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.
Is Phemex legit?
Phemex (phemex.com) has a 2.1 out of 5 rating on OK.one, based on 217 user reviews collected here. It is listed under Money & Insurance and its reputation is poor. 68% of reviews are 1 star, a relatively high share; The business has replied to 78% of negative reviews; 29 of them were added in the last 12 months. Last updated 2026-10-24.
These guys are fraudsters, covering up with fake positive reviews, unfortunately I fell victim and lost $225,000 they became unresponsive, had to report to Rose Lane GP.
Reply from Phemex2025-02-04
Dear User,
Thank you for sharing your feedback, and we're really sorry to hear about your experience. We completely understand how upsetting it can be to feel taken advantage of, and we sincerely apologize for any frustration or financial loss you’ve gone through.
We take situations like this very seriously, and we’d like to look into what happened in your case. Could you please provide your registered email address or user ID so we can investigate further? We’re committed to making sure our platform is a safe and trustworthy space for everyone.
Feel free to reach out to us directly at [email protected], and we’ll do everything we can to assist you. Again, we’re truly sorry for any inconvenience, and we really appreciate your patience as we work to resolve this.
The Phemex Team
They block my account even after sending them my KYC document, was told by my header that it their mode of operation when they settled my take out !ssues
Reply from Phemex2025-01-29
Dear Meghan,
Thank you for reaching out to us. We understand your concern regarding your account status.
Please provide us with your UID or registered email so we can check your case further. You can also reach our support team directly via email at [email protected] or through our live chat at Phemex.com.
We appreciate your patience and will do our best to assist you.
Recently they got hacked, imma admit i was scared my funds wouldnt arrive today they assured me that it will be credited within 24Hours, considering they got hacked for 69M last week this is realy good.alot other exchanges wouldve ended up not paying at all. So job well done phemex.
Reply from Phemex2025-01-29
Hi Smokey,
Thank you for your thoughtful message! We understand how concerning the situation must have been, and we're truly grateful for your trust and patience during this time.
Despite the challenges, we're glad we could provide the assurance and make sure your funds were credited within the promised time frame. We take the security of our users very seriously and are working hard to ensure that everything continues to run smoothly.
Your feedback means a lot to us, and we're here if you need anything further. Thank you for being a valued Phemex user!
orders often not filled, much faster and better at Binance, sorry but no sorry, super annoying
Reply from Phemex2025-01-29
Thank you for sharing your feedback. We understand how important a smooth trading experience is and appreciate your perspective.
Order execution speed and liquidity can vary depending on market conditions, trading pairs, and overall demand. If you’re experiencing frequent issues with orders not being filled, we’d be happy to review your case and offer guidance on optimizing your trading strategy on our platform.
Please feel free to provide more details, such as the trading pair and order ID, so we can assist you further. You can reach us anytime via email at [email protected] or through our live chat channel at Phemex.com.
Your insights help us improve, and we appreciate your patience.
Most worse trading platform with maximum un-interested and not problem-solving oriented support I have ever experienced.
Not conveniently working trading
Not properly working bots
Support happy and friendly and polite, but total crap as problems does not get solved within 1.5 years (and 100+ support tickets) of usage of the platform.
Worst trading platform I have ever expierenced
Reply from Phemex2025-01-29
Dear FundRazor,
We sincerely regret that your experience with Phemex has not met your expectations. Your feedback is valuable, and we truly appreciate your patience.
We understand the frustration of unresolved issues, and we would like to take a closer look to ensure we address your concerns effectively. If you could provide us with specific ticket IDs or details about the key issues you're facing, we will escalate them to the relevant teams for further review.
Our goal is to provide a seamless trading experience, and we are committed to improving our platform based on user feedback. Please feel free to reach out to us at [email protected] or via our live chat at Phemex.com, and we will do our best to assist you.
The most disappointing trading platform I’ve ever used:
• Trading features are inconvenient and unreliable.
• Bots fail to function as expected and cause constant frustration.
• The support team, while friendly and polite, lacks any problem-solving orientation. Despite over 1.5 years of usage and submitting more than 100 support tickets, none of the issues have been resolved.
This platform is, without a doubt, the worst trading experience I’ve ever encountered.
Reply from Phemex2025-01-29
We’re sorry to hear that your experience with Phemex has been frustrating. We truly appreciate your patience and your detailed feedback.
We want to improve and address any unresolved issues. If you could share specific ticket IDs or key concerns that remain outstanding, we will escalate them to ensure they receive proper attention. Your input helps us enhance our platform and services.
Please feel free to reach out to us at [email protected] or via live chat at Phemex.com, and we’ll do our best to assist you.
