How Phemex ranks
Phemex was founded in 2019 by Jack Tao and a team of eight former Morgan Stanley executives, a background that shaped the exchange's focus on fast matching engine technology and institutional execution quality. The matching engine processes over 300,000 transactions per second, among the highest throughputs claimed by any retail crypto exchange. For HFT-style retail traders where execution latency matters at the milliseconds level, Phemex's architecture competes directly with Bybit's infrastructure.
The premium membership model ($9.99/month or payable in Phemex gold) waives all maker fees on spot trading, making the effective spot trading cost zero for limit orders. Standard accounts pay 0.10% maker / 0.10% taker. USDT-perpetual futures run 0.01% maker / 0.06% taker without premium, with premium membership dropping spot fees to zero but not perpetuals.
Phemex covers 300+ spot pairs, USDT-settled and inverse perpetual futures on BTC, ETH, and 200+ altcoins, up to 100x leverage on BTC perpetuals, and an earn product for passive yields on idle assets. A simulated trading environment with real market data is available for strategy testing without capital risk. Copy trading launched in 2022.
Phemex publishes Proof of Reserves attestations using Merkle tree methodology, confirming BTC, ETH, USDT, and USDC reserves above 100% at the time of the most recent attestation.
Phemex does not hold FCA, MiCA, NYDFS, or AUSTRAC regulatory licences; it operates under a Singapore-based entity without MAS licensing for exchange services. US residents are not served. The exchange is smaller by open interest than Bybit or OKX on most futures pairs.
Phemex suits active derivatives traders outside the US who value low-latency execution infrastructure and want to minimise spot trading costs via the zero-maker-fee premium membership. For maximum futures liquidity, Bybit or OKX carry deeper order books.
1 trader review
Based on 1 review
Just gotta say, the zero maker fee on spot trading is an absolute game changer for me! I swapped over from another platform and I’m super impressed with how fast the transactions go. It's been great for trading DeFi tokens. Plus, the proof of reserves thing gives me a bit of peace of mind. Withdrawals are quick too, always get my funds fast. Anyone else had the same experience?
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Phemex is licensed by . Always verify the licence on the regulator's public register before depositing.
Phemex has no fixed minimum deposit - you can open a live account with any amount. In practice a balance of at least $100–$250 is recommended to provide adequate margin for standard forex pairs.
Phemex's trading costs vary by account type. Check the broker's website for the latest spread and commission schedule. Deposits are free on standard funding methods. No inactivity fee applies to dormant accounts.
Phemex supports a proprietary web and mobile platform. A mobile trading app is available for iOS and Android. Advanced charting tools are included.
Phemex customer support is available via live chat during trading hours (24 hours a day, Monday to Friday). Support is provided in multiple languages.
Last reviewed:: May 14, 2026
New Phemex users receive USDT trial funds and fee vouchers by completing simple onboarding tasks - trade immediately with no deposit required for the base reward.
Refer friends to Phemex and earn up to 40% of their trading fee payments - credited continuously with no cap on referrals.
Founded by ex-Morgan Stanley bankers with a focus on low-latency derivatives execution, Phemex's zero-maker-fee premium membership model makes it cost-competitive with Bybit and OKX for high-frequency futures traders, with the added credibility of institutional founding backgrounds.
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