Notice: Undefined index: Features in /data/phemex/wp/wp-content/themes/knowall/header.php on line 1412
combobox arrow
Phemex Blog
Phemex Crypto Blog: Learn the latest news, updates, and industry insights on bitcoin futures, bitcoin trading, crypto derivatives exchange, and related blockchain technology.
  1. Home
  2. Getting Started
  3. Know Your Customer (KYC)
  4. What is KYC on Phemex? (Identity Verification)

What is KYC on Phemex? (Identity Verification)


Phemex is introducing KYC (Know Your Customer) verification starting May 2021 through a partnership with Onfido. KYC simply refers to the verification process that customers must undergo to increase security and access more features. The goal is to verify the vast majority of users and volume by Q4 2021.

Onfido (already utilized by Revolut, Bitstamp, etc.) leverages AI-based technology to assess whether a user’s government-issued ID is genuine or fraudulent and then compares it against their facial biometrics.

Users will be asked to provide a photo identification document to be verified through a simple 2-steps process that takes about five minutes. Onfido addresses global KYC and AML (Anti-Money Laundering) requirements as well as local regulations.

Implementing KYC on Phemex will allow us to comply with more regional regulatory requirements leading to more accessibility to our platform in more countries of the world.


Passing KYC will provide users an increased level of security, Phemex will also provide economic incentives in the form of bonuses (TBD) in order to make the process more enticing.


Currently, the only limitation imposed on non-verified users will be a withdrawal limit of 2 BTC per day which also applies to non-premium users. In the future, these limitations will be tiered according to the feedback Phemex receives from regulators as well as its users.

Please note, at this stage, your KYC status does not affect your daily withdrawal limits. Withdrawal conditions are solely dependent on Premium or Non-Premium membership status.

For a step-by-step guide on how to verify your account, please read “How do I verify my account? (KYC)

Team Phemex

For any inquiries contact us at .
Follow our official Twitter account to stay updated on the latest news.
Join our community on Telegram to interact with us and other Phemex traders.
Phemex | Break Through, Break Free

Was this article helpful?

Related Articles