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.
You hardly get your withdrawal the easy way. I had wanted to make a withdrawal, I was told to get a Google authentication code. I copied the key pasted it on the authentication app, the code was generated then I went back to my phemex account;the page was reloaded another key was indicated causing the generated code to be unless I had to repeat the process again, the key keeps on changing everything after generating a code from the authentication app. I don't even know what to do. However, I have contacted your support team
Reply from Phemex2021-11-22
Dear Agyeimosesjunior,
all users must enable 2fa to be able to withdraw. There is nothing unusual about this practice.
Even banks use nowadays for example TAN codes for transfers through online banking.
It is also normal that the code changes every 30 seconds in your google authenticator.
Why is 2FA important?
Two-factor authentication adds an additional layer of security to the authentication process by making it harder for attackers to gain access to a person's devices or online accounts because, even if the victim's password is hacked, a password alone is not enough to pass the authentication check.
You might wanna take a look about User Account Security and general Security Practices on following link https://phemex.com/security
Rest assured your funds are safe with us.
Hope our customer service also clarified you on this matter.
If you have any further questions, dont hesitate to contact us at www.phemex.com.
We are available 24/7.
Please reconsider your review rating.
Kind regards,
your Phemex Team
This is the truth, I promise.
I was new to cryptocurrency, I put 1200.00 in , all of a sudden , they stole 600. From me, let me tell you how, they real slick.
They got these little boxes about 1/16 of inch in size, you can hardly see them.
Ok then 600 went to (CONTRACT) NEXT THING I KNOW, ITS GONE FOREVER, IM VERY POOR, I ALMOST COMMITTED SUICIDE, REAL TALK.
THE NEXT PROBLEM WAS I COULDNT GET MY MONEY OUT.
SO I WENT TO (COINBASE) THEY ARE BEAUTIFUL.
SO WHEN I WITHDREW MY MONEY, THEY TAKE 1/4 OF WHATEVER YOU HAVE TO TRANSFER IT.
NO WORDS CAN DESCRIBE THE PAIN THEY CAUSED ME.
I WANT EVERYONE TO KNOW, THEY DONT CARE, THEY JUST WANT MONEY.
JESUS IS MY LORD AND MASTER, I WOULD NEVER PUT A COMPANY DOWN FOR FRIVOLOUS REASONS.
THEY HURT ME REALLY BAD, EMOTIONALLY AND MONETARILY.
(JUST DONT TOUCH THEM WITH A 50 FT. POLE)
THIS IS THE HONEST GODS TRUTH.
ONE MORE THING, CUSTOMER SERVICE, NO WAY , MAYBE CALL ME ,LIKE I REQUESTED , NO WAY.
THIS IS A TERRIBLE COMPANY, THEY SHOULD GET (NO STARS) WHATSOEVER.
(TRUE STORY)
Reply from Phemex2021-11-20
Hello Vincent, we are sorry to hear about your experience regarding contract trading and withdrawal fees.
Crypto is very volatile and margin trading comes with risks.
If you are new to cryptocurrency and you don't have much experience with our platform,
it may be a good idea to avoid risking your real funds and get first familiarized with Phemex
and try your strategy in our testnet (Demo Account) https://testnet.phemex.com/
If you have any questions regarding your position and what happened to it,
please don`t hesitate to contact the 24/7 online support at www.phemex.com so we can explain more in detail.
About the withdrawal fees amongst all crypto exchanges we have standard withdrawal limits and fees.
You will find more info on following link https://phemex.com/fees-conditions, you could for example withdraw for zero fees if you choose USDT tr20.
Also you might wanna take a look we have currently many new attractive campaigns and giveaways https://phemex.com/announcements.
We hope to see you again.
Best regards,
your Team Phemex
I put 2000 USD into Phemex and found out I can't withdraw. I thought it was something I was doing wrong with the Google authentication thingy. Whenever I put in the authentication number, it would say it was incorrect and by the second time, it would require reseting, with a 24 hour wait to withdraw the funds... This has happened twice now and I'm beginning to think one's funds can't actually be withdrawn.
