Does Phemex Allow Traders From The USA?

In this guide, we will be looking at whether or not the Phemex cryptocurrency derivatives exchange allows US customers (citizens of the USA).

Phemex does not allow US customers to register, make a deposit or trade on the Phemex trading platform as stated clearly in the Phemex Terms of Use. On the other hand, it is well-known that many traders bypass this through using a VPN like NordVPN.

Now you may have a few more questions as to why they don’t allow people from the USA and how we know this, so let’s go into a bit more detail.

In the Phemex Terms of Use, Section 2.10, I – it’s clearly stated that:

if you are located in or if you are a resident of the United States of America, Québec (Canada) , Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, or any other jurisdiction where the Services offered by Phemex are restricted, you understand and acknowledge that you are prohibited from holding positions or entering into contracts at Phemex. You also understand and acknowledge that if it is determined that any Phemex trading participant has given false representation as to their location or residence, Phemex reserves the right to close any offending accounts immediately and to liquidate any open positions.


Why can’t US citizens use Phemex?

Customers from the USA can’t use Phemex since it is a platform for trading cryptocurrency derivatives which are pretty much banned in the US due to their volatile nature and the lack of regulation surrounding the platforms that offer it. Phemex is no different in this way to many other derivatives exchanges like BitMEX and Bybit for example.

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