Is Phemex Available in the US? The Official Answer for 2026

Can you use Phemex in the US?

No. The United States is a Restricted Territory under Phemex's Terms of Use, so the platform does not serve people who live there. Section 1.26 of the Phemex Terms of Use, updated on 10 July 2025, defines Restricted Territories as any region in a list of 45 entries that starts with the United Arab Emirates, the United States and the United Kingdom, and ends with "any other jurisdiction where the Services offered by Phemex are restricted."

The list is broad for an exchange of Phemex's size. Next to the usual sanctioned countries it includes Australia, India, China, Hong Kong, South Africa and 4 Canadian provinces: Ontario, Québec, Alberta and Saskatchewan. Phemex's verification guide repeats the United States in its own shorter list of excluded countries.

Phemex also excludes US citizens and Green Card holders

Moving abroad does not make an American eligible for Phemex. Section 10.2 asks every user to declare that they are not a "specified U.S. Person" under US tax principles, not a US owned foreign entity, not a US citizen, with sole or dual citizenship, not a holder of an active US Green Card and not a US resident for tax purposes.

That is stricter than most offshore exchanges, which draw the line at residence and physical location. On Phemex, a US citizen living in Portugal or Thailand falls under the same restriction as someone in Texas. Dual citizens are named explicitly, so a second passport does not change the answer.

What happens if you use Phemex from the US anyway?

A false statement about residence is an Event of Default under the terms, and Phemex can close the account. In section 10.1 users warrant that they are not a citizen of, resident in or located in a Restricted Territory. Section 11.1 treats a representation that is incorrect or misleading as an Event of Default, and section 4.9 lets Phemex refuse an account, suspend it and restrict withdrawals once it is suspended or closed.

Phemex has said what that means in practice before. Its 2020 notice on restricted countries stated that it may close offending accounts immediately and liquidate open positions when a user gives a false representation of location or residence. A VPN does not get around this: verification needs an identity document issued by your country of residence plus a verified address, and its prediction market already blocks US IP addresses outright.

Isn't Phemex registered in the US?

A FinCEN registration is not a license to serve US customers, and Phemex does not claim one. Phemex hosts a FinCEN money services business printout from 20 July 2020 for an entity called phemex ltd with a Denver address. The printout itself notes that FinCEN does not verify the information submitted. It is a federal anti money laundering filing, while serving US retail traders also needs state licenses, and for leveraged products, derivatives registration.

Phemex's current terms point the other way. The only Phemex entity they name is Phemex Poland, which Phemex says is registered as a virtual asset service provider in Poland, the agreement is governed by Singapore law, and the United States sits on the restricted list. No CFTC, SEC or Justice Department action names Phemex.

Where Phemex is allowed: what it costs

Phemex charges 0.01% maker and 0.06% taker on USDT perpetual futures at the standard tier, and 0.10% on spot. The maker rate is one of the lowest in the market, the taker rate sits at the common 0.06%. Paying fees in PT takes another 10% off futures fees, per the Phemex fee page.

At 5 million USDT of futures volume a month, the taker fee comes to 3,000 USDT. Trade Reclaim returns 30% of every Phemex fee in USDT, which takes the effective taker rate to 0.042% and returns 900 USDT on that volume. The Phemex fee guide has every tier, and the Phemex page shows the setup.

USDT perpetual futures, standard tier, October 2026. Cashback is 30% of the fee, paid in USDT.