Data reportTrust
Is Phemex safe? What the official record shows — and what it does not
We do not score safety. This report lists what Phemex’s official sources show, how that compares with 20 exchanges, and what we could not confirm.
Published byGrace Hsu
Data reviewed byJason Lee About us → Key takeaways
- Phemex’s proof-of-reserves report for October 2026 shows reserve ratios of BTC 103.13%, ETH 123.79%. No third-party auditor is named, so the figures are the exchange’s own disclosure.
- Licenses and registrations: 2 recorded (Poland, United States). The median across 17 exchanges with confirmed data is 2.
- KYC: not required to trade.
- Security incidents: 1 recorded (2025).
01Reserves: BTC 103.13% · ETH 123.79%
Phemex’s proof-of-reserves report for October 2026 shows reserve ratios of BTC 103.13%, ETH 123.79%. It covers 8 assets. Reports began in November 2022. Reports are published monthly.
Users can check that their own balance is included with a Merkle-tree tool. No third-party auditor is named, so the figures are the exchange’s own disclosure.
A ratio above 100% means the reported reserves exceed the reported user balances for the covered assets. It is a snapshot published by the exchange itself.
Source: Phemex
02Licenses: 2 recorded, against a median of 2
Our data records 2 licenses or registrations for Phemex: Poland, United States. Across 17 exchanges with confirmed data, the median is 2.
A registration is not the same as full regulation of every product. Each entry links to the official source it was recorded from.
Source: CEX Compare, from official exchange sources (checked 2026-10-28)
03How Phemex compares
Proof of reserves does not set Phemex apart: all 16 exchanges with confirmed data publish one. A user protection fund is recorded at 16 of 17.
| Item | Phemex | Across 20 exchanges |
|---|---|---|
| Proof of reserves | Yes | 16 of 16 confirmed |
| User protection fund | Yes | 16 of 17 confirmed |
| Licenses & registrations | 2 | Median 2 (17 confirmed) |
| KYC required | No | 17 of 20 confirmed |
| Recorded security incidents | 1 | Median 1 (10 confirmed) |
Source: CEX Compare, from official exchange sources (checked 2026-10-28) · Share of the 20 exchanges on this site with a confirmed value. No weighting and no overall verdict — see methodology.
04What we could not confirm
- An independent auditor for the reserve report — none is named.
- A user protection fund with a stated size — none was found on Phemex’s official site. Futures insurance funds, which cover liquidations, are not counted.
Figures checked 2026-10-06
05Fees in context
Phemex’s base spot taker fee is 0.100% — 3 of 20 exchanges charge less and 8 charge the same. Its futures taker fee is 0.060%, with 12 of 17 charging less.
Spot taker
20 of 20 confirmedFutures taker
17 of 20 confirmedSource: CEX Compare, from official exchange sources (checked 2026-10-28)
Frequently asked questions
Is Phemex regulated?
Phemex holds 2 recorded licenses or registrations: Poland, United States. Each applies only to its own jurisdiction.
Does Phemex have proof of reserves?
Phemex’s proof-of-reserves report for October 2026 shows reserve ratios of BTC 103.13%, ETH 123.79%.
Does Phemex have a user protection fund?
A user protection fund with a stated size — none was found on Phemex’s official site. Futures insurance funds, which cover liquidations, are not counted.
Does Phemex require KYC?
No. Phemex does not require identity verification (KYC) to place orders.
Every answer is generated from the values above and their official sources — nothing is added that the data does not show.
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About this report
This report is built only from the verified figures on this site. Every number links to an official source, and the data is reviewed by Jason Lee. It is information, not investment advice. About us →