The worst trading platform ever, nothing works here only deposit, they take your funds and that is it. Withdraw never works, display picture aided my withdraw. DO NOT TRADE ON THIS PLATFORM.
Reply from Phemex2025-01-29
Hello Jade,
We’re sorry to hear about your experience and understand your frustration. Please be assured that Phemex operates with full transparency, and withdrawals function normally. If you’re encountering any issues, we’d be happy to assist you in resolving them.
Could you please provide us with more details, such as your withdrawal transaction ID or any error messages you’re seeing? Our team is ready to investigate and ensure your funds are processed correctly.
For immediate support, you can also reach us at [email protected] or through our live chat at Phemex.com.
Looking forward to assisting you.
Great customer service; timely responses and effective communication. Keep it up phemex bc most exchanges have horrible customer relations.
Reply from Phemex2025-01-10
Thank you so much for your kind words and for taking the time to share your feedback with us! We're thrilled to hear that you had a positive experience with our customer service team and that our timely responses and communication stood out to you.
At Phemex, we’re dedicated to providing exceptional support to all of our users, and it means a lot to hear that our efforts are making a difference. Your encouragement inspires us to keep raising the bar in customer service, especially in an industry where trust and communication are key.
Thank you again for your support and for being part of the Phemex community—we truly appreciate it!
Kind regards,
The Phemex Team
Phemex is brilliant! I have been using their exchange for a while and haven't had any issues. In fact, as a new trader entering the world of crypto for the first time, Phemex has been nothing but a lifesaver. I would highly recommend Phemex as the exchange for anyone looking to become a full-time trader or as a side hustle. The UI interface is brilliant, the exchange is secure and the customer service is on hand to help you with any queries.
Reply from Phemex2025-01-05
Thank you so much for sharing your experience with us! We're absolutely delighted to hear that you've had such a positive journey with Phemex. It’s wonderful to know that our platform has been a valuable resource for you as you navigate the world of crypto trading.
We’re especially glad that you find our UI, security, and customer service to be meeting your expectations. Providing a secure and seamless experience, along with prompt support, remains our top priority.
If you ever need assistance or have any questions in the future, please don’t hesitate to reach out. We truly appreciate your recommendation and look forward to supporting your trading journey for many years to come!
Kind regards,
The Phemex Team
Phemex Locks Account and Blocks Support – No Resolution for $32,700 Deposit
I am appalled by how Phemex has handled my issue. On November 19, 2024, I deposited $32,700, but accidentally omitted the required tag. After reporting this immediately, their support promised a resolution within 15 days. However, after 36 days of waiting with no updates, my account was unexpectedly locked.
When I tried to contact their live support, I provided my ticket ID as they requested. To my shock, I was informed that they could no longer assist me and proceeded to block my access to customer support. They directed me to their Terms of Use (Section 11: Account Suspension & Closure), but without a valid explanation as to why my access was restricted.
Key Issues:
1. Unresolved $32,700 Deposit: The problem with my deposit remains open with no resolution after over a month.
2. Account Locked: I cannot access my funds, and my account is locked without clear reasoning.
3. Support Access Blocked: After providing my ticket ID and requesting help, Phemex has now blocked me from further contact with their support team, leaving me with no way to escalate or resolve the issue.
This is completely unacceptable behavior from a platform that holds customer funds. I cannot recommend Phemex to anyone, especially since they have shown no regard for resolving this matter or providing clear communication.
I urge Phemex to unlock my account immediately, provide a clear update regarding my deposit, and offer direct assistance in resolving the situation. Until then, I remain highly dissatisfied with their services.
Reply from Phemex2025-01-02
Hello Vince
Unfortunately, we are unable to address your case here due to insufficient information. Kindly reach out to us directly at [email protected] or contact our 24/7 live customer support at Phemex.com, and we will respond promptly.
We sincerely apologize for any inconvenience caused, and we are here to assist you in resolving this issue.
Fraudulent exchange!
I used it for spot trading. In few days I after I bought crypto on spot trading, they liquidated it. I opened the dispute - they said I allegedly did contract trading with margin which I never did!
It’s scamming exchange
Reply from Phemex2025-01-02
Dear Igor Dulesov,
We sincerely apologize for any confusion or frustration you’ve experienced. Phemex strives to maintain a secure and transparent trading environment for all users.
You can reach out to us at [email protected] or through our 24/7 live chat on Phemex.com. Our team will thoroughly investigate your case and address your concerns.
Thank you for bringing this to our attention. We are here to assist you and resolve this matter.
I have had very bad results trading on Phemex. Trading some crypto coins resulted in over 750% slippage even if slippage settings are set to max 0,5 % as default. Avoid this trading platform!
