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Author Topic: IMCEX.COM Bitcoin Exchange - about us  (Read 1871 times)
James Freeman (imcex.com)
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October 03, 2011, 08:44:33 PM
 #1

Good day, everyone!

I guess it is a good time for a breath of fresh air!

Our team is glad to present new and shiny https://imcex.com bitcoin exchange and I'd like to provide some information so that you can build up your mind on IMCEX.COM and the team behind it.

* Briefly about IMCEX.COM *
IMCEX.COM is a user-to-user secure Bitcoin exchange. It introduces some interesting features that secure your funds and keep the exchange process pretty much close to what you have used to. At IMCEX.COM you may deposit/withdraw funds and create orders for e-currency exchange.
We accept Bitcoins, Namecoins, Liberty Reserve. We are close to start accepting regular bank payments in different currencies.

* The Team *
Our startup team is from Eastern Europe and consists of business guys with a good experience in doing business, strong IT team located in Russia with a solid experience in developing internet projects - they do all the development, and our honorable investor who believes in the idea of Bitcoin and keeps us running. IMCEX.COM is a legal venture - it is run by Imcex inc., company incorporated in Republic of Seychelles.

* Security Policy *
There have been a lot of security issues with Bitcoin services some time ago. Considering this our team focused on security issues heavily. Some of the security policy rules we propagate inside IMCEX.COM:
- Website was developed using custom software that had been run in the field for several years with no significant flaws.
- Website has been tested against the majority of well-known volnurabilities and passed tests successfully.
- Passwords and Master PIN are never kept plain-text and are hashed with heavy salt.
- Database security has several access levels so that an attacker can not manipulate funds and/or user profile values.
- IMCEX.COM has couple of VPS frontends (for now) that provide browsing experience and several backends that do all the important work - authentication, orders matching, bitcoin/namecoin wallets management.

Antispam and antiscam policy:
- We do not collect any customer personal information until it is required to complete customer request.
- We never initiate the conversation with our customers via emails.
- Support never asks for passwords or pin codes. All account issues are resolved via Support form at IMCEX.COM.
- We do not support spammers.

* Referral program *
We will definitely be glad for your feedback on this one! The preliminary Referral Program Information is available at https://imcex.com/en/news/90
Let us know what you do and don't like about it.

* Fees *
There are no IMCEX.COM fees for deposit or withdrawal.
Executed order is charged 0.1% fee if funds were deposited in advance, or 0.5% fee is funds were deposited on demand. Minimum fee is 0.01 of the currency you get.
No fees for cancelled or expired orders.

* Withdrawal rules *
Due to security issues, all withdrawal requested are verified and handled manually by our financial person. In general we reserve up to 1 day (24 hours) to handle the request. In fact, usually it takes several hours to complete the transfer.

* Deposit-on-demand *
We carefully reviewed our beta-testers' experience and developed the feature you will definitely like. We call it "Deposit-on-demand".
At regular exchange user is required to deposit funds in advance and is limited to the amount available at the account.
We break those limits at IMCEX.COM:
- sign in
- create an order for any amount you are going to exchange.
- wait
- receive email notification for possible trade at the given rate.
At this moment it is up to you - either to cancel order, or to commit the trade and send funds to IMCEX.COM.

You are in complete control of your own funds with no limitations!

* Plans for the nearest future *
- Our representative will participate in Bitcoin Conference Prague 2011 (maybe give a talk there).
- The biggest issue we work on is to complete negotiation with the bank and start accepting/sending payments in USD, EUR and other national currencies. Banks are tough ones when they hear about Bitcoin. Smiley
- Enable Paxum/Dwolla payouts.
- Test and release solution for accepting reversible payments (Dwolla, PayPal).
- Complete Trade API.
- In 2 to 3 months we plan to announce another Bitcoin related e-commerce project that will provide additional e-commerce experience to all of the Bitcoin community.

* We need your support! *
We work really hard to make IMCEX.COM better every day. We've already implemented IMCEX.COM features that were considered important by the team. But we do need your feedback and support to provide exchange liqiudity and proceed to the next level of service!

Join us at https://imcex.com

Thank you! Feel free to ask me any questions.

Sincerely Yours,
James Freeman.

IMCEX.COM - Secure Exchange for Bitcoins, Namecoins, Liberty Reserved (https://imcex.com)
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October 03, 2011, 09:05:48 PM
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Do you tolerate spammers in your referral program?

15UFyv6kfWgq83Pp3yhXPr8rknv9m6581W
James Freeman (imcex.com)
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October 03, 2011, 09:23:32 PM
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No. We prefer non-obtrusive advertising.
If we get a confirmed spam report - we will block any referral payments to the spammer.

Thank you for pointing out, this will be added to our Referral Program Information.

Sincerely Yours,
James Freeman.

