Why look for a Phemex alternative?
Phemex is an international exchange founded in 2019 in Singapore by former Morgan Stanley engineers, known for very low derivatives fees (from 0.01% maker) and a high-performance trading engine. Its Singapore entity, Phemex Singapore Pte Ltd, is incorporated but does not hold a Monetary Authority of Singapore (MAS) licence for exchange services; its subsidiary Phemex Europe UAB only has a VASP registration in Lithuania — a lower-tier AML registration, not a CASP authorisation under MiCA.
Interest in a “Phemex alternative” grew after its hot-wallet hack in January 2025, valued at over $85 million across 16 blockchains, and after realising it does not appear in the ESMA register as a MiCA-authorised CASP. We compare Bit2Me and Phemex with public sources on regulation, custody, fees, support and product for anyone operating in euros.
Why so many people doubt Phemex
No MiCA CASP in ESMA register
Phemex is not listed as a MiCA-authorised CASP. Its Singapore entity operates without an MAS licence; its Lithuanian subsidiary only holds a VASP registration, not a CASP authorisation.
$85M hack in January 2025
Attackers drained Phemex hot wallets across 16 blockchains for over $85 million. Cold funds were unaffected, but the incident exposed access-control weaknesses.
No support phone line
Phemex support runs on email, live chat and Telegram, with no dedicated phone line for urgent incidents.
Public record
Reputation and documented facts about Phemex
Sanctions, incidents or controversies recorded in official sources or verifiable media. Bit2Me does not pass judgment: we cite public facts.
On 23 January 2025, Phemex suffered a hot-wallet hack across 16 blockchains, with losses estimated at over $85 million; it published a proof of reserves and announced a compensation plan.
Source: securityweek.com
As of 30 June 2026, Phemex does not appear in the ESMA register of MiCA-authorised crypto-asset service providers.
Source: thecryptoregister.com
These records do not rule out the competitor being suitable in other contexts; they are part of the due diligence worth doing before depositing funds.
Verdict
Phemex is a derivatives exchange founded in 2019 in Singapore, with over 10 million registered users and very competitive futures fees. But it does not appear in the ESMA register of MiCA-authorised CASPs, its Singapore entity operates without an MAS exchange licence, and in January 2025 it suffered a hot-wallet hack valued at over $85 million. Bit2Me is a Spanish CASP under the CNMV, with fee-free EUR bank deposits, insured custody under a $150M policy and Without chat-only: multilingual support. If you operate in euros and want a verifiable regulatory framework, this is your alternative.
Regulated by the CNMV · Support in your language · +1 million users · Promotion subject to terms
Phemex vs Bit2Me: comparison
The dimensions that matter most to a retail user in Europe.
Before products: trust
Who you really deal with: Bit2Me vs Phemex
An exchange isn't chosen on price or catalogue alone. Look at who answers for your money, from where and with what backing.
Bit2Me- Real HQ
- Spain (EU) — parent company, not a subsidiary
- Supervised by
- CNMV (Spain), under MiCA
- Operating since
- 2014, with no security incidents
- Who's behind it
- Backed by Tether, Telefónica, Bankinter and other institutions
Phemex- Real HQ
- Singapore (Phemex Singapore Pte Ltd); European subsidiary Phemex Europe UAB in Lithuania.
- Supervised by
- No Monetary Authority of Singapore (MAS) licence for exchange services; only a VASP registration in Lithuania.
- Operating since
- 2019
- Who's behind it
- Private company; CEO Federico Variola since 2023; not listed, no public parent.
| Feature | Bit2Me | Phemex |
|---|---|---|
| Regulation and licencesDecisive | Bit2Me:Bit2Me advantageMiCA CNMV CASP — Phemex has no CASP in ESMA; only a VASP registration in Lithuania and no MAS licence in Singapore. | Phemex:No MiCA CASP in the ESMA register; Singapore entity without an MAS licence and Lithuanian subsidiary with only a VASP registration. |
| Real HQ & jurisdictionDecisive | Bit2Me:Bit2Me advantageA Spanish company headquartered in Spain (EU): you contract, file claims and are supervised before the CNMV, with no intermediary subsidiaries. | Phemex:Incorporated in Singapore without an MAS exchange licence; in the EU it only holds a Lithuanian VASP registration, not a MiCA CASP. |
| SecurityDecisive | Bit2Me:Bit2Me advantage$150M published policy and zero incidents since 2014, versus Phemex’s $85M January 2025 hack. | Phemex:Hot-wallet hack in January 2025 for over $85 million across 16 blockchains; cold wallets unaffected. |
| Data protection (GDPR)Decisive | Bit2Me:Bit2Me advantageYour data is processed in the EU under the GDPR, with the safeguards of the European data-protection framework. | Phemex:Global privacy policy; EU user data processing is not backed by a MiCA CASP authorisation. |
| Fund insuranceDecisive | Bit2Me:Bit2Me advantageAssets in Bit2Me Custody are insured under a $150M policy. | Phemex:No published custody insurance policy; after the 2025 hack it announced its own compensation plan, not an external policy. |
