Can Phemex be trusted?

I'm curious to know, can Phemex really be trusted? As a cryptocurrency exchange, they claim to offer high-speed trading, deep liquidity, and advanced security measures. But with so many scams and hacks in the crypto space, how can we be sure that Phemex is legitimate and SAFE for our investments? Have they been audited by reputable third-party organizations? What kind of insurance policies do they have in place to protect users' funds? And most importantly, have there been any reports of security breaches or lost funds on their platform? I'd like to hear from users who have experience with Phemex, as well as experts in the field, to get a better understanding of the trustworthiness of this exchange.