Phemex Review 2026: At a Glance
Phemex is a cryptocurrency exchange founded in 2019 by former Morgan Stanley executives, headquartered in Singapore and registered in the British Virgin Islands. The platform serves over 10 million traders worldwide and offers spot trading, perpetual futures with up to 100x leverage, copy trading, passive income products, and trading bots. Phemex charges 0.1% maker and taker fees for spot trading, while futures fees start at 0.01% maker and 0.06% taker, with further discounts available through the PT token and VIP tiers.
| Feature | Details |
|---|---|
| Founded | 2019 |
| Headquarters | Singapore (registered in British Virgin Islands) |
| Founders | Jack Tao and former Morgan Stanley executives |
| Supported Cryptocurrencies | 600+ spot assets |
| Perpetual Futures Contracts | 500+ pairs (USDT-M, USDC-M, Coin-M) |
| Maximum Leverage | Up to 100x on major pairs |
| Spot Trading Fees | 0.1% maker / 0.1% taker (VIP 0) |
| Futures Trading Fees | 0.01% maker / 0.06% taker (VIP 0) |
| PT Token Fee Discount | 20% off spot fees, 10% off futures fees |
| Copy Trading | 17,000+ lead traders, 80,000+ copiers |
| Phemex Earn | Fixed savings, flexible savings, staking, Launchpool |
| Trading Bots | Grid, Martingale, Signal, funding rate arbitrage |
| Mobile App Rating | 4.6 (App Store) / 4.3 (Google Play) |
| Security | HD cold wallet, Proof of Reserves (Merkle Tree), AWS infrastructure |
| Regulation | FinCEN MSB (United States), pursuing MiCA and Singapore DTSP |
| KYC Required | Yes (for full access and higher withdrawal limits) |
| Customer Support | 24/7 live chat, email, help center |
What Is Phemex?
Phemex is a centralized cryptocurrency exchange that combines professional-grade trading infrastructure with a broad suite of products for retail and institutional traders. The platform was built by a team with deep Wall Street experience, and it originally launched as a derivatives-only exchange before expanding into spot trading, passive income products, copy trading, and Web3 integrations.
The exchange processes billions of dollars in daily trading volume and maintains 99.999% uptime, translating to less than five minutes of downtime per year. Its matching engine delivers 5-10 millisecond latency, which places it among the faster centralized exchanges for order execution. Phemex is accessible in most countries worldwide, though it restricts access for users in the United States, the United Kingdom, Ontario (Canada), and several other jurisdictions.
In a strategic pivot toward decentralization, Phemex introduced PhemexDAO, a governance framework powered by the PT token that allows users to participate in platform decision-making through vote-escrowed tokens (vePT). This hybrid approach attempts to blend the reliability and liquidity of a centralized exchange with the community ownership principles found in decentralized finance.
Phemex Spot Trading
Phemex supports spot trading for over 600 cryptocurrencies, covering major assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), along with a wide selection of altcoins, meme tokens, and DeFi tokens. The platform regularly adds new listings based on community demand and market trends.
The spot trading interface is powered by TradingView charting tools, giving traders access to advanced technical analysis indicators, drawing tools, and multiple timeframe views. Order types include market orders, limit orders, stop-limit orders, and conditional orders, providing flexibility for different trading strategies.
Spot trading fees at the base tier (VIP 0) are 0.1% for both makers and takers. Traders holding PT tokens receive a 20% discount on these fees, reducing the effective rate to 0.08%. Higher VIP tiers, achieved through 30-day trading volume or vePT token balance, offer further reductions down to 0.02% maker and 0.06% taker at the highest level.
Phemex Derivatives and Futures Trading
Derivatives trading is the foundation of Phemex and remains its strongest competitive advantage. The platform offers perpetual futures contracts across 500+ trading pairs, with three contract types available:
- USDT-Margined (USDT-M) Perpetuals - Settled in USDT, the most popular contract type for traders who want to denominate profits and losses in a stablecoin.
- USDC-Margined (USDC-M) Perpetuals - Similar to USDT-M but settled in USDC for traders who prefer Circle's stablecoin.
- Coin-Margined (Coin-M) Perpetuals - Settled in the underlying cryptocurrency (e.g., BTC or ETH), suitable for traders who want to accumulate the base asset.
