12.2021: In the meantime, the support has actually contacted me again. I still haven't received the missing amount, but at least part of it has been given to me in the form of a bonus. Better than nothing. I started trading on phemex again, but initially only with very small amounts. I do bigger trades at bybit.com. So Phemex will use the small amounts to monitor whether there are still unstable situations, especially when the market is highly volatile. If Phemex proves to be stable in the future, then I will also trade larger positions. So I'm increasing my rating from 2 to 3 stars for the current status.
12 June 2021
Unprompted review
Reply from Phemex
Dear FG,
if you experience any issues with phemex website, you might wanna use chrome browser.
Phemex is optimized for chrome browser and you will have with chrome the best user experience.
Might also be a good idea to set your stop losses and take profits directly at the beginning when your open a trade.
Cryptocurrency is very volatile and risk management is very important, so you can avoid having big losses!
More info on following link https://phemex.com/blogs/risk-management-in-cryptocurrency-derivatives-trading.
We hope your trade request about your PNL got resolved meanwhile and apologize that you had to wait so long for your answer.
If you have any remaining questions, please don´t hesitate to contact us directly at www.phemex.com.
We are here 24/7 to support you and hope to see you soon again.
Kind regards,
Team Phemex
Best Scammer Award for 2021 goes to Phemex
They are the best scammers. Please nevwr put your money by mistake also. They locked my account saying i have more than one account. When they asked to provide KYC docs which i have already submitted its being 1 month and no response from their email or chat support. Stay away guys from such scammers...
27 May 2021
Unprompted review
Reply from Phemex
Dear Rochdale Athaide,
apologies for the bad experience, our system deploys multiple security measures to avoid bonus farming with multiaccount.
It is forbidden to create multiple accounts for multiple bonuses https://phemex.com/announcements/new-welcome-bonus-and-restrictions.
If our system detects accounts with the same IP Address or GUIDs, all offending accounts will immediately be frozen and banned.
Sadly there could be a false positive if you share wifi (in a cybercafe for example).
Anyway you won't lose any deposit and we hope meanwhile that your funds got credited back.
If you have any remaining questions, please don´t hesitate to contact us directly at www.phemex.com.
We are here 24/7 to support you.
Kind regards,
Team Phemex
So-so platform and terrible support
Platform is painfully vanilla and mobile application practically unusable. Execution is dependable and slippage is minimal.
Couldn't hold up during the big crash in May 21', but that was not limited to them so not a big negative.
They run multiple gotcha promotions with poor T&Cs to fark with you, best avoided. Their withdrawal system is antiquated which is the biggest negative and a big no-no for me.
Support is outsourced to some third party schmuck who has no idea how to help you and simple cuts and pastes from their website. Practically non-existent.
Best avoided, there are many better options out there.
26 May 2021
Unprompted review
Reply from Phemex
Dear Matt Jones,
we are sorry to hear about your experience.
We had recently an app upgrade and optimized the user interface and added many new features.
Maybe you want to take a look at google/apple store?
Also if you experience any issues with phemex website, you might wanna use chrome browser.
Phemex is optimized for chrome browser and you will have with chrome the best user experience.
Why are withdrawals at phemex only 3 times a day for normal users?
It is because we store our assets in cold wallets and credit every withdrawal manually.
Please read more about our Wallet Security practices on following link https://phemex.com/security.
The inconvenience is worth the value added; and at least for the majority of customers, the most important is the safety of the funds.
Since hourly withdrawals cost the exchange more effort, it´s only for premium members enabled.
Premium members enjoy also other advantages, for example zero fees for spot trading.
See more on following link https://phemex.com/premium.
If you have any remaining questions, please don´t hesitate to contact us directly at www.phemex.com.
We are here 24/7 to support you and hope to see you soon again.
Best regards,
Team Phemex
One of the best exchanges i have trade…
One of the best exchanges i have trade crypto on. Most trusted team
17 May 2021
Unprompted review
Reply from Phemex
Hi Islam, :)
Thank you for your fantastic review! We’re thrilled to hear that you consider Phemex one of the best exchanges and trust our team. Your support means a lot to us.
If you ever need any assistance, feel free to reach out to us at support@phemex.zendesk.com.
Happy trading!
The Phemex Team
Worse then the tax system
The Platform is nearly perfect, but the fact that you cant withdraw your money, without using another platform is ridiculous.
I made a smaller deposit, as i wanted to try it out, but when i wanted to cash out, i was told that you have to make a deposit greater then 500 dollars to get your money withdrawed to the bank, otherwise they are stuck as cryptovaluta unless i go to someone else and make ONE MORE trading profile and then transfer to them, so they can put my money back in the bank.
If only it was SO DAMN HARD when we had to give them money, people would never spend a dime that way!..But apparently taking money is much easier.
