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  4. What can I do if I made an incorrect deposit?

What can I do if I made an incorrect deposit?

There are many ways in which a deposit can be performed incorrectly. Depending on the situation, we may still be able to retrieve your funds. Please review the following scenarios and follow the instructions to begin the process of retrieval.

Missing or incorrect tag/memo

A destination tag/memo is a unique digital code that must be included as additional information to help identify transactions.

Not all cryptocurrency deposits require a memo. Those that do (XRP, EOS, etc.) will clearly state so. The correct memo code will be displayed on the deposit page with a quick copy button and a QR code generator for easy access.

If you forgot to add the memo for your transaction or used an incorrect one, your deposit will NOT be credited to your account.

In order to help us try to retrieve your deposit, please kindly reach out to support@phemex.zendesk.com with the following information:

  1. Registered email address or UID
  2. Time and amount of your deposit
  3. Correct tag/memo
  4. A screenshot of your withdrawal request email (platform/wallet)
  5. A screenshot of your successful withdrawal email (platform/wallet)
  6. A screenshot of your recent account activity records from the platform that you withdrew the funds from (platform/wallet)
  7. Your IP address
  8. A video (in any format) that shows your withdrawal information and recent account activity records from the platform that you withdrew the funds from

NOTE: We DO NOT accept Block Explorer screenshots as this can be viewed or accessed by anyone. We cannot guarantee that the funds will be recovered.

Charge: No charge

Duration: It can take up to 10 days to process this request.

Deposited an unlisted ERC20 or TRC20 token

If you’ve deposited a token that is not listed on our exchange, there is no guarantee that Phemex can 100% retrieve your deposit.

In order to help us try to retrieve your deposit, please kindly reach out to support@phemex.zendesk.com with the following information:

  1.     Registered email address
  2.     UID
  3.     The txid of this transaction

Charge: Retrieving a deposit from the blockchain for these types of scenarios will incur a cost that may fluctuate with the cryptocurrency’s price.

In the case of stablecoin like USDC, BUSD, GUSD:

  • Value < $100, cannot be retrieved
  • Value > $100, charge $50

If it is not a stablecoin:

Value < $100, cannot be retrieved

Value > $100, charge $100

Duration: It can take up to 10 days to process this request.

Deposited a supported token via an unsupported chain

If you’ve deposited a supported token via an unsupported chain such as BSC, there is no guarantee that Phemex can 100% retrieve your deposit.

In order to help us try to retrieve your deposit, please kindly reach out to support@phemex.zendesk.com with the following information:

  1. Registered email address
  2. UID
  3. The txid of this transaction

Charge: Retrieving a deposit from the blockchain for these types of scenarios will incur a cost that may fluctuate with the cryptocurrency’s price.

In the case of stablecoin like USDC, BUSD, GUSD:

  • Value < $100, cannot be retrieved
  • Value > $100, charge $50

If it is not a stablecoin:

Value < $100, cannot be retrieved

Value > $100, charge $100

Duration: It can take up to 10 days to process this request.

Other incorrect deposit scenarios

Once again, there is no guarantee that Phemex can 100% retrieve your deposit.

In some cases, due to specific blockchain characteristics, recovery or retrieval is simply impossible.

For example, depositing ETC to an ETH address or depositing BCH to a BTC address will result in permanent loss of funds.

Please understand and consider that recovering funds due to incorrect deposits comes with significant risks and security concerns. Always confirm and double check your deposit addresses, tokens, and other associated information carefully before making a deposit to Phemex.

Phemex reserves the right to amend these policies at will.


For any inquiries contact us at support@phemex.zendesk.com .
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