Reply from Phemex2021-11-20
Dear Craig,
if you are experiencing any issues regarding your 2fa please don´t hesitate to contact the online support at www.phemex.com.
We are here for you 24/7 and we could investigate your problem that you encountering and find a solution.
Why is 2FA important?
While important, usernames and passwords on their own are vulnerable to attack by third parties that use programs to randomly generate usernames and passwords to hack a user’s devices.
2FA gives your accounts an extra layer of security by keeping cybercriminals out—and your personal information in behind closed doors.
You might wanna take a look about User Account Security and general Security Practices on following link https://phemex.com/security
Rest assured your funds are safe with us.
Best regards,
your Team Phemex
Very bad exchange, they are trying to get more customers by promoting fake bonus offers, I used on of thier bonuses and made some profit, when i wanted to withdraw they said i must make a deposit in order to withdraw, so i made a deposit, but few hours later my account was blocked with my funds on it.
I contacted the support but they are just bluffing.
Reply from Phemex2021-11-21
Dear Trader,
you have to deposit so you can activate your account. It can be for example 0.00000001 USDT means less than a cent.
You will find more info about the minimum deposits on following link https://phemex.com/fees-conditions.
If you found your account being banned, it's most likely due to the fact that you abused our bonus system with multiple accounts.
Kindly note that this sort of action is not tolerated by Phemex.
Phemex reserves its right on terminating our service with you if our system detects multiple accounts are created for our social media bonus or the new user deposit bonus.
If you have any remaining questions about your account, please don´t hesitate to contact us at. We are 24/7 available at www.phemex.com.
Kind regards,
Team Phemex
Had many coins on their market - was ALWAYS notified from emails of logins except for on 9-19-2021 where hackers logged into my account, sold everything, and sent it away. Kind of strange? Why on that day was the only day i was not Emailed of a login? And why did i not have another email saying there was a login from a different IP?
Something is f@&*#g odd here for this to have happened and im not notified. DO NOT USE, This company can SMD.
Reply from Phemex2021-11-22
Dear Typical gamer,
we sorry to hear about your experience and what happened to you.
All users get notified when they login through a new IP address or when they withdraw funds etc.
Also hackers must have had access to your 2fa otherwise withdrawal is simply impossible.
Did you contact Phemex online support to help you on that matter?
Tech team can look up exactly the last activities on your account.
Please contact us at www.phemex.com, we are here 24/7 to support you.
Kind regards,
Phemex Team
🚨🚨🚨SCAM ALERT‼ ️🚨🚨🚨 What is going on? The PHEMEX exchange gives you money for liking Twitter and a quiz ($ 16). They are available to play on leverage, what you win is yours, I managed to win $ 17 and wanted to withdraw it. Of course, that's not all. To be able to withdraw, you must first deposit - a large red lamp .. After the deposit, it turned out that cryptocurrency withdrawals are made 3 times a day (0: 00/8: 00/16: 00) no matter what crypto ... And now the best! To be able to withdraw every hour. You have to buy premium !!!! On the stock exchange! Finally, as in the attachment, I was blocked (along with my deposited funds)
I didnt do multiple accounts like they said, i did deposit and all what i did was correct.
Also write message to support and didnt get reply for so long. Dont warstw your money there.
Reply from Phemex2021-11-21
Dear Marcin Szlęg,
you have to deposit so you can activate your account. It can be for example 0.00000001 USDT means less than a cent.
You will find more info about the minimum deposits on following link https://phemex.com/fees-conditions.
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 found your account being banned, it's most likely due to the fact that you abused our bonus system with multiple accounts.
Kindly note that this sort of action is not tolerated by Phemex.
Phemex reserves its right on terminating our service with you if our system detects multiple accounts are created for our social media bonus or the new user deposit bonus.
If you have any remaining questions about your account, please don´t hesitate to contact us at. We are 24/7 available at www.phemex.com.
Kind regards,
Team Phemex
Phemex's withdraw button is a "Turn on Google Authenticator" button, no joke.
