Is Phemex safe?
Phemex designed and implemented a hierarchical cold wallet scheme to assign a separate cold wallet deposit address per user.
Deposits from all users are aggregated into a multi-signature cold wallet that is regularly attributed to the company via offline signatures.
Phemex processes users’ withdrawals 3 times a day, undergoes rigorous screening, and combines years of experience in risk handling on Wall Street to detect all fraudulent activity and safely protect users and platform assets.
Applications that pass the screening will be withdrawn through offline signature.
All assets of users and platform are 100% stored in the cold wallet system, and funds aggregation and transfer are all done offline.
System security
Phemex adopts Amazon Web Services (AWS) cloud-based system and uses the highest level of security.
Inside Phemex, an advanced level network firewall and isolation system are used to apply a layered and segmented control system for internal systems and servers.
Different identities are required to visit different tiers of systems and servers, and systems other than whitelisted systems and devices cannot communicate with each other.
Account security
Phemex designed and implemented a hierarchical cold wallet scheme to assign a separate cold wallet deposit address per user.
Deposits from all users are aggregated into a multi-signature cold wallet that is regularly attributed to the company via offline signatures.
Phemex processes users’ withdrawals 3 times a day, undergoes rigorous screening, and combines years of experience in risk handling on Wall Street to detect all fraudulent activity and safely protect users and platform assets.
Applications that pass the screening will be withdrawn through offline signature.
All assets of users and platform are 100% stored in the cold wallet system, and funds aggregation and transfer are all done offline.
Transaction engine safety
The core of the Phemex trading platform is mainly divided into two parts: the Cross Engine and the Trading Engine.
Cross-engine exactly matches customer orders based on price and order time.
The trading engine manages the full risk check of the client’s trading account in real time, including expenses/fees/PnL, etc.
Both are written in C++, both are predictable performance of C++ applications like high-frequency trading systems, and are best suited for modern trading systems.
Due to the high volatility of cryptocurrencies, the engine must react as quickly as possible and overloading is not possible.
Also, speed is a must for traders, and the biggest problem for current users is that they cannot trade while the market is turbulent.
The Phemex engine is at least 10x faster than competing platforms.
The Phemex engine is highly custom-built, minimizing dependencies on third-party libraries to maintain core simplicity and speed.
Seamless risk recovery is another feature provided by the Phemex engine.
Phemex has developed its own recovery system that can provide its users with 99.99% high availability.
Each engine runs multiple backups at the same time, and in most cases users won’t even notice they’re upgrading or overhauling their systems, so tight risk recovery is so important in 24/7 trading.
Please check Phemex official website or contact the customer support with regard to the latest information and more accurate details.
Phemex official website is here.
Please click "Introduction of Phemex", if you want to know the details and the company information of Phemex.
Comment by Hans
April 24, 2024
as I am trading here various assets, for me it's the most important feature. i mean, flexibility in tradable markets. i alternate trading styles, meaning that sometimes I trad...