Phemex has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to 59Bet. We’ve received over 5 complaints against Phemex.
Phemex, a leading crypto exchange, offers mixed customer experiences with notable regulatory scrutiny. It provides efficient KYC procedures and diverse deposit options but faces criticism for poor trade execution and account access issues. Despite its growth and compliance efforts, its legitimacy is under question due to warnings from regulatory bodies like the FCA and OSC.
Get Your Money Back From These Scammers!
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Key Takeaways
Is Phemex Regulated? Do They Have a License?
The lack of regulation or the presence of poor regulation is a huge red flag. It means Phemex is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Phemex, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at Phemex
Phemex allows deposits in cryptocurrency in unlimited amounts even before completing a Know Your Customer (KYC) check, whereas fiat deposits require a completed KYC verification. The KYC process, including video verification, is notably swift, taking about 2 minutes. Cryptocurrency purchases in the European Economic Area (EEA) region are handled via Phemex Lithuania UAB.
It’s important to note that Phemex does not hold a license in the UK or the European Securities and Markets Authority (ESMA) jurisdictions, yet registration for EEA and UK residents is possible.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
Phemex Customer Service: Do They Handle Complaints Well?
Phemex’s approach to customer service appears to be a mixed bag. They offer primary support through online chat, where initially, an automated bot responds, followed by the option to connect with a human representative. This transition usually takes about a minute. Email support is also available for non-urgent matters. However, there is no phone support provided.
Customer feedback on TrustPilot reflects a polarized experience – nearly half rate Phemex as “bad”, while a close number rate it as “excellent”. The complaints primarily focus on issues such as poor market pricing, slow trade execution, account access problems, and an unsatisfactory trading platform.
However, some users have noted positive aspects like helpful customer service and a rewarding program.
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
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Phemex Reviews: What Do Others Say?
Online customer opinions about Phemex are highly polarized. TrustPilot reviews show a significant division, with nearly equal numbers of users rating the service as either “bad” or “excellent”, with few moderate opinions.
The main complaints from users include issues with market pricing, slow trade execution, and loss of account access. On the other hand, some users appreciate Phemex for its helpful customer service and rewarding program.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like Phemex tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust Phemex reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Phemex, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Phemex enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Phemex reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Phemex.
You should always look out for consumer complaints. In the case of Phemex, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Phemex? You can share your complaint in the comment section or submit an anonymous tip.
Is Phemex Legit Or Scam?
Phemex, a crypto derivatives exchange founded in 2019, has grown significantly, becoming one of the top 10 global exchanges in 2022. Despite its high trading volume and regulatory compliance claims, it has faced regulatory scrutiny.
The UK’s Financial Conduct Authority (FCA) issued a warning against Phemex in 2021 for operating without authorization. In 2023, the Ontario Securities Commission (OSC) initiated proceedings against Phemex for alleged non-compliance with securities regulations.
Additionally, Phemex is currently on the Orange Compliance list, indicating a level of caution due to these regulatory actions.
Phemex is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Phemex can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Phemex?
All the evidence suggests that Phemex is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
Is Phemex a scam?
Can I withdraw money from Phemex?
Where is Phemex Located?
How do I get my money back from Phemex?
How The Phemex Online Scam Works
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Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