(Beware of Fake POSITIVE reviews)
You can't withdraw...
Got hooked in by greedy fkn youtube degens drooling all over their affiliate marketing links...
Yes, I was dumb...
But yeah, I'm thankfully a good trader. So I only put in (what to me is a small amount) about $200 in total.
Well, it went wrong when I started looking for the 'Withdraw' button. Guess what, they don't even have one XD, they just ask you to turn on 'Google Authenticator', that is their withdraw button...
A few things that surprised me at first (imo, red flags):
- The interface looked copied from Binance
- They don't have a desktop application
- All those bonuses, unreal how many bonuses they offer
Reply from Phemex2021-11-20
Dear James Alexandros,
all users must enable 2fa to be able to withdraw. There is nothing unusual about this practice.
Why is 2FA important?
Two-factor authentication adds an additional layer of security to the authentication process by making it harder for attackers to gain access to a person's devices or online accounts because, even if the victim's password is hacked, a password alone is not enough to pass the authentication check.
You might wanna take a look about User Account Security and general Security Practices on following link https://phemex.com/security
Rest assured your funds are safe with us.
About the desktop application thank you for your suggestion, we will forward it to the product optimization team so we can implement it in further future.
If you have any further questions, don´t hesitate to contact us at www.phemex.com. We are available 24/7.
Best regards,
your Team Phemex
This procedure is of course totally unacceptable to be honest. have never experienced any kind of stressful withdrawal like this before. which is not allowed. for months, no word from them. thank god for Cyphtech that came in for me. gø† every pennyßback. Also, phemex liquidity is not fair in my opinion..
Reply from Phemex2021-11-22
Dear Bryan Chong,
this review seems not to be about phemex, but for advertising another company.
Please avoid doing that in future.
Phemex doesn´t hold any funds of users back! We are pretty transparent on that matter.
You will find more info about our withdrawal limits and fees on following link https://phemex.com/fees-conditions.
We offer for example zero withdrawal fees for USDT tr20.
About the withdrawals times for standard users, Phemex will process withdrawals 3 times a day, at 08:00,16:00, and 24:00 (UTC).
Phemex Premium Users can withdraw every hour. More info here: https://phemex.com/getting-started/how-do-i-make-a-withdrawal.
Best regards,
Team Phemex
Currently locked out of my account like a few other comments, need to reset my google 2FA provided as much info as I can and genuinely terrified I’m going to lose my monwy
Reply from Phemex2021-11-21
Dear Customer,
we hope your issue with your 2fa is meanwhile fixed and you have access again to your account.
We point out many times to users to save their Google Authenticator private key in case they lose access to their 2fa,
so they can easily rebind it and not go through the whole process of reset.
https://phemex.com/getting-started/how-do-i-enable-google-two-factor-authentication
For the reset process we ask many questions from users, so we can verify the ownership.
Rest assured your funds are safe with us.
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
Phemex is a horrible company it’s been two weeks since I’ve been locked out of my account I have documented proof showing I have an account with my account number documented emails and pictures to the exact number of coins that I own It’s been almost 2 weeks and several emails were they do not respond they have given me several criteria I have provided all the information possible for them to unlock my account this is all due to Google verifier that no one else f uses
Reply from Phemex2024-12-23
Hi there Mark, :)
We’re really sorry to hear about your frustrating experience. We understand how important it is to regain access to your account, and we truly apologize for any inconvenience caused.
We take account security seriously, and the Google Authenticator issue you're facing sounds frustrating. Please reach out to us again at [email protected], and we’ll ensure your case is escalated to the right team for faster resolution. We appreciate your patience and are committed to helping you resolve this matter as quickly as possible.
Thank you for bringing this to our attention, and we’ll do everything we can to assist you.
The Phemex Team
Big scam, platform lagging and big spreads on their favour just leave
Reply from Phemex2021-11-24
Dear Oualid Zhani,
Phemex is one of the most leading derivatives exchanges in the world with around 2 million customers.
Security is very important to us and we apply multiple mechanisms to ensure the safety of our clients.