IMCEX.COM - Secure Exchange for Bitcoins, Namecoins, Liberty Reserved (https://imcex.com)
Xiong Zhuang
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October 03, 2011, 10:07:07 PM
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Look great. I will try it.
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October 03, 2011, 10:25:29 PM
 #5

You guys are on the Glbse huh? i see 50 million shares have been authorized.  How many are on the market? Are you looking to raise a billion dollars or something?  Huh
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October 04, 2011, 12:57:38 AM
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What's your motivation for opening a new exchange considering how saturated the market is? Why not some other service? Just curious.

Good luck with your exchange though.

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God creats math and math creats bitcoin.


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October 04, 2011, 03:54:01 AM
 #7

it is run by Imcex inc., company incorporated in Republic of Seychelles

 This is the off-shore company, I guess it's only a holding company for the convenience of tax\fund transfer\financial structure.

You cannot run business legally without a registered company in Russia.

Where is your on-shore company?

If you see any of my suggestions useful, please donate me. http://btc.to/ec
Yankee (BitInstant)
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October 04, 2011, 05:02:38 AM
 #8

Nice looking exchange, good luck!!!!

Quick tip, put a 'contact us' page with a phone number, address.

Looking at past events, customers are hesitant.

-Charlie

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
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October 04, 2011, 05:13:42 AM
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Quote
Due to security issues, all withdrawal requested are verified and handled manually by our financial person. In general we reserve up to 1 day (24 hours) to handle the request. In fact, usually it takes several hours to complete the transfer.

This might be practical in the beginning, but it's not going to be sustainable as your volume increases unless you employ additional staff.

Quote
We carefully reviewed our beta-testers' experience and developed the feature you will definitely like. We call it "Deposit-on-demand".
At regular exchange user is required to deposit funds in advance and is limited to the amount available at the account.
We break those limits at IMCEX.COM:
- sign in
- create an order for any amount you are going to exchange.
- wait
- receive email notification for possible trade at the given rate.
At this moment it is up to you - either to cancel order, or to commit the trade and send funds to IMCEX.COM.

I'm unclear about whether IMCEX is acting as a counter-party in the trade here.  If not, then doesn't that mean that the counter-party will have to wait until funds are deposited to the buyer's account for the transaction to complete and for them to be able to withdraw the proceeds of the sale?

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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October 04, 2011, 06:09:40 AM
 #10

What's your motivation for opening a new exchange considering how saturated the market is? Why not some other service? Just curious.

Good luck with your exchange though.

BIG ASS IMAGE THAT SERVES NO POINT IN THE POST

@genjix Why do you post that image in here?  I see it in a few of your other posts and can tell it's not a sig... but instead just thrown onto the end of some random posts you made to advertise?  Not cool.

@OP I'm all for a new exchange, a little too tired to read much.... but I'll be looking into it tomorrow.
James Freeman (imcex.com)
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October 04, 2011, 10:09:34 AM
 #11

First of all, thank you for all of your questions. Let me give additional details on each of them.

You guys are on the Glbse huh? i see 50 million shares have been authorized.  How many are on the market? Are you looking to raise a billion dollars or something?  Huh
We would definitely like to raise several million dollars that will help to resolve financial licensing issues in Europe and USA to secure our customers' funds. This  will also push us to providing a supreme quality services for the bitcoin community and promoting Bitcoin to others. But we do understand that community is not ready yet for such a significant investment into the unknown company. We have got to earn your trust in the  first place.

50 million shares have been issued at GLBSE. About 500000+ have been put for sale for testing. As we make up our final decision on the amount we are able to accept from the community - we will sell all shares at the proper valuation. Cancelled them for now, I'll post an update on GLBSE shares later.


What's your motivation for opening a new exchange considering how saturated the market is? Why not some other service?
IMCEX.COM has been in the wild since mid-July, we just didn't do any wide advertising. That bought us time to do additional security and feature testing. Thank you, too Smiley
As I've said in original post we do work on another project for Bitcoin community. An exchange was a good starting point that gave us new ideas.


This is the off-shore company, I guess it's only a holding company for the convenience of tax\fund transfer\financial structure.  You cannot run business legally without a registered company in Russia.
Where is your on-shore company?
Imcex inc. company was incorporated specifically for financial and legal interactions with customers all over the world. I can say that it is pretty slow and expensive to do foreign business using Russian company.  So Imcex Inc. is the company that will have bank accounts attached, that will accept and do the payments. We do not have any established office anywhere in Europe yet, since we prefer to spend available resources on IMCEX.COM development.
In the same time, our IT team, our trusted partner is http://siteum.ru. This is an established Russian web-development company we've worked with before. Those guys are inspired by Bitcoin just as we are. They have got enough skills to implement all the sophisticated requirements for IMCEX.COM we have. As I've said before - they provide all the technical support.


