How does the Phemex work?

Could you elaborate on the functioning mechanism of Phemex? I'm particularly interested in understanding how it differs from other cryptocurrency exchanges and what sets it apart in terms of user experience, trading features, and security measures. Also, could you explain the process of depositing and withdrawing funds on Phemex, along with any associated fees or limitations? Additionally, I'd like to know about the platform's trading pairs and liquidity, as well as its support for Leveraged trading and other advanced trading options.