10 May 2021
Unprompted review
Reply from Phemex
Dear Dennis Nielson,
please kindly notice that we don't process any fiat transactions, only crypto.
You have 2 options to withdraw your funds to a bank account.
Option 1.
You may use the OTC service and withdraw it to your bank account. Please be aware of the minimum withdrawal limit is 50 USD and there is a 30 USD wire fee if the withdrawal amount is less than 50K USD
Please double-check whether your country/region is supported or not.
https://phemex.com/getting-started/how-do-i-use-the-phemex-otc-service
https://phemex.com/getting-started/what-is-the-phemex-otc-service
https://phemex.com/getting-started/supported-countries-regions-for-phemex-otc-services
You can wire your bank account from this link: https://phemex.com/otc/legend-trading
Option 2.
You may also send your cryptocurrency to any other exchange that supports crypto to fiat, such as Kraken, Coinbase, Binance, you will be able to exchange your crypto for USD, EUR, and other fiat currencies there.
You can find withdraw function from your Assets page. You can find the Assets entry at the top right corner. Then you can follow the steps https://phemex.com/references/articles/how-do-i-make-a-withdrawal
If you have any remaining questions, please don´t hesitate to contact us. We are 24/7 available.
Best regards,
Team Phemex
DON'T USE !!! LOCKED MY ACCOUNT WITH NO EXPLANATION
Locked my account with no explanation. I was using it for just one day, bought bitcoin with banxa, and next day my account locked with NO EXPLANATION, and my funds stuck in wallet. Contacted them via E-Mail but no response. Don't use this site
9 May 2021
Unprompted review
Reply from Phemex
Dear Nano Andersson,
apologies for the bad experience, our system deploys multiple security measures to avoid bonus farming with multi-account.
It is forbidden to create multiple accounts for multiple bonuses https://phemex.com/announcements/new-welcome-bonus-and-restrictions.
If our system detects accounts with the same IP Address or GUIDs, all offending accounts will immediately be frozen and banned.
Sadly there could be a false positive if you share wifi (in a cybercafe for example).
Anyway you won't lose any deposit and we hope that meanwhile your issue has been solved.
If you have any remaining questions, please don´t hesitate to contact us directly at www.phemex.com.
We have a live support and we are available 24/7 to support you.
Kind regards,
Team Phemex
Phemex is a scam
Phemex is a scam. My money which I transferred there disappeared after i hadn’t logged into my account in more than a month. I have been given no explanation about why my money has disappeared. Fortunately I can afford to lose that kind of money but this situation would break most people. Don’t use phemex. It’s terrible.
8 May 2021
Unprompted review
Reply from Phemex
Dear Tina,
you can locate your past transactions such as withdrawals and trades on following links:
https://phemex.com/assets/withdrawal
https://phemex.com/assets/funds
https://phemex.com/assets/contract-trade-history
Have you contacted the online support at www.phemex.com?
The tech team can help you with your questions and they can locate also suspicious activities.
We are here 24/7 to support you and hope to see you soon again.
Best regards,
Team Phemex
Biggest Scam of 2021 phemex
From my personal experience,I would say this is the Best scam of 2021. I started trading in the platform and earned few $, at the time of withdrawal they freeze my fund. They told me I need to perform KYC inorder to unlock the fund. But after I submitted my Documents for kyc they locked my account. I tried contacting support care via email and official chat but the response was worst all they say is it will take time. I've been contacting for the past 4 day but nothing changed. So if you guys are thinking of trying this platform think twice and search more on the internet before investing.
8 May 2021
Unprompted review
Reply from Phemex
Dear Dharmaraj,
apologies for the bad experience, our system deploys multiple security measures to avoid bonus farming with multiaccount.
It is forbidden to create multiple accounts for multiple bonuses https://phemex.com/announcements/new-welcome-bonus-and-restrictions.
If our system detects accounts with the same IP Address or GUIDs, all offending accounts will immediately be frozen and banned.
Sadly there could be a false positive if you share wifi (in a cybercafe for example).
Anyway you won't lose any deposit and we hope meanwhile that your funds got credited back.
If you have any remaining questions, please don´t hesitate to contact us directly at www.phemex.com.
We are here 24/7 to support you.
Kind regards,
Team Phemex
Terrible experience trading - possibly the worst platform in existence.
Terrible experience trading. I have lost thousands on this site over the past few days. Trading is manipulated by admins. If you open a position, suddenly the markets stop and shoot in the other directly. I’ve been trading for 6 years. This place is marketed as “no fee” that’s a total misrepresentation. There are boatloads of fees on top of the membership fee you pay. It’s all a joke. Would I recommend Phemex? Not even to my worst enemy. You have been warned. Don’t make the same mistake I have. No thanks.