Maximum leverage varies by trading pair. Major pairs like BTC/USDT and ETH/USDT support up to 100x leverage, while smaller altcoin pairs typically offer 20x to 50x. The platform uses a mark price mechanism for liquidation calculations, which helps protect traders from manipulation through sudden price wicks on the order book.
Traders can choose between cross margin mode, where all available funds in the futures account serve as collateral, and isolated margin mode, where only the allocated margin for a specific position is at risk. Funding rates are exchanged between long and short position holders every eight hours, and Phemex does not charge overnight holding fees.
Pre-Market Perpetual Futures
One feature that distinguishes Phemex from competitors is Pre-Market Perpetual Futures. This product allows traders to take positions on tokens before they are listed for spot trading on any exchange. Price discovery happens based on available information and market sentiment, and positions transition smoothly once spot trading begins. For traders who actively research upcoming token launches, this provides a genuine first-mover advantage.
| Feature | Details |
|---|---|
| Perpetual Futures Pairs | 500+ |
| Contract Types | USDT-M, USDC-M, Coin-M |
| Maximum Leverage (BTC/ETH) | 100x |
| Maximum Leverage (Altcoins) | 20x - 50x |
| Margin Modes | Cross and Isolated |
| Funding Rate Interval | Every 8 hours |
| Liquidation Mechanism | Mark price based |
| Pre-Market Futures | Available (unique feature) |
| Matching Engine Latency | 5-10 milliseconds |
| Overnight Fees | None |
Phemex Trading Fees
Phemex operates a tiered fee structure based on VIP levels, which are determined by 30-day trading volume or vePT token balance. The base rates are competitive with major exchanges, and the availability of PT token discounts and VIP tiers makes Phemex particularly cost-effective for active traders.
| VIP Level | 30-Day Volume (USD) | Maker Fee | Taker Fee |
|---|---|---|---|
| VIP 0 (Standard) | Less than $100,000 | 0.100% | 0.100% |
| VIP 1 | $100,000+ | 0.080% | 0.100% |
| VIP 2 | $500,000+ | 0.060% | 0.080% |
| VIP 3 | $1,000,000+ | 0.040% | 0.070% |
| VIP 4 | $5,000,000+ | 0.030% | 0.065% |
| VIP 5 | $10,000,000+ | 0.020% | 0.060% |
| Star VIP | Custom (by invitation) | Custom | Custom |
| VIP Level | 30-Day Volume (USD) | Maker Fee | Taker Fee |
|---|---|---|---|
| VIP 0 (Standard) | Less than $500,000 | 0.0100% | 0.0600% |
| VIP 1 | $500,000+ | 0.0080% | 0.0550% |
| VIP 2 | $2,500,000+ | 0.0060% | 0.0500% |
| VIP 3 | $10,000,000+ | 0.0040% | 0.0450% |
| VIP 4 | $50,000,000+ | 0.0020% | 0.0400% |
| VIP 5 | $100,000,000+ | 0.0000% | 0.0350% |
| Star VIP | Custom (by invitation) | 0.0000% | 0.0300% |
Deposit and Withdrawal Fees
Phemex does not charge fees for cryptocurrency deposits. Withdrawal fees vary by asset and network, generally aligned with blockchain network costs. For example, Bitcoin withdrawals carry a small network fee, while withdrawals on lower-cost networks like Solana or Polygon are significantly cheaper. The platform supports multiple withdrawal networks for popular tokens, allowing users to choose the most cost-effective option.
Fiat deposits are available through third-party payment providers, with fees varying by provider and payment method. Credit and debit card purchases typically incur a 2-5% processing fee from the payment provider, while bank transfers may offer lower rates depending on region.
How Phemex Fees Compare to Competitors
| Exchange | Spot Maker Fee | Spot Taker Fee | Futures Maker Fee | Futures Taker Fee |
|---|---|---|---|---|
| Phemex | 0.100% | 0.100% | 0.010% | 0.060% |
| Binance | 0.100% | 0.100% | 0.020% | 0.050% |
| Bybit | 0.100% | 0.100% | 0.020% | 0.055% |
| OKX | 0.080% | 0.100% | 0.020% | 0.050% |
| KuCoin | 0.100% | 0.100% | 0.020% | 0.060% |
| Coinbase | 0.400% | 0.600% | N/A | N/A |
Phemex offers the lowest futures maker fee among major exchanges at 0.01%, which is half the rate charged by Binance, Bybit, and OKX. Spot fees are in line with industry standards at 0.1% for both makers and takers. When PT token discounts are applied, effective spot fees drop to 0.08%, making Phemex one of the more affordable options for active traders.
