Wallet Security

Phemex designs and implements a Hierarchical Determininstic Cold Wallet System which assigns seperate cold wallet deposit addresses to each user. All the deposits are periodically gathered to the company’s multisignature cold wallet via offline signature.
Phemex processes withdrawal requests 3 times/day, and each request is strictly scrutinized by operators and founders. Based on our sophisticated Wall Street risk control experience, we are able to detect any malicious actions and act to protect the assets of our users and platform. Qualified withdrawal requests are also processed via offline signature so that all assets are 100% stored in a cold wallet system and all operations are conducted offline.
xx

System Security

Phemex deploys its system on Amazon Web Service (AWS) Cloud so all machines are secured on the Amazon Cloud.
Phemex uses several firewalls to seperate different zones and machines for different trading purposes. There are multiple levels of security and internal network access management to control the accessibility from one box to another. Beyond network firewall management, Phemex also applies restictions on the system level. In many restricted zones, we only allow whitelisted boxes to access the system while the system itself must also be whitelisted.
xx

User Account Security

Phemex designs and implements a Hierarchical Determininstic Cold Wallet System which assigns seperate cold wallet deposit addresses to each user. All the deposits are periodically gathered to the company’s multisignature cold wallet via offline signature.
Phemex processes withdrawal requests 3 times/day, and each request is strictly scrutinized by operators and founders. Based on our sophisticated Wall Street risk control experience, we are able to detect any malicious actions and act to protect the assets of our users and platform. Qualified withdrawal requests are also processed via offline signature so that all assets are 100% stored in a cold wallet system and all operations are conducted offline.
xx

Trading Engine Safety

The Phemex trading platform is comprised of two main core components: The CrossEngine and TradingEngine. The CrossEngine strictly matches client orders based on price and time priority. The TradingEngine is responsible for managing a full set of risk checks on behalf of the client trading account, including cost/fee/PnL computing etc, in real-time.
Both of these are written in C++ like other high-frequency trading systems. The promising and predictable performance of C++ is best suited for a modern trading system. Due to the highly volatile nature of cryptocurrencies, users need engines to react as quick as possible. Overloading is simply unaccecptable. Velocity is essential for traders as most users' biggest current problem is the inability to trade during big market movements. The Phemex engines are at least 10x faster than other competitors. Our engines are highly customized. We have minimized 3rd party lib dependencies to keep the core simple and fast.
On top of performance, seamless disaster recovery is another feature provided by Phemex engines. We have developed our own recovery system that gives our users 99.99% high availability. Each engine runs with multiple hot and warm backups at the same time. In most cases, users will not even notice system maintenance periods or upgrades. Such seamless and fast recovery is critical for 24x7 exchanges.
xx

Report Security Issues and Bugs

Please report security issues to it@phemex.com. We will reward you based on the severity of the issue brought to our attention. email:it@phemex.com
Phemex is a professional and trustworthy global cryptocurrency derivatives exchange. We offer Bitcoin, Ethereum, Ripple, Litecoin, and EOS perpetual contracts, with up to 100x leverage.
© Copyright 2019 Phemex All rights reserved