Phemex review: score, licensing and risks
58/100SCORE · CCaution
Grade C, fair
Phemex is a low cost derivatives venue. In January 2025 around 70 million dollars was drained from its hot wallets across several chains; it honoured withdrawals and resumed trading. It holds no significant licence.
The facts
- FOUNDED
- 2019
- HEADQUARTERS
- Singapore
- CUSTODY
- Custodial.
- MiCA / EEA
- Not authorised.
- US ACCESS
- No.
- PROOF OF RESERVES
- No standard proof of reserves publication.
- FEES
- Around 0.01 percent maker and 0.06 percent taker.
- ASSETS
- 400 plus
How the score breaks down
Each dimension is explained on the methodology page.
Where it is strong and where it is not
✓ Strengths
- Very cheap derivatives
- Resumed operations and honoured withdrawals after the 2025 breach
✗ Weaknesses
- A 2025 hot wallet breach of around 70 million dollars
- No meaningful regulatory standing
- No US access
Incident history
2025
Around 70 million dollars was drained from hot wallets across multiple chains. Phemex covered withdrawals and resumed operations.
Our read
A 2025 breach handled reasonably, on top of a thin regulatory position. Cheap for derivatives, not a custodian.
COMPARE
RISK WARNING
Crypto assets are highly volatile and largely unregulated. You can lose everything you put in.
Nothing on this page is financial, investment or tax advice, and nothing here is a recommendation
to buy or sell any asset. Do your own research and never commit money you cannot afford to lose.