Reply from Phemex2025-01-02
Dear Mr.Christian,
We sincerely apologize for the negative experience you’ve encountered while trading on Phemex. Slippage can sometimes occur due to factors such as market volatility or insufficient liquidity, but a 750% slippage is certainly unusual and concerning.
To help us investigate this issue further, please provide specific details about the trades in question, including the coin pair, trade time, and order type. You can reach out to our support team directly at [email protected] or via our 24/7 live chat on Phemex.com.
Your feedback is invaluable, and we are committed to ensuring a better trading experience for all our users.
Unresponsive Support and Locked Account for $32,700 Deposit
I made an on-chain deposit to my Phemex account on November 19, 2024, at 11:19 AM, but accidentally omitted the required tag. I immediately reported this to their support team and provided all the necessary details. Their response was prompt at first; they acknowledged my report and assured me the issue would be resolved within 15 days.
However, those 15 days passed without any updates. After repeatedly following up through live support, I was told, "You will receive an email shortly." But "shortly" turned into weeks, and I still hadn't received any communication. It was only after 36 days of waiting that I finally received a message from their team, which said I’d be updated again "shortly"—but the wait just continued.
However, those 15 days passed without any updates. After repeatedly following up through live support, I was told, "You will receive an email shortly." But "shortly" turned into weeks, and I still hadn't received any communication. It was only after 36 days of waiting that I finally received a message from their team, which said I’d be updated again "shortly"—but the wait just continued.
Things got worse when I reached out again and discovered Phemex allegedly sent updates to an email address that wasn’t mine. This raised serious questions about the mishandling of my case. Even more concerning, when I tried to log into my account (which still had an active balance and ongoing transactions), I found it locked without explanation.
Efforts to reach live chat support yielded no resolution. My funds remain inaccessible, and the customer service approach seems chaotic at best.
Key Concerns:
Inaccurate timelines and lack of proactive updates.
Poor communication—updates allegedly sent to the wrong email.
Account lockout without reason or warning, despite funds remaining in my account.
A complete lack of resolution after 6+ weeks.
Conclusion:
Phemex has completely mishandled this situation, leaving me worried about both the safety of my funds and the professionalism of the platform. This experience has been alarmingly frustrating, and I wouldn’t recommend Phemex to anyone until they fix their processes and demonstrate accountability.
I hope my case serves as a cautionary tale for others considering Phemex. If they resolve this issue, I will gladly update this review, but until then, I am thoroughly disappointed.
P.S
I’ve been trying to contact your live chat support multiple times recently but received no replies. Please clarify how I can effectively contact your support team or escalate this issue to a senior representative who can address it immediately.
Reply from Phemex2024-12-31
Hello VICESDREAMS,
Thank you for sharing your experience with us. We're truly sorry to hear about the challenges you've faced, and we completely understand how frustrating this situation must have been for you. Your experience is not the level of service we strive to provide, and we sincerely apologize for the lack of timely updates and any miscommunication that may have occurred.
We know how important it is to have clear and accurate communication, especially when it comes to your funds and account security. Please rest assured that your feedback is taken very seriously, and we are committed to improving our processes to prevent such occurrences in the future.
We would like to assist you further, but unfortunately, since this platform doesn't provide us with direct access to your account details, we kindly ask that you contact our customer support team again. If possible, please reference your previous case or ticket number to help us address the issue more efficiently.
Your patience and understanding mean a lot to us. We're dedicated to ensuring that your case is resolved as soon as possible, and we truly appreciate you giving us the opportunity to make things right.
Thank you again for bringing this to our attention. We look forward to assisting you and hope to restore your confidence in Phemex.
I was having an issue with a transaction, someone was with me within 5 min, they asked for screen shots and walked me through the process. Mason was very patient and helpful.
Reply from Phemex2025-01-02
Thank you for sharing your experience! We're thrilled to hear that Mason was able to assist you promptly and patiently with your transaction issue. Providing excellent support is a top priority for us, and your feedback is greatly appreciated.
If you have any other questions or need further assistance in the future, please don’t hesitate to reach out.
This has been the worst experience dealing with this company I signed up for phemex back in October and deposited funds same day. Since then over 70 DAYS they have kept my funds for “security check” I have filed legal against them just to be met with more hoops to jump through with more likely I will not be able to get my Solana returned. Absolutely scam of a company wish I never found them customer support sucks give u the same answer every time trying to tell me it’s a “normal protocol” NOT NORMAL TO STEAL FUNDS.
Reply from Phemex2024-12-25
Hi, Rudy.
We sincerely apologize for the frustration you have experienced and for any inconvenience caused. We understand your concerns regarding the security checks and the delay in processing your funds.
