Either a good step-up transformer or a really good active gain stage.
There is no one best phono preamplifier, but almost nothing does a better job of taking extraordinarily small signals from a moving coil cartridge and amplifying them than a top-notch step-up transformer. The only thing better is an absolutely first-class active gain stage.
A Perfect Match
Technically, there’s a bit to know, but step-up transformers are great because they are completely passive, require no power and have no electronic or moving parts to degrade sonics or add noise. They match the impedance of the cartridge to the input impedance of the next stage almost perfectly. They can also be chosen to provide a precise level of gain to suit the cartridge and following electronics.
These virtues combine to reveal a level of micro-dynamic detail and resolution you may have thought didn’t exist until auditioning a good step-up transformer in a high-resolution system. When I got my first transformer, a Fidelity Research FRT-3, in 2004, I was amazed. Moving up to a top-shelf Fidelity Research XF-1 after some very good advice from a friend was the game-changer for me, and I’ve used, recommended and supplied many transformers since.
Modern alternatives like the Ortofon ST-70 I’ve written about are a good second choice, though not in the same league as the XF-1. As a customer I’ve recently advised told me about his ST-70:
Mike, it’s a game changer
Phillip M

Alternatives
Some of the best phono preamplifiers, such as the Cayin Phono 1 I owned for a while, use transformers for their moving coil gain stages because they offer the best performance and lowest noise for sensible money. Whilst good step-up transformers work superbly well, there are a few cases where alternatives should be considered. If you have or have access to an ‘S-tier’ all-active phono preamp, it’s worth comparing it to the best transformers.
A couple of years ago, I acquired an S-tier Accuphase preamplifier, a C-280V, containing a phono preamplifier so good it surpasses my various step-up transformers in terms of performance. Then I sold it and purchased an even better Accuphase preamp and phono preamp combo! Yes, I have a problem, but then don’t most of us?!
Mind you, my current Accuphase preamps cost as much as a car when new and many thousands of dollars even now, some 30 years later. I had to find and import them and there were many risks and costs involved, making this approach just too hard for most people, which I understand.
That’s why in many systems, and for many people, a really good step-up transformer is a great option, especially for those people who already own a good MM phono pre. But, if you can afford an Accuphase C-47 phono preamplifier, or an Accuphase C-280V or C-290 / AD-290 for example, this will be the very best option.



The Knowledge
Evaluating, understanding, and optimising vinyl playback systems requires knowledge. Not the “I hang out at record fairs” stuff common in this sector, REAL knowledge, of science, equipment, deep experience with step-up transformers, top-tier active phono preamps, and end-game cartridges, tonearms and turntables.
Most people have never even seen a step-up transformer, let alone heard one or owned a Fidelity Research XF-1 L and XF-1M, as I do, for example. And how many can say they’ve owned a Luxman C-03, Perreaux SM-2, Cayin Phono 1, Accuphase C-202, C-280V, C-290, AD-290, SME Series 3, Fidelity Research FR-64S, Supex SDX-1100D, Ortofon MC-A90, Luxman PD-350 and Kenwood L-07DII?
It’s a serious question that I know the answer to, and this is an insane array of gear, and I’m probably slightly insane for owning it all! I make this point to illustrate the difference between the pretenders and a ‘real deal’ specialist, like Liquid Audio. Our customers receive advice and experience that’s incredibly hard to find.

Retailers are interested in selling new gear, much of which is unfortunately quite ordinary. We can’t and mustn’t blame them for that, only be mindful of it. Many of the $2000 to $5000 phono preamplifiers available new, for example, offer so little for the money that I cannot in good conscience recommend most of them.
These days, many are discovering the mythic status of legendary older equipment through sources like this website. The customer who purchased this beautiful Ortofon ST-70 step-up transformer from Liquid Audio learned about transformers here and borrowed one of mine first, to verify how it would play in his system.

Transformer Considerations
The pros:
- Simple, clean, quiet, lowest noise when partnered with a low-noise MM phono preamp
- Exceptional resolution, micro-dynamic detail retrieval and relaxed presentation
- No parts to wear out, near 100% reliability, forever
- The least invasive option and a great purist’s choice
The cons:
- Good transformers are expensive
- The best models are from the 1970s and 1980s, the golden age of vinyl
- Transformers require careful selection and matching with cartridge impedance, something many cannot offer
- Transformers still need an excellent MM phono preamp, adding to the cost and box count
Active Preamp Considerations
The pros:
- Potentially the very best performance, but at a great cost, more than most transformers
- The best active preamps will match a wide range of cartridges, providing some degree of future-proofing
- A wide range of excellent active preamps can be found pre-owned
The cons:
- Active preamplifiers are the most expensive option for achieving top-tier performance
- Electronics can fail, active preamps are not as reliable as transformers and will need maintenance
- Affordable (sub $3K) active preamps tend to sound opaque, veiled and are usually overpriced in terms of the performance offered
- More and bigger boxes this way, unfortunately, though integrated preamps reduce this
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