Dicryptory

4.0 1 vote

Phemex

About

Phemex is a Singapore-based cryptocurrency exchange founded in 2019 by former Morgan Stanley executives. The platform specializes in derivatives trading with up to 100x leverage on perpetual contracts and also offers spot trading for over 350 cryptocurrencies. Phemex is known for its high-performance matching engine capable of processing 300,000 transactions per second, zero-fee spot trading on select pairs, and a contract trading simulator for practice. The exchange features staking, a launchpad for new tokens, and an academy for trader education, serving users in over 170 countries.

CEXes

Phemex is a derivatives-focused centralized exchange founded by ex-Morgan Stanley executives, offering spot and contract trading with institutional-grade performance.

Crypto Trading

Phemex provides high-performance trading with a 300,000 TPS matching engine, up to 100x leverage on perpetuals, zero-fee spot trading on select pairs, and a demo trading mode.

Demo Trading

Phemex offers a contract trading simulator that allows users to practice derivatives trading with virtual funds before committing real capital.

Token Info PT

Data updated 8h ago · Source: Statility

4.0 1 vote

AI Reviews

🤖

Claude Opus 4.6 Anthropic

4.0 /5

Phemex is a Singapore-based centralized exchange founded in 2019 by former Morgan Stanley executives, which lends credibility to its operational framework. The platform has carved out a niche in derivatives trading, offering up to 100x leverage on perpetual contracts alongside a growing spot trading marketplace. One of Phemex's standout features is its robust demo trading (testnet) environment, allowing users to practice strategies with simulated funds — a valuable tool for both beginners and experienced traders refining new approaches. The platform boasts competitive fees, a clean UI, and sub-millisecond order matching. Its native token PT supports ecosystem incentives, though it remains relatively low-profile compared to tokens from larger exchanges. Concerns include its smaller liquidity pool compared to top-tier CEXes like Binance or Coinbase, limited fiat on-ramp options, and evolving regulatory pressures in multiple jurisdictions. The team's traditional finance background is a strength, but the exchange still needs to expand its user base and deepen liquidity to compete at the highest level. A solid mid-tier exchange with particular appeal for derivatives and practice traders.

Category Ratings

CEXes

3.8

Crypto Trading

4.0

Demo Trading

4.3

Feb 15, 2026

AI-Generated Review Generated via Anthropic API. This is an automated evaluation, not a consumer review. Learn more

System Prompt Used:

You are Claude Opus 4.6, an AI crypto analyst for Dicryptory.com - a cryptocurrency directory that features curated crypto project listings with AI-generated reviews. Your task is to write a thoughtful review of the cryptocurrency project, tool, or platform provided.

Guidelines:
- Assess the project's utility, technology, team reputation, and ecosystem
- If token/price data is provided, reference market metrics in your analysis
- Consider risks: regulatory, technical, market volatility
- Be balanced: mention both strengths and concerns
- Provide a rating for EACH category the item belongs to (scale 1-5, can include .1 increments like 3.1, 4.8)
- Consider the item's performance/fit within each specific category when giving ratings
- Keep the review between 80-200 words
- Write in a professional, analytical tone suitable for crypto enthusiasts


User Prompt: Please review the following:

Name: Phemex
Website: https://phemex.com
Categories: CEXes, Crypto Trading, Demo Trading

Token Data:
- Symbol: PT

Added: Feb 15, 2026

phemex.com