Phemex Copy Trading
Phemex copy trading is a social trading feature that allows less experienced traders to automatically replicate the positions of successful lead traders. The platform hosts over 17,000 lead traders with more than 80,000 active copiers, creating one of the larger copy trading ecosystems in the cryptocurrency exchange space.
The copy trading interface displays detailed performance metrics for each lead trader, including total return on investment, win rate, maximum drawdown, number of followers, and profit-and-loss history. Users can filter traders by performance period, asset preference, risk level, and trading style to find strategies that match their own risk tolerance.
Copiers set a fixed allocation amount and can configure risk parameters including maximum position size, stop-loss thresholds, and leverage limits. Trades from the selected lead trader are automatically replicated in the copier's account in proportion to their allocation. Lead traders earn a share of profits generated from their followers, creating an incentive for consistent performance rather than high-risk gambling.
Copy trading on Phemex is available for futures contracts only, which means copiers should understand the risks of leveraged trading before participating. The feature serves as both a passive income tool for experienced traders and a learning mechanism for beginners who can study the strategies they are copying.
Phemex Earn
Phemex Earn is the platform's suite of passive income products, designed for users who want to generate yield on their cryptocurrency holdings without active trading. The program includes several distinct products:
- Fixed Savings - Users lock their assets for a predetermined period (typically 7, 14, 30, or 90 days) in exchange for a fixed interest rate. Rates vary by asset and term length, with longer lock-up periods generally offering higher yields. Major assets like BTC, ETH, and USDT are consistently available.
- Flexible Savings - Assets can be deposited and withdrawn at any time with no lock-up period. Interest rates are lower than fixed savings but provide full liquidity. Interest accrues daily and is distributed to the user's account automatically.
- Staking - Phemex partners with institutional-grade node operators to offer proof-of-stake staking for supported assets. Users earn staking rewards without needing to run their own validator nodes or meet minimum staking thresholds.
- Launchpool - Users stake supported tokens to earn rewards in newly launched project tokens. Rewards are calculated and distributed hourly, and users can unstake at any time without penalty. Launchpool provides exposure to new projects without requiring users to purchase tokens directly.
- BTC Vaults - A Bitcoin-specific yield product that allows users to earn returns on their BTC holdings through institutional-grade strategies.
All Earn assets are stored in multi-signature cold wallets, adding an extra layer of security for deposited funds. Phemex Earn serves as a competitive alternative to DeFi yield farming for users who prefer the convenience and security of a centralized platform.
Phemex Trading Bots
Phemex offers built-in automated trading bots that require no coding knowledge or third-party integrations. The bot suite includes several strategy types designed for different market conditions:
- Futures Grid Bot - Places buy and sell orders at predefined price intervals within a set range, profiting from price oscillations in volatile or range-bound markets.
- Spot Grid Bot - Similar to the futures grid bot but operates on spot markets, accumulating the base asset over time while capturing trading profits.
- Martingale Bot - Increases position size after losses to recover when the price reverts, suitable for markets with strong mean-reversion tendencies.
- Signal Bot - Executes trades based on external signals or predefined technical analysis triggers.
- Funding Rate Arbitrage Bot - Captures the spread between spot and futures markets by taking opposing positions, earning funding rate payments with minimal directional risk.
A Bot Marketplace allows users to browse and copy popular bot configurations from other traders, reducing the setup barrier for beginners. All bots are free to use with no additional subscription fees beyond standard trading commissions.
Phemex Token (PT)
The Phemex Token (PT) is the native ERC-20 utility token of the Phemex ecosystem, with a total supply capped at 1 billion tokens. PT serves multiple functions within the platform and represents the foundation of Phemex's governance and incentive structure.
PT Token Utility
- Trading Fee Discounts - PT holders receive a 20% discount on spot trading fees and a 10% discount on USDT-margined contract fees. These discounts stack with VIP tier reductions.
- Governance (vePT) - Locking PT generates vote-escrowed PT (vePT), which enables participation in PhemexDAO governance. vePT holders can vote on proposals, influence platform development, and participate in protocol decisions.
