IDCM is a cryptoasset exchange located in Hong Kong. Their volume over the last 24 hours is $0. The exchange is rated “?” which means “Uncategorized.” They allow trading with the following fiat currencies: CNY.
IDCM (short for “International Digital Currency Markets”) is a decentralized cryptocurrency exchange founded in 2017. It is owned and operated by IDCM Global Limited, registered in Seychelles. According to the information on its LinkedIn page, the exchange is headquartered in Hong Kong. More detailed research reveals that IDCM is a subsidiary of the International Digital Currency Group (IDCG) which is a holding company, aimed at providing various crypto-related services, such as IDCW (a wallet), IDCM (asset management), IDCI (incubator) and IDCR (research). However, at the time of this writing, it seems these services aren’t active as there are issues with accessing their websites. On its website, the IDCG claims to employ core team members from NASA, McKinsey & Co, GOOGLE, Goldman Sachs, Tencent, and other well-known enterprises and institutions.
When it comes to the IDCM team members, it is worth noting that the higher management team have rich industry experience in companies like UBS Investment Bank and UBS Wealth Management, Deutsche Bank, China Merchants Bank, Lucen Capital, and others. The current top management team is comprised of Michael Zhao (Chairman), Alex Chen (CEO), Leo Liu (President) and Janice Lee (Vice President).
Signing up for the exchange’s service requires from the user to provide lots of information, such as an ID document (with photos of both sides), address, photos of you, holding the ID document and a handwritten note. Collecting so much personal data seems concerning, considering that the exchange proclaims its decentralization.
According to several sources, IDCM also offers its own token, called Virtual Hong Kong Dollar (VHKD). The VHKD logo and link are included in IDCM’s partners’ list on its website. However, the information in the VHKD whitepaper claims that the token is developed by the Virtual Digital Asset Corporation (VDAC). Unfortunately, at the time of this writing, there is no information about the particular organization. As its name suggests, the token is pegged to the Hong Kong dollar. The company describes the instrument as “digital cash that is linked and backed to fiat currencies whilst free from traditional banking limits and restraints.” According to the information in the token’s whitepaper, each VHKD is “always fully collateralized 1-to-1 by HKD”. IDCM ensures that it holds an amount of the underlying fiat currency that is equal to the VHKD in circulation in its reserves.
IDCM also issues the so-called IDC token, which is described as “an ecosystem token which provides access to all IDGC products.”
On the IDCM website, there is also a link to the so-called “IDCM Alliance.” According to the information on the alliance’s website, it is a “multi-dimensional digital asset exchange solution.” Aside from the buzzwords, the service is basically a tool that allows exchange owners to host their trading platforms there. All exchanges, hosted on the platform, share the overall registered users and benefit from scaling their businesses.
The exchange claims to employ multiple security features, such as SSL protocol, multi-signature cold storage, FIREEYE continuous network monitoring, IDCM dynamic “AI monitoring and detection”, SDIS defense mechanisms, and others. Considering all the proclaimed measures, it is hard to believe how there are so much reported cases of users’ funds that have vanished.
The exchange claims to operate via more than 2 million TPS servers across Asia, Europe, and North America. It also guarantees 24-hours quick withdrawal service and 24/7 customer support. Although all of the above-mentioned sounds very promising and may make things look more transparent, it is worth noting that, at the time of this writing, IDCM is one of the exchanges with the highest number of reported user complains or issues. Threads on Bitcointalk, Reddit and Quora report several cases of users whose funds disappeared or hadn’t even arrived upon purchase. Aside from that, clients report a lack of adequate customer support. However, in cases when the support representatives address the users’ claims, it can be seen that the answers are incomplete, uninformative, and delivered in broken English. This is quite strange, considering the information regarding all the top talent, attracted to the IDCM project from leading technology companies and organizations.
At the time of this writing, IDCM has no history of reported security breaches, malicious hacker attacks, or investigations from national regulatory authorities.Read More