I Traded ETH Futures At 100× On Phemex. Here's Our Full Review.
I wanted to test Phemex to see if the platform was genuinely built for active traders. I tested their ETH/USDT futures trading and even managed to profit +$31.28. (Yes, even after the fees!) Read my full review of the platform, below:
New: Phemex Users Can Get Up To 15,000 USDT In Rewards*
Our Official Phemex Review:
Why Is Phemex Different?
Phemex launched in 2019 and has grown into a trading-focused crypto platform. You can buy and HODL, but the platform is really built around active and aggressive trading. They have tools you won’t find on Coinbase or Binance like AI trading bots and even the ability to copy other traders on the platform.
Phemex has high leverage limits on futures (100x) and this comes with a lot of risk and fees. You’ll see my results from trading 100x and even with high fees, I was able to make a profit. Just make sure you educate yourself on high margin trading and try to stick to the 1 minute or 5 minute charts.
Okay, but you don’t want to trade 100x futures? Phemex is still an incredible platform for trading. They have high volume trades on several pairs. This is why I decided to test Phemex to see how it felt to use as an active crypto trader. To write this review, I ran a few ETH futures trades and share how the entire experience went.
Phemex stands out because they offer much more aggressive margin trading vs traditional platforms. They also have unique tools like AI trading bots which really make Phemex a platform for experienced traders.
100x Trading Review: Even With High Leverage Fees, I Was Able To Profit +$31.28 In 40 Minutes
One of the main criticisms of Phemex has been the high fees. High margin trading
I tested ETH/USDT futures trading isolated 100× leverage. The order history below shows my trades during an hour long trading session. I’m happy to report that even with Phemex’s high fees, the high leverage does leave room for a lot of profit, if you’re trading carefully.
My workflow: chart first, trade second
Phemex uses TradingView-powered charts, which felt familiar right away. I prefer to mark trend, support, resistance, entry and stop levels before I open the trade, then use Phemex for execution and position management. With high leverage, having that plan before clicking buy or sell matters.
Phemex is worth a closer look if you actually plan to trade
I would look at Phemex for futures, active trading, bots and copy trading. If you only want to buy crypto and hold it, I would compare simpler platforms too. Phemex currently advertises new-user rewards of up to 15,000 USDT, depending on qualifying tasks and current terms.
Leverage calculator: how large is my position?
Example: if you put $200 into ETH at 100× leverage, your notional position is about $20,000. Use the calculator below to estimate your position size and an approximate liquidation level.
What I liked once I started trading on Phemex
The interface is the main reason I rate Phemex highly. It gives active traders a lot of control without making basic position management feel harder than it needs to be.
The main trading screen keeps the chart, order ticket, leverage controls, open position and market information close together. I found that layout practical. I could see the trade, adjust it and check my risk without bouncing between several screens.
Futures & Leverage
Trade perpetual futures long or short, with leverage up to 100× on selected markets.
Bots & Automation
Set up automated strategies and use Phemex's AI-assisted bot tools from inside the platform.
Copy Trading
Review eligible lead traders and use copy trading to follow selected strategies.
Futures, leverage, technical charting, bots and copy trading are the features that make the platform stand out.
Phemex can do spot trading, but its real advantage is the set of tools built around active trading.
The futures price may not match the spot price exactly
A perpetual futures contract trades on its own market, so its last-traded price can be slightly different from the spot or index price. Phemex also shows Index Price and Mark Price. The Mark Price matters because Phemex uses it for liquidation calculations.
What does it cost to trade on Phemex?
Fees matter more when you trade often because every entry and exit adds up. These are Phemex's published base rates for spot and futures trading.
Phemex also has VIP fee tiers for qualifying higher-volume traders. Perpetual futures can have funding costs in addition to the trading fee, so the maker or taker rate is not always the full cost of holding a position.
The fees are worth checking, but they were not the main reason I liked Phemex. The platform won me over more on execution, charting and position management.
What I would know before funding a Phemex account
Phemex gives experienced traders a lot of control. That also means it can be a bad fit if you are still learning how leverage, liquidation and futures contracts work.
The trading experience
The platform puts futures, long and short positions, TradingView-powered charts, bots, copy trading and advanced orders in one place. In my own test, the 100× ETH trade flow was straightforward and the two closed results shown finished with +31.28 USDT in combined displayed PnL.
Leverage & Security History
High leverage can turn a small market move into a large loss very quickly. I also think Phemex's January 2025 hot-wallet security incident belongs in any serious review. Phemex now highlights Proof of Reserves, cold storage and additional custody controls, but the incident still lowers my security score.
Would I trade on Phemex again? Yes.
I would. The +31.28 USDT shown in my test is a nice result, but it is not why I gave Phemex a 9.6. I liked how quickly I could understand the order screen, place a trade, set a stop and manage the position. The platform also gives me room to use futures, bots and copy trading without switching to another exchange.
I would use Phemex for active trading. I would not choose it just because one short test went well, and I would not treat 100× leverage casually. The fact that my proof includes both a win and a loss is exactly why I trust the review more.
If Phemex sounds like your kind of platform, this is how I would start
You do not need to use every feature on day one. I would open the account, look around the trading screen, fund it with an amount I am comfortable using and start with the product I already understand.
Sign up for a free account
Create your account and check the current new-user offer before you deposit.
Deposit into your account
Deposit an amount you are comfortable trading and choose a market you already understand.
Start trading
Start with spot, futures, bots or copy trading. If you use leverage, know your position size and liquidation level before you increase it.
Common questions about Phemex
What is Phemex?
Did you actually trade on Phemex?
How much does $200 control at 100× leverage?
Does Phemex have AI trading bots and copy trading?
What are Phemex's standard trading fees?
Is Phemex safe?
Affiliate Disclosure: Best Platforms For Trading may receive compensation when visitors click, register or complete qualifying activity through links on this page. Compensation does not increase the price you pay.
Firsthand Trading Disclosure: The Phemex trading screenshot and +31.28 USDT combined displayed PnL shown in this review reflect the author's own short trading test. Fees are displayed separately in the screenshot. This evidence is included to document firsthand platform use and is not a prediction of future results.
Risk Disclosure: Cryptocurrency and leveraged derivatives involve substantial risk. Leverage magnifies both gains and losses and can result in rapid liquidation. Trading bots, AI-assisted strategies and copy trading do not guarantee profits.
Product availability, leverage, fees, promotions and eligibility can vary by jurisdiction and account. Verify current terms directly with Phemex before trading. Last reviewed August 2026.