Phemex Is Protecting Its Users with World-Class Security Measures

UTC by Andy Watson · 4 min read
Phemex Is Protecting Its Users with World-Class Security Measures
Photo: Phemex

For those who use Phemex to trade, there are several existing security measures that ensure that both their information and their assets are safe.

As we all know, hackers are constantly discovering new and better methods to exploit your valuable assets. As Bitcoin and NFTs gain wide popularity and usage around the globe, hacking became one of the most serious problems in the crypto industry. There are various ways hackers can exploit your assets, so it is essential to take crypto security seriously if you don’t want to get hacked. To keep their tokens secure, all cryptocurrency users should develop solid security practices. Phemex, one of the top Singaporean cryptocurrency exchanges, employs strong security measures to protect consumers’ assets.

It’s important to note that Phemex has recently received regulatory clearance in countries such as Turkey and Canada. As of now, Lithuania, Turkey as well as  48 US states have given their approval for Phemex to operate in their regions. The premier Singaporean exchange has also recently joined TRUST as a proud member, and it is aiming to become fully compliant with the US Travel Rule in the near future. With all of its recent successes, Phemex is dedicated to providing users with the most effective cryptocurrency exchange while also safeguarding their assets.

Phemex’s Supreme Security

For those who use Phemex to trade, there are several existing security measures that ensure that both their information and their assets are safe. First, the exchange adopts an advanced Hierarchical Deterministic Cold Wallet System. With this cold wallet system, each user essentially has a cold wallet address issued to them for their deposits. A cold wallet cannot be compromised by external parties because it is not online. And the platform administrators are trained to recognize any malicious withdrawal requests or acts. The assets do not need to leave the protection of the cold wallet because even valid withdrawal requests are validated using an offline signature. In order to increase security and anonymity, the cold wallet creates a new key pair from a master key pair for each cryptocurrency transaction.

When it comes to the user’s account, Phemex also operates a two-factor authentication system for the users. This means that users must first validate their identities before they can execute certain actions, such as logging in, funding their accounts, or changing their passwords. The double-entry bookkeeping system is another system in use to ensure that users’ accounts have not been tampered with. Essentially, by recording entries in the same shared database as a transfer between wallet addresses, users can rest assured that their assets are kept safe on Phemex at all times. The platform runs a matching operation on another account when a user funds their account to ensure that all records match. In the event of any discrepancy, the main account is locked and a comprehensive investigation is conducted by the Phemex team.

As for the platform itself, the platform’s systems are deployed on the Amazon Web Service (AWS) Cloud. Additionally, it has firewalls in place to separate its trading zones and machines. Even within the individual zones, only whitelisted instances are given access to the systems which are also whitelisted. This means that the chances of unauthorized parties gaining access to the Phemex system and then carrying out any malicious activity is extremely low.

Additionally, Phemex’s CrossEngine and the TradingEngine are both coded in C++, which is one of the most efficient coding languages. The Phemex team has also emphasized how important it is for their platform to be speedy at completing transactions, given the fast-paced nature of the crypto industry in general. Therefore, the exchange features a receiver system with 99.99% high availability in addition to the Phemex engine being up to 10 times faster than its rivals. This ensures that the platform has backups, and everything will function normally if any upgrades or maintenance are performed.

Check Out Phemex Today

Phemex was established on the principles of efficiency, reliability, and decency. Phemex is one of the most optimal exchanges for users to buy crypto thanks to its devoted team to offer the best products to its loyal customers. With Phemex’s newest achievement of becoming a TRUST member, Phemex is committed to becoming the most efficient, safe, and compliant cryptocurrency exchange for its users.

In addition, Phemex also offers many other fantastic features that make it the premier exchange for both new and experienced traders. These perks include an intuitive and easy-to-use user interface as well as sophisticated trading instruments. Phemex also boasts its great customer service. Provided by a team of professionals and experts, Phemex customer service is available 24 hours a day and  7 days a week to answer all the users’ questions and concerns. Don’t miss out on upcoming news as  Phemex continuously creates interactive and exciting campaigns for all of its loyal customers. Interact with Phemex today and follow Phemex Official Twitter for weekly giveaways and crypto updates.

Disclaimer: Coinspeaker is not responsible for the trustworthiness of any content or product on this page. Though our goal is to provide you with the most valuable information that we could find, we recommend you conduct the necessary research on your own before taking any decisions related to the products presented in this article. This article can’t be considered as investment advice.

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