Phemex is a Singapore-based cryptocurrency exchange that has grown to serve over 10 million traders worldwide since its launch in 2019. Founded by former Morgan Stanley executives, the platform was built with an emphasis on speed, reliability, and professional-grade trading infrastructure. Phemex offers spot trading, perpetual futures with up to 100x leverage, copy trading, trading bots, and various earn products.

One of the ways Phemex attracts new users is through its invitation code system and the Rewards Hub. By entering an invitation code during registration, you gain access to welcome bonuses of up to $15,000. In this article, we explain how the invitation code works, what bonuses you can expect, and whether Phemex is worth considering as your trading platform.

Overview of the Phemex invitation code bonus

Invitation code	HUDHN
Link to Phemex	https://phemex.com/rewards-hub
Welcome rewards	Up to $15,000 through the Rewards Hub
Spot trading fees	0.1% maker / 0.1% taker
Futures trading fees	0.01% maker / 0.06% taker
Number of coins	600+ spot pairs / 500+ futures pairs

What is a Phemex invitation code?

A Phemex invitation code is a unique code that you enter during registration to link your account to an existing user. On Phemex, this code is sometimes also referred to as a referral code or promo code, but on the sign-up page it's labeled as "invitation code." Regardless of the name, it works the same way.

By using an invitation code, you become eligible for the welcome rewards available in the Phemex Rewards Hub. It's important to note that the invitation code itself does not give you an additional fee discount on top of the standard Phemex rates. The main benefit is access to the bonus tasks and promotional rewards, which can add up to $15,000 depending on the current promotion period.

You can only enter an invitation code once: during the account creation process. If you forget to enter it or already have an account, it cannot be applied afterwards. So make sure to use the code HUDHN before completing your registration.

How to use the Phemex invitation code?

Applying the Phemex invitation code is straightforward and takes only a few minutes:

Step 1: Create an account with the code

Go to the Phemex website or download the Phemex app. Click on "Register" and enter your email address and a password. During the registration process, you will see a field labeled "Invitation Code." Enter HUDHN in this field. If you use our referral link at the top of this page, the code will be applied automatically.

After filling in your details, confirm your account by verifying your email address. You will receive a verification email within seconds.

Step 2: Verify your identity

Phemex allows basic trading with just email verification, but to unlock the full welcome bonuses and higher withdrawal limits, you need to complete KYC (Know Your Customer) verification. This involves uploading a photo of your passport or ID card and taking a selfie.

KYC verification on Phemex is usually processed quickly, often within minutes. Completing this step is also one of the Rewards Hub tasks that earns you a bonus.

Step 3: Complete Rewards Hub tasks

After registration, navigate to the Phemex Rewards Hub. This is where you can unlock the welcome bonuses by completing simple tasks such as verifying your identity, making your first deposit, and executing your first trade. Each completed task earns you a mystery box with a reward in USDT.

How does the Rewards Hub work?

The Phemex Rewards Hub is the central place where new users can unlock welcome bonuses. The total value of rewards can reach up to $15,000, but the actual amount you receive depends on which tasks you complete and the value of the mystery boxes you open. Each task has a reward range:

• Identity Verification (KYC): Complete your identity verification to receive a mystery box worth between 10 and 1,200 USDT.
• First Deposit: Deposit at least 50 USDT via crypto, bank transfer, or credit card to receive a mystery box worth between 5 and 1,500 USDT.
• First Trade: Execute your first spot or futures trade of at least 100 USDT to earn a mystery box worth between 5 and 2,100 USDT.

Be aware that the higher reward amounts within each mystery box are rare. Most users will receive smaller amounts. The "$15,000" figure represents the maximum possible total if you were to receive the highest value from every box, which includes additional promotional tasks and trading volume milestones that Phemex offers periodically. Phemex frequently runs extra promotions that change the bonus amounts, so always check the Rewards Hub for the latest offers.

The bonuses are typically credited as trading fee rebate vouchers or bonus USDT. Keep in mind that these rewards usually cannot be withdrawn directly, they can be used to cover trading fees or as margin, but profits made with them can be withdrawn.

What is Phemex?

Phemex was founded in 2019 in Singapore by Jack Tao and a team of eight former Morgan Stanley executives. Tao, who previously served as VP of Electronic Trading at Morgan Stanley, wanted to bring institutional-grade infrastructure to the crypto market. The platform quickly grew and reached the top 10 of global exchanges by trading volume within two years of its launch.

Today, Phemex serves over 10 million traders globally and offers a comprehensive product suite: spot trading with 600+ trading pairs, perpetual futures with 500+ pairs and up to 100x leverage, copy trading with over 17,000 experienced traders, automated trading bots (Grid and Martingale), and various earn products for passive income.