Unfortunately, we are unable to address your case here due to insufficient information. Kindly reach out to us directly at [email protected] or contact our 24/7 live customer support at Phemex.com, and we will respond promptly.
Once again, we sincerely apologize for any inconvenience caused, and we are here to assist you in resolving this issue.
UI is easy to understand, and the liquidity is fair enough. Function have some features e.g. PT staking, PSP related web3 projects, CP with social app, etc.
Reply from Phemex2024-12-23
Thank you for your review! We’re happy to hear you’re enjoying the easy-to-use UI and the features Phemex offers. If you have any questions or need support, don’t hesitate to reach out. Happy trading!
I've been using Phemex Exchange, and I absolutely love the user-friendly interface! The platform is smooth, intuitive, and makes trading a breeze. One thing I truly appreciate is that Phemex has full KYC in place, providing an extra layer of security and peace of mind. This shows they’re serious about compliance and helps me feel confident that the exchange won't face the same issues as others that overlooked this important step. Their Customer Support team is also outstanding—very responsive and helpful with any issues or feedback I’ve had. Highly recommend!
Reply from Phemex2024-12-23
Hi there! :)
Thank you so much for the fantastic review! We're thrilled to hear that you enjoy the user-friendly interface and feel confident with the security and KYC process at Phemex. It’s also great to know that our customer support team has been helpful.
We’re always here if you need anything, and we truly appreciate your recommendation.
Happy trading!
The Phemex Team
i fully verified my account with all KYC documents, and they still not letting me withdraw my funds! they stop replying to emails. they just steal your funds! do NOT deposit!
Already taking legal actions against this company.
Reply from Phemex2024-12-18
Thank you for reaching out and sharing your concerns. We deeply regret the frustration and inconvenience this situation has caused you. Please be assured that we take such matters very seriously and are committed to resolving this issue promptly.
To assist you further, we kindly request the following details:
Your registered email address or account ID.
Any relevant ticket reference numbers.
You can contact us directly at [email protected] or through our 24/7 live customer support at Phemex.com.
i deposited 200$ of btc on phemex it when through just fine so i figured it was ok to send a larger amount from the same wallet so i deposited 10000$ of btc and it was stolen by phemex saying it was a security risk even though they allowed the first deposit to go through from the same wallet now ive had to send them all kinds of info on both sides of the deposit for 2 day dealing with that then they said that they will refund the deposit but it would take 24hours then they said it can take 10 days now they are saying 3 weeks reality is they are fraudulent thieves that steal peoples coins they deposit on their exchange
update : phemex still has yet to refund me the bitcoin they have stole and customer service continues to give me the run around and has yet to refund my stolen btc DO NOT TRUST THIS EXCHANGE WITH ANY OF YOUR COINS THEY ARE NOT SAFE AND THEY WILL STEAL FROM YOU AND LIE TO YOU.
Reply from Phemex2024-12-18
Thank you for bringing this matter to our attention, and we sincerely apologize for the frustration and inconvenience you’ve experienced. We understand how important your funds are and deeply regret any delays or miscommunications that have caused concern.
To assist you further, we kindly request the following details:
Your registered email address or account ID.
Any relevant ticket reference numbers.
You can contact us directly at [email protected] or through our 24/7 live customer support at Phemex.com.
Alternatively, reply to this message, and we will escalate your case immediately to ensure a prompt resolution.
We understand your frustration and are committed to resolving this situation. Thank you for your patience and for bringing this to our attention.
I sent SUI from another Exchange and never got it. Customer Service wrote to saying that there was a problem with a node. However, my onchain research showed me that everything was fine. First time this ever happens to me on an exchange. Don't recommend it. If I don't get my SUI, I can say they robbed my coins. Because the onchine track shows the funds arrived to my account.
Reply from Phemex2024-12-18
Thank you for reaching out and sharing your concerns. We sincerely apologize for the inconvenience and frustration you’ve experienced regarding your SUI deposit. We understand how important your funds are, and we want to assure you that we take this matter very seriously.
Occasionally, technical issues such as node synchronization problems can cause delays in reflecting deposits, even if the transaction shows as complete on-chain. While these instances are rare, we acknowledge how disruptive they can be and are committed to resolving this for you as quickly as possible.
To assist you further, please provide the following details (if you haven’t already):
Your registered account email or ID.
Any ticket reference number ( if available )
You can reach us directly at [email protected], contact our 24/7 live support at Phemex.com, or reply here, and we will escalate your case for immediate follow-up.
We deeply appreciate your patience and cooperation as we work to resolve this matter. Rest assured, we are committed to ensuring your funds are accurately credited to your account.
