Phemex Review - Legit or Scam? - Real or Fake?

Phemex is a cryptocurrency exchange that has been operational since 2020. The platform enables users to buy, sell, and trade various cryptocurrencies. If you are seeking a platform for cryptocurrency transactions, you might consider downloading Phemex. However, before doing so, it is crucial to determine whether Phemex is a trustworthy cryptocurrency exchange.

In this review, we will assess whether Phemex is a potential scam that should be avoided. By the end of this article, you will be equipped to decide whether to proceed with downloading or signing up on the platform for cryptocurrency trading.


Platform Overview

Platform Overview

Name: Phemex
Released date: February 19, 2020
Number of red flags detected: 0
Legit or Scam?: Legit
Website: https://phemex.com
Availability: Not worldwide


What is Phemex, and How Does It Work?


Phemex is a centralized exchange that has been operational for more than a couple of years. Founded by Jack Tao, a senior executive from Morgan Stanley, the platform facilitates buying, selling, trading, and receiving cryptocurrencies, offering a range of additional features. Phemex supports numerous well-known digital tokens, allowing users to buy various cryptocurrencies using over 80 different fiat currencies, including credit cards. It's important to note that credit card purchases are limited to acquiring USDT.


Phemex Trading Bot/Copy Trading:


Phemex enables users to configure bots that automatically replicate the trades of specific "top" traders on the platform. According to the exchange, "top traders" are individuals with a proven track record, showcasing a PNL sheet exceeding $20,000 and an ROI surpassing 200% in the last 30 days. This criterion ensures that top traders are reliable and worthy of emulation.


To initiate copy trading, users must first choose a trader to replicate through the Phemex "Copy Trading" interface. Each trader has a cap of 100 users replicating their trades to limit market price impact. The interface also furnishes statistics on trader performance, including their total balance, overall PNL, and monthly PNL.


Once you identify a trader you wish to replicate, simply click the "Copy" button to mirror their trades.


Is Phemex Legit or a Scam?


Phemex is a legitimate platform and not a scam. If you have hesitations about trusting the platform, rest assured that it is indeed genuine and secure. We conducted a thorough investigation to verify its legitimacy and can confirm that Phemex is a trustworthy platform.


Operating since 2020, Phemex has gained recognition from numerous users as a reliable platform for buying, selling, storing, and trading cryptocurrencies.


The information presented here is gathered from various sources to ensure accuracy. However, while we affirm Phemex's legitimacy, we advise exercising caution, as we cannot guarantee that situations resembling scams won't occur or that you won't encounter potentially negative experiences. Always conduct periodic research to stay up-to-date.


Is Phemex Real or Fake?


Phemex is real and not fake; there are no misleading or fraudulent activities found within the platform. We have conducted thorough testing and can confirm that it is indeed a genuine cryptocurrency exchange.


In Which Countries is Phemex Available?


If you are a resident of any of the following countries:


Eritrea

Ethiopia

Fiji

Gabon

Gambia

Ghana

Guatemala

Guinea

Guinea-Bissau

Haiti

Honduras

Iceland

Indonesia

Iran

Iraq

Kenya

Korea, North

Kosovo

Kuwait

Laos

Latvia

Lebanon

Lesotho

Liberia

Libya

Macao SAR, China

Macedonia

Madagascar

Maldives

Mali

Marshall Islands

Mauritania

 Mexico

Mongolia

Montenegro


...and many others, Phemex is not available to you. To find out more, copy the link below to your clipboard, paste it into your browser to visit the page where you can see the list of supported countries for Phemex and the restricted ones.

Copy Text Example

https://phemex.com/help-center/supported-countries-regions-for-phemex-otc-services


Final Verdict:


Phemex is a legitimate exchange and not a scam. If you were uncertain about the platform's legitimacy, rest assured that it is indeed legitimate and not a scam. However, being a legitimate platform does not guarantee that you won't encounter situations that could result in a negative experience or situations resembling scams. Always exercise caution when engaging with any platform.