Phemex Reviews 269

Hugely disappointed in Phemex. Looked a good exchange, put in contract to represent them and all was going well until they needed to pay me money for hitting targets.. they terminated the contract immediately to avoid paying with still no clear reason for the termination.
So unprofessional.

Phemex Exchange 😔

No one should use this exchange, it blocks the account permanently, it has permanently locked my account.

Algo traders will find more frustrations than they can handle with trying to automate Futures trading.
Also, I lost $2,000 due to an automatic reset of my Leverage setting. I am cautious and set default to 1x. But after closing all my positions at one point, my default was somehow set to 10x. Definitely not by me. A manageable $200 loss was suddenly a $2,000 loss.
And did I mention that coding the REST or CCXT for this platform is a nightmare?
Of course, I removed all my funds today. I can't work with an exchange like this.

I have been with this website for several years and have some money with them which has come from bonuses. I have not been able to log in to the website for months and also support is ignoring me. According to them ,I am fully verified. I think this website is a scam.

I never thought I would write a review like this, but what Phemex has done to its KOL partners deserves to be exposed.

For a long time, I promoted Phemex in good faith, bringing traders to the platform under a clear agreement: a 30% commission rate. Like many KOLs, I invested time, reputation, and trust to grow their ecosystem. Everything seemed fair — until it suddenly wasn’t.

Without any notice, announcement, or transparency, Phemex quietly reduced the commission rate to 0% for VIP2 traders and above. Let that sink in.

VIP2 is not a small milestone — it represents traders with around 18 million trading volume. In other words, the very traders that KOLs work hardest to attract — the whales — now generate zero commission.

So what is the message here?KOLs do the marketing.KOLs bring in high-volume traders.And once those traders become valuable… Phemex cuts the partner out completely.

This feels less like a partnership and more like a trap.

The most disappointing part is not even the financial loss — it’s the lack of integrity. No warning. No discussion. No chance to adapt. Just a silent change that directly undermines the people who helped build their trading community.

If you are a KOL considering promoting Phemex, understand this clearly: the more successful you are at bringing serious traders, the more likely you are to end up earning nothing from them.

Trust is everything in crypto. Once it’s gone, it’s almost impossible to recover.

I hope Phemex reconsiders this decision and starts treating partners with transparency and respect — because right now, this feels like betrayal, not business.

Hello, I want to report Phemex's irresponsibility for not returning my money. I made a deposit in a currency they don't handle. Okay, they didn't credit it to my account, but they returned the money and kept $3,000 of mine. I consider this a major scam as a user of their platform. I'm making this public complaint so you can be careful with Phemex because they are irresponsible and dishonest.

After I had transferred my crypto over, it suddenly flagged me as a “high risk” user (I am a Singaporean which is as safe as can be, have completed all KYC and provided all documentation needed, with a triple AAA credit and a stable income and savings) and refused to clear my account.

I gave them the benefit of doubt and assumed it was a mistake. I tried asking their help team to check on this, but they said nothing can be done and it is final despite having ZERO evidence or reason to flag me as “high risk”. The CS asked me to continue using Phemex anyway, to do the other challenges.

No way man, this means they can just freeze my account for no reason if I am supposedly a “high risk” (still makes no sense to me)? Absolutely dodgy exchange. Now I have to pull out all my crypto and try to save it.

Flexible, intuitive exchange with a crackerjack support team.

Quick and effective response

they have scammed me with liquidation position without reaching it and support insisted to not help even tho everything was clear. My position was not even close to liquidation price. it was so annoying to that Marcella doesn't even understand it.

Terrible terrible TERRIBLE exchange.. been using for years trying to get my money back and I've lost over 50 grand! Very shady platform and and manipulate the hell out of the charts so there's no way for you to win! Don't ever ever use this platform I'm telling ya or you'll be sorry

This platform is extremely high risk.

Funds I deposited from my personal wallet (which I use on many trading platforms like Binance, Bitget, and Bybit without any issues and which is 100% legal) were frozen "under the pretext of a security check."

Despite depositing funds (into the same wallet I've used many times before without any problems), my wallet is solely for storing cryptocurrencies.

Therefore, be careful. There are many other recognized and trustworthy platforms.

100% this exchange scam
Don't deposit in this exchange
THE BIG SCAMMER!

I have been trading on this platform for years and have always had a good experience.
Customer service always available
Platform, super efficient

I would steer clear of Phemex, one of the worst leveraged trading platforms there is. I am a successful trader with high percentage of wins. Once the platform recognised this, the app then begins to malfunction. Orders are half filled even thought I used 100% and market option. Very dodge and sketchy behaviour from the APP and company. Would give minus 5 stars, they steal your money. Luckily visa identified the fault and refunded me some of my money. However lost alot due to their faulty system or targeted malfunction.

Super fast and thorough customer service with interface issues! Lucy was great!

They block accounts right after you make profit.
No reason, no refund, no support.
Once they have your money — it’s gone.

Good afternoon. This exchange blocked my funds on November 11, 2025. Support responded today, stating that the funds will not be unblocked and that I won't be able to withdraw anything. Please look into this and return my money.