Ice3x.com (iceCUBED) is a South Africa-based cryptocurrency exchange, which is focused on Bitcoin (BTC/XTB), Ethereum and Litecoin. The fiat currency tethers used by the exchange are ZAR (South African Rand) and NGN (Nigerian Naira). What exactly can you, as a user, accomplish at Ice3x? You can buy and sell Bitcoin, Ethereum and Litecoin, for ZAR and NGN. The operation is suited for the frequent trading of these currency pairs too, though it is also a sensible destination to those looking to invest into crypto currencies long-term, in Africa.
Launched in December, 2013, Ice3x has been somewhat limited in scope, most probably by its markedly regional nature. It is obvious that those not looking for ZAR/NGN vs. cryptos trading, won’t be interested in what the site has to offer. Legitimacy-wise though, Ice3x seems to hold up well, despite the fact that there does not seem to be a powerful and well-known corporate engine driving things behind its scenes.
How Does Ice3x Work?
To trade at the exchange, one obviously has to create an account. To do that, one will first have to wade through the strict AML policy observed by the operator. A deposit then has to be made, in ZAR or Naira, and once the funds settle in the account, the trading can begin.
The markets offered by the operator are grouped into two categories: ZAR and NGN markets. The ZAR section includes BTC/ZAR, LTC/ZAR and ETH/ZAR. ZAR-based accounts can only be funded through EFT, from any South African bank. NGN accounts on the other hand, can be funded through Debit/Credit cards, as well as VoguePay wallets. The covered NGN markets are BTC/NGN, LTC/NGN and ETH/NGN.
Creating a buy limit order at Ice3x is quite self-explanatory: the Buy slip on the home page features an “amount field” where traders can enter the amount of BTC/LTC they’re looking to purchase. One can then propose his/her price for the crypto unit. The fees are then displayed (for a 1 BTC purchase, you will likely pay a fee of 0.01 BTC), and the amount of BTC one will receive, with the fees deducted. A Buy limit order will only be executed when the price set by the trader is matched. Otherwise it will simply stay open until it is manually cancelled.
The same goes for a Sell limit order. Everything is simple, straightforward and quite transparent. By the looks of things, Ice3x’s trading engine is indeed very capable, and the layout of the trading interface is intuitive, too.
iceCUBED’s Trading Fees
Ice3x features a trading fee structure that we would call fair. Traders are not charged anything for the placing of their Buy/Sell orders. Keeping orders open overnight is free as well. The fees they will incur when their order is executed are displayed in the order slip from the get-go, so they are definitely known quantities.
The base trading fees are displayed directly at the homepage, and they are volume-dependant. Those who trade up to 1 BTC per month, might pay 1%. Those whose monthly volumes total more than 50 BTCs, will only pay 0.5%. From time to time, there are promotions running, which further cut these fees.
An Individual Trading Fee plan is displayed in the My Funds section of traders’ accounts. Promotions can be applied to these individual plans, cutting the fees right down to 0% in some cases.
Can I Trust Ice3x?
Given the neutral/favorable community feedback, as well as the transparent nature of the way business is done at Ice3x, we’d have to say, that yes, you can indeed trust these guys. The people behind the operation are responsive and they engage the public directly at some of the crypto forums.
The corporate entity behind the iceCUBED exchange is a registered South African firm, called Internet Currency Evolution Cubed (Pty) Ltd.
Question Marks and Red Flags
Though the people behind Ice3x are indeed active and responsive, the site itself does not feature a proper About Us page, and although the name of the Ice3x “head honcho” is known (Tristan Winters), there’s little proof of identity offered at the site or anywhere else. Winters is a rather well-known cryptocurrency blogger though, with a good reputation, so these things aren’t really red flags at all.
Not many people complain about the quality of the services delivered by iceCUBED. Some people think though that the design of the website is dated (they may have a point there), but that doesn’t really have an operational impact. Others accuse the promoter (Tristan Winters) of having “shilled” for his exchange too aggressively on some forums.
Still others consider that there is simply not enough action at the exchange. Indeed, while there seem to be plenty of Buys and Sells happening at all times (the Trade History is publicly available on the Ice3x homepage), the volumes are relatively low. Individual orders seldom exceed the BTC 0.1 mark.
As of November 28, 2017, Ice3x.com had a SimilarWeb global rank of 273,680 and 2,383 in South Africa. While more than 80% of iceCUBED users are from South Africa, the site is also visited by people from the United Kingdom, Namibia, Germany and the United States.
iceCUBED Review Conclusion
Ice3x looks like a legitimate crypto exchange, limited in scope by its regional focus. The fee structure is transparent and rather reasonable (with some exceptions), and the trading engine is capable and powerful. The design might not be the easiest on the eyes, but that’s not what this operation is about.
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