After our two week soft launch period I am proud to say that MIMEX has finally launched.We offer trading in these currencies:AUD
CAD
CHF
CNY
EUR
GBP
JPY
NZD
SEK
SGD
USDBanking: We recognize that many users only wish to purchase a small number of coins, and when you're looking to make a purchase worth £/$100 having to send a wire transfer is very expensive - both sending and receiving fees eat into you purchase very quickly and it takes a lot of time.
As such, we have been working very hard to offer domestic deposits/withdrawal where possible, and after much work we are glad to say that you can deposit from your UK bank account, and Australian bank account without ever sending an international transfer. We have partnered with an excellent service based in the UK to support UK clients, who handle the on-boarding process. If you wish to deposit from your UK bank account we will never ask to verify you, but instead you can open an account with our partner, who will complete this process. In future customers who go through this will be able to receive bitcoin denominated debit cards. In Australia we handle the verification of clients, prior to allowing deposits. In the UK deposits are billed at £1 and withdrawals at £4. Australian bank transfer deposit/withdrawals are free. You can of course also deposit via a cash deposit at any National Australia Bank branch.
On top of this, we allow deposits via international wire transfers and
crypto capital.
We are constantly looking to expand our offerings here, and should have some exciting announcements related to this in early 2015.
Fees: We charge zero fees to market makers (those who place an order that goes onto the books, rather than an order that takes trades off of the books). In fact, we are looking for market makers currently so will actually pay 0.1% for trades made by market makers.
For takers, we charge fees based on volume. This is a 30 day rolling measure, and the fee starts at 0.6% and goes down to the lowest level of 0.3% by £15,000/A$30,000/US$25,000.
API:A REST API is available to those who request it, however we are not making it publicly available at this point as in the not too distant future there will be a big software overhaul on the site - making any applications built with this useless. This is due to a complete overhaul of the software responsible for matching trades/handling the API etc.
Security:We operate with 99.5% cold storage (although a minimum of 5 BTC in the hot wallet). The cold storage a a multisignature wallet (3 of 4) where the keys are held across three continents by four different people to reduce any impact politics could have on the integrity of user funds.
Once we have 15 BTC in our wallets, we will start provable solvency. In the future (not too distant) we will be doing provable solvency with our fiat holdings also.
Support:We offer two main forms of support at this time, live chat on the site, and email. Both are available to our customers and potential customers alike.
Who we will serve:We will serve anyone outside of the US directly, although US customers will be able to deposit via
Crypto Capital.
Of course, people from high risk countries/people who appear high risk for other reasons will receive additional prejudice and may have to go through enhanced due-diligence. Assuming you can satisfy this, we will serve you.
Verification:Any customers who are verified with our banking partners will not have to go through our on-boarding process, as they can go through this with our banking partners instead. So for example our UK clients can deposit up to £800 without having to go through this.
Those depositing directly (Aus bank transfer/wire transfer) will have to go through a process typically completed in an hour, but can be up to twelve (we have to sleep, unfortunately) which consists of supplying identification documents (proof of ID and address).
Those who are depositing/withdrawing large amounts (this does not include your trading volume, just deposits/withdrawals) may have to go through enhanced due diligence which will be providing your motive for trading, and the source of funds. Do not worry, we will not require a receipt for the pair of Calvin Klein pants you bought yourself last Christmas.
In future we hope to introduce a tiered system, where there are lower requirements for those wishing to deposit/withdraw less.
Of course dependent on situation there may be additional questions.
No verification is required for bitcoin deposits/withdrawals, if this changes in the future we will allow those with bitcoin funds to withdraw prior to this coming into act. There are no plans to do this currently.
Can I have a job?:If you are an excellent web and C# dev, there may be a co-founder position for you (CTO). Please drop us your resume.
Can you add "something" coin?:Probably not. In the future if there is a substantial financial incentive, we may well add additional coins. Anyone who is considering buying altcoins should first read
this, and fully understand the risk of doing so.
I'm a market maker/want to be a market maker - will you pay me?Yes. For anyone who doesn't know, a market maker will place orders on the books that do not complete instantly - so they create liquidity, at very low spreads.
If you are willing to do this we will provide the following:
The ability to convert your currency to one of the currencies we trade at higher volumes, at 0.4% over interbank rate (as opposed to the 2.5% your bank would provide).
0.1% rebate at the end of the period. (We charge 0% fees, so if you do 100 BTC in market making trades we will pay you 0.1 BTC, and you will have paid 0 BTC in fees, and made a profit hopefully on the spread).
Why does the order I made in £ also show up in $?We operate a merged order book, so if someone wanted to buy/sell in $ and you wanted to buy/sell in £ we will handle currency conversion automatically on our backend. This improves liquidity for all our clients.
Feel free to ask questions below