Please read more on following link https://phemex.com/security.
If you experience any issues with phemex website and it is lagging, you might wanna use chrome browser.
Phemex is optimized for chrome browser and you will have with chrome the best user experience.
The spread and slippage can be higher on volatile markets. You can learn how to avoid it on following link https://phemex.com/academy/what-is-slippage-in-crypto.
Also this link might be interesting for you https://phemex.com/academy/what-is-bid-ask-spread.
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
***WARNING*** PHEMEX IS NOT SAFE *** DO NOT USE*** I transferred my crypto here to try free trades and cash out some of my profits. First of all, trading is not free your obligated to pay for membership with a so called free trial and receive trade discounts or make a $10k Bitcoin account. Then I tried to cash out AND THE CHARGE FEES WAS 1/4 OF MY ENTIRE BALANCE! Now I just want OUT and they FROZE all my assets! It’s been 3 days. THIS Can’t be happening it’s a Nightmare. (11 hours later, I’m still waiting 8:58 PST total BS)
Reply from Phemex2021-11-21
Dear Papa Bear,
we are sorry to hear about your experience.
Phemex is one of the most leading derivatives exchanges in the world with around 2 million customers.
Security is very important to us and we apply multiple mechanisms to ensure the safety of our clients.
Please read more on following link https://phemex.com/security
Also please note that after you apply a withdraw, the involved fund will be in frozen status because it's not viable for trading or transfer and any other purpose until the withdraw is processed or cancelled.
Info about the withdraw and trading fees you can find here https://phemex.com/fees-conditions. We offer for example zero withdraw fees for USDT tr20.
We hope your delay of your withdraw has been resolved and we apologize for the inconvenience that has caused you.
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
This is the worst app ever so many loops to get crypto withdrawals and can’t trade easily sucks sucks don’t use it
Reply from Phemex2021-11-21
Dear Terry,
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 we have currently many new attractive campaigns and giveaways, that you might wanna check out https://phemex.com/announcements. We hope to see you soon!
Best regards,
Team Phemex
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 $2 required. Very disappointed with the disappearance of my bonuses. I won't prefer it.
Reply from Phemex2021-11-21
Dear Cryptographer,
What are Trading Bonuses for?
Trading bonuses can be used for Contract Trading: You can apply these bonus fund to:
Open New Positons
Pay Fees
Cover Losses
NOTE: Bonuses will cover up to 50% of your fees and losses before your own funds will be used.
Restrictions and Limitations
Trading bonuses cannot be withdrawn or transferred between accounts and wallets! Attempting to withdraw any trading bonus will immediately cause all bonus funds to be removed from that individual trading account. Any bonus funds in a separate trading account will still remain available. Only profits generated from trading bonuses can be withdrawn.
It is forbidden to create multiple accounts for multiple bonuses. If our system detects accounts with the same IP Address or GUIDs, all offending accounts will immediately be frozen and banned.
For more info visit https://phemex.com/announcements/new-welcome-bonus-and-restrictions
About our withdraw limits you will find more info here: https://phemex.com/fees-conditions
If you have any remaining questions, please don´t hesitate to contact us directly at www.phemex.com.
We are here 24/7 to support you.
Best regards,
Team Phemex
The withdrawal fees for BTC and ETH are quite high but so far so good.
Reply from Phemex2021-12-15
Dear Socrates,
we understand your disappointment, but this is not something arbitrary in Phemex and it is an industry standard for centralized exchanges.
Miner´s fees are high, for example Phemex charges 0,00057 BTC, which a competitive one.
Has been exactly the same since exchange was launched in Nov 2019.
Sadly, BTC is not worth 3500$ 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 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
Reply from Phemex2021-12-03
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 [email protected].
You can also contact us directly at www.phemex.com. We have live agents 24/7 available.
Best regards,
Team Phemex
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
Reply from Phemex2024-12-23
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 [email protected].
Happy trading, and good luck on your crypto journey!
The Phemex Team
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
Reply from Phemex2021-12-06
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
