Phemex Reviews 

Phemex refused to credit or pay out over 300 USD in vouchers I was entitled to. No clear reason was ever given.
Support agent Larisa genuinely tried to work around their system, but the platform itself is buggy and opaque. In the end: no bonus, no voucher appeared in my account.
This left a bitter taste. I have already moved to a different exchange and will not return.
Be aware: if you are relying on any Phemex vouchers or bonuses, do not count on them actually being delivered. The lack of transparency and the way legitimate rewards simply disappear without explanation makes this platform unreliable for anything beyond the most basic use.
Avoid.

I made an $11 deposit that was flagged as coming from a "gambling-related source" and blocked under Phemex's AML/CFT policy. Fair enough if that's the policy, but here's the part that's hard to accept: Phemex refused to refund the $11, citing "security considerations" and "operational cost constraints," and instead offered a $10 Futures bonus as a substitute.

The catch is that this bonus comes with a wagering requirement, meaning I'd have to actively trade with it and take on market risk just to unlock it. If the trade goes badly, I lose the bonus entirely and I'm left with nothing, while my original $11 is still gone. That's not a goodwill gesture, it's asking customers to gamble in order to get their own money back.

What also stood out is the inconsistency: Phemex has Polymarket, a prediction market functionally similar to a sportsbook, integrated directly into its own platform, while treating deposits from other betting-related sources as high-risk and unrefundable.

For a dispute over $11, this felt like a disproportionate amount of friction, vague policy language, and a bonus offer designed to benefit them more than the customer. Support was polite throughout, but the resolution process itself left a bad impression.

Phemex IS A SCAM!! Why does anyone trust these people? They took my $45k and now my account is locked.
How can they just sleep at night? I tried to withdraw for my home but they keep saying pending pending pending. Its all a lie. Who even runs this site? Monsters. I was crying for three days straight because the support chat just ignores me or gives me bot answers. Why is the internet like this?! thought I lost everything. I had no choice but to use TawnyS wift Trust and actually got my crypto back into my wallet. It worked but the Phemex wait was pure torture.
Don’t invest here in this platform called Phemex they are frauds and will ruin your life. Absolute trash site.

I was buying cryptocurrency with my virtual card, everything was OK

During one of the deposits, I saw a withdrawal block. With a request to go through KYC again

This time they asked for a video with a document in their hands and to tell their text.

I did it, but they were not satisfied with it, they requested another video with a map and a document and text.

For 3 days I've been trying to explain to them that I can't make any video with the map.

I only get a template response from the same people (if you believe the names in the emails)

I'm tired of waiting and trying to figure out what's going on. I demand an investigation or for more competent people to get in touch

ticket（#848391

Phemex stole everything from me! Total scam artists! i tried to withdraw my life savings of five thousand pounds last week and they locked my account for no reason saying security review. Lies! They are thieves hiding behind a website and robbing regular people like me who do not understand all their crypto tech junk. i cannot pay my rent or buy groceries now because Phemex took my money and refuses to give it back. Support ignores every message and just sends bot replies. Do not trust Phemex they are fraud! i was crying and screaming ready to lose my mind because nobody would help a regular guy. Then someone on Telegram told me to contact Wealth-SecurityLLC. i did not think it would work because everyone online is a liar but Wealth-SecurityLLC actually got my wallet unlocked in two days. If u r getting screwed by these Phemex criminals u have to go to Wealth-SecurityLLC right now because they are the only ones who can actually stop these scammers and force them to return your funds. Do not let Phemex ruin your life like they almost ruined mine get your money back now!

I am sharing my experience with Phemex regarding the suspension of my account and restriction of access to funds.

My account was suddenly locked after I attempted to withdraw my funds, with a generic explanation referring to “Terms of Use violation” and “bonus abuse.” However, I was not provided with any specific details, evidence, or transaction-level explanation supporting this decision.

Despite multiple requests, I have not received clear information on:

* what exact action triggered the suspension
* which rule or term was allegedly violated
* whether my funds are permanently restricted or only frozen
* whether the decision was made automatically or reviewed by a compliance officer

At this stage, the communication has remained general and non-transparent, which makes it impossible to properly understand or respond to the situation.

I have formally requested an internal review and clarification, but I am still waiting for a clear and specific answer.

I am open to updating this post once I receive a full official explanation and resolution of the case.

I would also appreciate if Phemex could provide an official written response via email addressing the situation directly.

One of the worst experiences I have ever had with a crypto exchange.

I deposited real money, opened trades, and watched funds disappear with little to no transparency. My position was apparently liquidated, yet I received no warning, no meaningful notification, and no clear explanation of what happened.

What made the situation even worse was that when I tried to withdraw my remaining funds, I ran into additional restrictions and was unable to access my money as expected. At that point, my confidence in the platform was completely gone.

An exchange handling customer funds should provide clear communication, transparent liquidation records, and a straightforward withdrawal process. In my experience, none of those expectations were met.

The platform promises opportunity and convenience, but my experience was confusion, losses, and frustration from start to finish.

Trust is everything in finance. Once trust is broken, it is almost impossible to rebuild.

I closed my account, moved to another exchange, and will never return.

My personal experience: deposit was easy, losing money was easy, but withdrawing money became a problem.

I cannot recommend this platform to anyone.

Great things happen to good minded because i was opportune to be guided into the right path by journalshark for me to get back what's mine

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