- Staking Rewards - PT stakers earn yields from platform revenue distributions and daily buyback programs.
- VIP Tier Qualification - vePT balance can be used instead of trading volume to qualify for higher VIP tiers, benefiting holders who may not trade at high volumes.
- Early Access - PT holders receive priority access to Launchpool projects, new token offerings, and platform features.
PT Tokenomics
| Allocation | Percentage | Tokens | Vesting Schedule |
|---|---|---|---|
| xPT Pre-mining | 10% | 100,000,000 | 25% at TGE, remaining weekly over 3 weeks |
| Collaborator Program | 5% | 50,000,000 | 50% at TGE, 6-month vesting for remainder |
| Strategic Investors | 20% | 200,000,000 | 2-year cliff, 5-year quarterly vesting |
| Ecosystem Fund (DAO Treasury) | 15% | 150,000,000 | Reserved for DAO Treasury |
| Trading Rewards (DAO Treasury) | 12.5% | 125,000,000 | 5-year linear distribution |
| Liquidity Provider Rewards | 12.5% | 125,000,000 | 5M at TGE, remaining over 5 years |
| Operations and Marketing | 10% | 100,000,000 | 20% at TGE, 5-year monthly vesting |
| Core Builders | 15% | 150,000,000 | 1-year cliff, 4-year monthly vesting |
The tokenomics design emphasizes long-term alignment. Strategic investors face a 2-year cliff before any tokens unlock, and core builders have a 1-year cliff with 4-year vesting. The DAO Treasury holds 40% of the total supply (combining ecosystem fund, trading rewards, and liquidity provider rewards), ensuring ongoing incentives for platform growth and user participation.
Phemex Security
Phemex security is built around a multi-layered architecture designed to protect user funds and data. The exchange employs enterprise-grade infrastructure combined with transparent verification mechanisms.
Cold Wallet Architecture
The majority of user funds are stored in a Hierarchical Deterministic (HD) cold wallet system. Each user is assigned a unique deposit address, and funds are aggregated into offline multi-signature wallets that require multiple authorized signers to execute transactions. Hot wallets are limited to operational liquidity necessary for processing withdrawals, minimizing exposure to potential attacks.
Proof of Reserves
Phemex publishes 100% Proof of Reserves using Merkle Tree cryptographic verification. Any user can independently verify that their individual balance is included in the platform's total reserves without exposing private account data. This system confirms that Phemex holds user assets on a 1:1 basis with no fractional reserve practices.
Infrastructure and Account Security
The platform runs on Amazon Web Services (AWS) with segmented firewalls, whitelisted system zones, and internal risk management teams overseeing withdrawal requests. Suspicious transactions are flagged for manual verification before processing.
User-facing security features include two-factor authentication (2FA), anti-phishing codes, withdrawal address whitelisting, and time delays for newly added withdrawal addresses. Accounts flagged for compromise or policy violations may be temporarily suspended as a protective measure.
January 2025 Hot Wallet Breach
In January 2025, Phemex experienced a significant security incident when its hot wallet system was compromised, resulting in losses of approximately $69 million across multiple blockchain networks. The exchange immediately halted deposits and withdrawals, activated emergency protocols, and engaged third-party security auditors and law enforcement agencies.
Phemex published detailed incident timelines, issued updated Proof of Reserves to demonstrate that cold wallet funds were unaffected, and restored services over the following days. The exchange subsequently announced a compensation plan for affected users and significantly upgraded its hot wallet infrastructure, including enhanced monitoring systems, additional signing requirements, and reduced hot wallet balances.
While the breach raised legitimate concerns about the platform's security, the transparent response and full user compensation demonstrated accountability. Traders should weigh this incident alongside the platform's subsequent security improvements when evaluating Phemex as a long-term trading venue.
Phemex Regulation and Compliance
Phemex Ltd is registered in the British Virgin Islands and operates as a registered Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) in the United States. The exchange enforces Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols across its user base, requiring identity verification for full platform access and higher withdrawal limits.
The platform has indicated alignment with broader regulatory frameworks, including Singapore's Digital Token Service Provider (DTSP) licensing requirements and the European Union's Markets in Crypto-Assets (MiCA) regulation. However, Phemex is not currently licensed in every jurisdiction where it operates, and users in the United States, United Kingdom, Ontario (Canada), and certain other regions are restricted from accessing the platform.
