How legit is Phemex?

I've been hearing a lot about Phemex recently, but I'm still not sure how legitimate it is. Can you give me some insight into the platform's credibility and trustworthiness? What kind of security measures does Phemex have in place to protect users' funds? Are there any red flags or concerns that I should be aware of before investing my money on the platform? I'd really appreciate your expert opinion on this matter.