Quick tip, put a 'contact us' page with a phone number, address.
Thank you! We definitely will do this.


This might be practical in the beginning, but it's not going to be sustainable as your volume increases unless you employ additional staff.
We would love to meet increased volumes Smiley
Automated withdrawal feature is ready for deployment. But it was decided to postpone it until IMCEX.COM is stress-tested with the real world. As soon as the bottleneck appears - we will switch to automation and/or hire additional staff.


I'm unclear about whether IMCEX is acting as a counter-party in the trade here.  If not, then doesn't that mean that the counter-party will have to wait until funds are deposited to the buyer's account for the transaction to complete and for them to be able to withdraw the proceeds of the sale?
IMCEX.COM does not act as a counter-party. We might provide additional volume with our own resources when possible, but no more than that.
If your order is backed with funds - the trade will happen as soon as another order also backed with funds is matched (complete or partial). Such orders have a priority.
If there are no matching orders with enough funds on issuer's account - counter-parties will be notified of the possible trade. All they have to do is to deposit enough funds. As soon as funds arrive to IMCEX.COM - the trade will happen.
This might generate delays in order execution when volume is low but it still gives an opportunity to complete the trade with low fee.
If you are in urgent need - you almost never care about fees and you are free to exchange your currency somewhere else with larger fees.


.... but I'll be looking into it tomorrow.
We'll be glad to see you back Smiley

Sincerely Yours,
James Freeman.

IMCEX.COM - Secure Exchange for Bitcoins, Namecoins, Liberty Reserved (https://imcex.com)
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October 04, 2011, 10:56:48 AM
 #12

I notice you accept namecoins. What version of the namecoin client are you running? I'm just checking to see if you are running the latest client which switches on merged mining at block 19,200 to ensure you don't end up on the wrong side of a chain fork.

How are you handling the issue whereby namecoin has a small hash rate and an attacker with >51% of the network can effectively deposit namecoins, trade for bitcoins, withdraw the bitcoins, then reverse the deposit?
James Freeman (imcex.com)
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October 04, 2011, 12:29:05 PM
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What version of the namecoin client are you running? How are you handling the issue whereby namecoin has a small hash rate and an attacker with >51% of the network can effectively deposit namecoins, trade for bitcoins, withdraw the bitcoins, then reverse the deposit?
Last updated version is 0.3.24.63.

We will keep an eye on what is going on with namecoin hash rate. In case of possible attack we will pause namecoin operations. If a successful >51% attack does happen - we will try to cover the loss up to the limit that we can afford, but we do not guarantee full coverage since we are not a bank or any other financial institution, unfortunately. These are the global risks inherent in the Bitcoin-based architectures. The one can either accept them, or should not trust crypto-currencies at all.

This is also the exact reason why we do not accept any of the alternative currencies. But we like Namecoin and we are ready to give it a chance.

Sincerely Yours,
James Freeman.

IMCEX.COM - Secure Exchange for Bitcoins, Namecoins, Liberty Reserved (https://imcex.com)
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October 04, 2011, 01:43:06 PM
 #14

It may turns out that doing Bitcoin exchange business in the legal form of an offshore company is very convenient, good idea! These kind of legal vehicle are used frequently in the PE investment in emergency market/stock market/tax saving situations.

 If an Bitcoin exchange doing business in an onshore company, the value-add tax, the import and export tax maybe implied, and other regulations will be tough, too, like banking\security\KYC.

But whatever the legal form the exchange is, a totally open attitude with the WHO YOU ARE information and how you work everything out,  is absolutely needed. And everybody should make deep DD into them.

If you see any of my suggestions useful, please donate me. http://btc.to/ec
James Freeman (imcex.com)
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October 05, 2011, 10:31:33 PM
 #15

But whatever the legal form the exchange is, a totally open attitude with the WHO YOU ARE information and how you work everything out,  is absolutely needed. And everybody should make deep DD into them.
You are absolutely right. We understand the importance and I had the discussion on this issue with the team members. Some of them will join the topic later to provide the most comprehensive information for the community.

Sincerely Yours,
James Freeman.

IMCEX.COM - Secure Exchange for Bitcoins, Namecoins, Liberty Reserved (https://imcex.com)
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October 05, 2011, 11:43:56 PM
 #16

Welcome fellas  Grin

Bitcoin Crowd Funding! Bitcoinstarter.com
Maks (imcex.com)
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October 21, 2011, 08:23:49 AM
 #17

Hello, my name is Maxim.
I have my own business in Russia. recently, interest in
bitcoins and everything connected with them.
Decided to start a startup,  bitcoins exchange IMCEX.COM.
For this purpose has been registered by our company.
For more information
e-mail address: max@imcex.com
(I'm sorry. English is not native)

Max.

IMCEX.COM - Secure Bitcoin, Namecoin, Liberty Reserve exchange.
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