What it does
Phemex provides spot crypto markets, perpetual futures, Convert and trading bots through its website and apps. Mock Trading provides a separate practice environment. Identity verification is needed for withdrawals, and the service excludes locations including the US, UK and Quebec.
Account checks come before withdrawals
Phemex lists a zero withdrawal allowance for unverified accounts. Verification asks for identification and facial recognition; applicants must be at least 18. On the website, use the profile icon, Verification, then Verify Now. The process can continue in the browser or on a phone after scanning a code.
The eligibility guide excludes the United States, United Kingdom, Quebec, mainland China, Hong Kong and South Korea, among other jurisdictions. Check the country rules before using a funding route.
Separate markets and practice tools
The Spot menu includes direct asset trading, Convert and bots. Futures includes contracts using stablecoins or cryptocurrency as collateral. Mock Trading and the separate simulated platform let you study those controls using virtual balances.
Fees use maker and taker rates and volume-based tiers. The Fees & Conditions page also lists minimum order values, price increments and withdrawal parameters. Promotions can alter selected rates, so the applicable market and account tier matter. Live crypto trading can lose money, and futures add leverage and liquidation risk.
Strengths
- Mock and simulated trading are available separately from live markets
- Spot and futures trading parameters are listed by market
Watch out for
- Unverified accounts cannot withdraw
- The US, UK, Quebec and several Asian jurisdictions are excluded
Best for
- Eligible users studying spot and perpetual interfaces with simulated trading
Sources
- Phemex trading products (Oct 27, 2026)
- Phemex identity verification guide (Oct 27, 2026)
- Phemex fees and trading conditions (Oct 27, 2026)