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📋 How We Review: We score exchanges on fees (30%), security (25%), coin selection (20%), user experience (15%), and customer support (10%). Fee data from official Phemex schedules. We don’t take payment to change verdicts.
Phemex launched in 2019, founded by former Morgan Stanley executives, and built a reputation as one of the fastest derivatives exchanges — 300,000 transactions per second with TradingView integration. In January 2025, Lazarus Group hackers stole approximately $85 million from hot wallets across 16 blockchains. Phemex covered all user losses and resumed full withdrawals within three days. It has since upgraded to Fireblocks MPC custody and redesigned its architecture. In February 2026, Phemex added tokenized perpetual contracts on Tesla, Nvidia, Apple, Meta, and Intel stocks.
⚡ TL;DR — Phemex
Singapore-based derivatives and spot exchange founded in 2019 by former Morgan Stanley executives. 10M+ users. Lowest futures fees — weighed against January 2025 hack (all losses covered).
- ⭐ Rating: 3.5/5 — low futures fees and fast engine; Jan 2025 hack is key risk factor
- 💰 Spot fee: 0.10% standard (0% for Premium members)
- 📈 Futures fee: 0.01% maker / 0.06% taker — highly competitive
- ⚡ Engine: 300,000 TPS spot · 40,000 TPS futures (2026 upgrade) · <1ms order response
- 🚨 January 2025 hack: ~$85M stolen (Lazarus Group) — all losses covered, resumed in 3 days
- 🔐 Post-hack: Fireblocks MPC custody · unique cold wallet per user · Feb 2026 PoR shows 13–49% excess
- 🪙 Feb 2026: TradFi stock futures — Tesla, Nvidia, Apple, Meta, Intel, gold, silver
- 🚫 Not available: US, UK, Ontario (Canada exit Dec 2024)
Table of Contents
Phemex Score Card
| Category | Weight | Score | Notes |
|---|---|---|---|
| Fees | 30% | 4/5 | 0.01% futures maker · 0% spot for Premium · very competitive |
| Security & Regulation | 25% | 2.5/5 | $85M hack Jan 2025 (covered) · no ISO 27001 · limited licensing · Ontario exit |
| Coin Selection | 20% | 3.5/5 | 600+ coins · TradFi stock futures Feb 2026 · good altcoin access |
| User Experience | 15% | 4/5 | TradingView · fast engine · clean mobile app · demo account |
| Customer Support | 10% | 3/5 | Live chat · can be slow at peak · Trustpilot 2.4/5 |
| Overall: 3.5/5 — Low futures fees and fast engine; Jan 2025 hack is the key risk factor to weigh | |||
🚨 January 2025 Hot Wallet Hack — $85M Stolen: On January 23, 2025, Lazarus Group hackers stole approximately $85 million from Phemex’s hot wallets across 16 blockchains. Phemex immediately suspended deposits/withdrawals, published Proof of Reserves, and covered all user losses from company funds. Full withdrawals resumed within three days. Post-hack: Fireblocks MPC custody implemented; unique cold wallet per user; mandatory multi-sig; third-party cybersecurity monitoring. No user lost funds — but the breach happened.
What Is Phemex?
Phemex is a Singapore-based crypto exchange founded in 2019 by former Morgan Stanley executives, led by CEO Federico Variola (since 2023). The platform serves 10 million+ registered users — 66% growth year-over-year as of November 2025. Products include 600+ coins for spot, perpetual contracts up to 100x leverage, copy trading (17,000+ lead traders), 6 free bot types, earn products, and as of February 2026, tokenized TradFi stock futures via Ondo Finance.
Key 2025–2026 Updates
- January 23, 2025 — Hot wallet hack ($85M): Lazarus Group stole ~$85M across 16 blockchains. Phemex covered all losses; operations resumed in 3 days. Fireblocks MPC custody and architectural redesign implemented post-breach.
- December 2024 — Ontario market exit: Ontario Securities Commission (OSC) found Phemex operated without approval. Forced to exit Ontario, forfeit fee revenue, and pay a fine.
- February 2026 — TradFi futures launched: Perpetual contracts on Tesla, Nvidia, Apple, Meta, and Intel stocks, plus gold and silver. 24/7, USDT-settled, up to 100x leverage via Ondo Finance integration.
- 2026 — Futures engine upgrade: Throughput increased from 25,000 to 40,000 TPS (+60%). Funding rate settlement time cut from ~10 seconds to 500 milliseconds.
- February 2026 — Proof of Reserves: Snapshot shows reserves exceed liabilities by 13–49% across key assets.
Phemex Fees
| Fee Type | Standard | Premium Account | Notes |
|---|---|---|---|
| Spot Maker/Taker | 0.10% | 0% (zero) | Premium membership unlocks zero spot fees |
| Futures Maker | 0.01% | Same | Among lowest on any major exchange |
| Futures Taker | 0.06% | Same | Comparable to Bitget (0.06%) |
| Deposit (crypto) | Free | — | 30+ fiat currencies also supported |
Security (Post-Hack)
Post-January 2025 upgrades: Fireblocks MPC custody — private key split across distributed secure environments, requiring multiple independent nodes to execute any transaction; each user gets a unique cold wallet address (Hierarchical Deterministic system); AWS Nitro Enclaves for isolated compute; third-party cybersecurity monitoring. 2FA, Passkeys, Anti-Phishing Code, withdrawal whitelisting available. Proof of Reserves via Merkle Tree — February 2026 snapshot shows 13–49% excess reserves. No ISO 27001 or SOC 2 certifications.