A notable feature of Phemex is its Pre-Market Perpetual Futures, which allow traders to take positions on tokens before they are listed for spot trading anywhere else. This gives early access to new projects that other exchanges don't offer. In 2026, Phemex also expanded into TradFi futures, offering USDT-margined perpetual contracts on traditional assets like Tesla, Apple, Nvidia, gold, and silver.

The platform claims 99.999% uptime and uses a matching engine capable of processing up to 300,000 transactions per second, making it particularly suitable for active and high-frequency traders.

Pros of using Phemex

• Low futures fees: Phemex charges just 0.01% for maker orders and 0.06% for taker orders on futures contracts. The maker fee is one of the lowest in the industry, even lower than Binance (0.02% maker). For active futures traders, this can make a meaningful difference.
• Wide selection of trading pairs: With 600+ spot pairs and 500+ futures pairs, Phemex offers one of the broadest selections in the market, including many smaller altcoins with lower market caps.
• Copy Trading: Phemex has a well-developed copy trading feature with over 17,000 experienced traders and 80,000+ active copiers. Each trader has transparent performance metrics, making it easier to pick a strategy that suits your risk appetite.
• Proof of Reserves: Phemex publishes 100% Proof of Reserves using Merkle Tree verification. Any user can independently check that their balance is included in the platform's total reserves. This level of transparency is not offered by all exchanges.
• Pre-Market Futures: Phemex is one of the few exchanges that allows trading on tokens before spot markets open, giving traders early exposure to new projects.
• TradFi Futures: In 2026, Phemex introduced USDT-margined futures on traditional assets like stocks and precious metals, bridging the gap between crypto and traditional finance.
• PT Token benefits: Holders of the Phemex Token (PT) can receive up to 20% off spot fees and 10% off futures fees when paying with PT, similar to how BNB works on Binance.

Cons of Phemex

• Security breach in 2025: In January 2025, Phemex experienced a significant hack where approximately $70 million was stolen from the platform's hot wallets across multiple blockchains. Cold wallets were not affected, and Phemex was able to demonstrate sufficient reserves through its Proof of Reserves system. Withdrawals were fully restored within weeks, and the platform has since upgraded its security infrastructure. However, this incident is worth keeping in mind.
• No MiCA license: Phemex does not currently hold a MiCA license, which means it operates without the regulatory framework that European exchanges like Bitvavo already have. For European users who prioritize regulatory compliance, this is an important consideration. Exchanges with a MiCA license must meet strict requirements regarding fund segregation, transparency, and consumer protection.
• Not available in all countries: Phemex restricts access in several countries, including the United States, United Kingdom, Canada, and others. Always check whether Phemex is available in your region before signing up.
• Mixed customer support reviews: While Phemex offers 24/7 support, user reviews on third-party platforms show mixed experiences. Some users report long response times for complex issues.
• Rewards can be misleading: The "$15,000 welcome bonus" headline sounds impressive, but the actual bonuses most users receive are much smaller. The high figure represents the absolute maximum and is not what a typical new user will receive.

How does the Phemex referral program work?

Phemex runs a referral program that allows existing users to earn commissions by inviting new traders to the platform. When someone signs up using your invitation code and starts trading, you earn a percentage of their trading fees as commission.

The starting commission rate for new referrers is 15% (Level 0). This rate can be increased by completing monthly referral tasks. If you don't meet the monthly requirements, your commission rate can be downgraded. The maximum commission rate through the standard referral program is capped at 25%.

For users with a larger audience, Phemex also offers a Collaborator Program (formerly called the Affiliate Program). Collaborators can earn up to 60% commission on trading fees generated by their referrals, plus an additional 10% from sub-affiliate earnings. The commission rate depends on your referral performance and the amount of vePT (staked Phemex Token) you hold. If you run a website or have a social media following, the Collaborator Program can be a significant income source.

After registration, you can find your own personal referral code under the "Referral" section in your account settings. You can share this code or link with friends and family to start earning commissions from their trading activity.

Conclusion

Phemex has established itself as a competitive crypto exchange, particularly for derivatives traders who benefit from its low maker fees (0.01%), extensive futures selection, and professional-grade infrastructure built by former Wall Street executives. The platform's copy trading feature, Pre-Market Futures, and TradFi expansion make it stand out from many competitors.

Using a Phemex invitation code gives you access to welcome rewards of up to $15,000 through the Rewards Hub, although realistic expectations should be set for the actual bonus amounts. The code does not provide an additional fee discount, but the task-based rewards can give you a head start.

However, there are downsides to consider. The 2025 security breach, the absence of a MiCA license, and regional restrictions mean Phemex is not the right fit for everyone. If you're a European trader who values regulatory oversight, an exchange like Bitvavo (which holds a MiCA license) may be a safer choice for spot trading. For global users looking for a derivatives-focused platform with competitive fees, Phemex is well worth considering, just make sure it's available in your country and always manage your risk carefully.