Crypto exchanges · Review
Phemex Review 2026: Derivatives Focus, Sub-Account System, Non-US
Phemex 2026 review — derivatives-focused exchange from ex-Morgan Stanley traders, 0.10%/0.10% spot fees, sub-account system, US restrictions. For non-US derivatives users.
Our verdict
3.5/5
Solid
Best for
Non-US derivatives traders who want a lean, professional-focused exchange with a clean interface and sub-account features. Not for beginners; not available to US retail.
Score breakdown
- Regulatory posture2.8
- Trading fees4.0
- Security + reserves3.5
- Asset selection3.8
- Fiat rails3.3
- Product depth4.3
- User experience3.8
The facts
- Founded
- 2019
- CEO
- Jack Tao (ex-Morgan Stanley)
- Headquarters
- Singapore
- Spot fees
- 0.10% maker / 0.10% taker
- Derivatives fees
- 0.01% maker / 0.06% taker
- US access
- Not available
- Assets
- 300+ cryptocurrencies
Pros
- Founded 2019 by ex-Morgan Stanley senior executives — professional pedigree
- 0.10%/0.10% spot maker/taker; derivatives 0.01%/0.06%
- Sub-account system — separate isolated accounts under one login
- Deep derivatives market with tight spreads
- Cold-storage-first custody model
Cons
- Not available to US retail
- Smaller asset selection than Binance/OKX/KuCoin
- Fiat rails weaker than tier-1 exchanges
- Regulatory framework thinner than tier-1
The short answer
Phemex is a lean, professional-focused derivatives exchange launched by ex-Morgan Stanley executives in 2019. Competitive fees, clean interface, useful sub-account system. Non-US only.
Score: 7.0 / 10 for non-US traders.
Fee schedule
- Spot: 0.10% / 0.10% maker/taker
- Derivatives (perpetuals): 0.01% maker / 0.06% taker
- VIP tiers available
Product depth
- Spot (300+ assets)
- Perpetual futures on major pairs
- Sub-account system (separate isolated accounts under one login — useful for testing strategies or separating capital)
- Earn (flexible + fixed)
- Bots
Related on CoinsCipher
Sources
- Phemex fees — accessed Sep 16, 2026