29 April 2021
Unprompted review
Reply from Phemex
Dear Webber Vick,
about the trading manipulation by admins, this is simply impossible since Phemex employs a dual-mechanism system.
More info here https://phemex.com/user-guides/mark-price-and-dual-price-mechanism#:~:text=The%20Phemex%20mark%20price%20is,index%20price%20or%20mark%20price.
The last Price or Market price is the last price of any trade that takes place at the Phemex platform. The important guide is that "Mark Price" (fair price) used on the Phemex platform is a price computed as average derived from six spot exchanges: Coinbase, Bitstamp, Kraken, Binance, OKex, and Huobi. The main reason we implement a dual price mechanism is to avoid price manipulations in the best interest to protect the user's position, we will demonstrate it in a sample case. Simple example: The average Bitcoin price on the main exchanges is in the 8000 - 8010$ range. Phemex Mark Price = 8005,5$ Phemex Last Price = 8007,5$ You are shorting the position and your liquidation price is 8030$. All of a sudden, a user has just bought 1,000,000 and it dramatically increased Phemex last price up to 8335$ (for one second) and the mark price is 8008$. Notice that 8335$ is higher than your liquidation price and it means your position would get liquidated if there is no Mark Price. Fortunately, the reality is liquidation will only be triggered by mark price on Phemex, therefore, your position will not get liquidated in the above case. To conclude, Mark Price is in the trader's favour since it's more independent than the Last Price. Here is the link to view the Mark Price chart: https://phemex.com/contract/mark-price
About our fees all is clearly stated on our website. You can for example withdraw for zero fees via tr20 and trade in spot for zero fees as Premium or Premium trial user on web or app. More info here https://phemex.com/fees-conditions
Detailed info about our Premium membership and other advantages here https://phemex.com/premium
If you have any remaining questions, please don´t hesitate to contact us directly at www.phemex.com. We have a live support and we are available 24/7.
Best regards,
Team Phemex
BY FAR THE WORST TRADING EXPEREINCE IN…
BY FAR THE WORST TRADING EXPEREINCE IN 5 YEARS. THERE CUSTOMER SERVICE IS RUN BY ZENDESK WHO ARE COMPLETLY CLUELESS IT IS LIKE TALKING TO A 5 YEAR OLD WHO REPEATS THEMSELVES.. ON TOP OF THIS THEY DO NOT RESPECT THERE SL AND TP ORDERS FORCING YOU TO MARKET OUT OF TRADES WHICH ENCURE MORE FEES PAID TO THEM.. I JUST HAD A TRADE PROFIT $100+ DOWN TO $60 DUE TO NOT FILLING MY SL ON A SHORT ORDER FORCING ME TO MARKET OUT...
BIGGEST SCAM PLAFTORM. I THOUGHT BYBIT WAS BAD LOL.. GET YOUR MONEY OUT AND RUN
11 April 2021
Unprompted review
Reply from Phemex
Dear Carmila Morgan,
apologies for the bad experience and we hope that meanwhile your order execution issue has been solved. Also we have given your feedback to our customer support.
If you have any remaining questions, please don´t hesitate to contact us again.
We are available 24/7.
Kind regards,
Team Phemex
Cryptocurrencies and digital assets
Cryptocurrencies and digital assets
Simply put, cryptocurrencies are a virtual form of money. Or in a way, it can be said that there are different types of virtual currencies that are designed using cryptographic technology. As a result, we often refer to it as virtual money or digital assets.
In a more complete definition of cryptocurrencies, it can be said that cryptocurrencies are digital currencies that are controlled by a number of encryption algorithms to generate them and perform transactions such as transfers. Cryptographers usually work decentrally, without any affiliation with banks, and can be used in a variety of contexts.
The remarkable features of the cryptocurrencies - observed by Satoshi Nakomoto in 2009 - allow us to make a variety of instant, secure, cheap and anonymous transactions. All of these amazing features are the result of cryptocurrencies, the core technology of cryptocurrencies, which allows for non-retrofitting and general office tampering.
There are many exchanges that compete with each other. One of them is Phemex, which is the best. There are many reasons such as security, simplicity, popularity and practicality. Phemex provides a simple platform for the customer with zero feefs for spot trading.
8 April 2021
Unprompted review
Reply from Phemex
Hi there, :)
Thank you for your detailed and thoughtful review! We’re happy to hear that you recognize Phemex as one of the best exchanges, especially for its security, simplicity, and zero-fee spot trading. We strive to offer a platform that’s easy to use and reliable, and it’s great to see that you appreciate these features.
If you ever need any assistance or have feedback, don’t hesitate to reach out to us at support@phemex.zendesk.com.
Happy trading!
The Phemex Team
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