What this setup is, in one paragraph
Phemex has its own built-in copy trading. This page is about something structurally different: keeping your funds in your own Phemex account and letting CopyFi place rule-filtered copies of another trader’s positions into it, through an API key you control. The trader supplies the judgment. Your rules — position size, leverage ceiling, kill switches — decide what actually executes. The mechanics of that split are covered in what is copy trading.
What you need
- A Phemex account — created through the link shown in CopyFi’s connect flow, which is required for the connection to work properly.
- A CopyFi account — free for a limited time.
- About five minutes for the API key.
Creating the API key, step by step
In Phemex, open API Management and create a new key. Two settings decide whether this is safe and functional:
- Whitelist the CopyFi IP address. You find it in CopyFi under Copy Trade → Manage Broker Key. Without it, Phemex rejects the orders.
- Grant read and trade permissions only. Never withdrawal — not to CopyFi, not to anyone. A key without withdrawal permission cannot move funds out of your account, which is the entire point of non-custodial copy trading.
Paste the key into CopyFi, save, and the account is connected. There is a full video walkthrough of this exact flow on our YouTube channel.
Where your rules sit
Every copied signal passes through the strategy you built before it reaches Phemex: the margin cap, the maximum number of simultaneous trades, cross or isolated margin, direction filters, a leverage ceiling, per-asset blocking, and the kill switches that halt the session on a P&L or drawdown limit. You assemble those rules from visual blocks — the strategy builder page walks through each one, and the risk management guide explains which ones matter most.
The zero-risk path: testnet first
Phemex runs a testnet with paper money. Register there, create the API key the same way — trade permission, CopyFi IP whitelisted — and connect it instead of a live key. You can then run real sessions against real market prices without a dollar at risk, and only move to a live account once the behaviour matches what you expected.
Common questions
Does CopyFi hold my funds?
No. Your funds stay in your Phemex account. CopyFi connects through an API key with read and trade permissions only — withdrawal permission is never requested, and you should never grant it to anyone.
Which exchange does CopyFi work with?
Phemex is the current broker partner, for both live accounts and the testnet. Cross-platform execution is the direction of the product, but this page only documents what works today.
Can I try it without risking money?
Yes. Connect a Phemex testnet account instead of a live one. Testnet accounts start with paper funds, and the whole flow — pick a trader, set your rules, run a session — works the same way.
How do I stop?
End the session in CopyFi, or revoke the API key on Phemex. Revoking the key cuts everything instantly, and your funds never moved in the first place.
Trading involves substantial risk of loss. Copying a trader does not remove that risk, past performance does not guarantee future results, and CopyFi makes no investment recommendations. The full picture is in the risk disclosure.