| Customer supportDecisive | Bit2Me:Bit2Me advantageGuaranteed multilingual phone — Phemex resolves via chat, email and Telegram, with no dedicated line. | Phemex:Email, live chat and Telegram support; no dedicated phone line. |
| Buy in euros (SEPA/card)Decisive | Bit2Me:Bit2Me advantageFee-free direct EUR bank deposits — Phemex relies on external payment providers. | Phemex:Fiat deposits only via third-party providers (e.g. Banxa), with additional fees and spread. |
| Products and servicesDecisive | Bit2Me:Bit2Me advantageMiCA suite (Earn, Card, Tax) vs leveraged-derivatives focus without European retail suite. | Phemex:Spot, leveraged derivatives, copy trading and AI bots; no European retail suite (local Card, Tax, regulated Earn). |
| FeesDecisive | Bit2Me:Up to 0% maker on Pro liquid pairs; Phemex wins on raw derivatives fees outside MiCA framework. | Phemex:Spot 0.10% maker/taker; derivatives from 0.01% maker / 0.06% taker (very competitive on futures). |
| Number of cryptocurrencies | Bit2Me:400+ coins curated for Europe — broad spot catalogue on Phemex with copy trading and AI bots. | Phemex:Over 600 cryptocurrencies available in spot. |
Bit2MeHow we made this comparison
We analyse regulation, security, support, fees and catalogue using public, verifiable information from both platforms, updated as of July 1, 2026. Bit2Me is the platform publishing this page, so we have deliberately included points where the competitor stands out, and we recommend always checking the data on the official websites before deciding.
Sources consulted (July 1, 2026)
Regulated by the CNMV · Support in your language · +1 million users
Why Bit2Me lets you sleep at night
If the doubt with Phemex is service continuity, withdrawals, or who answers when something goes wrong, these are the Bit2Me safeguards that matter before moving funds.
Crypto that doesn't stain you
Bit2Me complies with KYC/AML and is registered with the Bank of Spain: your operations don't mix with illicit-origin funds on a supervised platform.
Headquartered in Spain, not a tax haven
Bitcoinforme S.L. operates under European law with the CNMV as its direct supervisor.
Free, automatic tax report
Download it from the app or web for every tax year you've traded, at no extra cost. It generates itself from your activity.
No security incidents since 2014
Five consecutive independent audits back our operational soundness.
Human support in your language
24/7 support in your language, with a phone line (+34 910 91 37 88) and people — not bots — answering from Spain.
A platform that doesn't go down
Multi-region high availability, 24/7, 365 days a year, with ~100 ms average response.
Your funds, when you decide
Withdraw to your own wallet at any time. No lock-in, no penalty.
$150M insurance on custody
Assets in Bit2Me Custody are insured for $150M (USD), with segregated cold storage and multisig + HSM FIPS 140-2.
Lithuanian VASP registration vs CNMV CASP: why they are not equivalent
Phemex operates through Phemex Singapore Pte Ltd, incorporated but without an exchange licence from the MAS, and Phemex Europe UAB, which only holds a VASP registration in Lithuania — an anti-money-laundering formality, not a CASP authorisation under MiCA. Phemex does not appear in the public ESMA register of entities authorised to operate in the EEA.
Bit2Me is authorised as a MiCA CASP by the CNMV in Spain, active since 2014. The difference between a VASP registration — which does not require MiCA-level prudential capital or fund segregation — and a full CASP authorisation is what determines the protections you actually have if something goes wrong.
Phemex’s January 2025 hack vs insured custody at Bit2Me
On 23 January 2025, Phemex detected unusual activity in its hot wallets. The estimated loss escalated to over $85 million across 16 blockchains. Phemex suspended deposits and withdrawals, published a proof of reserves and announced a compensation plan for affected users.
Bit2Me keeps funds mostly in cold storage, with Bit2Me Custody assets insured under a $150 million policy and zero security incidents since 2014, certified by ISO 27001, 27701 and 22301 audits.
Cheap derivatives at Phemex vs published fees and EUR rails at Bit2Me
Phemex competes hard on derivatives: perpetual futures from 0.01% maker / 0.06% taker. On spot, the standard fee is 0.10% maker/taker. Fiat deposits only arrive via third-party providers like Banxa, with additional fees and spread not shown in the trading fee table.
Bit2Me Pro offers up to 0% maker / 0.10% taker on liquid pairs and fee-free EUR bank deposits, with no third-party provider involved. Moving €1,000 at 0.10% taker costs €1, with a CNMV CASP behind the fiat deposit.
What do you really pay?
Move the amount and compare Bit2Me Pro with Phemex's published retail fee.
On Bit2Me Pro (liquid pairs, 0.10% taker)
€1.00
Down to 0% when trading as maker.
On Phemex (spot, standard fee)
€1.00
0.10% maker/taker on spot; euro deposits arrive via third-party providers (e.g. Banxa) with additional spread and fees not included here.
Indicative trading fees only — excludes spread, gas and deposit/withdrawal charges. Always cross-check Phemex's official pricing.
