The short version
- Score: 3.4/5, ranked 8 of 16 exchanges we rate
- Strongest: Fees (5.0/5)
- Weakest: Access (1.2/5)
- US users: not accepted
This review is generated from public evidence. Every point below links to the fee page, license, audit or report it came from, and the same rules score every exchange we cover. Evidence was last checked on Sep 30, 2026.
Blocklr score: 3.4/5
| Category | Score | Weight |
|---|---|---|
| Security and trust | 2.8/5 | 40% |
| Fees | 5.0/5 | 20% |
| Features | 5.0/5 | 15% |
| Access | 1.2/5 | 15% |
| Support | 3.3/5 | 10% |
How Phemex earned its score
Security and trust: 2.8/5
| What we checked | Points | Why |
|---|---|---|
| Reserve assurance | 2 / 3 | Publishes its own proof of reserves, not attested by a third party. source |
| Incident record since 2019 | 2.5 / 4 | 1 incident since 2019. |
| Regulatory record since 2019 | 2 / 4 | 1 fine, ban or plea since 2019. |
| Licensing | 0 / 3 | Licensing could not be confirmed. source |
| Account protection | 3 / 3 | Offers authenticator 2FA, passkeys or security keys, withdrawal allowlist. source |
Fees: 5.0/5
| What we checked | Points | Why |
|---|---|---|
| Spot taker fee (base tier) | 4 / 4 | 0.1% taker fee at the base tier. source |
| Spot maker fee (base tier) | 3 / 3 | 0.1% maker fee at the base tier. source |
| Free bank deposits | 1 / 1 | Free ACH or SEPA deposits. source |
Features: 5.0/5
| What we checked | Points | Why |
|---|---|---|
| Coins listed | 3 / 3 | About 600 coins listed. source |
| Products | 4 / 4 | Offers staking, futures, margin, trading API. source |
Access: 1.2/5
| What we checked | Points | Why |
|---|---|---|
| US availability | 0 / 3 | Not available to US residents. source |
| Mobile apps | 1 / 1 | iOS and Android apps. |
Support: 3.3/5
| What we checked | Points | Why |
|---|---|---|
| Support channels | 2 / 3 | Offers live chat, 24/7 coverage. source |
Track record since 2019
Incidents
- 2025 · Hack: In January 2025 an attacker drained Phemex hot wallets of an estimated $73 million across sixteen blockchains; Halborn says the attack was likely the Lazarus Group. Phemex promised reimbursement and published a Proof of Reserves. The amount is what was stolen from the platform. About $73 million taken; customers were made whole. source
Regulators and courts
- 2025 · Ban (Ontario Capital Markets Tribunal (OSC proceeding)): On June 13, 2025 the Tribunal permanently banned Phemex Limited and Phemex Technology Pte. Ltd. from Ontario's capital markets for operating an unregistered crypto trading platform, ordered disgorgement of US$39,712.43 and imposed a C$300,000 administrative penalty. USD figure is an approximate total of penalty plus disgorgement and excludes costs. Amount: $260K. source
Who Phemex fits
A good fit if
- You trade often: the base taker fee is 0.1%.
- You want a wide choice of coins (about 600 listed).
Think twice if
- You live in the US: Phemex does not accept US residents.
- Custody risk matters to you: funds were taken from Phemex in a 2025 hack.
Goes to the official site. Blocklr earns nothing from this link.
Frequently Asked Questions
Is Phemex available in the US?
No. Phemex does not accept US residents. Phemex's Terms of Use list the United States of America among Restricted Territories.
What are Phemex's trading fees?
At the base tier, Phemex charges 0.1% for maker orders and 0.1% for taker orders on spot trades. Fees fall as your monthly volume rises.
Has Phemex been hacked?
Yes. We found 1 hack since 2019; the details and sources are in the track record above.
How is Phemex's score calculated?
Phemex scores 3.4/5. The score is calculated by fixed rules from public evidence, and the same rules apply to every exchange. No company can pay to change it.
About this review
Blocklr has no affiliate, advertising or sponsorship deal with Phemex or any other platform, so nothing here was paid for. Scores come from the rules in our review methodology. A fact we could not confirm scores as the lowest tier, which can make a score lower than it deserves. If something is wrong or out of date, tell us and we will check the source and correct it.