ICE³X Review explained by professional Forex trading experts the “ForexSQ” FX trading team.
ICE³X is one of the several local players in the South African cryptocurrency space. Like most crypto-exchanges, it offers a single account type with no minimum initial deposit set and no margin trading options.
If you are new to Bitcoin trading, you may check out ICE³X’s Trading school section with education materials and instructions how to trade with this broker. A rather annoying thing about the website of this exchange is that you are constantly required to verify that you are not a robot.
In order to trade, one has to verify their account (by uploading ID card, Bank statement, and proof of residence), which is a standard procedure.
The company. Security of funds
ICE³X (or iceCUBED) is a South African cryptocurrency exchange that offers some unique services for African investors – it allows for bitcoin to be exchanged for South African Rand or Nigeria’s currency, Naira. The company operating the brand and the website, Internet Currency Evolution Cubed (Pty) LTD. is registered in South Africa, but not as a financial services provider. Nonetheless, this is the case with most crypto exchanges and besides, these currently have no official legal status in South Africa.
Furthermore, the company claims it is part of the ‘Internet Currency Evolution Cubed’ group, headquartered in the Isle of Man. Founded by Gareth Grobler in 2015, ICE³X is South Africa’s first exchange to launch trading in Ethereum.
ICE³X claims that 100% of customer deposits on their exchange are held securely offline in hardware wallets and are not vulnerable to hacking attempts. Besides, they claim to apply strict money laundering (“AML”) and counter terrorist financing (“CTF”) policy in line with South Africa’s AML legal and regulatory framework.
There have been no major hacks of ICE³X, but from the few user reviews we came across we get the impression that most local crypto investors prefer Luno or leading exchanges such as Kraken.
Trading instruments (cryptocurrencies)
While most crypto-exchanges offer trading cryptocurrencies against the “traditional” EUR and USD, ICE³X offers trading South African Rand and Nigerian Naira against a few coins. The full list of trading instruments includes BTC/ZAR, LTC/ZAR, ETH/ZAR, BTC/NGN, LTC/NGN, ETH/NGN.
If you want to dive into more exotic altcoins, you can check out Kraken’s offering, which is quite extensive.
Minimum initial deposit
ICE³X does not provide any information on the minimum deposit level. While this is a common practice with cryptocurrency exchanges, we are used to forex brokers requiring some amount to start with.
There is no margin trading at CE³X, as it offers only spot trading in cryptocurrencies and does not support leveraged trading.
If you need some leverage, other, usually larger cryptocurrency exchanges offer such. For example, Kraken provides leverage up to 1:5 and also operates on the South African market. Besides, there is a growing number offorex and CFD brokers who offer speculative margin trading in cryptocurrency CFDs and they usually offer higher leverage ratios. You may check out the crypto offerings of major brokerages like IG, FXTM, and HYCM and decide for yourself. Keep in mind, however, that with forex brokers you will be trading a financial derivative and not actually owning any digital currency.
The trading fees (aka “trade commission”) at ICE³X vary, depending on the specific instrument and the monthly trading volume of the client. Basically, commission fees at this exchange range from 0% for high volume traders to 1.5%. Unlike other cryptocurrency providers, this one does not differentiate between market makers and market takers.
The fee you are charged is calculated and displayed in the BUY and SELL order slip before you confirm the transaction, so you know exactly how much commission you will be charged on a single trade in advance.
As most other crypto-exchanges, ICE³X offers a web-based platform, that is equipped with useful charting features, the most popular indicators and API trading options. It also has mobile friendly design, but a mobile app is not available.
Methods of payment and fees
Basically, ICE³X offers Bank wire transfers, Credit/Debit card payments and electronic funds transfer (ETF) as deposit methods.
Of course, you can deposit directly Bitcoin, Litecoin and Ether, which is free of charge, however withdrawals are not. The fees indicated on ICE³X’s website at the time of writing of the current review are, as follows: BTC estimated @0.0004BTC, LTC estimated @0.005LTC, ETH is already enabled on the new fees schedule and current withdrawal fee is 0.5% (min 0.001ETH).
Probably the best payment option with ICE³X is Naira transfer using VoguePay wallet, for which there are no deposit or withdrawal fees. On the other hand, withdrawals in ZAR are charged 0.033% or minimum R10 per withdrawal.
As regards credit / debit card payments, with ICE³X they are charged with a fee that is not disclosed, so we suppose it is salty.
If you are located in South Africa, Nigeria, or somewhere in Africa, ICE³X may be a good choice for you, as you can deposit in local currencies and use them to trade in three of the major cryptocurrencies with fees that are more or less competitive. However, if you are into exotic altcoins, or you wish to dive into margin cryptocurrency trading, this cryptocurrency trading provider is probably not the best for you.
ICE³X is not a regulated crypto-exchange, which is not a big issue in this sector, however there are some indications that the platform does not maintain sufficient liquidity.
ICE³X Review Conclusion
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