Chat and Telegram at Phemex vs Bit2Me’s phone line
Phemex offers support via email, live chat and Telegram, with no dedicated phone line. For a blocked withdrawal after a security incident, the digital circuit can fall short.
Bit2Me adds human multilingual phone support and a European team that knows banks, CNMV rules and EUR operations.
Who is Phemex for, and who is Bit2Me for?
Phemex built its user base with minimal derivatives fees and high leverage for active traders. If your trading is exclusively leveraged futures and you accept the regulatory risk, the product has its niche.
The European investor in major pairs (BTC, ETH) starting from euros needs predictable cost, EUR rails, CNMV supervision and someone on the phone. Bit2Me Pro covers that profile with up to 0% maker / 0.10% taker.
What switching from Phemex to Bit2Me really costs
Withdrawing crypto from Phemex carries the network fee the platform shows before you confirm. Buying with euros on Phemex also involves the spread and fees of the external payment provider (e.g. Banxa).
Bit2Me charges nothing for EUR bank deposits or sign-up. Send a small amount first; if the network fails, you solve it by phone — an advantage that matters especially after an incident like January 2025.
Phemex published proof of reserves and a compensation plan after the hack, but that does not replace a published custody policy nor a MiCA supervisor to claim against if withdrawal takes weeks. The hidden cost of futures fee savings can be operational uncertainty when you need it most.
Which one to choose? It depends on your profile
Bit2Me — pros
- MiCA CASP under the CNMV versus a Lithuanian VASP registration without CASP authorisation and no MAS licence in Singapore.
- Direct EUR deposits via fee-free bank transfer, without relying on external payment providers.
- Custody with a published $150 million policy, versus the January 2025 hack of over $85M.
- Multilingual phone assistance, versus Phemex’s chat-, email- and Telegram-only support.
- Suite of over 30 European products (Earn, Card, Loan, Tax) versus Phemex’s leveraged-derivatives focus.
Phemex — things to consider
- Very low derivatives fees (from 0.01% maker / 0.06% taker) and a high-performance trading engine.
- Broad catalogue of over 600 cryptocurrencies in spot and copy-trading and AI-bot products.
- No MiCA CASP in the ESMA register; only a VASP registration in Lithuania and no MAS licence in Singapore.
- Hot-wallet hack of over $85 million in January 2025 and no direct EUR bank deposit.
When to choose Phemex?
- Your trading focuses on leveraged derivatives with minimal fees and you explicitly accept the risk of operating without a MiCA CASP.
- You already hold crypto elsewhere and want copy trading or AI bots without needing a direct euro on-ramp.
If, on the other hand, you are looking for a Phemex alternative because you care about European regulation, predictable fees, the safety of your funds and support in your language, Bit2Me addresses exactly those needs.
What you gain switching from Phemex
Without a CASP in ESMA
Verifiable CNMV authorisation, versus Phemex’s Lithuanian VASP registration and lack of an MAS licence.
Without a published policy
Custody with a verifiable $150M policy, after Phemex’s $85M 2025 hack.
Without a third-party provider
Fee-free direct EUR bank deposits, with no spread or fee from an external payment provider.
Without phone support
Multilingual phone assistance, not just chat, email or Telegram.
Without a European suite
Pro, Earn, Card, Loan and Tax in one CNMV account — beyond leveraged derivatives.
Switch from Phemex to Bit2Me
Open your account in minutes: euros via SEPA, full CNMV oversight and support in your language when you need it.
15€ welcome bonus when you create your account and buy €100 or more in crypto. Promotion subject to terms.
Regulated by the CNMV · Support in your language · +1 million users
How to switch from Phemex to Bit2Me
Create your free Bit2Me account and verify your identity (KYC) in minutes.
Copy the deposit address of your Bit2Me Wallet for each cryptocurrency.
From Phemex, withdraw each asset to that address choosing the right network (start with a small amount; network fees apply).
Deposit euros via fee-free bank transfer at Bit2Me, without relying on external payment providers. Questions? Phone support walks you through it.
15€ free when you create your account and buy €100 or more in crypto
Regulated by the CNMV · Support in your language · +1 million users
What they say about Bit2Me and who backs us
4.2/5
“One of the most reliable exchanges in the world, based on an analysis of 40+ indicators: fiscal headquarters, transparency, asset protection and user experience.”
“The Good Exchange: the most easy, secure and complete crypto exchange.”
Frequently asked questions
Conclusion
Phemex attracts users with very low derivatives fees and a high-performance trading engine, but it does not appear as a MiCA CASP in the ESMA register and suffered a hack of over $85 million in January 2025. If you operate in euros and want a MiCA CASP, custody with a published policy, fee-free EUR bank deposits and Without chat-only: multilingual support, Bit2Me is the Phemex alternative built for the regulated European investor. Opening an account is free and takes minutes.
Data accuracy
This comparison draws on publicly available information on the internet — official fee schedules, regulator registers and verifiable announcements — and was cross-checked on July 1, 2026. If you spot an error or outdated figure, contact us and we will review it.