Compared to fully regulated exchanges like Coinbase (publicly traded, SEC-registered) or Kraken (licensed in multiple jurisdictions), Phemex occupies a middle ground. It follows compliance best practices and has regulatory registrations, but it does not hold the same breadth of licenses as some competitors. Users in heavily regulated markets should verify Phemex's availability and legal status in their jurisdiction before opening an account.
Phemex Mobile App
The Phemex mobile application is available on both iOS and Android and maintains full feature parity with the desktop web platform. Users can access spot trading, futures trading, copy trading, Earn products, trading bots, and account management from the mobile app without compromising functionality.
The app is rated 4.6 out of 5 on the Apple App Store and 4.3 out of 5 on Google Play, with users consistently praising the clean interface, fast execution, and reliable push notifications for price alerts and order fills. Some users have reported occasional sync delays during periods of extreme market volatility, but the overall mobile experience is considered above average for cryptocurrency exchange apps.
Key mobile features include biometric login (fingerprint and face recognition), customizable dashboard layouts, real-time portfolio tracking, and direct access to the copy trading marketplace. The app supports the same order types available on desktop, including limit, market, stop-limit, and conditional orders.
Phemex Pros and Cons
| Pros | Cons |
|---|---|
| Lowest futures maker fee among major exchanges (0.01%) | Not available in the US, UK, or Ontario |
| 500+ perpetual futures contracts with up to 100x leverage | January 2025 hot wallet breach ($69 million) |
| 600+ supported spot cryptocurrencies | Limited fiat on-ramp options (third-party providers only) |
| Pre-Market Perpetual Futures (unique feature) | No full regulatory licenses in most jurisdictions |
| 17,000+ lead traders in copy trading ecosystem | Customer support responsiveness can be inconsistent |
| Free built-in trading bots with no subscription fees | Copy trading limited to futures only (no spot copy trading) |
| 99.999% platform uptime with 5-10ms engine latency | PT token adds complexity for fee optimization |
| 100% Proof of Reserves with Merkle Tree verification | Earn product yields are competitive but not market-leading |
| PT token discounts stackable with VIP tier reductions | No native fiat deposit support (relies on third parties) |
| Mock trading environment for risk-free practice | PhemexDAO governance is still in early development |
Phemex Alternatives
While Phemex is a strong choice for derivatives-focused traders, several alternatives may be better suited depending on individual needs:
- Binance - The largest exchange by trading volume with the deepest liquidity, the broadest product range (including NFTs, TradFi perpetuals, and the BNB Chain ecosystem), and the most extensive global regulatory footprint. Best for traders who need maximum liquidity and the widest asset selection.
- Bybit - A direct competitor in the derivatives space with similarly deep liquidity, a robust copy trading platform, and unique products like xStocks (tokenized equities). Bybit is a strong alternative for traders who want stock market exposure alongside crypto.
- OKX - Offers deep Web3 integration with a built-in DEX aggregator, multi-chain wallet, and DeFi access alongside its centralized exchange. Best for users who want both CEX and DEX functionality in a single ecosystem.
- KuCoin - Known for listing smaller-cap altcoins earlier than most exchanges, with competitive fees and a strong lending and margin trading product. Best for altcoin hunters and those seeking early access to emerging projects.
- Bitget - A rising derivatives exchange with one of the largest copy trading platforms in the industry (over 100,000 lead traders). Best for users who prioritize social and copy trading features.
Who Should Use Phemex?
Phemex is best suited for intermediate to advanced cryptocurrency traders who prioritize derivatives trading, low futures fees, and a comprehensive product ecosystem. The platform excels in several specific use cases:
- Active futures traders who want the lowest maker fees available (0.01%) and deep liquidity across 500+ perpetual contracts.
- Copy trading participants who want to follow experienced traders or monetize their own trading skills through a large and active copier community.
- Bot traders who want free, built-in automation tools without third-party subscriptions or API complexity.
- Token launch enthusiasts who want Pre-Market Perpetual Futures and Launchpool access for early exposure to new projects.
- Yield seekers who want to earn passive income through Phemex Earn products while keeping funds on a centralized platform.
Phemex is less suitable for complete beginners who need extensive educational resources and a simplified interface, US or UK residents who cannot access the platform, or traders who require fully regulated exchange environments with deposit insurance protections.