💡 Expert Tip: Phemex’s 0.01% futures maker fee is one of the lowest on any major exchange. At $1M monthly volume, the difference between 0.01% (Phemex maker) and 0.02% (standard maker) saves $100/month — $1,200/year. If futures cost is your primary concern and you’ve assessed the January 2025 hack risk: Phemex is mathematically competitive at this fee tier.
Phemex Features
600+ coins for spot · Perpetual futures up to 100x leverage (USDT and coin-margined) · TradFi futures (Feb 2026): Tesla, Nvidia, Apple, Meta, Intel, gold, silver — 24/7, USDT-settled · Copy trading: 17,000+ lead traders with full stats · 6 free bot types: Spot Grid, Futures Grid, Spot DCA, Futures DCA, Signal Trading, Funding Rate Arbitrage — run natively without API key exposure · Demo account: Full testnet with virtual funds · Earn: Savings up to 10% APY on USDC, BTC Vault for VIPs, on-chain staking.
Who Should Use Phemex?
Phemex is a good fit if you:
- Trade futures frequently and want one of the lowest maker fees (0.01%)
- Want a fast matching engine — 40,000 TPS on futures, 500ms funding rate settlement (2026 upgrade)
- Use copy trading (17,000+ lead traders) or automated bots as part of your strategy
- Want zero-fee spot trading via Premium membership
- Want tokenized stock futures (Tesla, Nvidia, Apple) alongside crypto derivatives
This exchange probably isn’t right if you:
- Are in the US or UK — not available there; Ontario users also excluded since Dec 2024
- Have significant security concerns — even though Jan 2025 losses were covered, Bitget (no major hack) has a cleaner record
- Want ISO 27001 or SOC 2 certification — Phemex doesn’t hold these
- Need the widest altcoin selection — Gate.io (4,500+) covers far more
Pros and Cons
| ✅ Pros | ❌ Cons |
|---|---|
| 0.01% futures maker — among lowest anywhere | $85M hot wallet hack Jan 2025 (covered, but happened) |
| 40,000 TPS futures engine (2026) · 500ms funding settlement | Not available in US, UK, Ontario |
| 0% spot fees for Premium members | No ISO 27001 or SOC 2 certifications |
| 17,000+ copy traders · 6 free bot types · demo account | Trustpilot 2.4/5 — mixed user reviews |
| TradFi futures: Tesla, Nvidia, Apple, Meta, Intel (Feb 2026) | Insurance covers liquidation losses only, not hacks |
| Fireblocks MPC custody · PoR 13–49% excess (Feb 2026) | Ontario Securities Commission exit (Dec 2024) |
Phemex vs Derivatives Alternatives
| Feature | Phemex | Bybit | Bitget |
|---|---|---|---|
| Futures Maker Fee | 0.01% ✅ | 0.01% ✅ | 0.02% |
| Futures Taker Fee | 0.06% | 0.055% ✅ | 0.06% |
| Spot Fee (base) | 0% Premium / 0.10% | 0.10% | 0.10% (0.08% BGB) |
| 2025 Security | ⚠️ $85M hack (covered) | ⚠️ $1.5B hack (covered) | ✅ No incident |
| TradFi stocks | ✅ Feb 2026 | Partial | ✅ Yes |
| Review | This article | Click here | Click here |
FAQs
What happened to Phemex in January 2025?
Lazarus Group hackers stole approximately $85 million from Phemex’s hot wallets across 16 blockchains on January 23, 2025. Phemex suspended operations, published Proof of Reserves, covered all user losses, and resumed full withdrawals within three days. Post-incident: Fireblocks MPC custody, unique cold wallets per user, mandatory multi-sig, and continuous cybersecurity monitoring were implemented.
What is the Phemex Premium account?
Phemex Premium is a paid membership that unlocks zero spot trading fees (standard is 0.10%). Futures fees (0.01% maker / 0.06% taker) remain the same for all users. Check current Premium pricing before subscribing — payoff depends on your trading volume.
Is Phemex available in the US?
No. Phemex is not available to US or UK users. It also exited Ontario, Canada in December 2024. US derivatives traders should consider Kraken or CME Bitcoin futures as regulated alternatives.
Bottom Line: Phemex is a capable derivatives exchange with genuinely competitive fees (0.01% futures maker) and a fast engine upgraded in 2026 to 40,000 TPS. The January 2025 $85M hot wallet hack — where all user losses were covered within three days — is the defining context for this review. Phemex responded transparently, implemented Fireblocks MPC custody, and PoR shows 13–49% excess reserves. For active derivatives traders outside US/UK who have weighed this risk: Phemex’s 0.01% maker fee and fast engine are genuinely hard to beat. If security record matters most: Bitget (no major hack, ISO 27001) is the cleaner alternative.
📋 Related Reviews: Bybit Review | Bitget Review | BingX Review
📊 Comparisons: Phemex vs Bybit | Phemex vs Binance
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