How to Get Started on Phemex
- Create an account - Visit Phemex and register with your email address. Choose a strong, unique password.
- Enable security features - Activate two-factor authentication (2FA) using Google Authenticator, set up an anti-phishing code, and configure withdrawal address whitelisting.
- Complete KYC verification - Submit identity documents to unlock full platform access and higher withdrawal limits.
- Deposit funds - Transfer cryptocurrency from an external wallet or purchase crypto using a credit/debit card through a third-party provider.
- Start trading - Navigate to spot or futures markets, select your trading pair, and place orders using the interface.
Frequently Asked Questions About Phemex
Is Phemex safe to use in 2026?
Phemex is generally considered safe for cryptocurrency trading, with enterprise-grade security including HD cold wallet storage, multi-signature authorization, and 100% Proof of Reserves verified through Merkle Tree cryptography. However, the platform experienced a $69 million hot wallet breach in January 2025, which was fully compensated to affected users. Since the incident, Phemex has significantly upgraded its security infrastructure. Traders should enable all available security features including 2FA and withdrawal address whitelisting.
What are Phemex's trading fees?
Phemex charges 0.1% maker and 0.1% taker fees for spot trading at the base tier. Futures fees start at 0.01% maker and 0.06% taker, which are among the lowest in the industry. PT token holders receive a 20% discount on spot fees and a 10% discount on futures fees, and VIP tiers based on 30-day trading volume offer further reductions. The highest VIP tier offers 0% maker fees on futures contracts.
Is Phemex available in the United States?
Phemex is not available to users in the United States. The platform restricts access from the US, the United Kingdom, Ontario (Canada), and several other jurisdictions. US traders looking for alternatives should consider regulated exchanges like Coinbase or Kraken.
What is the maximum leverage on Phemex?
Phemex offers up to 100x leverage on major cryptocurrency pairs including BTC/USDT and ETH/USDT. Altcoin pairs typically support 20x to 50x leverage depending on the asset's liquidity and volatility. Leverage amplifies both potential profits and losses, and positions can be liquidated if the market moves against you by a small percentage at high leverage levels.
How does Phemex copy trading work?
Phemex copy trading allows users to automatically replicate the futures trades of experienced lead traders. Users browse a marketplace of 17,000+ lead traders, review their performance metrics (ROI, win rate, drawdown), allocate funds, and set risk parameters. Trades are replicated proportionally in the copier's account. Lead traders earn a share of profits generated from their followers.
What is the Phemex Token (PT)?
The Phemex Token (PT) is the native ERC-20 utility token of the Phemex ecosystem with a 1 billion total supply. PT provides trading fee discounts (20% off spot, 10% off futures), governance rights through vote-escrowed vePT tokens in PhemexDAO, staking rewards, VIP tier qualification, and early access to Launchpool projects and new features.
Does Phemex offer staking and earn products?
Yes, Phemex Earn includes fixed savings with lock-up periods of 7 to 90 days, flexible savings with no lock-up requirements, proof-of-stake staking through institutional node operators, Launchpool for earning new token rewards, and BTC Vaults for Bitcoin-specific yield. All Earn assets are secured in multi-signature cold wallets.
How does Phemex compare to Binance?
Phemex offers lower futures maker fees (0.01% vs 0.02%) and a simpler trading interface compared to Binance. However, Binance provides deeper liquidity, a larger product ecosystem (NFTs, TradFi perpetuals, BNB Chain), and broader regulatory coverage. Phemex is better for traders focused on derivatives with cost-efficiency, while Binance is better for traders who need maximum liquidity and the widest range of products.
What happened in the Phemex hack of 2025?
In January 2025, Phemex suffered a hot wallet breach resulting in approximately $69 million in losses across multiple blockchain networks. The exchange halted operations, engaged security auditors and law enforcement, published transparent incident updates, and compensated all affected users. Cold wallet funds were unaffected, and the platform upgraded its hot wallet security infrastructure before resuming full operations.
Does Phemex require KYC verification?
Yes, Phemex requires KYC (Know Your Customer) verification for full platform access and higher withdrawal limits. The verification process requires submitting government-issued identification documents. Basic account functionality may be available without KYC, but trading and withdrawal capabilities are limited until verification is completed.
